# EDGAR Filing Document

**Accession Number:** 0001070287
**File Stem:** 0001193125-25-336242
**Filing Date:** 2025-12
**Character Count:** 798055
**Document Hash:** dc9cf2d6a2e94e31378ff4c25eb0f8ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-336242.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-336242

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09101
- **FILM NUMBER:** 251612212

**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 |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup>Floor |
|  | 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: | 10/31/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g69192g1tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Core Fund

Class A:

PTMAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Large-Cap Core Fund—Class A | $77 | 0.70% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Equity markets reached new highs during the reporting period, driven by easing monetary policy and gains in a handful of mega-cap

technology stocks fueled by artificial intelligence (AI) optimism and strong earnings. In April, the S&P 500 Index (the "Index") fell by more than

10% in response to US tariff announcements before rebounding following extended trade talks. Late in the reporting period, AI-related capital

spending boosted growth indexes. The Fund held up well despite volatility and tariff uncertainty.

■

Favoring high-quality stocks with improving growth expectations contributed positively to the Fund's performance relative to the Index,

particularly toward the end of the reporting period.

■

Valuation measures, which gauge how cheaply a stock is trading, dragged on the Fund's performance relative to the Index.

■

The Fund held futures contracts on the Index during the reporting period. PGIM Quantitative Solutions used these instruments primarily to

manage daily cash flows, provide liquidity, and equitize cash—not as a means of adding to performance. Consequently, the effect on Fund

performance was minimal.

MF187EA

![](g69192g1pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g1lcc_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 12.91% | 16.18% | 12.70% |
| Class A without sales charges | 19.48% | 17.50% | 13.34% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $994027944<br>|
| Number of fund holdings | 181 |
| Total advisory fees paid for the year | $2899281<br>|
| Portfolio turnover rate for the year | 123% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 14.2% |
| Software | 11.4% |
| Interactive Media & Services | 7.6% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Capital Markets | 3.8% |
| Pharmaceuticals | 3.8% |
| Oil, Gas & Consumable Fuels | 3.6% |
| Aerospace & Defense | 3.5% |
| Financial Services | 3.2% |
| Broadline Retail | 3.0% |
| Specialty Retail | 2.9% |
| Biotechnology | 2.9% |
| Banks | 2.3% |
| Communications Equipment | 2.3% |
| Automobiles | 2.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.8% |
| Consumer Staples Distribution & Retail | 1.7% |
| IT Services | 1.6% |
| Electrical Equipment | 1.3% |
| Health Care Providers & Services | 1.3% |
| Insurance | 1.3% |
| Electric Utilities | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Health Care Equipment & Supplies | 1.2% |
| Media | 1.1% |
| Machinery | 1.0% |
| Hotels, Restaurants & Leisure | 1.0% |
| Ground Transportation | 1.0% |
| Life Sciences Tools & Services | 1.0% |
| Industrial REITs | 0.8% |
| Tobacco | 0.8% |
| Entertainment | 0.7% |
| Building Products | 0.7% |
| Consumer Finance | 0.6% |
| Diversified Consumer Services | 0.6% |
| Automobile Components | 0.6% |
| Real Estate Management & Development | 0.5% |
| Construction & Engineering | 0.5% |
| Others\* | 4.0% |
|  | 100.0% |
| Other assets in excess of liabilities | 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.

![](g69192g1qrcode_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

MF187EA

![](g69192g1pgim_investments.jpg)

------

![](g69192g2tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Core Fund

Class C:

PTMCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Large-Cap Core Fund—Class C | $157 | 1.44% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Equity markets reached new highs during the reporting period, driven by easing monetary policy and gains in a handful of mega-cap

technology stocks fueled by artificial intelligence (AI) optimism and strong earnings. In April, the S&P 500 Index (the "Index") fell by more than

10% in response to US tariff announcements before rebounding following extended trade talks. Late in the reporting period, AI-related capital

spending boosted growth indexes. The Fund held up well despite volatility and tariff uncertainty.

■

Favoring high-quality stocks with improving growth expectations contributed positively to the Fund's performance relative to the Index,

particularly toward the end of the reporting period.

■

Valuation measures, which gauge how cheaply a stock is trading, dragged on the Fund's performance relative to the Index.

■

The Fund held futures contracts on the Index during the reporting period. PGIM Quantitative Solutions used these instruments primarily to

manage daily cash flows, provide liquidity, and equitize cash—not as a means of adding to performance. Consequently, the effect on Fund

performance was minimal.

MF187EC

![](g69192g2pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g2lcc_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 17.66% | 16.66% | 12.52% |
| Class C without sales charges | 18.66% | 16.66% | 12.52% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $994027944<br>|
| Number of fund holdings | 181 |
| Total advisory fees paid for the year | $2899281<br>|
| Portfolio turnover rate for the year | 123% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 14.2% |
| Software | 11.4% |
| Interactive Media & Services | 7.6% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Capital Markets | 3.8% |
| Pharmaceuticals | 3.8% |
| Oil, Gas & Consumable Fuels | 3.6% |
| Aerospace & Defense | 3.5% |
| Financial Services | 3.2% |
| Broadline Retail | 3.0% |
| Specialty Retail | 2.9% |
| Biotechnology | 2.9% |
| Banks | 2.3% |
| Communications Equipment | 2.3% |
| Automobiles | 2.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.8% |
| Consumer Staples Distribution & Retail | 1.7% |
| IT Services | 1.6% |
| Electrical Equipment | 1.3% |
| Health Care Providers & Services | 1.3% |
| Insurance | 1.3% |
| Electric Utilities | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Health Care Equipment & Supplies | 1.2% |
| Media | 1.1% |
| Machinery | 1.0% |
| Hotels, Restaurants & Leisure | 1.0% |
| Ground Transportation | 1.0% |
| Life Sciences Tools & Services | 1.0% |
| Industrial REITs | 0.8% |
| Tobacco | 0.8% |
| Entertainment | 0.7% |
| Building Products | 0.7% |
| Consumer Finance | 0.6% |
| Diversified Consumer Services | 0.6% |
| Automobile Components | 0.6% |
| Real Estate Management & Development | 0.5% |
| Construction & Engineering | 0.5% |
| Others\* | 4.0% |
|  | 100.0% |
| Other assets in excess of liabilities | 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.

![](g69192g2qrcode_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

MF187EC

![](g69192g2pgim_investments.jpg)

------

![](g69192g3tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Core Fund

Class Z:

PTEZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Large-Cap Core Fund—Class Z | $54 | 0.49% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Equity markets reached new highs during the reporting period, driven by easing monetary policy and gains in a handful of mega-cap

technology stocks fueled by artificial intelligence (AI) optimism and strong earnings. In April, the S&P 500 Index (the "Index") fell by more than

10% in response to US tariff announcements before rebounding following extended trade talks. Late in the reporting period, AI-related capital

spending boosted growth indexes. The Fund held up well despite volatility and tariff uncertainty.

■

Favoring high-quality stocks with improving growth expectations contributed positively to the Fund's performance relative to the Index,

particularly toward the end of the reporting period.

■

Valuation measures, which gauge how cheaply a stock is trading, dragged on the Fund's performance relative to the Index.

■

The Fund held futures contracts on the Index during the reporting period. PGIM Quantitative Solutions used these instruments primarily to

manage daily cash flows, provide liquidity, and equitize cash—not as a means of adding to performance. Consequently, the effect on Fund

performance was minimal.

MF187EZ

![](g69192g3pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g3lcc_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 19.80% | 17.79% | 13.63% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $994027944<br>|
| Number of fund holdings | 181 |
| Total advisory fees paid for the year | $2899281<br>|
| Portfolio turnover rate for the year | 123% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 14.2% |
| Software | 11.4% |
| Interactive Media & Services | 7.6% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Capital Markets | 3.8% |
| Pharmaceuticals | 3.8% |
| Oil, Gas & Consumable Fuels | 3.6% |
| Aerospace & Defense | 3.5% |
| Financial Services | 3.2% |
| Broadline Retail | 3.0% |
| Specialty Retail | 2.9% |
| Biotechnology | 2.9% |
| Banks | 2.3% |
| Communications Equipment | 2.3% |
| Automobiles | 2.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.8% |
| Consumer Staples Distribution & Retail | 1.7% |
| IT Services | 1.6% |
| Electrical Equipment | 1.3% |
| Health Care Providers & Services | 1.3% |
| Insurance | 1.3% |
| Electric Utilities | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Health Care Equipment & Supplies | 1.2% |
| Media | 1.1% |
| Machinery | 1.0% |
| Hotels, Restaurants & Leisure | 1.0% |
| Ground Transportation | 1.0% |
| Life Sciences Tools & Services | 1.0% |
| Industrial REITs | 0.8% |
| Tobacco | 0.8% |
| Entertainment | 0.7% |
| Building Products | 0.7% |
| Consumer Finance | 0.6% |
| Diversified Consumer Services | 0.6% |
| Automobile Components | 0.6% |
| Real Estate Management & Development | 0.5% |
| Construction & Engineering | 0.5% |
| Others\* | 4.0% |
|  | 100.0% |
| Other assets in excess of liabilities | 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.

![](g69192g3qrcode_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

MF187EZ

![](g69192g3pgim_investments.jpg)

------

![](g69192g4tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Core Fund

Class R6:

PTMQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Large-Cap Core Fund—Class R6 | $38 | 0.35% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Equity markets reached new highs during the reporting period, driven by easing monetary policy and gains in a handful of mega-cap

technology stocks fueled by artificial intelligence (AI) optimism and strong earnings. In April, the S&P 500 Index (the "Index") fell by more than

10% in response to US tariff announcements before rebounding following extended trade talks. Late in the reporting period, AI-related capital

spending boosted growth indexes. The Fund held up well despite volatility and tariff uncertainty.

■

Favoring high-quality stocks with improving growth expectations contributed positively to the Fund's performance relative to the Index,

particularly toward the end of the reporting period.

■

Valuation measures, which gauge how cheaply a stock is trading, dragged on the Fund's performance relative to the Index.

■

The Fund held futures contracts on the Index during the reporting period. PGIM Quantitative Solutions used these instruments primarily to

manage daily cash flows, provide liquidity, and equitize cash—not as a means of adding to performance. Consequently, the effect on Fund

performance was minimal.

MF187ER6

![](g69192g4pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 28, 2016 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g4lcc_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 19.92% | 17.93% | 14.40% (12/28/2016) |
| S&P 500 Index | 21.45% | 17.64% | 15.41% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $994027944<br>|
| Number of fund holdings | 181 |
| Total advisory fees paid for the year | $2899281<br>|
| Portfolio turnover rate for the year | 123% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 14.2% |
| Software | 11.4% |
| Interactive Media & Services | 7.6% |
| Technology Hardware, Storage & Peripherals | 7.2% |
| Capital Markets | 3.8% |
| Pharmaceuticals | 3.8% |
| Oil, Gas & Consumable Fuels | 3.6% |
| Aerospace & Defense | 3.5% |
| Financial Services | 3.2% |
| Broadline Retail | 3.0% |
| Specialty Retail | 2.9% |
| Biotechnology | 2.9% |
| Banks | 2.3% |
| Communications Equipment | 2.3% |
| Automobiles | 2.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.8% |
| Consumer Staples Distribution & Retail | 1.7% |
| IT Services | 1.6% |
| Electrical Equipment | 1.3% |
| Health Care Providers & Services | 1.3% |
| Insurance | 1.3% |
| Electric Utilities | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Health Care Equipment & Supplies | 1.2% |
| Media | 1.1% |
| Machinery | 1.0% |
| Hotels, Restaurants & Leisure | 1.0% |
| Ground Transportation | 1.0% |
| Life Sciences Tools & Services | 1.0% |
| Industrial REITs | 0.8% |
| Tobacco | 0.8% |
| Entertainment | 0.7% |
| Building Products | 0.7% |
| Consumer Finance | 0.6% |
| Diversified Consumer Services | 0.6% |
| Automobile Components | 0.6% |
| Real Estate Management & Development | 0.5% |
| Construction & Engineering | 0.5% |
| Others\* | 4.0% |
|  | 100.0% |
| Other assets in excess of liabilities | 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.

![](g69192g4qrcode_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

MF187ER6

![](g69192g4pgim_investments.jpg)

------

![](g69192g5tsrbanner.jpg)

PGIM Real Estate Income Fund

Class A:

PRKAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Real Estate Income Fund—Class A | $133 | 1.35% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the global real estate investment trust (REIT) market experienced a period of volatility but demonstrated notable

resilience amid shifting macroeconomic conditions. After a challenging start to 2025, marked by trade policy uncertainty and fluctuating interest

rates, REITs weathered early headwinds thanks to disciplined balance sheets and access to capital. Regional performance diverged:

Asia-Pacific and Europe generally outperformed North America, with Japan and select European markets benefiting from strong retail and

logistics demand, while North American REITs lagged due to weaker office and residential sectors. From a sector perspective, data centers and

health care REITs stood out for their growth and income potential, while office REITs continued to face elevated vacancy rates. Despite these

challenges, global REITs delivered modest positive returns, supported by stable occupancies, limited new supply, and a gradual recovery in

transaction volumes as borrowing rates stabilized. Looking ahead, valuations appear attractive, and the market is positioned for optimism as

monetary policy loosens, and investor sentiment improves.

■

The Fund's performance relative to the Custom Blended Index (the "Index"), as defined below, benefited from strong stock selection in Asia,

where Australia was a notable contributor. Stock selection in several US sectors bolstered returns as well, most notably net lease, storage,

gaming, and malls. In Europe, asset allocation and stock selection in Spain and the UK contributed to the Fund's performance relative to the

Index due to a combination of asset allocation and favorable stock selection.

■

Detractors from the Fund's performance relative to the Index included stock selection among US health care and office stocks. An overweight

to the US data center sector and an underweight to the US industrials sector also had negative impacts. Other detractors included an

underweight to Japan, security selection in both Japan and Singapore, and an underweight to Switzerland.

MF228EA

![](g69192g5pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g5realestateinc_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | -7.61% | 7.59% | 4.50% |
| Class A without sales charges | -2.24% | 8.81% | 5.09% |
| S&P 500 Index\* | 21.45% | 17.64% | 14.64% |
| Custom Blended Index\*\* | 2.20% | 4.66% | 3.05% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

\*\*The Fund's Custom Blended Index is a model portfolio consisting of the FTSE EPRA/NAREIT Developed Index (ND) (80%) and the ICE BofA 7% Constrained REIT Preferred

Securities Index (20%).

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $55672695<br>|
| Number of fund holdings | 40 |
| Total advisory fees paid for the year | $323697<br>|
| Portfolio turnover rate for the year | 115% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Retail REITs | 30.5% |
| Specialized REITs | 20.6% |
| Industrial REITs | 13.2% |
| Office REITs | 10.0% |
| Health Care REITs | 9.1% |
| Hotel & Resort REITs | 4.5% |
| Residential REITs | 4.5% |
| Diversified REITs | 4.1% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.0% represents investments purchased with <br>collateral from securities on loan)<br>| 3.0% |

---

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Health Care Providers & Services | 2.1% |
| Real Estate Management & Development | 1.0% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 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.

![](g69192g5qrcode_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

MF228EA

![](g69192g5pgim_investments.jpg)

------

![](g69192g6tsrbanner.jpg)

PGIM Real Estate Income Fund

Class C:

PRKCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Real Estate Income Fund—Class C | $207 | 2.10% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the global real estate investment trust (REIT) market experienced a period of volatility but demonstrated notable

resilience amid shifting macroeconomic conditions. After a challenging start to 2025, marked by trade policy uncertainty and fluctuating interest

rates, REITs weathered early headwinds thanks to disciplined balance sheets and access to capital. Regional performance diverged:

Asia-Pacific and Europe generally outperformed North America, with Japan and select European markets benefiting from strong retail and

logistics demand, while North American REITs lagged due to weaker office and residential sectors. From a sector perspective, data centers and

health care REITs stood out for their growth and income potential, while office REITs continued to face elevated vacancy rates. Despite these

challenges, global REITs delivered modest positive returns, supported by stable occupancies, limited new supply, and a gradual recovery in

transaction volumes as borrowing rates stabilized. Looking ahead, valuations appear attractive, and the market is positioned for optimism as

monetary policy loosens, and investor sentiment improves.

■

The Fund's performance relative to the Custom Blended Index (the "Index"), as defined below, benefited from strong stock selection in Asia,

where Australia was a notable contributor. Stock selection in several US sectors bolstered returns as well, most notably net lease, storage,

gaming, and malls. In Europe, asset allocation and stock selection in Spain and the UK contributed to the Fund's performance relative to the

Index due to a combination of asset allocation and favorable stock selection.

■

Detractors from the Fund's performance relative to the Index included stock selection among US health care and office stocks. An overweight

to the US data center sector and an underweight to the US industrials sector also had negative impacts. Other detractors included an

underweight to Japan, security selection in both Japan and Singapore, and an underweight to Switzerland.

MF228EC

![](g69192g6pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g6realestateinc_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | -3.77% | 8.03% | 4.33% |
| Class C without sales charges | -2.84% | 8.03% | 4.33% |
| S&P 500 Index\* | 21.45% | 17.64% | 14.64% |
| Custom Blended Index\*\* | 2.20% | 4.66% | 3.05% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

\*\*The Fund's Custom Blended Index is a model portfolio consisting of the FTSE EPRA/NAREIT Developed Index (ND) (80%) and the ICE BofA 7% Constrained REIT Preferred

Securities Index (20%).

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $55672695<br>|
| Number of fund holdings | 40 |
| Total advisory fees paid for the year | $323697<br>|
| Portfolio turnover rate for the year | 115% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Retail REITs | 30.5% |
| Specialized REITs | 20.6% |
| Industrial REITs | 13.2% |
| Office REITs | 10.0% |
| Health Care REITs | 9.1% |
| Hotel & Resort REITs | 4.5% |
| Residential REITs | 4.5% |
| Diversified REITs | 4.1% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.0% represents investments purchased with <br>collateral from securities on loan)<br>| 3.0% |

---

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Health Care Providers & Services | 2.1% |
| Real Estate Management & Development | 1.0% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 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.

![](g69192g6qrcode_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

MF228EC

![](g69192g6pgim_investments.jpg)

------

![](g69192g7tsrbanner.jpg)

PGIM Real Estate Income Fund

Class Z:

PRKZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Real Estate Income Fund—Class Z | $109 | 1.10% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the global real estate investment trust (REIT) market experienced a period of volatility but demonstrated notable

resilience amid shifting macroeconomic conditions. After a challenging start to 2025, marked by trade policy uncertainty and fluctuating interest

rates, REITs weathered early headwinds thanks to disciplined balance sheets and access to capital. Regional performance diverged:

Asia-Pacific and Europe generally outperformed North America, with Japan and select European markets benefiting from strong retail and

logistics demand, while North American REITs lagged due to weaker office and residential sectors. From a sector perspective, data centers and

health care REITs stood out for their growth and income potential, while office REITs continued to face elevated vacancy rates. Despite these

challenges, global REITs delivered modest positive returns, supported by stable occupancies, limited new supply, and a gradual recovery in

transaction volumes as borrowing rates stabilized. Looking ahead, valuations appear attractive, and the market is positioned for optimism as

monetary policy loosens, and investor sentiment improves.

■

The Fund's performance relative to the Custom Blended Index (the "Index"), as defined below, benefited from strong stock selection in Asia,

where Australia was a notable contributor. Stock selection in several US sectors bolstered returns as well, most notably net lease, storage,

gaming, and malls. In Europe, asset allocation and stock selection in Spain and the UK contributed to the Fund's performance relative to the

Index due to a combination of asset allocation and favorable stock selection.

■

Detractors from the Fund's performance relative to the Index included stock selection among US health care and office stocks. An overweight

to the US data center sector and an underweight to the US industrials sector also had negative impacts. Other detractors included an

underweight to Japan, security selection in both Japan and Singapore, and an underweight to Switzerland.

MF228EZ

![](g69192g7pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g7realestateinc_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | -1.98% | 9.11% | 5.38% |
| S&P 500 Index\* | 21.45% | 17.64% | 14.64% |
| Custom Blended Index\*\* | 2.20% | 4.66% | 3.05% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

\*\*The Fund's Custom Blended Index is a model portfolio consisting of the FTSE EPRA/NAREIT Developed Index (ND) (80%) and the ICE BofA 7% Constrained REIT Preferred

Securities Index (20%).

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $55672695<br>|
| Number of fund holdings | 40 |
| Total advisory fees paid for the year | $323697<br>|
| Portfolio turnover rate for the year | 115% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Retail REITs | 30.5% |
| Specialized REITs | 20.6% |
| Industrial REITs | 13.2% |
| Office REITs | 10.0% |
| Health Care REITs | 9.1% |
| Hotel & Resort REITs | 4.5% |
| Residential REITs | 4.5% |
| Diversified REITs | 4.1% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.0% represents investments purchased with <br>collateral from securities on loan)<br>| 3.0% |

---

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Health Care Providers & Services | 2.1% |
| Real Estate Management & Development | 1.0% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 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.

![](g69192g7qrcode_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

MF228EZ

![](g69192g7pgim_investments.jpg)

------

![](g69192g8tsrbanner.jpg)

PGIM Real Estate Income Fund

Class R6:

PRKQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Real Estate Income Fund—Class R6 | $109 | 1.10% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the global real estate investment trust (REIT) market experienced a period of volatility but demonstrated notable

resilience amid shifting macroeconomic conditions. After a challenging start to 2025, marked by trade policy uncertainty and fluctuating interest

rates, REITs weathered early headwinds thanks to disciplined balance sheets and access to capital. Regional performance diverged:

Asia-Pacific and Europe generally outperformed North America, with Japan and select European markets benefiting from strong retail and

logistics demand, while North American REITs lagged due to weaker office and residential sectors. From a sector perspective, data centers and

health care REITs stood out for their growth and income potential, while office REITs continued to face elevated vacancy rates. Despite these

challenges, global REITs delivered modest positive returns, supported by stable occupancies, limited new supply, and a gradual recovery in

transaction volumes as borrowing rates stabilized. Looking ahead, valuations appear attractive, and the market is positioned for optimism as

monetary policy loosens, and investor sentiment improves.

■

The Fund's performance relative to the Custom Blended Index (the "Index"), as defined below, benefited from strong stock selection in Asia,

where Australia was a notable contributor. Stock selection in several US sectors bolstered returns as well, most notably net lease, storage,

gaming, and malls. In Europe, asset allocation and stock selection in Spain and the UK contributed to the Fund's performance relative to the

Index due to a combination of asset allocation and favorable stock selection.

■

Detractors from the Fund's performance relative to the Index included stock selection among US health care and office stocks. An overweight

to the US data center sector and an underweight to the US industrials sector also had negative impacts. Other detractors included an

underweight to Japan, security selection in both Japan and Singapore, and an underweight to Switzerland.

MF228ER6

![](g69192g8pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: December 28, 2016 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g8realestateinc_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | -1.86% | 9.10% | 5.56% (12/28/2016) |
| S&P 500 Index\* | 21.45% | 17.64% | 15.41% |
| Custom Blended Index\*\* | 2.20% | 4.66% | 3.18% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

\*\*The Fund's Custom Blended Index is a model portfolio consisting of the FTSE EPRA/NAREIT Developed Index (ND) (80%) and the ICE BofA 7% Constrained REIT Preferred

Securities Index (20%).

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $55672695<br>|
| Number of fund holdings | 40 |
| Total advisory fees paid for the year | $323697<br>|
| Portfolio turnover rate for the year | 115% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Retail REITs | 30.5% |
| Specialized REITs | 20.6% |
| Industrial REITs | 13.2% |
| Office REITs | 10.0% |
| Health Care REITs | 9.1% |
| Hotel & Resort REITs | 4.5% |
| Residential REITs | 4.5% |
| Diversified REITs | 4.1% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.0% represents investments purchased with <br>collateral from securities on loan)<br>| 3.0% |

---

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Health Care Providers & Services | 2.1% |
| Real Estate Management & Development | 1.0% |
|  | 102.6% |
| Liabilities in excess of other assets | (2.6)% |
|  | 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.

![](g69192g8qrcode_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

MF228ER6

![](g69192g8pgim_investments.jpg)

------

![](g69192g9tsrbanner.jpg)

PGIM Select Real Estate Fund

Class A:

SREAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Select Real Estate Fund—Class A | $131 | 1.30% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the global real estate investment trust (REIT) market experienced a period of volatility but demonstrated notable

resilience amid shifting macroeconomic conditions. After a challenging start to 2025, marked by trade policy uncertainty and fluctuating interest

rates, REITs weathered early headwinds thanks to disciplined balance sheets and access to capital. Regional performance diverged:

Asia-Pacific and Europe generally outperformed North America, with Japan and select European markets benefiting from strong retail and

logistics demand, while North American REITs lagged due to weaker office and residential sectors. From a sector perspective, data centers and

health care REITs stood out for their growth and income potential, while office REITs continued to face elevated vacancy rates. Despite these

challenges, global REITs delivered modest positive returns, supported by stable occupancies, limited new supply, and a gradual recovery in

transaction volumes as borrowing rates stabilized. Looking ahead, valuations appear attractive, and the market is positioned for optimism as

monetary policy loosens and investor sentiment improves.

■

The Fund's performance relative to the FTSE EPRA/NAREIT Developed Index (ND) (the "Index") benefited from strong stock selection in North

America, largely among the US health care and shopping center sectors and in Canada. An underweight to US specialty housing stocks also

boosted the Fund's performance relative to the Index. In Europe, returns were bolstered by an overweight and stock selection in Spain, as well

as security selection in France.

■

Detractors from the Fund's performance relative to the Index in Asia included stock selection in Japan and Singapore. In North America, an

overweight to the US residential and US data center sectors, and an underweight to the US industrials also dragged on performance. An

underweight to Switzerland detracted as well.

MF223EA

![](g69192g9pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g9selectrealestate_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | -3.34% | 5.25% | 5.62% |
| Class A without sales charges | 2.29% | 6.45% | 6.22% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| FTSE EPRA/NAREIT Developed Index (ND) | 3.42% | 5.90% | 3.02% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $209083388<br>|
| Number of fund holdings | 50 |
| Total advisory fees paid for the year | $1475766<br>|
| Portfolio turnover rate for the year | 136% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| United States (1.9% represents investments <br>purchased with collateral from securities on loan)<br>| 66.2% |
| Japan | 8.5% |
| Australia | 7.5% |
| Hong Kong | 3.1% |
| Singapore | 2.9% |
| United Kingdom | 2.8% |
| France | 2.3% |
| Spain | 2.0% |

---

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| Germany | 1.6% |
| Sweden | 1.6% |
| Canada | 1.6% |
| Switzerland | 1.5% |
|  | 101.6% |
| Liabilities in excess of other assets | (1.6)% |
|  | 100.0% |

---

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

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

Effective August 5, 2025, the Fund's classification under the Investment Company Act of 1940, as amended was changed from

"

diversified

"

to

"

non-diversified.

"

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent

performance data.

------

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.

![](g69192g9qrcode_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

MF223EA

![](g69192g9pgim_investments.jpg)

------

![](g69192g10tsrbanner.jpg)

PGIM Select Real Estate Fund

Class C:

SRECX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Select Real Estate Fund—Class C | $207 | 2.05% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the global real estate investment trust (REIT) market experienced a period of volatility but demonstrated notable

resilience amid shifting macroeconomic conditions. After a challenging start to 2025, marked by trade policy uncertainty and fluctuating interest

rates, REITs weathered early headwinds thanks to disciplined balance sheets and access to capital. Regional performance diverged:

Asia-Pacific and Europe generally outperformed North America, with Japan and select European markets benefiting from strong retail and

logistics demand, while North American REITs lagged due to weaker office and residential sectors. From a sector perspective, data centers and

health care REITs stood out for their growth and income potential, while office REITs continued to face elevated vacancy rates. Despite these

challenges, global REITs delivered modest positive returns, supported by stable occupancies, limited new supply, and a gradual recovery in

transaction volumes as borrowing rates stabilized. Looking ahead, valuations appear attractive, and the market is positioned for optimism as

monetary policy loosens and investor sentiment improves.

■

The Fund's performance relative to the FTSE EPRA/NAREIT Developed Index (ND) (the "Index") benefited from strong stock selection in North

America, largely among the US health care and shopping center sectors and in Canada. An underweight to US specialty housing stocks also

boosted the Fund's performance relative to the Index. In Europe, returns were bolstered by an overweight and stock selection in Spain, as well

as security selection in France.

■

Detractors from the Fund's performance relative to the Index in Asia included stock selection in Japan and Singapore. In North America, an

overweight to the US residential and US data center sectors, and an underweight to the US industrials also dragged on performance. An

underweight to Switzerland detracted as well.

MF223EC

![](g69192g10pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g10selectrealestate_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 0.49% | 5.67% | 5.43% |
| Class C without sales charges | 1.49% | 5.67% | 5.43% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| FTSE EPRA/NAREIT Developed Index (ND) | 3.42% | 5.90% | 3.02% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $209083388<br>|
| Number of fund holdings | 50 |
| Total advisory fees paid for the year | $1475766<br>|
| Portfolio turnover rate for the year | 136% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| United States (1.9% represents investments <br>purchased with collateral from securities on loan)<br>| 66.2% |
| Japan | 8.5% |
| Australia | 7.5% |
| Hong Kong | 3.1% |
| Singapore | 2.9% |
| United Kingdom | 2.8% |
| France | 2.3% |
| Spain | 2.0% |

---

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| Germany | 1.6% |
| Sweden | 1.6% |
| Canada | 1.6% |
| Switzerland | 1.5% |
|  | 101.6% |
| Liabilities in excess of other assets | (1.6)% |
|  | 100.0% |

---

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

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

Effective August 5, 2025, the Fund's classification under the Investment Company Act of 1940, as amended was changed from

"

diversified

"

to

"

non-diversified.

"

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent

performance data.

------

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.

![](g69192g10qrcode_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

MF223EC

![](g69192g10pgim_investments.jpg)

------

![](g69192g11tsrbanner.jpg)

PGIM Select Real Estate Fund

Class Z:

SREZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Select Real Estate Fund—Class Z | $106 | 1.05% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the global real estate investment trust (REIT) market experienced a period of volatility but demonstrated notable

resilience amid shifting macroeconomic conditions. After a challenging start to 2025, marked by trade policy uncertainty and fluctuating interest

rates, REITs weathered early headwinds thanks to disciplined balance sheets and access to capital. Regional performance diverged:

Asia-Pacific and Europe generally outperformed North America, with Japan and select European markets benefiting from strong retail and

logistics demand, while North American REITs lagged due to weaker office and residential sectors. From a sector perspective, data centers and

health care REITs stood out for their growth and income potential, while office REITs continued to face elevated vacancy rates. Despite these

challenges, global REITs delivered modest positive returns, supported by stable occupancies, limited new supply, and a gradual recovery in

transaction volumes as borrowing rates stabilized. Looking ahead, valuations appear attractive, and the market is positioned for optimism as

monetary policy loosens and investor sentiment improves.

■

The Fund's performance relative to the FTSE EPRA/NAREIT Developed Index (ND) (the "Index") benefited from strong stock selection in North

America, largely among the US health care and shopping center sectors and in Canada. An underweight to US specialty housing stocks also

boosted the Fund's performance relative to the Index. In Europe, returns were bolstered by an overweight and stock selection in Spain, as well

as security selection in France.

■

Detractors from the Fund's performance relative to the Index in Asia included stock selection in Japan and Singapore. In North America, an

overweight to the US residential and US data center sectors, and an underweight to the US industrials also dragged on performance. An

underweight to Switzerland detracted as well.

MF223EZ

![](g69192g11pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g11selectrealestate_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 2.62% | 6.75% | 6.49% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| FTSE EPRA/NAREIT Developed Index (ND) | 3.42% | 5.90% | 3.02% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $209083388<br>|
| Number of fund holdings | 50 |
| Total advisory fees paid for the year | $1475766<br>|
| Portfolio turnover rate for the year | 136% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| United States (1.9% represents investments <br>purchased with collateral from securities on loan)<br>| 66.2% |
| Japan | 8.5% |
| Australia | 7.5% |
| Hong Kong | 3.1% |
| Singapore | 2.9% |
| United Kingdom | 2.8% |
| France | 2.3% |
| Spain | 2.0% |

---

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| Germany | 1.6% |
| Sweden | 1.6% |
| Canada | 1.6% |
| Switzerland | 1.5% |
|  | 101.6% |
| Liabilities in excess of other assets | (1.6)% |
|  | 100.0% |

---

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

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

Effective August 5, 2025, the Fund's classification under the Investment Company Act of 1940, as amended was changed from

"

diversified

"

to

"

non-diversified.

"

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent

performance data.

------

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.

![](g69192g11qrcode_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

MF223EZ

![](g69192g11pgim_investments.jpg)

------

![](g69192g12tsrbanner.jpg)

PGIM Select Real Estate Fund

Class R6:

SREQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Select Real Estate Fund—Class R6 | $102 | 1.01% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the global real estate investment trust (REIT) market experienced a period of volatility but demonstrated notable

resilience amid shifting macroeconomic conditions. After a challenging start to 2025, marked by trade policy uncertainty and fluctuating interest

rates, REITs weathered early headwinds thanks to disciplined balance sheets and access to capital. Regional performance diverged:

Asia-Pacific and Europe generally outperformed North America, with Japan and select European markets benefiting from strong retail and

logistics demand, while North American REITs lagged due to weaker office and residential sectors. From a sector perspective, data centers and

health care REITs stood out for their growth and income potential, while office REITs continued to face elevated vacancy rates. Despite these

challenges, global REITs delivered modest positive returns, supported by stable occupancies, limited new supply, and a gradual recovery in

transaction volumes as borrowing rates stabilized. Looking ahead, valuations appear attractive, and the market is positioned for optimism as

monetary policy loosens and investor sentiment improves.

■

The Fund's performance relative to the FTSE EPRA/NAREIT Developed Index (ND) (the "Index") benefited from strong stock selection in North

America, largely among the US health care and shopping center sectors and in Canada. An underweight to US specialty housing stocks also

boosted the Fund's performance relative to the Index. In Europe, returns were bolstered by an overweight and stock selection in Spain, as well

as security selection in France.

■

Detractors from the Fund's performance relative to the Index in Asia included stock selection in Japan and Singapore. In North America, an

overweight to the US residential and US data center sectors, and an underweight to the US industrials also dragged on performance. An

underweight to Switzerland detracted as well.

MF223ER6

![](g69192g12pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund's past performance is not a good predictor of the Fund's future performance.

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g12selectrealestate_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 2.60% | 6.81% | 6.53% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| FTSE EPRA/NAREIT Developed Index (ND) | 3.42% | 5.90% | 3.02% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $209083388<br>|
| Number of fund holdings | 50 |
| Total advisory fees paid for the year | $1475766<br>|
| Portfolio turnover rate for the year | 136% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

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

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| United States (1.9% represents investments <br>purchased with collateral from securities on loan)<br>| 66.2% |
| Japan | 8.5% |
| Australia | 7.5% |
| Hong Kong | 3.1% |
| Singapore | 2.9% |
| United Kingdom | 2.8% |
| France | 2.3% |
| Spain | 2.0% |

---

---

| | |
|:---|:---|
| Country Allocation | % of Net <br>Assets<br>|
| Germany | 1.6% |
| Sweden | 1.6% |
| Canada | 1.6% |
| Switzerland | 1.5% |
|  | 101.6% |
| Liabilities in excess of other assets | (1.6)% |
|  | 100.0% |

---

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

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since November 1, 2024:

Effective August 5, 2025, the Fund's classification under the Investment Company Act of 1940, as amended was changed from

"

diversified

"

to

"

non-diversified.

"

For more complete information, you should review the Fund's next prospectus, which we expect to be available by December 30, 2025 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent

performance data.

------

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.

![](g69192g12qrcode_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

MF223ER6

![](g69192g12pgim_investments.jpg)

------

![](g69192g13tsrbanner.jpg)

PGIM Absolute Return Bond Fund

Class A:

PADAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Absolute Return Bond Fund—Class A | $97 | 0.94% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the ICE BofA 3-Month Treasury Bill Index (the "Index") during the reporting

period: positioning in collateralized loan obligations (CLOs) AAA; security selection in US investment-grade corporates, non-agency

mortgage-backed securities (MBS), US high yield corporates, AA CLOs, and non-agency commercial mortgage-backed securities (CMBS) AA

and below; yield curve positioning; allocations to the emerging-markets high yield and MBS sectors; duration positioning; and credit positioning

in the media & entertainment, retailers & restaurants, health care & pharmaceuticals, automotives, and banking sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield bonds, GBP high yield corporates, and emerging-markets investment-grade bonds; allocations to the US high

yield corporate and European bank loan sectors; and positioning in the telecom, transportation & environmental services, cable & satellite,

midstream energy, and consumer non-cyclicals sectors.

■

The Fund used futures, swaps, and options during the reporting period to help manage duration positioning and yield curve exposure, and

forward currency exchange contracts were used to hedge against non-US dollar-denominated positions. Collectively, the use of derivatives had

a positive impact on the Fund's performance.

MF213EA

![](g69192g13pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g13absolute_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 1.90% | 4.00% | 3.41% |
| Class A without sales charges | 5.33% | 4.69% | 3.75% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA US 3-Month Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3470276643<br>|
| Number of fund holdings | 1237 |
| Total advisory fees paid for the year | $18810194<br>|
| Portfolio turnover rate for the year | 102% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 30.2 |
| AA | 22.3 |
| A | 5.8 |
| BBB | 12.6 |
| BB | 10.1 |
| B | 4.8 |
| CCC | 0.9 |
| Not Rated | 11.3 |
| Cash/Cash Equivalents | 2.1 |
| 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. Values may not sum to

100.0% due to rounding.

------

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.

![](g69192g13qrcode_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

MF213EA

![](g69192g13pgim_investments.jpg)

------

![](g69192g14tsrbanner.jpg)

PGIM Absolute Return Bond Fund

Class C:

PADCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Absolute Return Bond Fund—Class C | $175 | 1.71% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the ICE BofA 3-Month Treasury Bill Index (the "Index") during the reporting

period: positioning in collateralized loan obligations (CLOs) AAA; security selection in US investment-grade corporates, non-agency

mortgage-backed securities (MBS), US high yield corporates, AA CLOs, and non-agency commercial mortgage-backed securities (CMBS) AA

and below; yield curve positioning; allocations to the emerging-markets high yield and MBS sectors; duration positioning; and credit positioning

in the media & entertainment, retailers & restaurants, health care & pharmaceuticals, automotives, and banking sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield bonds, GBP high yield corporates, and emerging-markets investment-grade bonds; allocations to the US high

yield corporate and European bank loan sectors; and positioning in the telecom, transportation & environmental services, cable & satellite,

midstream energy, and consumer non-cyclicals sectors.

■

The Fund used futures, swaps, and options during the reporting period to help manage duration positioning and yield curve exposure, and

forward currency exchange contracts were used to hedge against non-US dollar-denominated positions. Collectively, the use of derivatives had

a positive impact on the Fund's performance.

MF213EC

![](g69192g14pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g14absolute_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 3.51% | 3.90% | 2.96% |
| Class C without sales charges | 4.51% | 3.90% | 2.96% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA US 3-Month Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3470276643<br>|
| Number of fund holdings | 1237 |
| Total advisory fees paid for the year | $18810194<br>|
| Portfolio turnover rate for the year | 102% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 30.2 |
| AA | 22.3 |
| A | 5.8 |
| BBB | 12.6 |
| BB | 10.1 |
| B | 4.8 |
| CCC | 0.9 |
| Not Rated | 11.3 |
| Cash/Cash Equivalents | 2.1 |
| 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. Values may not sum to

100.0% due to rounding.

------

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.

![](g69192g14qrcode_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

MF213EC

![](g69192g14pgim_investments.jpg)

------

![](g69192g15tsrbanner.jpg)

PGIM Absolute Return Bond Fund

Class Z:

PADZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Absolute Return Bond Fund—Class Z | $74 | 0.72% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the ICE BofA 3-Month Treasury Bill Index (the "Index") during the reporting

period: positioning in collateralized loan obligations (CLOs) AAA; security selection in US investment-grade corporates, non-agency

mortgage-backed securities (MBS), US high yield corporates, AA CLOs, and non-agency commercial mortgage-backed securities (CMBS) AA

and below; yield curve positioning; allocations to the emerging-markets high yield and MBS sectors; duration positioning; and credit positioning

in the media & entertainment, retailers & restaurants, health care & pharmaceuticals, automotives, and banking sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield bonds, GBP high yield corporates, and emerging-markets investment-grade bonds; allocations to the US high

yield corporate and European bank loan sectors; and positioning in the telecom, transportation & environmental services, cable & satellite,

midstream energy, and consumer non-cyclicals sectors.

■

The Fund used futures, swaps, and options during the reporting period to help manage duration positioning and yield curve exposure, and

forward currency exchange contracts were used to hedge against non-US dollar-denominated positions. Collectively, the use of derivatives had

a positive impact on the Fund's performance.

MF213EZ

![](g69192g15pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g15absolute_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 5.55% | 4.94% | 4.00% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA US 3-Month Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3470276643<br>|
| Number of fund holdings | 1237 |
| Total advisory fees paid for the year | $18810194<br>|
| Portfolio turnover rate for the year | 102% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 30.2 |
| AA | 22.3 |
| A | 5.8 |
| BBB | 12.6 |
| BB | 10.1 |
| B | 4.8 |
| CCC | 0.9 |
| Not Rated | 11.3 |
| Cash/Cash Equivalents | 2.1 |
| 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. Values may not sum to

100.0% due to rounding.

------

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.

![](g69192g15qrcode_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

MF213EZ

![](g69192g15pgim_investments.jpg)

------

![](g69192g16tsrbanner.jpg)

PGIM Absolute Return Bond Fund

Class R6:

PADQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

This annual 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 October 31, 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 YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Absolute Return Bond Fund—Class R6 | $64 | 0.62% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the ICE BofA 3-Month Treasury Bill Index (the "Index") during the reporting

period: positioning in collateralized loan obligations (CLOs) AAA; security selection in US investment-grade corporates, non-agency

mortgage-backed securities (MBS), US high yield corporates, AA CLOs, and non-agency commercial mortgage-backed securities (CMBS) AA

and below; yield curve positioning; allocations to the emerging-markets high yield and MBS sectors; duration positioning; and credit positioning

in the media & entertainment, retailers & restaurants, health care & pharmaceuticals, automotives, and banking sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield bonds, GBP high yield corporates, and emerging-markets investment-grade bonds; allocations to the US high

yield corporate and European bank loan sectors; and positioning in the telecom, transportation & environmental services, cable & satellite,

midstream energy, and consumer non-cyclicals sectors.

■

The Fund used futures, swaps, and options during the reporting period to help manage duration positioning and yield curve exposure, and

forward currency exchange contracts were used to hedge against non-US dollar-denominated positions. Collectively, the use of derivatives had

a positive impact on the Fund's performance.

MF213ER6

![](g69192g16pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g69192g16absolute_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 5.65% | 5.05% | 4.07% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |
| ICE BofA US 3-Month Treasury Bill Index | 4.34% | 3.04% | 2.12% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $3470276643<br>|
| Number of fund holdings | 1237 |
| Total advisory fees paid for the year | $18810194<br>|
| Portfolio turnover rate for the year | 102% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 30.2 |
| AA | 22.3 |
| A | 5.8 |
| BBB | 12.6 |
| BB | 10.1 |
| B | 4.8 |
| CCC | 0.9 |
| Not Rated | 11.3 |
| Cash/Cash Equivalents | 2.1 |
| 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. Values may not sum to

100.0% due to rounding.

------

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.

![](g69192g16qrcode_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

MF213ER6

![](g69192g16pgim_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 – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant's Board has determined that Ms. Grace C. Torres, member of the Board's Audit Committee is an "audit committee financial expert," and that she is "independent," for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended October 31, 2025 and October 31, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $178,487 and $171,622, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended October 31, 2025 and October 31, 2024: none.

(c) Tax Fees

For the fiscal years ended October 31, 2025 and October 31, 2024: none.

(d) All Other Fees

For the fiscal years ended October 31, 2025 and October 31, 2024: none.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Audit Committee Pre-Approval Policies and Procedures

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent Accountants* 

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm's engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

#### Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

#### Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

#### Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

#### Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

#### Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

------

---

| | |
|:---|:---|
| (e) (2) | <u>Percentage of services described in each of paragraphs (b)</u> <u>through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X</u> –  |

---

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended</u><br> <u>October 31, 2025</u> | <u>Fiscal Year Ended</u><br> <u>October 31, 2024</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater</u> <u>than 50%.</u> 

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

(g) <u>Non-Audit Fees</u> 

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2025 and October 31, 2024 was $0 and $0, respectively.

(h) <u>Principal Accountant's Independence</u> 

Not applicable as the Registrant's principal accountant has not provided non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

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](g69192dsp01a.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

#### OCTOBER 31, 2025
![LOGO](g69192dsp1z.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025 </u>

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

---

| | |
|:---|:---|
|  [Glossary](#edgar69192_1) | 1 |
|  [PGIM Quant Solutions Large-Cap Core Fund](#edgar69192_2) | 2 |
|  [PGIM Real Estate Income Fund](#edgar69192_3) | 20 |
|  [PGIM Select Real Estate Fund](#edgar69192_4) | 32 |
|  [Notes to Financial Statements](#edgar69192_5) | 43 |

---

**[Other Information -](#edgar69192_6)**[Form N-CSR Items 8-11](#edgar69192_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

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.1%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.1%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.1%** |
| &nbsp;&nbsp; **COMMON STOCKS** | &nbsp;&nbsp; **COMMON STOCKS** | &nbsp;&nbsp; **COMMON STOCKS** |
| &nbsp;&nbsp; **Aerospace & Defense 3.5%** | &nbsp;&nbsp; **Aerospace & Defense 3.5%** | &nbsp;&nbsp; **Aerospace & Defense 3.5%** |
| &nbsp;&nbsp; ATI, Inc.\* | 22000 | $2177340 |
| &nbsp;&nbsp; Curtiss-Wright Corp. | 3200 | 1906336 |
| &nbsp;&nbsp; General Dynamics Corp. | 29800 | 10278020 |
| &nbsp;&nbsp; General Electric Co. | 47700 | 14736915 |
| &nbsp;&nbsp; L3Harris Technologies, Inc. | 1700 | 491470 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 6000 | 3500700 |
| &nbsp;&nbsp; RTX Corp. | 11000 | 1963500 |
|  |  | 35054281 |
| &nbsp;&nbsp; **Air Freight & Logistics 0.2%** |  |  |
| &nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 21200 | 2044104 |
| &nbsp;&nbsp; **Automobile Components 0.6%** |  |  |
| &nbsp;&nbsp; Aptiv PLC\* | 10000 | 811000 |
| &nbsp;&nbsp; Dana, Inc. | 63100 | 1280930 |
| &nbsp;&nbsp; Visteon Corp. | 35000 | 3750600 |
|  |  | 5842530 |
| &nbsp;&nbsp; **Automobiles 2.0%** |  |  |
| &nbsp;&nbsp; Ford Motor Co. | 321200 | 4217356 |
| &nbsp;&nbsp; General Motors Co. | 60400 | 4173036 |
| &nbsp;&nbsp; Tesla, Inc.\* | 26000 | 11870560 |
|  |  | 20260952 |
| &nbsp;&nbsp; **Banks 2.3%** |  |  |
| &nbsp;&nbsp; Bank of America Corp. | 42000 | 2244900 |
| &nbsp;&nbsp; Citigroup, Inc. | 10500 | 1062915 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 35581 | 11069961 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 11400 | 2081070 |
| &nbsp;&nbsp; Provident Financial Services, Inc. | 16000 | 292640 |
| &nbsp;&nbsp; Regions Financial Corp. | 31500 | 762300 |
| &nbsp;&nbsp; Wells Fargo & Co. | 65000 | 5653050 |
|  |  | 23166836 |
| &nbsp;&nbsp; **Beverages 0.3%** |  |  |
| &nbsp;&nbsp; Celsius Holdings, Inc.\* | 36900 | 2222487 |
| &nbsp;&nbsp; Monster Beverage Corp.\* | 7400 | 494542 |
|  |  | 2717029 |
| &nbsp;&nbsp; **Biotechnology 2.9%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 31551 | 6879380 |
| &nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 51000 | 1157700 |
| &nbsp;&nbsp; Amgen, Inc. | 22400 | 6684832 |
| &nbsp;&nbsp; Biogen, Inc.\* | 19100 | 2946557 |
| &nbsp;&nbsp; Gilead Sciences, Inc. | 93100 | 11152449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28820918 |
| &nbsp;&nbsp; **Broadline Retail 3.0%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 122540 | 29926719 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Building Products 0.7%** | &nbsp;&nbsp; **Building Products 0.7%** | &nbsp;&nbsp; **Building Products 0.7%** |
| &nbsp;&nbsp; Armstrong World Industries, Inc. | 35100 | $6684093 |
| &nbsp;&nbsp; Carrier Global Corp. | 5000 | 297450 |
|  |  | 6981543 |
| &nbsp;&nbsp; **Capital Markets 3.8%** |  |  |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 92800 | 10015904 |
| &nbsp;&nbsp; Charles Schwab Corp. (The) | 14800 | 1398896 |
| &nbsp;&nbsp; DigitalBridge Group, Inc. | 40500 | 479115 |
| &nbsp;&nbsp; Morgan Stanley | 59400 | 9741600 |
| &nbsp;&nbsp; Nasdaq, Inc. | 58400 | 4992616 |
| &nbsp;&nbsp; Northern Trust Corp. | 37400 | 4812258 |
| &nbsp;&nbsp; Raymond James Financial, Inc. | 21100 | 3347937 |
| &nbsp;&nbsp; S&P Global, Inc. | 6500 | 3166865 |
|  |  | 37955191 |
| &nbsp;&nbsp; **Chemicals 0.1%** |  |  |
| &nbsp;&nbsp; Ingevity Corp.\* | 12300 | 660756 |
| &nbsp;&nbsp; Solstice Advanced Materials, Inc.\* | 1025 | 46197 |
|  |  | 706953 |
| &nbsp;&nbsp; **Commercial Services & Supplies 0.1%** |  |  |
| &nbsp;&nbsp; HNI Corp. | 12400 | 507408 |
| &nbsp;&nbsp; **Communications Equipment 2.3%** |  |  |
| &nbsp;&nbsp; Arista Networks, Inc.\* | 43100 | 6796439 |
| &nbsp;&nbsp; Cisco Systems, Inc. | 198482 | 14511019 |
| &nbsp;&nbsp; Viavi Solutions, Inc.\* | 67600 | 1196520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22503978 |
| &nbsp;&nbsp; **Construction & Engineering 0.5%** |  |  |
| &nbsp;&nbsp; Arcosa, Inc. | 16900 | 1723800 |
| &nbsp;&nbsp; Tutor Perini Corp.\* | 41400 | 2788704 |
|  |  | 4512504 |
| &nbsp;&nbsp; **Consumer Finance 0.6%** |  |  |
| &nbsp;&nbsp; American Express Co. | 16400 | 5915972 |
| &nbsp;&nbsp; Green Dot Corp. (Class A Stock)\* | 30400 | 352944 |
|  |  | 6268916 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 1.7%** |  |  |
| &nbsp;&nbsp; Costco Wholesale Corp. | 8600 | 7838470 |
| &nbsp;&nbsp; Kroger Co. (The) | 66200 | 4212306 |
| &nbsp;&nbsp; Target Corp. | 55300 | 5127416 |
|  |  | 17178192 |
| &nbsp;&nbsp; **Diversified Consumer Services 0.6%** |  |  |
| &nbsp;&nbsp; ADT, Inc. | 241600 | 2135744 |
| &nbsp;&nbsp; Frontdoor, Inc.\* | 14800 | 983164 |
| &nbsp;&nbsp; Laureate Education, Inc.\* | 60300 | 1750509 |
| &nbsp;&nbsp; Perdoceo Education Corp. | 36200 | 1149712 |
|  |  | 6019129 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 3

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Diversified Telecommunication Services 0.4%** | &nbsp;&nbsp; **Diversified Telecommunication Services 0.4%** | &nbsp;&nbsp; **Diversified Telecommunication Services 0.4%** |
| &nbsp;&nbsp; AT&T, Inc. | 12600 | $311850 |
| &nbsp;&nbsp; Verizon Communications, Inc. | 90100 | 3580574 |
|  |  | 3892424 |
| &nbsp;&nbsp; **Electric Utilities 1.2%** |  |  |
| &nbsp;&nbsp; American Electric Power Co., Inc. | 12400 | 1491224 |
| &nbsp;&nbsp; Constellation Energy Corp. | 5000 | 1885000 |
| &nbsp;&nbsp; Edison International | 9000 | 498420 |
| &nbsp;&nbsp; FirstEnergy Corp. | 14000 | 641620 |
| &nbsp;&nbsp; NextEra Energy, Inc. | 46000 | 3744400 |
| &nbsp;&nbsp; NRG Energy, Inc. | 23000 | 3952780 |
|  |  | 12213444 |
| &nbsp;&nbsp; **Electrical Equipment 1.4%** |  |  |
| &nbsp;&nbsp; Eaton Corp. PLC | 6900 | 2632764 |
| &nbsp;&nbsp; GE Vernova, Inc. | 9600 | 5617344 |
| &nbsp;&nbsp; Rockwell Automation, Inc. | 10800 | 3978288 |
| &nbsp;&nbsp; Sensata Technologies Holding PLC | 24600 | 783018 |
| &nbsp;&nbsp; Vertiv Holdings Co. (Class A Stock) | 2100 | 405006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13416420 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.2%** |  |  |
| &nbsp;&nbsp; Vontier Corp. | 43500 | 1674750 |
| &nbsp;&nbsp; **Entertainment 0.7%** |  |  |
| &nbsp;&nbsp; Netflix, Inc.\* | 2400 | 2685264 |
| &nbsp;&nbsp; Walt Disney Co. (The) | 38300 | 4313346 |
|  |  | 6998610 |
| &nbsp;&nbsp; **Financial Services 3.2%** |  |  |
| &nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 12174 | 5813572 |
| &nbsp;&nbsp; Fidelity National Information Services, Inc. | 43200 | 2700864 |
| &nbsp;&nbsp; Global Payments, Inc. | 14800 | 1150848 |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 28600 | 15786914 |
| &nbsp;&nbsp; PayPal Holdings, Inc.\* | 19400 | 1343838 |
| &nbsp;&nbsp; Visa, Inc. (Class A Stock) | 13625 | 4642582 |
|  |  | 31438618 |
| &nbsp;&nbsp; **Food Products 0.4%** |  |  |
| &nbsp;&nbsp; Conagra Brands, Inc. | 72600 | 1247994 |
| &nbsp;&nbsp; General Mills, Inc. | 14100 | 657201 |
| &nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 242100 | 280836 |
| &nbsp;&nbsp; Ingredion, Inc. | 3000 | 346230 |
| &nbsp;&nbsp; Kraft Heinz Co. (The)(a) | 52500 | 1298325 |
|  |  | 3830586 |
| &nbsp;&nbsp; **Gas Utilities 0.0%** |  |  |
| &nbsp;&nbsp; Northwest Natural Holding Co. | 8400 | 382452 |
| &nbsp;&nbsp; **Ground Transportation 1.0%** |  |  |
| &nbsp;&nbsp; CSX Corp. | 134500 | 4844690 |
| &nbsp;&nbsp; Uber Technologies, Inc.\* | 12700 | 1225550 |
| &nbsp;&nbsp; Union Pacific Corp. | 15600 | 3437772 |
|  |  | 9508012 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 1.2%** | &nbsp;&nbsp; **Health Care Equipment & Supplies 1.2%** | &nbsp;&nbsp; **Health Care Equipment & Supplies 1.2%** |
| &nbsp;&nbsp; Alphatec Holdings, Inc.\* | 102100 | $1938879 |
| &nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 6400 | 4028864 |
| &nbsp;&nbsp; Intuitive Surgical, Inc.\* | 900 | 480852 |
| &nbsp;&nbsp; Medtronic PLC | 15200 | 1378640 |
| &nbsp;&nbsp; STERIS PLC | 17800 | 4195460 |
|  |  | 12022695 |
| &nbsp;&nbsp; **Health Care Providers & Services 1.3%** |  |  |
| &nbsp;&nbsp; Cardinal Health, Inc. | 3100 | 591387 |
| &nbsp;&nbsp; Cigna Group (The) | 25100 | 6134691 |
| &nbsp;&nbsp; CVS Health Corp. | 16200 | 1266030 |
| &nbsp;&nbsp; McKesson Corp. | 1900 | 1541546 |
| &nbsp;&nbsp; UnitedHealth Group, Inc. | 10400 | 3552224 |
|  |  | 13085878 |
| &nbsp;&nbsp; **Health Care REITs 0.4%** |  |  |
| &nbsp;&nbsp; American Healthcare REIT, Inc. | 96800 | 4386976 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 1.0%** |  |  |
| &nbsp;&nbsp; Bloomin' Brands, Inc. | 72800 | 497224 |
| &nbsp;&nbsp; Booking Holdings, Inc. | 1870 | 9495374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9992598 |
| &nbsp;&nbsp; **Household Products 0.0%** |  |  |
| &nbsp;&nbsp; Colgate-Palmolive Co. | 5600 | 431480 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.1%** |  |  |
| &nbsp;&nbsp; Hallador Energy Co.\* | 63000 | 1362690 |
| &nbsp;&nbsp; **Industrial REITs 0.8%** |  |  |
| &nbsp;&nbsp; Prologis, Inc. | 61100 | 7581899 |
| &nbsp;&nbsp; **Insurance 1.3%** |  |  |
| &nbsp;&nbsp; Allstate Corp. (The) | 25600 | 4902912 |
| &nbsp;&nbsp; American International Group, Inc. | 42200 | 3332112 |
| &nbsp;&nbsp; Chubb Ltd. | 1400 | 387716 |
| &nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 58900 | 1391807 |
| &nbsp;&nbsp; MetLife, Inc. | 35800 | 2857556 |
|  |  | 12872103 |
| &nbsp;&nbsp; **Interactive Media & Services 7.6%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 92980 | 26145046 |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 78960 | 22252507 |
| &nbsp;&nbsp; Bumble, Inc. (Class A Stock)\* | 71400 | 396270 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 41180 | 26699053 |
|  |  | 75492876 |
| &nbsp;&nbsp; **IT Services 1.7%** |  |  |
| &nbsp;&nbsp; Accenture PLC (Class A Stock) | 26500 | 6627650 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 133600 | 9736768 |
|  |  | 16364418 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 5

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Life Sciences Tools & Services 1.0%** | &nbsp;&nbsp; **Life Sciences Tools & Services 1.0%** | &nbsp;&nbsp; **Life Sciences Tools & Services 1.0%** |
| &nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 16100 | $9134979 |
| &nbsp;&nbsp; West Pharmaceutical Services, Inc. | 1100 | 310277 |
|  |  | 9445256 |
| &nbsp;&nbsp; **Machinery 1.0%** |  |  |
| &nbsp;&nbsp; Caterpillar, Inc. | 3600 | 2078136 |
| &nbsp;&nbsp; Columbus McKinnon Corp. | 25500 | 413865 |
| &nbsp;&nbsp; Crane Co. | 2500 | 475000 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 2400 | 1854792 |
| &nbsp;&nbsp; REV Group, Inc. | 71100 | 3645297 |
| &nbsp;&nbsp; Worthington Enterprises, Inc. | 33500 | 1879015 |
|  |  | 10346105 |
| &nbsp;&nbsp; **Media 1.1%** |  |  |
| &nbsp;&nbsp; Comcast Corp. (Class A Stock) | 386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10744310 |
| &nbsp;&nbsp; **Metals & Mining 0.4%** |  |  |
| &nbsp;&nbsp; Commercial Metals Co. | 6600 | 391776 |
| &nbsp;&nbsp; Newmont Corp. | 35800 | 2898726 |
| &nbsp;&nbsp; Nucor Corp. | 6900 | 1035345 |
|  |  | 4325847 |
| &nbsp;&nbsp; **Multi-Utilities 0.2%** |  |  |
| &nbsp;&nbsp; CMS Energy Corp. | 23000 | 1691650 |
| &nbsp;&nbsp; NiSource, Inc. | 6800 | 286348 |
|  |  | 1977998 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 3.6%** |  |  |
| &nbsp;&nbsp; Chevron Corp. | 78500 | 12381020 |
| &nbsp;&nbsp; ConocoPhillips | 71900 | 6389034 |
| &nbsp;&nbsp; EOG Resources, Inc. | 2800 | 296352 |
| &nbsp;&nbsp; Exxon Mobil Corp. | 149900 | 17142564 |
|  |  | 36208970 |
| &nbsp;&nbsp; **Pharmaceuticals 3.8%** |  |  |
| &nbsp;&nbsp; Bristol-Myers Squibb Co. | 113700 | 5238159 |
| &nbsp;&nbsp; Eli Lilly & Co. | 7600 | 6557736 |
| &nbsp;&nbsp; Johnson & Johnson | 44058 | 8321234 |
| &nbsp;&nbsp; Merck & Co., Inc. | 134000 | 11521320 |
| &nbsp;&nbsp; Perrigo Co. PLC | 69000 | 1431060 |
| &nbsp;&nbsp; Pfizer, Inc. | 191400 | 4718010 |
|  |  | 37787519 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.5%** |  |  |
| &nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 23600 | 3597348 |
| &nbsp;&nbsp; Newmark Group, Inc. (Class A Stock) | 88400 | 1576172 |
|  |  | 5173520 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 14.1%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 1600 | 409792 |
| &nbsp;&nbsp; Analog Devices, Inc. | 7300 | 1709149 |
| &nbsp;&nbsp; Astera Labs, Inc.\* | 13700 | 2557516 |
| &nbsp;&nbsp; Broadcom, Inc. | 94600 | 34966998 |
| &nbsp;&nbsp; Intel Corp.\* | 113600 | 4542864 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment (cont'd.)** | &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment (cont'd.)** | &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment (cont'd.)** |
| &nbsp;&nbsp; KLA Corp. | 700 | $846118 |
| &nbsp;&nbsp; Lam Research Corp. | 49200 | 7747032 |
| &nbsp;&nbsp; Micron Technology, Inc. | 25200 | 5639004 |
| &nbsp;&nbsp; NVIDIA Corp. | 403400 | 81684466 |
| &nbsp;&nbsp; Teradyne, Inc. | 2700 | 490752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140593691 |
| &nbsp;&nbsp; **Software 11.4%** |  |  |
| &nbsp;&nbsp; Adobe, Inc.\* | 6900 | 2348139 |
| &nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 2400 | 1529592 |
| &nbsp;&nbsp; Autodesk, Inc.\* | 4600 | 1386164 |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 18100 | 6130289 |
| &nbsp;&nbsp; Elastic NV\* | 11400 | 1017108 |
| &nbsp;&nbsp; Intuit, Inc. | 4500 | 3003975 |
| &nbsp;&nbsp; Microsoft Corp. | 142784 | 73934983 |
| &nbsp;&nbsp; Oracle Corp. | 13700 | 3597757 |
| &nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 24100 | 4831327 |
| &nbsp;&nbsp; Salesforce, Inc. | 43000 | 11197630 |
| &nbsp;&nbsp; ServiceNow, Inc.\* | 3300 | 3033624 |
| &nbsp;&nbsp; Zoom Communications, Inc.\* | 14600 | 1273558 |
|  |  | 113284146 |
| &nbsp;&nbsp; **Specialized REITs 0.2%** |  |  |
| &nbsp;&nbsp; Public Storage | 6900 | 1922064 |
| &nbsp;&nbsp; **Specialty Retail 2.9%** |  |  |
| &nbsp;&nbsp; Arhaus, Inc.\* | 46800 | 468936 |
| &nbsp;&nbsp; Five Below, Inc.\* | 5400 | 849258 |
| &nbsp;&nbsp; Home Depot, Inc. (The) | 22700 | 8616693 |
| &nbsp;&nbsp; Lowe's Cos., Inc. | 44500 | 10596785 |
| &nbsp;&nbsp; ThredUp, Inc. (Class A Stock)\* | 249600 | 2193984 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 44600 | 6250244 |
|  |  | 28975900 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 7.2%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 251780 | 68073759 |
| &nbsp;&nbsp; Western Digital Corp. | 21100 | 3169431 |
|  |  | 71243190 |
| &nbsp;&nbsp; **Tobacco 0.8%** |  |  |
| &nbsp;&nbsp; Altria Group, Inc. | 103000 | 5807140 |
| &nbsp;&nbsp; Universal Corp. | 34500 | 1748460 |
|  |  | 7555600 |
| &nbsp;&nbsp; **Trading Companies & Distributors 0.4%** |  |  |
| &nbsp;&nbsp; NPK International, Inc.\* | 193700 | 2382510 |
| &nbsp;&nbsp; W.W. Grainger, Inc. | 600 | 587400 |
| &nbsp;&nbsp; WESCO International, Inc. | 4000 | 1038120 |
|  |  | 4008030 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 7

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | | | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** | &nbsp;&nbsp; **COMMON STOCKS (Continued)** |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.4%** | &nbsp;&nbsp; **Wireless Telecommunication Services 0.4%** | &nbsp;&nbsp; **Wireless Telecommunication Services 0.4%** | &nbsp;&nbsp; **Wireless Telecommunication Services 0.4%** | &nbsp;&nbsp; **Wireless Telecommunication Services 0.4%** |
| &nbsp;&nbsp; T-Mobile US, Inc. |  |  | 17900 | $3759895 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $587,679,594) |  |  |  | 974768153 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.9%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.9%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.9%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.9%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.9%** |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 1.7%** | &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 1.7%** | &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 1.7%** | &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 1.7%** | &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 1.7%** |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wb) |  |  | 16876087 | 16876087 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<br>(cost $574,298; includes $550,384 of cash collateral for securities on loan)(b)(wb) |  |  | 574643 | 574298 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $17,450,385) |  |  |  | 17450385 |
|  | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Principal Amount**<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;(000)#**  |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.2%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.2%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.2%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.2%** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATION(k)(n) 0.2%** |
| &nbsp;&nbsp; U.S. Treasury Bills<br>(cost $1,692,592) | 3.957% | 12/11/25 | 1700 | 1693041 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $19,142,977) |  |  |  | 19143426 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br> (cost $606,822,571) |  |  |  | 993911579 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 0.0% |  |  |  | 116365 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994027944 |

---

See the Glossary for a list of the abbreviation(s) used in the annual 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 $539,114; cash collateral of $550,384 (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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
|  **Long Position:** | **Long Position:** |  |  |  |
| 55 | S&P 500 E-Mini Index | Dec. 2025 | $18903500 | $445166 |

---

#### 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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value |
|  GS | $— | $1693041 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (continued)

as of October 31, 2025

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

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

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

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

The following is a summary of the inputs used as of October 31, 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 | $35054281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 2044104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 5842530 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 20260952 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 23166836 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 2717029 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 28820918 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 29926719 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 6981543 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 37955191 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 706953 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 507408 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 22503978 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 4512504 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 6268916 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 17178192 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 6019129 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 3892424 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 12213444 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 13416420 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 1674750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 6998610 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 31438618 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 3830586 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 382452 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 9508012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 12022695 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 13085878 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 4386976 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 9992598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 431480 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 1362690 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 7581899 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 12872103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 75492876 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 16364418 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 9445256 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 10346105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 10744310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 4325847 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 1977998 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 36208970 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 37787519 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 5173520 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 140593691 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 113284146 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 1922064 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 28975900 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 71243190 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 7555600 |  |  |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 9

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | $4008030 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 3759895 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 17450385 |  |  |
|  U.S. Treasury Obligation |  | 1693041 |  |
|  **Total** | $**992218538** | $**1693041** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**445166** | $**—** | $**—** |

---

\* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts 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 other assets in excess of liabilities shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 14.1 |
|  Software | 11.4 |
|  Interactive Media & Services | 7.6 |
|  Technology Hardware, Storage & Peripherals | 7.2 |
|  Capital Markets | 3.8 |
|  Pharmaceuticals | 3.8 |
|  Oil, Gas & Consumable Fuels | 3.6 |
|  Aerospace & Defense | 3.5 |
|  Financial Services | 3.2 |
|  Broadline Retail | 3 |
|  Specialty Retail | 2.9 |
|  Biotechnology | 2.9 |
|  Banks | 2.3 |
|  Communications Equipment | 2.3 |
|  Automobiles | 2 |
| Affiliated Mutual Funds (0.1% represents investments purchased with collateral from securities on loan) | 1.7 |
|  Consumer Staples Distribution & Retail | 1.7 |
|  IT Services | 1.7 |
|  Electrical Equipment | 1.4 |
|  Health Care Providers & Services | 1.3 |
|  Insurance | 1.3 |
|  Electric Utilities | 1.2 |
|  Health Care Equipment & Supplies | 1.2 |
|  Media | 1.1 |
|  Machinery | 1 |
|  Hotels, Restaurants & Leisure | 1 |
|  Ground Transportation | 1 |
|  Life Sciences Tools & Services | 1 |
|  Industrial REITs | 0.8 |
|  Tobacco | 0.8 |
|  Entertainment | 0.7 |

---

---

| | |
|:---|:---|
|  Building Products | 0.7% |
|  Consumer Finance | 0.6 |
|  Diversified Consumer Services | 0.6 |
|  Automobile Components | 0.6 |
|  Real Estate Management & Development | 0.5 |
|  Construction & Engineering | 0.5 |
|  Health Care REITs | 0.4 |
|  Metals & Mining | 0.4 |
|  Trading Companies & Distributors | 0.4 |
|  Diversified Telecommunication Services | 0.4 |
|  Food Products | 0.4 |
|  Wireless Telecommunication Services | 0.4 |
|  Beverages | 0.3 |
|  Air Freight & Logistics | 0.2 |
|  Multi-Utilities | 0.2 |
|  Specialized REITs | 0.2 |
|  U.S. Treasury Obligations | 0.2 |
|  Electronic Equipment, Instruments & Components | 0.2 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Chemicals | 0.1 |
|  Commercial Services & Supplies | 0.1 |
|  Household Products | 0.0 \* |
|  Gas Utilities | 0.0 \* |
|  | 100.0 |
|  Other assets in excess of liabilities | 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% 

#### 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.

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Schedule of Investments (continued)

as of October 31, 2025

Fair values of derivative instruments as of October 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for<br>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** |
|  Equity contracts | Due from/to broker-variation margin futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$445,166\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2025 are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | &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** | Futures |
|  Equity contracts | $1696774 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | &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** | Futures |
|  Equity contracts | $349140 |

---

For the year ended October 31, 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) | $13994628 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Notional Amount in USD.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right 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 | $539114 | $(539114) | $— |

---

(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 11

------

PGIM Quant Solutions Large-Cap Core Fund

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $539,114: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $589,372,186) | $976461194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $17,450,385) | 17450385 |
| &nbsp;&nbsp; Receivable for investments sold | 40866107 |
| &nbsp;&nbsp; Dividends and interest receivable | 609091 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 215374 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 50875 |
| &nbsp;&nbsp; Prepaid expenses | 7679 |
| &nbsp;&nbsp; **Total Assets** | 1035660705 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 39088804 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 1283513 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 550384 |
| &nbsp;&nbsp; Management fee payable | 298275 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 251096 |
| &nbsp;&nbsp; Distribution fee payable | 128429 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 30666 |
| &nbsp;&nbsp; Trustees' fees payable | 1594 |
| &nbsp;&nbsp; **Total Liabilities** | 41632761 |
| &nbsp;&nbsp; **Net Assets** | $994027944 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $40344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 509095798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 484891802 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $994027944 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Statement of Assets & Liabilities (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($565,810,545 ÷ 23,348,027 shares of beneficial interest issued and outstanding) | $24.23 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.41 |
| &nbsp;&nbsp; Maximum offering price to public | $25.64 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,797,480 ÷ 585,845 shares of beneficial interest issued and outstanding) | $20.14 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($294,872,580 ÷ 11,636,767 shares of beneficial interest issued and outstanding) | $25.34 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($121,547,339 ÷ 4,773,612 shares of beneficial interest issued and outstanding) | $25.46 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 13

------

PGIM Quant Solutions Large-Cap Core Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | &nbsp;&nbsp; **Net Investment Income (Loss)** |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income | $11812704 |
| &nbsp;&nbsp; Affiliated dividend income | 528407 |
| &nbsp;&nbsp; Interest income | 57028 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 2229 |
| &nbsp;&nbsp; **Total income** | 12400368 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 3219899 |
| &nbsp;&nbsp; Distribution fee(a) | 1701314 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $228,650)(a) | 931141 |
| &nbsp;&nbsp; Custodian and accounting fees | 84045 |
| &nbsp;&nbsp; Shareholders' reports | 62470 |
| &nbsp;&nbsp; Professional fees | 39938 |
| &nbsp;&nbsp; Registration fees(a) | 39519 |
| &nbsp;&nbsp; Audit fee | 27722 |
| &nbsp;&nbsp; Trustees' fees | 20571 |
| &nbsp;&nbsp; Miscellaneous | 34466 |
| &nbsp;&nbsp; **Total expenses** | 6161085 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (320618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Distribution fee waiver(a) | (263590) |
| &nbsp;&nbsp; **Net expenses** | 5576877 |
| &nbsp;&nbsp; Net investment income (loss) | 6823491 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** | &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(260)) | 93814610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1696774 |
|  | 95511384 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 67247180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 349140 |
|  | 67596320 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 163107704 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $169931195 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class Z | Class R6 |
|  Distribution fee | 1581538 | 119776 |  |  |
|  Transfer agent's fees and expenses | 541775 | 22668 | 364326 | 2372 |
|  Registration fees | 7636 | 8639 | 14506 | 8738 |
|  Fee waiver and/or expense reimbursement | (161883) | (24032) | (89275) | (45428) |
|  Distribution fee waiver | (263590) |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Core Fund

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**October 31,** | **Year Ended**<br>**October 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $6823491 | $7227168 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 95511384 | 83488944 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 67596320 | 165673031 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 169931195 | 256389143 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (54198121) | (15634208) |
| &nbsp;&nbsp; Class C | (1516824) | (513234) |
| &nbsp;&nbsp; Class Z | (25597109) | (838560) |
| &nbsp;&nbsp; Class R6 | (11061504) | (7877677) |
|  | (92373558) | (24863679) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 293982981 | 154726965 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 91614393 | 24632216 |
| &nbsp;&nbsp; Cost of shares purchased | (365737209) | (216469945) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 19860165 | (37110764) |
| &nbsp;&nbsp; Total increase (decrease) | 97417802 | 194414700 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 896610142 | 702195442 |
| &nbsp;&nbsp; End of year | $994027944 | $896610142 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Core Fund 15

------

PGIM Quant Solutions Large-Cap Core Fund

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $22.48 | $16.80 | $15.75 | $21.09 | $15.17 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.14 | 0.15 | 0.16 | 0.18 | 0.16 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 3.95 | 6.17 | 1.26 | (2.46) | 6.14 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.09 | 6.32 | 1.42 | (2.28) | 6.30 |
| &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) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.18) | (0.46) | (0.18) | (2.89) | (0.19) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.34) | (0.64) | (0.37) | (3.06) | (0.38) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $24.23 | $22.48 | $16.80 | $15.75 | $21.09 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 19.48% | 38.49% | 9.16% | (12.84)% | 42.24% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $565811 | $524581 | $412198 | $411798 | $522601 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $527179 | $498458 | $423340 | $468874 | $475322 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.70% | 0.70% | 0.72% | 0.72% | 0.72% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.78% | 0.79% | 0.83% | 0.83% | 0.81% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.65% | 0.75% | 0.97% | 1.03% | 0.84% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 123% | 113% | 96% | 98% | 101% |

---

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

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

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

(d) 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 (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $19.06 | $14.35 | $13.51 | $18.52 | $13.38 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.02)<sup>(b)</sup> | 0.01 | 0.04 | 0.05 | 0.02 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 3.32 | 5.25 | 1.08 | (2.11) | 5.42 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.30 | 5.26 | 1.12 | (2.06) | 5.44 |
| &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) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.18) | (0.46) | (0.18) | (2.89) | (0.19) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.22) | (0.55) | (0.28) | (2.95) | (0.30) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $20.14 | $19.06 | $14.35 | $13.51 | $18.52 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 18.66% | 37.45% | 8.37% | (13.46)% | 41.25% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $11797 | $13239 | $13876 | $15992 | $22453 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $11978 | $14335 | $15468 | $19087 | $22342 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.64% | 1.68% | 1.65% | 1.65% | 1.59% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.08)% | 0.03% | 0.27% | 0.30% | 0.14% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 123% | 113% | 96% | 98% | 101% |

---

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

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

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

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, 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 17

------

PGIM Quant Solutions Large-Cap Core Fund

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $23.41 | $17.47 | $16.38 | $21.79 | $15.67 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.19 | 0.21 | 0.21 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 4.15 | 6.41 | 1.31 | (2.55) | 6.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.34 | 6.62 | 1.52 | (2.31) | 6.53 |
| &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) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.18) | (0.46) | (0.18) | (2.89) | (0.19) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.41) | (0.68) | (0.43) | (3.10) | (0.41) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $25.34 | $23.41 | $17.47 | $16.38 | $21.79 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 19.80% | 38.82% | 9.43% | (12.54)% | 42.44% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $294873 | $34831 | $21379 | $20647 | $25663 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $255237 | $28654 | $21455 | $23609 | $60616 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.49% | 0.45% | 0.46% | 0.42% | 0.49% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.52% | 0.56% | 0.54% | 0.54% | 0.55% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.84% | 1.00% | 1.22% | 1.34% | 1.10% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 123% | 113% | 96% | 98% | 101% |

---

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

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

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

(d) 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 (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $23.50 | $17.53 | $16.42 | $21.86 | $15.70 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 | 0.24 | 0.23 | 0.25 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 4.14 | 6.43 | 1.31 | (2.56) | 6.36 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 4.38 | 6.67 | 1.54 | (2.31) | 6.59 |
| &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) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (2.18) | (0.46) | (0.18) | (2.89) | (0.19) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.42) | (0.70) | (0.43) | (3.13) | (0.43) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $25.46 | $23.50 | $17.53 | $16.42 | $21.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 19.92% | 39.00% | 9.56% | (12.52)% | 42.79% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $121547 | $323959 | $254742 | $228073 | $295432 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $125578 | $289187 | $248145 | $258329 | $204016 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.39% | 0.39% | 0.39% | 0.39% | 0.38% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.03% | 1.10% | 1.33% | 1.38% | 1.17% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 123% | 113% | 96% | 98% | 101% |

---

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

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

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

(d) 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 19

------

PGIM Real Estate Income Fund

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.6%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS 80.2%** |  |  |
| &nbsp;&nbsp; **Diversified REITs 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust (Singapore) | 621462 | $1129812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LondonMetric Property PLC (United Kingdom) | 746309 | 1867121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996933 |
| &nbsp;&nbsp; **Health Care Facilities 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sienna Senior Living, Inc. (Canada) | 84715 | 1156069 |
| &nbsp;&nbsp; **Health Care REITs 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 54146 | 1662282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 94037 | 1666336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 23191 | 1727961 |
|  |  | 5056579 |
| &nbsp;&nbsp; **Hotel & Resort REITs 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Invincible Investment Corp. (Japan) | 1624 | 725593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 7389 | 642178 |
|  |  | 1367771 |
| &nbsp;&nbsp; **Industrial REITs 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT (Singapore) | 413111 | 894399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 296343 | 2812295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 22933 | 877646 |
|  |  | 4584340 |
| &nbsp;&nbsp; **Office REITs 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc. (Class A Stock) | 152349 | 2256289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 19203 | 986074 |
|  |  | 3242363 |
| &nbsp;&nbsp; **Real Estate Operating Companies 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSP Swiss Property AG (Switzerland) | 3268 | 565245 |
| &nbsp;&nbsp; **Residential REITs 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 26844 | 1595608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 26409 | 889719 |
|  |  | 2485327 |
| &nbsp;&nbsp; **Retail REITs 24.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 99551 | 2056724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Link REIT (Hong Kong) | 256838 | 1337514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp.(a) | 120610 | 2245758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 9940 | 576321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 22296 | 1537309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scentre Group (Australia) | 831219 | 2214231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 16575 | 2913222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supermarket Income REIT PLC (United Kingdom) | 459737 | 478396 |
|  |  | 13359475 |
| &nbsp;&nbsp; **Specialized REITs 17.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 37991 | 1431121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 12588 | 2145121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 15129 | 741624 |

---

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Specialized REITs (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 36368 | $1624195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 19500 | 2007525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 65195 | 1896522 |
|  |  | 9846108 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $43,614,095) |  | 44660210 |
| &nbsp;&nbsp; **PREFERRED STOCKS 19.4%** |  |  |
| &nbsp;&nbsp; **Diversified REITs 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gladstone Commercial Corp., Series G, 6.000%, Maturing 06/28/26(oo) | 56426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132470 |
| &nbsp;&nbsp; **Hotel & Resort REITs 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust, Series H, 5.700%, Maturing 07/27/26(oo) | 65841 | 1155509 |
| &nbsp;&nbsp; **Industrial REITs 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc., Series C, 5.625%, Maturing 11/20/25(oo) | 40584 | 895506 |
| &nbsp;&nbsp; **Office REITs 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust, Series M, 5.250%, Maturing 11/30/25(oo) | 128842 | 2299830 |
| &nbsp;&nbsp; **Retail REITs 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., Series A, 4.250%, Maturing 09/17/26(oo) | 127049 | 2239874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp., Series L, 5.125%, Maturing 11/30/25(oo) | 67630 | 1414143 |
|  |  | 3654017 |
| &nbsp;&nbsp; **Specialized REITs 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPR Properties, Series G, 5.750%, Maturing 11/30/25(oo) | 61697 | 1224686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage, Series H, 5.600%, Maturing 11/30/25(a)(oo) | 17451 | 420918 |
|  |  | 1645604 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $10,637,650) |  | 10782936 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $54,251,745) |  | 55443146 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wb) | 1917 | 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,669,384; includes $1,663,375 of cash collateral for securities on loan)(b)(wb) | 1670388 | 1669386 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,671,301) |  | 1671303 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $55,923,046) |  | 57114449 |
| &nbsp;&nbsp; Liabilities in excess of other assets (2.6)% |  | (1441754) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $55672695 |

---

See Notes to Financial Statements.

PGIM Real Estate Income Fund 21

------

PGIM Real Estate Income Fund

Schedule of Investments (continued)

as of October 31, 2025

See the Glossary for a list of the abbreviation(s) used in the annual 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 $1,608,894; cash collateral of $1,663,375 (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 October 31, 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; Diversified REITs | $— | $2996933 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities | 1156069 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 5056579 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 642178 | 725593 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 3689941 | 894399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 3242363 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Operating Companies |  | 565245 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 2485327 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 9329334 | 4030141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 9846108 |  |  |
|  Preferred Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 1132470 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 1155509 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 895506 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 2299830 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 3654017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 1645604 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 1671303 |  |  |
|  **Total** | $47902138 | $9212311 | $— |

---

#### Sector Classification:
The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Retail REITs | 30.6 |
|  Specialized REITs | 20.7 |
|  Office REITs | 9.9 |
|  Industrial REITs | 9.8 |
|  Health Care REITs | 9.1 |
|  Diversified REITs | 7.4 |
|  Hotel & Resort REITs | 4.5 |
|  Residential REITs | 4.5 |
|  Affiliated Mutual Funds (3.0% represents investments purchased with collateral from securities on loan) | 3.0 |

---

---

| | |
|:---|:---|
|  Health Care Facilities | 2.1% |
|  Real Estate Operating Companies | 1 |
|  | 102.6 |
|  Liabilities in excess of other assets | (2.6) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Schedule of Investments (continued)

as of October 31, 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 | $1608894 | $(1608894) | $— |

---

(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 23

------

PGIM Real Estate Income Fund

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $1,608,894: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $54,251,745) | $55443146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,671,301) | 1671303 |
| &nbsp;&nbsp; Foreign currency, at value (cost $23) | 22 |
| &nbsp;&nbsp; Receivable for investments sold | 1792944 |
| &nbsp;&nbsp; Dividends receivable | 45871 |
| &nbsp;&nbsp; Tax reclaim receivable | 42277 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 39046 |
| &nbsp;&nbsp; Prepaid expenses | 1589 |
| &nbsp;&nbsp; **Total Assets** | 59036198 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 1663375 |
| &nbsp;&nbsp; Payable for investments purchased | 1407986 |
| &nbsp;&nbsp; Loan payable | 158000 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 75203 |
| &nbsp;&nbsp; Management fee payable | 31831 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 25499 |
| &nbsp;&nbsp; Trustees' fees payable | 893 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 364 |
| &nbsp;&nbsp; Distribution fee payable | 352 |
| &nbsp;&nbsp; **Total Liabilities** | 3363503 |
| &nbsp;&nbsp; **Net Assets** | $55672695 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $7467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 53298216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2367012 |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $55672695 |

---

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Statement of Assets & Liabilities (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br>($1,077,990 ÷ 145,019 shares of beneficial interest issued and outstanding) | $7.43 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.43 |
| &nbsp;&nbsp; Maximum offering price to public | $7.86 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($211,233 ÷ 28,407 shares of beneficial interest issued and outstanding) | $7.44 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($20,754,216 ÷ 2,776,762 shares of beneficial interest issued and outstanding) | $7.47 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($33,629,256 ÷ 4,516,696 shares of beneficial interest issued and outstanding) | $7.45 |

---

See Notes to Financial Statements.

PGIM Real Estate Income Fund 25

------

PGIM Real Estate Income Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $52,647 foreign withholding tax) | $2067628 |
| &nbsp;&nbsp; Affiliated dividend income | 14617 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $1,932) | 2505 |
| &nbsp;&nbsp; **Total income** | 2084750 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 407506 |
| &nbsp;&nbsp; Distribution fee(a) | 3873 |
| &nbsp;&nbsp; Custodian and accounting fees | 42213 |
| &nbsp;&nbsp; Professional fees | 38388 |
| &nbsp;&nbsp; Audit fee | 37445 |
| &nbsp;&nbsp; Registration fees(a) | 31057 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,553)(a) | 29766 |
| &nbsp;&nbsp; Shareholders' reports | 20704 |
| &nbsp;&nbsp; Trustees' fees | 10307 |
| &nbsp;&nbsp; SEC registration fees | 867 |
| &nbsp;&nbsp; Miscellaneous | 26248 |
| &nbsp;&nbsp; **Total expenses** | 648374 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (83809) |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fee waiver(a) | (382) |
| &nbsp;&nbsp; **Net expenses** | 564183 |
| &nbsp;&nbsp; Net investment income (loss) | 1520567 |
| &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;&nbsp;&nbsp; Investment transactions (including affiliated of $19) | 1922818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2288 |
|  | 1925106 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $2) | (4827629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (682) |
|  | (4828311) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (2903205) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(1382638) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class Z | Class R6 |
|  Distribution fee | 2294 | 1579 |  |  |
|  Registration fees | 7037 | 7087 | 10446 | 6487 |
|  Transfer agent's fees and expenses | 2029 | 554 | 26401 | 782 |
|  Fee waiver and/or expense reimbursement | (9416) | (7718) | (44328) | (22347) |
|  Distribution fee waiver | (382) |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Real Estate Income Fund

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | October 31, | October 31, |
|  | 2025 | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1520567 | $1654076 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 1925106 | 3006062 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (4828311) | 9904772 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (1382638) | 14564910 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (42590) | (23772) |
| &nbsp;&nbsp; Class C | (6934) | (4672) |
| &nbsp;&nbsp; Class Z | (1000422) | (54570) |
| &nbsp;&nbsp; Class R6 | (1995923) | (1672200) |
|  | (3045869) | (1755214) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 31735839 | 16572671 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 3043735 | 1753806 |
| &nbsp;&nbsp; Cost of shares purchased | (26994141) | (8342612) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 7785433 | 9983865 |
| &nbsp;&nbsp; Total increase (decrease) | 3356926 | 22793561 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 52315769 | 29522208 |
| &nbsp;&nbsp; End of year | $55672695 | $52315769 |

---

See Notes to Financial Statements.

PGIM Real Estate Income Fund 27

------

PGIM Real Estate Income Fund

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.04 | $5.85 | $6.18 | $10.26 | $7.67 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.26 | 0.22 | 0.32 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.38) | 2.21 | (0.29) | (1.99) | 2.70 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.18) | 2.47 | (0.07) | (1.67) | 2.95 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.27) | (0.22) | (0.29) | (0.36) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  | (0.04) | (0.10) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (0.01) |  | (2.02) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.43) | (0.28) | (0.26) | (2.41) | (0.36) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $7.43 | $8.04 | $5.85 | $6.18 | $10.26 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (2.24)% | 42.57% | (1.24)% | (20.18)% | 38.84% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1078 | $745 | $524 | $738 | $1582 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $765 | $607 | $705 | $1190 | $1428 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.35% | 1.35% | 1.36 %<sup>(d)</sup> | 1.35% | 1.35% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.63% | 2.96% | 2.79% | 2.39% | 2.16% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.69% | 3.74% | 3.40% | 4.16% | 2.56% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 115% | 112% | 92% | 90% | 201% |

---

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

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

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

(d) 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.

(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

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.04 | $5.85 | $6.18 | $10.26 | $7.67 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.16 | 0.21 | 0.17 | 0.20 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.39) | 2.20 | (0.29) | (1.93) | 2.70 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.23) | 2.41 | (0.12) | (1.73) | 2.88 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.21) | (0.17) | (0.23) | (0.29) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  | (0.04) | (0.10) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (0.01) |  | (2.02) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.37) | (0.22) | (0.21) | (2.35) | (0.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $7.44 | $8.04 | $5.85 | $6.18 | $10.26 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (2.84)% | 41.57% | (2.01)% | (20.81)% | 37.84% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $211 | $131 | $167 | $178 | $277 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $158 | $154 | $221 | $240 | $302 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.10% | 2.11 %<sup>(d)</sup> | 2.11 %<sup>(d)</sup> | 2.10% | 2.10% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 6.99% | 7.63% | 5.30% | 5.03% | 4.27% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.11% | 3.07% | 2.63% | 2.65% | 1.92% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 115% | 112% | 92% | 90% | 201% |

---

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

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

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

(d) 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.

(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 29

------

PGIM Real Estate Income Fund

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.08 | $5.87 | $6.20 | $10.29 | $7.69 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.23 | 0.28 | 0.26 | 0.28 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.39) | 2.22 | (0.31) | (1.94) | 2.71 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.16) | 2.50 | (0.05) | (1.66) | 2.99 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.28) | (0.24) | (0.31) | (0.39) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  | (0.04) | (0.10) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (0.01) |  | (2.02) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.45) | (0.29) | (0.28) | (2.43) | (0.39) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $7.47 | $8.08 | $5.87 | $6.20 | $10.29 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (1.98)% | 43.11% | (0.99)% | (20.03)% | 39.19% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $20754 | $3712 | $451 | $7024 | $10941 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $15884 | $958 | $1033 | $7858 | $11287 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.10% | 1.10% | 1.11 %<sup>(d)</sup> | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.38% | 2.83% | 2.22% | 1.34% | 1.38% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.05% | 3.71% | 4.08% | 3.67% | 2.92% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 115% | 112% | 92% | 90% | 201% |

---

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

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

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

(d) 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.

(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

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.06 | $5.86 | $6.19 | $10.27 | $7.68 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.28 | 0.24 | 0.28 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.38) | 2.21 | (0.29) | (1.93) | 2.71 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.16) | 2.49 | (0.05) | (1.65) | 2.98 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.28) | (0.24) | (0.31) | (0.39) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  | (0.04) | (0.10) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.18) | (0.01) |  | (2.02) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.45) | (0.29) | (0.28) | (2.43) | (0.39) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $7.45 | $8.06 | $5.86 | $6.19 | $10.27 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (1.86)% | 42.84% | (0.98)% | (19.95)% | 39.11% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $33629 | $47727 | $28381 | $20150 | $29642 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $34131 | $40162 | $23207 | $24849 | $33597 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.10% | 1.10% | 1.12 %<sup>(d)</sup> | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.17% | 1.23% | 1.49% | 1.24% | 1.15% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.97% | 3.96% | 3.69% | 3.72% | 2.82% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 115% | 112% | 92% | 90% | 201% |

---

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

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

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

(d) 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.

(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 31

------

PGIM Select Real Estate Fund

Schedule of Investments

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.6%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Diversified REITs 8.2%** |  |  |
| &nbsp;&nbsp; CapitaLand Integrated Commercial Trust (Singapore) | 2382764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331843 |
| &nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 182285 | 5446676 |
| &nbsp;&nbsp; Merlin Properties Socimi SA (Spain) | 261888 | 4079762 |
| &nbsp;&nbsp; Stockland (Australia) | 788291 | 3259097 |
|  |  | 17117378 |
| &nbsp;&nbsp; **Health Care Providers & Services 1.6%** |  |  |
| &nbsp;&nbsp; Chartwell Retirement Residences (Canada) UTS | 220370 | 3247690 |
| &nbsp;&nbsp; **Health Care REITs 11.9%** |  |  |
| &nbsp;&nbsp; American Healthcare REIT, Inc. | 134185 | 6081264 |
| &nbsp;&nbsp; National Health Investors, Inc. | 26743 | 1992621 |
| &nbsp;&nbsp; Welltower, Inc. | 92344 | 16717958 |
|  |  | 24791843 |
| &nbsp;&nbsp; **Hotel & Resort REITs 0.8%** |  |  |
| &nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 192832 | 1706563 |
| &nbsp;&nbsp; **Industrial REITs 14.1%** |  |  |
| &nbsp;&nbsp; First Industrial Realty Trust, Inc. | 116349 | 6431773 |
| &nbsp;&nbsp; GLP J-REIT (Japan) | 1992 | 1805835 |
| &nbsp;&nbsp; Goodman Group (Australia) | 204794 | 4417035 |
| &nbsp;&nbsp; LondonMetric Property PLC (United Kingdom) | 1270904 | 3179556 |
| &nbsp;&nbsp; LXP Industrial Trust | 113296 | 1075179 |
| &nbsp;&nbsp; Prologis, Inc. | 81261 | 10083677 |
| &nbsp;&nbsp; Tritax Big Box REIT PLC (United Kingdom) | 1315368 | 2596612 |
|  |  | 29589667 |
| &nbsp;&nbsp; **IT Services 1.2%** |  |  |
| &nbsp;&nbsp; NEXTDC Ltd. (Australia)\* | 252851 | 2599545 |
| &nbsp;&nbsp; **Office REITs 5.1%** |  |  |
| &nbsp;&nbsp; Hudson Pacific Properties, Inc.\* | 602033 | 1468961 |
| &nbsp;&nbsp; Japan Excellent, Inc. (Japan) | 536 | 511619 |
| &nbsp;&nbsp; Nippon Building Fund, Inc. (Japan) | 4056 | 3743545 |
| &nbsp;&nbsp; SL Green Realty Corp. | 94898 | 4873012 |
|  |  | 10597137 |
| &nbsp;&nbsp; **Real Estate Management & Development 12.6%** |  |  |
| &nbsp;&nbsp; City Developments Ltd. (Singapore) | 301400 | 1674114 |
| &nbsp;&nbsp; Fastighets AB Balder (Sweden) (Class B Stock)\* | 444993 | 3263967 |
| &nbsp;&nbsp; Mitsubishi Estate Co. Ltd. (Japan) | 230223 | 4878860 |
| &nbsp;&nbsp; Mitsui Fudosan Co. Ltd. (Japan) | 451423 | 4700398 |
| &nbsp;&nbsp; PSP Swiss Property AG (Switzerland) | 18531 | 3205191 |
| &nbsp;&nbsp; Sun Hung Kai Properties Ltd. (Hong Kong) | 292397 | 3558116 |
| &nbsp;&nbsp; Swire Properties Ltd. (Hong Kong) | 651550 | 1775002 |
| &nbsp;&nbsp; TAG Immobilien AG (Germany) | 197524 | 3279080 |
|  |  | 26334728 |
| &nbsp;&nbsp; **Residential REITs 7.4%** |  |  |
| &nbsp;&nbsp; Independence Realty Trust, Inc. | 224895 | 3582577 |
| &nbsp;&nbsp; Mitsui Fudosan Accommodations Fund, Inc. (Japan) | 2523 | 2126215 |

---

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Residential REITs (cont'd.)** |  |  |
| &nbsp;&nbsp; UDR, Inc. | 192695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6491895 |
| &nbsp;&nbsp; Veris Residential, Inc. | 234018 | 3360498 |
|  |  | 15561185 |
| &nbsp;&nbsp; **Retail REITs 16.9%** |  |  |
| &nbsp;&nbsp; Agree Realty Corp. | 83504 | 6096627 |
| &nbsp;&nbsp; Curbline Properties Corp. | 167616 | 3865225 |
| &nbsp;&nbsp; Kimco Realty Corp. | 277780 | 5738935 |
| &nbsp;&nbsp; Link REIT (Hong Kong) | 222588 | 1159153 |
| &nbsp;&nbsp; NETSTREIT Corp.(a) | 226965 | 4226088 |
| &nbsp;&nbsp; Scentre Group (Australia) | 1146820 | 3054940 |
| &nbsp;&nbsp; Simon Property Group, Inc. | 35415 | 6224540 |
| &nbsp;&nbsp; Unibail-Rodamco-Westfield (France) | 47454 | 4906898 |
|  |  | 35272406 |
| &nbsp;&nbsp; **Specialized REITs 18.8%** |  |  |
| &nbsp;&nbsp; CubeSmart | 82276 | 3099337 |
| &nbsp;&nbsp; Digital Realty Trust, Inc. | 46554 | 7933267 |
| &nbsp;&nbsp; Equinix, Inc. | 8002 | 6769772 |
| &nbsp;&nbsp; Iron Mountain, Inc. | 101510 | 10450455 |
| &nbsp;&nbsp; National Storage Affiliates Trust | 131776 | 3833364 |
| &nbsp;&nbsp; National Storage REIT (Australia) | 1566948 | 2357906 |
| &nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 143666 | 4934927 |
|  |  | 39379028 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $176,871,709) |  | 206197170 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wb) | 2271662 | 2271662 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<br>(cost $3,876,010; includes $3,861,550 of cash collateral for securities on loan)(b)(wb) | 3878343 | 3876015 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $6,147,672) |  | 6147677 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.6%**<br> (cost $183,019,381) |  | 212344847 |
| &nbsp;&nbsp; Liabilities in excess of other assets (1.6)% |  | (3261459) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $209083388 |

---

See the Glossary for a list of the abbreviation(s) used in the annual 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 $3,735,172; cash collateral of $3,861,550 (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 33

------

PGIM Select Real Estate Fund

Schedule of Investments (continued)

as of October 31, 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 October 31, 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 | $— | $15688523 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 3247690 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 4906898 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 3279080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 6492271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 511619 | 17254853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore |  | 6005957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain |  | 4079762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden |  | 3263967 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 3205190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom |  | 5776168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 132485192 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 6147677 |  |  |
|  **Total** | $142392178 | $69952669 | $— |

---

#### Country Allocation:
The country allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
| United States (including 1.8% of collateral for securities on loan) | 66.3 |
|  Japan | 8.6 |
|  Australia | 7.5 |
|  Hong Kong | 3.1 |
|  Singapore | 2.9 |
|  United Kingdom | 2.7 |
|  France | 2.3 |
|  Spain | 1.9 |
|  Germany | 1.6 |

---

---

| | |
|:---|:---|
|  Sweden | 1.6% |
|  Canada | 1.6 |
|  Switzerland | 1.5 |
|  | 101.6 |
|  Liabilities in excess of other assets | (1.6) |
|  | 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 | $3735172 | $(3735172) | $— |

---

(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

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $3,735,172: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $176,871,709) | $206197170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $6,147,672) | 6147677 |
| &nbsp;&nbsp; Foreign currency, at value (cost $29,732) | 29728 |
| &nbsp;&nbsp; Tax reclaim receivable | 389813 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 319005 |
| &nbsp;&nbsp; Dividends receivable | 200980 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 10881 |
| &nbsp;&nbsp; **Total Assets** | 213295254 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 3861550 |
| &nbsp;&nbsp; Management fee payable | 140993 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 119020 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 85953 |
| &nbsp;&nbsp; Distribution fee payable | 2048 |
| &nbsp;&nbsp; Trustees' fees payable | 1161 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 1141 |
| &nbsp;&nbsp; **Total Liabilities** | 4211866 |
| &nbsp;&nbsp; **Net Assets** | $209083388 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $15203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 239149939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (30081754) |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $209083388 |

---

See Notes to Financial Statements.

PGIM Select Real Estate Fund 35

------

PGIM Select Real Estate Fund

Statement of Assets & Liabilities (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($2,708,300 ÷ 196,908 shares of beneficial interest issued and outstanding) | $13.75 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.8 |
| &nbsp;&nbsp; Maximum offering price to public | $14.55 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,737,584 ÷ 128,185 shares of beneficial interest issued and outstanding) | $13.56 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($186,658,657 ÷ 13,547,996 shares of beneficial interest issued and outstanding) | $13.78 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($17,978,847 ÷ 1,329,597 shares of beneficial interest issued and outstanding) | $13.52 |

---

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $215,447 foreign withholding tax) | $5859310 |
| &nbsp;&nbsp; Affiliated dividend income | 72807 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $4,196) | 5771 |
| &nbsp;&nbsp; **Total income** | 5937888 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1544561 |
| &nbsp;&nbsp; Distribution fee(a) | 23748 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $8,945)(a) | 239191 |
| &nbsp;&nbsp; Custodian and accounting fees | 75107 |
| &nbsp;&nbsp; Registration fees(a) | 46386 |
| &nbsp;&nbsp; Professional fees | 40837 |
| &nbsp;&nbsp; Shareholders' reports | 39927 |
| &nbsp;&nbsp; Audit fee | 37561 |
| &nbsp;&nbsp; Trustees' fees | 12190 |
| &nbsp;&nbsp; Miscellaneous | 55715 |
| &nbsp;&nbsp; **Total expenses** | 2115223 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (68795) |
| &nbsp;&nbsp; Distribution fee waiver(a) | (1428) |
| &nbsp;&nbsp; **Net expenses** | 2045000 |
| &nbsp;&nbsp; Net investment income (loss) | 3892888 |
| &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;&nbsp;&nbsp; Investment transactions (including affiliated of $(427)) | 1244109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (21405) |
|  | 1222704 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $5) | (1385511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 7519 |
|  | (1377992) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (155288) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3737600 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class Z | Class R6 |
|  Distribution fee | 8565 | 15183 |  |  |
|  Transfer agent's fees and expenses | 4260 | 2639 | 227484 | 4808 |
|  Registration fees | 7212 | 7107 | 20955 | 11112 |
|  Fee waiver and/or expense reimbursement | (8151) | (7981) | (52663) |  |
|  Distribution fee waiver | (1428) |  |  |  |

---

See Notes to Financial Statements.

PGIM Select Real Estate Fund 37

------

PGIM Select Real Estate Fund

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **October 31,** | **October 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $3892888 | $3894732 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 1222704 | 11937970 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (1377992) | 35981036 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3737600 | 51813738 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (62868) | (146453) |
| &nbsp;&nbsp; Class C | (21740) | (31688) |
| &nbsp;&nbsp; Class Z | (4211401) | (4023109) |
| &nbsp;&nbsp; Class R6 | (487427) | (721679) |
|  | (4783436) | (4922929) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 66691059 | 73538206 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 4756073 | 4913737 |
| &nbsp;&nbsp; Cost of shares purchased | (67945688) | (92467650) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 3501444 | (14015707) |
| &nbsp;&nbsp; Total increase (decrease) | 2455608 | 32875102 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 206627780 | 173752678 |
| &nbsp;&nbsp; End of year | $209083388 | $206627780 |

---

See Notes to Financial Statements.

------

PGIM Select Real Estate Fund

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.75 | $10.57 | $10.84 | $15.54 | $11.48 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.24 | 0.24 | 0.20 <sup>(b)</sup> | 0.14 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.05 <sup>(c)</sup> | 3.26 | (0.25)<sup>(c)</sup> | (4.12) | 4.18 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | 3.50 | (0.05) | (3.98) | 4.28 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.32) | (0.22) | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.46) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.29) | (0.32) | (0.22) | (0.72) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.75 | $13.75 | $10.57 | $10.84 | $15.54 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 2.29% | 33.31% | (0.62)% | (26.71)% | 37.61% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2708 | $3312 | $5278 | $10982 | $6733 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2855 | $5653 | $9796 | $11632 | $4803 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.30% | 1.31 %<sup>(f)</sup> | 1.32 %<sup>(f)</sup> | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.64% | 1.63% | 1.43% | 1.44% | 1.57% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.82% | 1.94% | 1.73% | 1.05% | 0.74% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 136% | 142% | 121% | 137% | 165% |

---

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

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

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

(f) 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.

(g) 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 39

------

PGIM Select Real Estate Fund

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.55 | $10.43 | $10.69 | $15.33 | $11.35 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.13 | 0.14 | 0.11 <sup>(b)</sup> | 0.03 | (0.01)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.08 <sup>(c)</sup> | 3.21 | (0.24)<sup>(c)</sup> | (4.05) | 4.12 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.21 | 3.35 | (0.13) | (4.02) | 4.11 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.20) | (0.23) | (0.13) | (0.12) | (0.13) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.46) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.20) | (0.23) | (0.13) | (0.62) | (0.13) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.56 | $13.55 | $10.43 | $10.69 | $15.33 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 1.49% | 32.33% | (1.30)% | (27.25)% | 36.64% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1738 | $1592 | $1617 | $1754 | $1636 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1518 | $1598 | $1880 | $2168 | $1021 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.05% | 2.07 %<sup>(f)</sup> | 2.07 %<sup>(f)</sup> | 2.05% | 2.05% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.58% | 2.76% | 2.48% | 2.56% | 2.95% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.00% | 1.17% | 0.96% | 0.26% | (0.06)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 136% | 142% | 121% | 137% | 165% |

---

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

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

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

(f) 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.

(g) 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 (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.77 | $10.58 | $10.86 | $15.56 | $11.49 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.27 | 0.23 <sup>(b)</sup> | 0.18 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.07 <sup>(c)</sup> | 3.27 | (0.26)<sup>(c)</sup> | (4.12) | 4.19 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.34 | 3.54 | (0.03) | (3.94) | 4.32 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.35) | (0.25) | (0.26) | (0.25) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.46) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.33) | (0.35) | (0.25) | (0.76) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.78 | $13.77 | $10.58 | $10.86 | $15.56 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 2.62% | 33.56% | (0.37)% | (26.46)% | 38.04% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $186659 | $174960 | $147176 | $171629 | $226286 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $168540 | $149439 | $177323 | $235834 | $126992 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.05% | 1.06 %<sup>(f)</sup> | 1.07 %<sup>(f)</sup> | 1.01% | 1.04% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.08% | 1.10% | 1.07% | 1.01% | 1.04% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.02% | 2.15% | 1.97% | 1.29% | 0.92% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 136% | 142% | 121% | 137% | 165% |

---

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

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

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

(f) 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.

(g) 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 41

------

PGIM Select Real Estate Fund

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, | Year Ended October 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $13.52 | $10.40 | $10.67 | $15.31 | $11.31 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.27 | 0.24 <sup>(b)</sup> | 0.19 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.05 <sup>(c)</sup> | 3.20 | (0.25)<sup>(c)</sup> | (4.06) | 4.11 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.33 | 3.47 | (0.01) | (3.87) | 4.26 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.33) | (0.35) | (0.26) | (0.27) | (0.26) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.46) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.33) | (0.35) | (0.26) | (0.77) | (0.26) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.52 | $13.52 | $10.40 | $10.67 | $15.31 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 2.60% | 33.63% | (0.27)% | (26.39)% | 38.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $17979 | $26764 | $19682 | $75634 | $93853 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $20157 | $25488 | $53351 | $92466 | $57833 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.01% | 1.04 %<sup>(f)</sup> | 0.93% | 0.89% | 0.94% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.01% | 1.04% | 0.93% | 0.89% | 0.94% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.10% | 2.19% | 2.11% | 1.40% | 1.06% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 136% | 142% | 121% | 137% | 165% |

---

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

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

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

(f) 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.

(g) 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

**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 non-diversified portfolio for purposes of the 1940 Act, except for PGIM Quant Solutions Large-Cap Core Fund, which is a diversified portfolio for purposes of the 1940 Act.

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| **Fund**<br>| **Investment Objective**<br>|
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Core Fund<br> ("Quant Solutions Large-Cap Core") | Long-term growth of capital. |
| &nbsp;&nbsp; PGIM Real Estate Income Fund<br> ("Real Estate Income") | Income and capital appreciation. |
| &nbsp;&nbsp; PGIM Select Real Estate Fund<br> ("Select Real Estate") | 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.

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. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act 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 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 LLC ("PGIM Investments", the "Investment Manager" or the "Manager") 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 year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign

------

Notes to Financial Statements (continued)

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 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;

(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 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 Funds. Upon termination of the loan, the borrower will return to the Funds 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 Funds have 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 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

------

Notes to Financial Statements (continued)

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 substantially 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; 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 Quantitative Solutions") (a wholly-owned subsidiary of PGIM, Inc.) |
| &nbsp;&nbsp; Real Estate Income | PGIM Real Estate (a business unit of PGIM, Inc.); PGIM Real Estate (UK) Limited (an indirect wholly-owned subsidiary of PGIM, Inc.) |
| &nbsp;&nbsp; Select Real Estate | PGIM Real Estate (a business unit of PGIM, Inc.); PGIM Real Estate (UK) Limited (an indirect wholly-owned subsidiary of PGIM, Inc.) |

---

------

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2025, the contractual and effective management fee rates were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Contractual 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 to and including $5 billion;<br> 0.34% of average daily net assets over $5 billion. | 0.35% |
| &nbsp;&nbsp; Real Estate Income | 0.80% on average daily net assets up to and including $1 billion;<br> 0.78% on the next $2 billion of average daily net assets;<br> 0.76% on the next $2 billion of average daily net asset;<br> 0.75% on the next $5 billion of average daily net assets;<br> 0.74% on average daily net assets exceeding $10 billion. | 0.80 |
| &nbsp;&nbsp; Select Real Estate | 0.80% on average daily net assets up to and including $1 billion;<br> 0.78% on the next $2 billion of average daily net assets;<br> 0.76% on the next $2 billion of average daily net asset;<br> 0.75% on the next $5 billion of average daily net assets;<br> 0.74% on average daily net assets exceeding $10 billion. | 0.80 |

---

The Manager has contractually agreed, through February 28, 2027, 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:

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| | | |
|:---|:---|:---|
| 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; Quant Solutions Large-Cap Core - Class Z | 0.35 |  |
| &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.

------

Notes to Financial Statements (continued)

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 | 0.30% | 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 year ended October 31, 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:

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| | | |
|:---|:---|:---|
| Fund | FESL | CDSC |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class A | $170643 | $— |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core - Class C |  | 1196 |
| &nbsp;&nbsp; Real Estate Income - Class A | 16217 | 7 |
| &nbsp;&nbsp; Real Estate Income - Class C |  | 272 |
| &nbsp;&nbsp; Select Real Estate - Class A | 4680 |  |
| &nbsp;&nbsp; Select Real Estate - Class C |  | 2472 |

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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 year ended October 31, 2025, no Rule 17a-7 transactions were entered into by the Funds.

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**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 year ended October 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
| Fund | Cost of<br>Purchases | Proceeds<br>from Sales |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | $1120238859 | $1196596990 |
| &nbsp;&nbsp; Real Estate Income | 65598220 | 58744161 |
| &nbsp;&nbsp; Select Real Estate | 264578421 | 262993111 |

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A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2025, is presented as follows:

#### Quant Solutions Large-Cap Core:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Value,<br>Beginning<br>of<br>Year | 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>Year | Shares,<br>End<br>of<br>Year | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **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:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $10504394 | $116419131 | $110047438 | $— | $— | $16876087 | 16876087 | $528407 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 77920393 | 77345835 |  | (260) | 574298 | 574643 | 2229<sup>(1)</sup> |  |
| $10504394 | $194339524 | $187393273 | $— | $(260) | $17450385 |  | $530636 | $— |

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#### Real Estate Income:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Value,<br>Beginning<br>of<br>Year | 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>Year | Shares,<br>End<br>of<br>Year | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **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:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $114268 | $19462186 | $19574537 | $— | $— | $1917 | 1917 | $14617 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;4500 | 15793464 | 14128599 | 2 | 19 | 1669386 | 1670388 | 1932<sup>(1)</sup> |  |
| $118768 | $35255650 | $33703136 | $2 | $19 | $1671303 |  | $16549 | $— |

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**Select Real Estate:** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Value,<br>Beginning<br>of<br>Year | 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>Year | Shares,<br>End<br>of<br>Year | Income | **Capital**<br> **Gain**<br> **Distributions** |
|  **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:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wb)</sup> |
| $847274 | $58358718 | $56934330 | $— | $— | $2271662 | 2271662 | $72807 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wb)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 45123509 | 41247072 | 5 | (427) | 3876015 | 3878343 | 4196<sup>(1)</sup> |  |
| $847274 | $103482227 | $98181402 | $5 | $(427) | $6147677 |  | $77003 | $— |

---

(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.

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

**6.** **Distributions and Tax Information** 

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.

------

Notes to Financial Statements (continued)

For the year ended October 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Ordinary<br>Income | Long-Term<br>Capital Gains | Tax Return<br>of Capital | Total Dividends <br>and Distributions |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | $54731139 | $37642419 | $— | $92373558 |
| &nbsp;&nbsp; Real Estate Income | 3023309 | 22560 |  | 3045869 |
| &nbsp;&nbsp; Select Real Estate | 4783436 |  |  | 4783436 |

---

For the year ended October 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Ordinary<br>Income | Long-Term<br>Capital Gains | Tax Return<br>of Capital | Total Dividends <br>and Distributions |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | $7377567 | $17486112 | $— | $24863679 |
| &nbsp;&nbsp; Real Estate Income | 1755214 |  |  | 1755214 |
| &nbsp;&nbsp; Select Real Estate | 4922929 |  |  | 4922929 |

---

For the year ended October 31, 2025, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed <br>Long-Term <br>Capital Gains |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | $25074436 | $75706660 |
| &nbsp;&nbsp; Real Estate Income |  | 1856923 |
| &nbsp;&nbsp; Select Real Estate | 1211584 |  |

---

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of October 31, 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 | $610246040 | $398338476 | $(14227772) | $384110704 |
| &nbsp;&nbsp; Real Estate Income | 56600137 | 3106148 | (2591836) | 514312 |
| &nbsp;&nbsp; Select Real Estate | 186231532 | 33972878 | (7859563) | 26113315 |

---

The difference between GAAP and tax basis were primarily attributable to deferred losses on wash sales, mark-to-market of futures and options contracts, and investments in passive foreign investment companies.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of October 31, 2025 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 |  |  |
| &nbsp;&nbsp; Select Real Estate | 57390000 |  |

---

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, 2025 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 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 October 31, 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 | 3135300 | 65.7% |
| &nbsp;&nbsp; Real Estate Income–Class R6 | 4166858 | 92.3 |
| &nbsp;&nbsp; Select Real Estate–Class C | 1338 | 1 |
| &nbsp;&nbsp; Select Real Estate–Class R6 | 944638 | 71 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | 1 | 8.0% |
| &nbsp;&nbsp; Real Estate Income | 1 | 55.7 |
| &nbsp;&nbsp; Select Real Estate | 1 | 6.1 |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Quant Solutions Large-Cap Core | 3 | 51.5 |
| &nbsp;&nbsp; Real Estate Income | 1 | 31.3 |
| &nbsp;&nbsp; Select Real Estate | 4 | 80.6 |

---

Transactions in shares of beneficial interest were as follows:

#### Quant Solutions Large-Cap Core:

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 560639 | $12145840 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2477777 | 53495213 |
| &nbsp;&nbsp; Shares purchased | (2936477) | (63372059) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 101939 | 2268994 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 97422 | 2090631 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (188828) | (3960416) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 10533 | $399209 |
| &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) |

---

------

Notes to Financial Statements (continued)

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

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 57640 | $1030862 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 83827 | 1513072 |
| &nbsp;&nbsp; Shares purchased | (132541) | (2369701) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 8926 | 174233 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (117624) | (2110698) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (108698) | $(1936465) |
| &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; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 10868313 | $258526032 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1133869 | 25546062 |
| &nbsp;&nbsp; Shares purchased | (3386965) | (77207827) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 8615217 | 206864267 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1545730 | 37637119 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (11819) | (268410) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 10149128 | $244232976 |
| &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; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1021347 | $22280247 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 489166 | 11060046 |
| &nbsp;&nbsp; Shares purchased | (9174383) | (222787622) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (7663870) | (189447329) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 22482 | 517595 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1369981) | (33905821) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (9011369) | $(222835555) |
| &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) |

---

------

#### Real Estate Income:

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 72089 | $544490 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5660 | 42590 |
| &nbsp;&nbsp; Shares purchased | (27833) | (208679) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 49916 | 378401 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 2525 | 19282 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 52441 | $397683 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 19416 | $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; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 18634 | $136495 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 918 | 6934 |
| &nbsp;&nbsp; Shares purchased | (4594) | (34222) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 14958 | 109207 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2878) | (21889) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 12080 | $87318 |
| &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; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2899115 | $22629487 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 131904 | 998288 |
| &nbsp;&nbsp; Shares purchased | (1142859) | (8582436) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1888160 | 15045339 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 429257 | 3513295 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2317417 | $18558634 |
| &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 |

---

------

Notes to Financial Statements (continued)

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

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1103956 | $8425367 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 264792 | 1995923 |
| &nbsp;&nbsp; Shares purchased | (2346453) | (18168804) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (977705) | (7747514) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (430482) | (3510688) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1408187) | $(11258202) |
| &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 |

---

#### Select Real Estate:

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 19632 | $261377 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4692 | 62648 |
| &nbsp;&nbsp; Shares purchased | (72823) | (966942) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (48499) | (642917) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 8099 | 105753 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3615) | (47501) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (44015) | $(584665) |
| &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; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 49432 | $651151 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1648 | 21740 |
| &nbsp;&nbsp; Shares purchased | (32132) | (401137) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 18948 | 271754 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (8258) | (107052) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 10690 | $164702 |

---

------

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

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &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; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 4446534 | $59898921 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 312534 | 4184416 |
| &nbsp;&nbsp; Shares purchased | (3922499) | (51636140) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 836569 | 12447197 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5579 | 74568 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1553) | (20827) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 840595 | $12500938 |
| &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; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 450185 | $5879610 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 37159 | 487269 |
| &nbsp;&nbsp; Shares purchased | (1137501) | (14941469) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (650157) | (8574590) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (386) | (4941) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (650543) | $(8579531) |
| &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 temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | Current SCA | Prior SCA |
| &nbsp;&nbsp; **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |

---

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
|  | Current SCA | Prior SCA |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | &nbsp;&nbsp;&nbsp;&nbsp; 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 | &nbsp;&nbsp;&nbsp;&nbsp; 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 year ended October 31, 2025. The average balance outstanding is for the number of days the Funds utilized the SCA.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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> **October 31, 2025**  |
|  Real Estate Income | $274000 | 5.44% | 9 | $1364000 | $158000 |
|  Select Real Estate | 776923 | 5.49 | 26 | 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; Blend Style | X |  |  |
| &nbsp;&nbsp; Distribution |  | X | X |
| &nbsp;&nbsp; Economic and Market Events | X | X | X |
| &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 | X | 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 | X |
| &nbsp;&nbsp; Portfolio Turnover | X | X | 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 |

---

*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.

*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 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.

------

Notes to Financial Statements (continued)

*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 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.

*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.

*Portfolio Turnover Risk:* The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's turnover rate may be higher than that of other 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.

*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.

*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 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.

------

Notes to Financial Statements (continued)

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management has evaluated the impact and does not expect the ASU to have a material impact on the financial statements.

**11.** **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 October 31, 2025.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 9 and Shareholders of PGIM Quant Solutions Large-Cap Core Fund, PGIM Real Estate Income Fund and PGIM Select Real Estate Fund

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Quant Solutions Large-Cap Core Fund, PGIM Real Estate Income Fund and PGIM Select Real Estate Fund (three of the funds constituting Prudential Investment Portfolios 9, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinions* 

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 18, 2025

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

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#### 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.

------

Approval of Advisory Agreements

#### PGIM Quant Solutions Large-Cap Core Fund

#### The Fund's Board of Trustees
The Board of Trustees (the "Board") of PGIM Quant Solutions Large-Cap Core Fund (the "Fund")<sup>1</sup> consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions"). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and PGIM Quantitative Solutions, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Quantitative Solutions. The Board noted that PGIM Quantitative Solutions is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"),

<sup>1</sup> PGIM Quant Solutions Large-Cap Core Fund is a series of Prudential Investment Portfolios 9.

PGIM Quant Solutions Large-Cap Core Fund

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Approval of Advisory Agreements (continued)

which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

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

#### Other Benefits to PGIM Investments and PGIM Quantitative Solutions
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Quantitative Solutions included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to

Visit our website at pgim.com/investments

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additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Quantitative Solutions were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;Net Performance |
| &nbsp;&nbsp;&nbsp;Net Performance <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Fund outperformed its benchmark index over the one- and three-year periods and underperformed over the remaining periods.

● The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund's net annual operating expenses at 0.35% for each class of the Fund's shares through February 28, 2026.

● The Board and PGIM Investments also agreed to retain the existing contractual expense cap that (exclusive of certain fees and expenses) limits the Fund's total annual operating expenses to 0.72% of the average daily net assets for Class A shares, and 1.44% of the average daily net assets for Class C shares through February 28, 2026.

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

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

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

\* \* \*

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

PGIM Quant Solutions Large-Cap Core Fund

------

Approval of Advisory Agreements

#### PGIM Real Estate Income Fund

#### The Fund's Board of Trustees
The Board of Trustees (the "Board") of PGIM Real Estate Income Fund (the "Fund")<sup>1</sup> consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with PGIM Real Estate (UK) Limited ("PGIM RE (UK)") and PGIM, Inc. ("PGIM") on behalf of its PGIM Real Estate unit ("PGIM Real Estate"). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM RE (UK) and PGIM. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

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

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and each of PGIM RE (UK) and PGIM, which serve as the Fund's subadvisers pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM RE (UK) and PGIM Real Estate. The Board noted that PGIM Real Estate and PGIM RE (UK) are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund such as PGIM Investments' role as the administrator for the Fund's liquidity risk management program and as valuation designee.

<sup>1</sup> PGIM Real Estate Income Fund is a series of Prudential Investment Portfolios 9.

Visit our website at pgim.com/investments

------

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

With respect to PGIM Investments' oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Real Estate and PGIM RE (UK), including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadvisers, as well as PGIM Investments' recommendation, based on its review of the subadvisers, to renew the subadvisory agreement.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs and the adviser's capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2024 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

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

#### Other Benefits to PGIM Investments, PGIM RE (UK) and PGIM Real Estate
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Real Estate, PGIM RE (UK) and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), and

PGIM Real Estate Income Fund

------

Approval of Advisory Agreements (continued)

benefits to its reputation as well as other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Real Estate and PGIM RE (UK) included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments, PGIM Real Estate and PGIM RE (UK) were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2024. The Board considered that the Fund commenced operations on June 3, 2015 and that longer-term performance was not yet available.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Net Performance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;&nbsp;Net Performance <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

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

● The Board and PGIM Investments agreed to a contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund's annual operating expenses at 1.35% for Class A shares, 2.10% for Class C shares, 1.10% for Class R6 shares, and 1.10% for Class Z shares through February 28, 2026.

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

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

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

\* \* \*

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

Visit our website at pgim.com/investments

------

Approval of Advisory Agreements

#### PGIM Select Real Estate Fund

#### The Fund's Board of Trustees
The Board of Trustees (the "Board") of PGIM Select Real Estate Fund (the "Fund")<sup>1</sup> consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with PGIM, Inc. ("PGIM") on behalf of its PGIM Real Estate unit ("PGIM Real Estate"), and PGIM Real Estate (UK) Limited ("PGIM RE (UK)"). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM and PGIM RE (UK). Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

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

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and each of PGIM, which, through its PGIM Real Estate unit, and PGIM RE (UK), serve as the Fund's subadvisers pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Real Estate and PGIM RE (UK). The Board noted that PGIM Real Estate and PGIM RE (UK) are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the

<sup>1</sup> PGIM Select Real Estate Fund is a series of Prudential Investment Portfolios 9.

PGIM Select Real Estate Fund

------

Approval of Advisory Agreements (continued)

Fund, such as PGIM Investments' role as the administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Real Estate and PGIM RE (UK), including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadvisers, as well as PGIM Investments' recommendation, based on its review of the subadvisers, to renew the subadvisory agreement.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale, can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

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

#### Other Benefits to PGIM Investments, PGIM Real Estate and PGIM RE (UK)
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Real Estate, PGIM RE (UK) and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments' association with the Fund. The Board

Visit our website at pgim.com/investments

------

concluded that the potential benefits to be derived by PGIM Real Estate and PGIM RE (UK) included their ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments, PGIM Real Estate and PGIM RE (UK) were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2024. The Board considered that the Fund commenced investment operations on August 1, 2014 and that longer-term performance was not yet available.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Net Performance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;&nbsp;Net Performance <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1st Quartile |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 2<sup>nd</sup> Quartile |

---

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

● The Board and PGIM Investments agreed to retain the existing contractual expense cap that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.30% for Class A shares, 2.05% for Class C shares, 1.05% for Class Z shares, and 1.05% for Class R6 shares through February 28, 2026.

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

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

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

\* \* \*

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

PGIM Select Real Estate Fund

------

![LOGO](g27433dsp_1a.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 9
PGIM Absolute Return Bond Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### OCTOBER 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g27433dsp_001d.jpg)

------

<u> **Table of Contents** </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Other Information </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025 </u>

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

---

| | |
|:---|:---|
|  [PGIM Absolute Return Bond Fund](#edgar27433_1) | 1 |
|  [Notes to Financial Statements](#edgar27433_2) | 56 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar27433_3)

------

Schedule of Investments

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.5%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 22.6%** |  |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 0.6%** |  |  |  |  |  |
| &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 |  | 1166 | $1186801 |
| &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%) | 7.783(c) | 12/26/31 |  | 658 | 665313 |
| &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 |  | 336 | 337135 |
| &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 |  | 905 | 910624 |
| &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 | 1242988 |
| &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 | 2609140 |
| &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 | 1695321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class D, 144A | 1.620 | 11/14/30 |  | 200 | 198585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class D, 144A | 5.900 | 12/16/30 |  | 2900 | 2907015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | 7.070 | 02/14/33 |  | 3700 | 3812808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | 6.100 | 07/14/37 |  | 4600 | 4646470 |
| &nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class E, 144A | 10.068 | 06/15/33 |  | 38 | 38607 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264597 |
|  |  |  |  |  | 21515404 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 18.0%** |  |  |  |  |  |
| &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%) | 5.414(c) | 04/20/37 |  | 19500 | 19557326 |
| &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%) | 3.664(c) | 06/15/34 | EUR | 1000 | 1149002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02X, Class B, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 3.664(c) | 06/15/34 | EUR | 4000 | 4596010 |
| &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%) | 5.387(c) | 07/22/37 |  | 16000 | 16049646 |
| &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%) | 5.187(c) | 01/22/38 |  | 14250 | 14286233 |
| &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%) | 3.309(c) | 04/15/34 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 5763507 |
| &nbsp;&nbsp; Barings Euro CLO DAC (Ireland), |  |  |  |  |  |
| &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%) | 2.866(c) | 04/24/34 | EUR | 2798 | 3213376 |
| &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%) | 5.504(c) | 04/20/37 |  | 19500 | 19569112 |
| &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%) | 5.297(c) | 01/25/35 |  | 4740 | 4739988 |
| &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%) | 5.705(c) | 07/15/37 |  | 10000 | 10023840 |
| &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%) | 2.764(c) | 03/15/32 | EUR | 1074 | 1235639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2RB, 144A | 2.100 | 03/15/32 | EUR | 6500 | 7210305 |
| &nbsp;&nbsp; CBAM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.812(c) | 10/17/38 |  | 8750 | 8753846 |
| &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%) | 5.414(c) | 04/20/37 |  | 15000 | 15042984 |
| &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%) | 5.224(c) | 04/20/35 |  | 2750 | 2752368 |
| &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%) | 5.504(c) | 04/20/37 |  | 10000 | 10034725 |
| &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%) | 5.584(c) | 01/20/38 |  | 16750 | 16778869 |
| &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%) | 5.754(c) | 10/20/36 |  | 10000 | 10027741 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 1

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &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%) | 5.404%(c) | 04/20/37 |  | 10000 | $10028590 |
| &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%) | 5.884(c) | 04/20/37 |  | 10000 | 10034223 |
| &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%) | 5.122(c) | 03/22/38 |  | 17500 | 17529129 |
| &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%) | 5.314(c) | 07/20/37 |  | 13395 | 13432067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.477(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 | 5067675 |
| &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%) | 3.626(c) | 05/24/38 | EUR | 17500 | 20186334 |
| &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%) | 3.515(c) | 07/25/37 | EUR | 7000 | 8090293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class B, 144A, 3 Month EURIBOR + 2.050% (Cap N/A, Floor 2.050%) | 4.115(c) | 07/25/37 | EUR | 13750 | 15950314 |
| &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%) | 3.254(c) | 10/19/38 | EUR | 15750 | 18112641 |
| &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%) | 3.795(c) | 01/26/38 | EUR | 6000 | 6931282 |
| &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%) | 4.815(c) | 01/26/38 | EUR | 5000 | 5783046 |
| &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%) | 4.659(c) | 07/15/38 | EUR | 6500 | 7497553 |
| &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%) | 3.659(c) | 07/15/34 | EUR | 9250 | 10643967 |
| &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%) | 3.409(c) | 04/15/35 | EUR | 10000 | 11433123 |
| &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%) | 5.246(c) | 04/15/34 |  | 3300 | 3301326 |
| &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%) | 2.816(c) | 05/25/34 | EUR | 2500 | 2874455 |
| &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%) | 5.195(c) | 10/15/32 |  | 5405 | 5408096 |
| &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%) | 5.804(c) | 04/18/37 |  | 10000 | 10042928 |
| &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%) | 6.134(c) | 01/20/38 |  | 12500 | 12554277 |
| &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%) | 5.932(c) | 04/21/31 |  | 2306 | 2306758 |
| &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%) | 3.626(c) | 05/15/37 | EUR | 20000 | 23121938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class D, 144A, 3 Month EURIBOR + 4.350% (Cap N/A, Floor 4.350%) | 6.386(c) | 05/15/37 | EUR | 4150 | 4828725 |
| &nbsp;&nbsp; Nassau Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class C, 144A, 3 Month EURIBOR + 2.600% (Cap N/A, Floor 2.600%) | 4.604(c) | 07/20/38 | EUR | 9000 | 10395564 |
| &nbsp;&nbsp; Northwoods Capital Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-20A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.608(c) | 10/25/38 |  | 15950 | 15931045 |
| &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%) | 5.934(c) | 10/18/35 |  | 10000 | 10015083 |
| &nbsp;&nbsp; Palmer Square European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class BR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 0.010(c) | 03/15/38 | EUR | 11000 | 12679150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class ARR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | 3.399(c) | 01/15/38 | EUR | 10000 | 11532292 |
| &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%) | 3.259(c) | 10/15/39 | EUR | 15000 | 17272426 |
| &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%) | 3.554(c) | 04/20/35 | EUR | 10000 | 11521646 |
| &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%) | 5.432(c) | 04/17/37 |  | 18000 | 18054000 |
| &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%) | 3.285(c) | 10/25/37 | EUR | 8335 | 9588133 |
| &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%) | 5.176(c) | 04/20/31 |  | 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;333026 |
| &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%) | 5.274(c) | 10/20/37 |  | 12950 | 12982375 |
| &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%) | 3.859(c) | 07/15/36 | EUR | 13250 | 15288493 |
| &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%) | 5.984(c) | 07/20/37 |  | 5000 | 5003951 |

---

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 Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &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%) | 5.855%(c) | 01/15/36 |  | 13250 | $13285625 |
| &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%) | 3.676(c) | 04/15/37 | EUR | 9000 | 10388725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.276(c) | 04/15/38 | EUR | 8000 | 9203560 |
| &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%) | 5.458(c) | 04/25/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | 6020906 |
| &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%) | 5.855(c) | 01/15/37 |  | 12500 | 12532217 |
| &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%) | 5.304(c) | 10/18/37 |  | 15000 | 15041946 |
| &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%) | 6.356(c) | 07/15/31 |  | 11300 | 11316897 |
|  |  |  |  |  | 624330317 |
| &nbsp;&nbsp; **Consumer Loans 1.0%** |  |  |  |  |  |
| &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 | 2364111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class E, 144A | 7.350 | 09/15/29 |  | 1250 | 1256574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class D, 144A | 6.080 | 12/17/29 |  | 4200 | 4230981 |
| &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 | 5001578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class D, 144A | 5.600 | 07/15/33 |  | 9500 | 9499595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class D, 144A | 5.090 | 10/16/34 |  | 3000 | 2977776 |
| &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 | 3033768 |
| &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 | 4918283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | 7.490 | 06/14/38 |  | 200 | 208766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 |  | 2500 | 2575719 |
|  |  |  |  |  | 36067151 |
| &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 | 5041513 |
| &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 | 1570055 |
| &nbsp;&nbsp; **Home Equity Loans 1.4%** |  |  |  |  |  |
| &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%) | 5.306(c) | 10/25/34 |  | 418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415710 |
| &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%) | 5.066(c) | 11/25/33 |  | 3177 | 3192786 |
| &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%) | 5.286(c) | 06/25/43 |  | 41 | 41293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-HE01, Class M1, 1 Month SOFR + 1.209% (Cap N/A, Floor 1.095%) | 5.350(c) | 01/25/34 |  | 1149 | 1169357 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.703(cc) | 02/25/55 |  | 366 | 368941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class M1, 144A | 5.592(cc) | 07/26/55 |  | 700 | 699247 |
| &nbsp;&nbsp; COOPR Residential Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class M1, 144A | 5.629(cc) | 09/25/60 |  | 6213 | 6198482 |
| &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%) | 4.946(c) | 01/25/35 |  | 689 | 691828 |
| &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%) | 6.284(c) | 05/20/54 |  | 958 | 963174 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 3

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Equity Loans (cont'd.)** |  |  |  |  |
| &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%) | 4.017%(c) | 08/25/33 | 370 | $417566 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | 5.503(cc) | 02/25/55 | 4049 | 4081976 |
| &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 | 427 | 428950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class M1, 144A | 5.601(cc) | 09/25/64 | 3750 | 3765037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A2, 144A | 5.926(cc) | 02/25/55 | 5053 | 5133058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class M1, 144A | 6.076(cc) | 02/25/55 | 3500 | 3555224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class M2A, 144A | 6.574(cc) | 02/25/55 | 3000 | 3053652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class M1, 144A | 5.564(cc) | 10/25/65 | 2600 | 2601417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FIX01, Class M1, 144A | 5.359(cc) | 09/25/65 | 5200 | 5184342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE02, Class A2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.883(c) | 09/25/65 | 5900 | 5901180 |
|  |  |  |  | 47863220 |
| &nbsp;&nbsp; **Other 0.6%** |  |  |  |  |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | 6.480 | 03/20/57 | 824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | 6.250 | 06/20/57 | 1936 | 1901517 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE02, Class M2, 144A, 30 Day Average SOFR + 2.050% (Cap N/A, Floor 0.000%) | 6.233(c) | 08/25/55 | 2870 | 2880743 |
| &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 | 544 | 572125 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230 | 3227939 |
| &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 | 811 | 796034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A2, 144A | 5.880 | 10/30/59 | 3358 | 3256985 |
| &nbsp;&nbsp; US Bank C&I Credit-Linked Notes, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SUP02, Class B1, 144A | 4.818 | 09/25/32 | 6075 | 6083165 |
|  |  |  |  | 19536798 |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities 0.8%** |  |  |  |  |
| &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%) | 4.746(c) | 08/25/32 | 195 | 193836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-04, Class 1A5 | 4.872(cc) | 05/25/33 | 217 | 213862 |
| &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%) | 4.736(c) | 02/25/35 | 132 | 124474 |
| &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%) | 5.156(c) | 11/25/34 | 1 | 1686 |
| &nbsp;&nbsp; Credit-Based Asset Servicing & Securitization LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-CB03, Class AF1 | 3.379(cc) | 12/25/32 | 39 | 37875 |
| &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%) | 5.156(c) | 09/25/33 | 599 | 594573 |
| &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%) | 4.866(c) | 08/25/34 | 322 | 303320 |
| &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%) | 4.901(c) | 03/25/35 | 1160 | 1101837 |
| &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%) | 4.546(c) | 06/25/34 | 421 | 417207 |
| &nbsp;&nbsp; PRET LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A | 5.835(cc) | 03/25/55 | 5207 | 5226252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL05, Class A1, 144A | 6.244(cc) | 05/25/55 | 10437 | 10503627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL07, Class A1, 144A | 5.657(cc) | 07/25/55 | 4592 | 4601364 |
| &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%) | 5.031(c) | 09/25/34 | 1275 | 1328391 |

---

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 Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities (cont'd.)** |  |  |  |  |  |
| &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%^ | 5.127(c) | 03/15/26 | EUR | 3039 | 2645017 |
|  |  |  |  |  | 27293322 |
| &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%) | 6.933(c) | 06/25/47 |  | 757 | 763278 |
| &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 |  | 1535 | 1464752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class R, 144A | 0.000 | 10/25/48 |  | 1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470497 |
|  |  |  |  |  | 2698527 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $769,994,229) |  |  |  |  | 785916307 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 5.2%** |  |  |  |  |  |
| &nbsp;&nbsp; 20 Times Square Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A(x) | 3.100(cc) | 05/15/35 |  | 2700 | 2342250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A(x) | 3.100(cc) | 05/15/35 |  | 2700 | 2274750 |
| &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%) | 6.132(c) | 04/15/42 |  | 3380 | 3382113 |
| &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%) | 6.582(c) | 04/15/42 |  | 3160 | 3161975 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class B, 144A | 4.267(cc) | 08/05/38 |  | 2650 | 2469865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class C, 144A | 4.267(cc) | 08/05/38 |  | 900 | 820094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | 4.267(cc) | 08/05/38 |  | 1490 | 1339184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class XD, IO, 144A | 2.673(cc) | 09/15/57 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28469 | 2622023 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class XA, IO | 0.814(cc) | 07/15/56 |  | 50563 | 978422 |
| &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%) | 6.621(c) | 07/15/41 |  | 4400 | 4389080 |
| &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%) | 7.721(c) | 08/15/26 |  | 3059 | 3055262 |
| &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%) | 6.282(c) | 03/15/42 |  | 5030 | 5004966 |
| &nbsp;&nbsp; BPR Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class C, 144A | 6.183(cc) | 11/05/39 |  | 5350 | 5457930 |
| &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%) | 5.847(c) | 09/15/38 |  | 2024 | 2018940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class C, 144A | 8.335(cc) | 10/05/38 |  | 4300 | 4472209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class C, 144A | 5.850(cc) | 11/05/41 |  | 1900 | 1913009 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class A, 144A, 1 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.412(c) | 08/15/42 |  | 6756 | 6760118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class D, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.682(c) | 08/15/42 |  | 5271 | 5297451 |
| &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%) | 6.524(c) | 04/15/40 |  | 3993 | 3998317 |
| &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%) | 6.122(c) | 03/15/41 |  | 5600 | 5601750 |
| &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%) | 6.025(c) | 03/15/30 |  | 5000 | 4981745 |
| &nbsp;&nbsp; CIP Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SBAY, Class A, 144A, 1 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.500(c) | 10/15/37 |  | 11000 | 11010337 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC19, Class XB, IO, 144A | 0.122(cc) | 02/10/48 |  | 27989 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | 6.338 | 08/10/44 |  | 1600 | 1685285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.661(cc) | 08/10/44 |  | 5300 | 131338 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | 1.334(cc) | 03/25/26 |  | 19178 | 51728 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | 5.198(cc) | 08/10/41 |  | 6900 | 7003929 |
| &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%) | 6.681(c) | 11/25/41 |  | 6445 | 6461180 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 5

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class D, 144A | 6.340%(cc) | 01/13/40 |  | 5010 | $5205093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class E, 144A | 6.678(cc) | 01/13/40 |  | 2575 | 2659996 |
| &nbsp;&nbsp; INT Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PLAZA, Class A, 144A | 4.879(cc) | 11/05/37 |  | 8800 | 8809506 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class XB, IO | 0.412(cc) | 02/15/48 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52766 | 528 |
| &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 | 4881355 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class XB, IO | 0.465(cc) | 04/15/46 |  | 23132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | 4.613(cc) | 07/05/31 |  | 4630 | 894527 |
| &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%) | 6.622(c) | 06/15/39 |  | 2930 | 2933643 |
| &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%) | 6.747(c) | 04/15/38 |  | 5261 | 5260866 |
| &nbsp;&nbsp; NRTH Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK, Class A, 144A, 1 Month SOFR + 1.393% (Cap N/A, Floor 1.393%) | 5.543(c) | 10/15/40 |  | 7100 | 7102219 |
| &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%) | 5.646(c) | 03/15/36 |  | 2350 | 2230854 |
| &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%) | 5.896(c) | 03/15/36 |  | 1400 | 1321151 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class E, 144A | 8.819 | 11/13/41 |  | 4435 | 4680216 |
| &nbsp;&nbsp; Salus European Loan Conduit DAC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, SONIA + 2.169% (Cap N/A, Floor 1.500%) | 6.158(c) | 01/23/32 | GBP | 9317 | 12277944 |
| &nbsp;&nbsp; SCG Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SNIP, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.532(c) | 09/15/42 |  | 8450 | 8461090 |
| &nbsp;&nbsp; Taurus DAC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-UK3A, Class D, 144A, SONIA + 2.800% (Cap N/A, Floor 0.000%) | 6.789(c) | 07/20/35 | GBP | 1800 | 2353243 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class E, 144A | 7.574(cc) | 07/15/35 |  | 2900 | 2934099 |
| &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%) | 6.323(c) | 10/15/41 |  | 1500 | 1503792 |
| &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%) | 6.972(c) | 10/15/41 |  | 2500 | 2500613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B33RP, Class A, 144A, 1 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.382(c) | 08/15/42 |  | 5450 | 5453421 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $182,907,774) |  |  |  |  | 180212249 |
| &nbsp;&nbsp; **CORPORATE BONDS 21.0%** |  |  |  |  |  |
| &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 | 9233891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/01/28 |  | 5555 | 5439339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/01/35 |  | 5710 | 4972227 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 |  | 525 | 526260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 06/15/33 |  | 2105 | 2208819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/01/29 |  | 350 | 364430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 04/15/27 |  | 284 | 284142 |
|  |  |  |  |  | 23029108 |
| &nbsp;&nbsp; **Agriculture 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Imperial Brands Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 07/26/29 |  | 3398 | 3332989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.500 | 02/01/30 |  | 3200 | 3309652 |
|  |  |  |  |  | 6642641 |
| &nbsp;&nbsp; **Airlines 0.3%** |  |  |  |  |  |
| &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 | 9210023 |

---

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 Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Airlines (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375% | 04/15/26 |  | 645 | $643699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 |  | 170 | 168366 |
|  |  |  |  |  | 10022088 |
| &nbsp;&nbsp; **Apparel 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Kontoor Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 11/15/29 |  | 1125 | 1070280 |
| &nbsp;&nbsp; Wolverine World Wide, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 08/15/29 |  | 825 | 755131 |
|  |  |  |  |  | 1825411 |
| &nbsp;&nbsp; **Auto Manufacturers 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 |  | 3000 | 2955773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 11/13/25 |  | 2650 | 2648893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 08/17/27 |  | 600 | 592553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/05/27 |  | 1035 | 1046571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 11/07/29 |  | 2310 | 2355757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.800 | 05/12/28 |  | 625 | 649613 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.350 | 07/15/27 |  | 2355 | 2395650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 01/07/29 |  | 695 | 723776 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.400 | 06/23/32 |  | 4375 | 4521914 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 07/17/33 | EUR | 7700 | 9165985 |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.050 | 03/27/28 |  | 4020 | 4075597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.350 | 03/27/30 |  | 6055 | 6218019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.650 | 03/25/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | 1809003 |
|  |  |  |  |  | 39159104 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 09/13/34 |  | 540 | 543315 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103527 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 |  | 375 | 387405 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 |  | 410 | 417042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 08/15/33 |  | 250 | 256861 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 |  | 5500 | 5487732 |
|  |  |  |  |  | 7195882 |
| &nbsp;&nbsp; **Banks 2.4%** |  |  |  |  |  |
| &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 | 1037381 |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.538(ff) | 03/14/30 |  | 2200 | 2272754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.552(ff) | 03/14/28 |  | 3400 | 3455061 |
| &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 | 861916 |
| &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 | 1455492 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 7

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bank of Montreal (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.300%(ff) | 11/26/84 | 2380 | $2528750 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.476(ff) | 11/11/29 | 4560 | 4564456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.086(ff) | 02/25/29 | 2240 | 2277462 |
| &nbsp;&nbsp; Cassa Depositi e Prestiti SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 10/01/30 | 1000 | 999572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/05/26 | 2415 | 2431887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/30/29 | 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631845 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC | 7.125(ff) | 08/15/29(oo) | 6365 | 6556826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | 6.875(ff) | 08/15/30(oo) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042 | 4157377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.976(ff) | 11/05/30 | 870 | 825031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.887(ff) | 01/10/28 | 980 | 976179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.542(ff) | 09/19/30 | 5265 | 5295533 |
| &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 | 3766038 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 4.950(ff) | 08/04/31 | 2065 | 2081889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.297(ff) | 05/09/31 | 2400 | 2455327 |
| &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 | 34672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 01/26/27 | 3940 | 3927019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 135 | 135069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.484(ff) | 10/24/29 | 3110 | 3304036 |
| &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 | 1532670 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.407(ff) | 11/01/29 | 2570 | 2724306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 2865 | 2536929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 1750 | 1734259 |
| &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 | 8156711 |
| &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 | 1086611 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 2.095(ff) | 02/11/32 | 3100 | 2735390 |
| &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 | 6547964 |
|  |  |  |  | 83086412 |
| &nbsp;&nbsp; **Building Materials 0.1%** |  |  |  |  |
| &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 | 1736169 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 | 2040 | 1983905 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 1110 | 1152254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/01/33 | 240 | 249584 |
|  |  |  |  | 5121912 |
| &nbsp;&nbsp; **Chemicals 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Ashland, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 05/15/43 | 4100 | 4261705 |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.500 | 01/12/31 | 1422 | 592121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/10/28 | 1630 | 731462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/31/30 | 629 | 251600 |

---

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 Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500% | 01/12/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7471 | $3110924 |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850 | 11/15/28 |  | 1075 | 1111579 |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.725 | 11/15/28 |  | 4070 | 4140234 |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 06/23/31 |  | 213 | 199155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 05/02/34 |  | 5469 | 5925661 |
| &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 | 4787409 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 09/18/26 |  | 350 | 347589 |
| &nbsp;&nbsp; Solstice Advanced Materials, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/30/33 |  | 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599407 |
| &nbsp;&nbsp; Syensqo Finance America LLC (Belgium), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.650 | 06/04/29 |  | 3060 | 3167438 |
| &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 | 4461854 |
|  |  |  |  |  | 33688138 |
| &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(x) | 9.250 | 10/01/29 |  | 1150 | 1041325 |
| &nbsp;&nbsp; **Commercial Services 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/15/30 |  | 1675 | 1717794 |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 |  | 815 | 740084 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 04/15/29 |  | 3950 | 3746016 |
| &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 | 212008 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 |  | 3160 | 3212102 |
| &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 | 690796 |
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.700 | 06/01/34 |  | 110 | 124428 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 06/15/30 |  | 900 | 942343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.250 | 06/15/33 |  | 360 | 379651 |
| &nbsp;&nbsp; Service Corp. International, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 10/15/32 |  | 730 | 740711 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 01/15/32 |  | 325 | 302587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.250 | 01/15/30 |  | 700 | 705266 |
|  |  |  |  |  | 13513786 |
| &nbsp;&nbsp; **Computers 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; CA Magnum Holdings (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.375 | 10/31/26 |  | 5225 | 5198875 |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.375 | 02/15/30 |  | 675 | 621007 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 |  | 761 | 821613 |
|  |  |  |  |  | 6641495 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 9

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes^ | 5.610% | 05/03/27 |  | 950 | $952721 |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.200 | 12/12/28 |  | 1285 | 1366806 |
| &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 | 1054530 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637691 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 10/15/31 |  | 875 | 862513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 08/15/28 |  | 400 | 378821 |
| &nbsp;&nbsp; Jerrold Finco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 06/15/31 | GBP | 6400 | 8361631 |
| &nbsp;&nbsp; LPL Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 05/20/27 |  | 1605 | 1635952 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 |  | 1200 | 1158244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 05/15/29 |  | 1750 | 1801173 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 |  | 2600 | 2525497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 12/15/29 |  | 710 | 754403 |
| &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 | 1120339 |
| &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 |  | 3646 | 3580568 |
| &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 | 1052000 |
|  |  |  |  |  | 27242889 |
| &nbsp;&nbsp; **Electric 1.3%** |  |  |  |  |  |
| &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 | 1642796 |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 1490132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 |  | 2695 | 2698064 |
| &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 |  | 366 | 357521 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.000 | 09/30/42 |  | 50 | 42614 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 06/26/29 |  | 6560 | 6722971 |
| &nbsp;&nbsp; Eskom Holdings (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | 6.350 | 08/10/28 |  | 1337 | 1376943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | 6.350 | 08/10/28 |  | 213 | 219363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 8.450 | 08/10/28 |  | 290 | 309870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 |  | 3984 | 4256968 |
| &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 | 2962020 |
| &nbsp;&nbsp; Mong Duong Finance Holdings BV (Vietnam), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.125 | 05/07/29 |  | 877 | 866875 |
| &nbsp;&nbsp; MVM Energetika Zrt (Hungary), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 03/13/31 |  | 1200 | 1272000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 06/09/28 |  | 2330 | 2469078 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 |  | 1500 | 1427098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/31 |  | 1475 | 1377428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 02/15/32 |  | 1050 | 974710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28 (oo) |  | 1800 | 1974635 |

---

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 Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000%(ff) | 12/15/26(oo) |  | 2255 | $2279040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) |  | 4125 | 4227624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | 8.875(ff) | 01/15/29(oo) |  | 3250 | 3571367 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 |  | 2025 | 2025471 |
| &nbsp;&nbsp; VoltaGrid LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.375 | 11/01/30 |  | 995 | 1011866 |
|  |  |  |  |  | 45556454 |
| &nbsp;&nbsp; **Engineering & Construction 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Cellnex Finance Co. SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.000 | 02/15/33 | EUR | 1100 | 1144243 |
| &nbsp;&nbsp; Cellnex Telecom SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 1.750 | 10/23/30 | EUR | 700 | 757419 |
| &nbsp;&nbsp; MasTec, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.900 | 06/15/29 |  | 3705 | 3873307 |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/30/28 |  | 2000 | 1953920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 |  | 218 | 217209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 10/31/46 |  | 415 | 365017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995 | 6141050 |
| &nbsp;&nbsp; TopBuild Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 01/31/34 |  | 1985 | 1992567 |
|  |  |  |  |  | 16444732 |
| &nbsp;&nbsp; **Entertainment 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625 | 10/15/29 |  | 4575 | 4305677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 |  | 1450 | 1492644 |
| &nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 |  | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 |  | 690 | 671556 |
| &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 |  | 450 | 250432 |
| &nbsp;&nbsp; Voyager Parent LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 07/01/32 |  | 1255 | 1316604 |
| &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 | 1210737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 02/15/31 |  | 680 | 729695 |
|  |  |  |  |  | 10461859 |
| &nbsp;&nbsp; **Environmental Control 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Clean Harbors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 10/15/33 |  | 535 | 546697 |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/31 |  | 310 | 323777 |
|  |  |  |  |  | 870474 |
| &nbsp;&nbsp; **Foods 0.8%** |  |  |  |  |  |
| &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 | 458434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 03/31/31 |  | 170 | 171330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 03/31/34 |  | 240 | 241093 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 |  | 1275 | 1226845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.000 | 09/15/28 |  | 4050 | 3810600 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 11

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Foods (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.000% | 07/01/31 | EUR | 3609 | $4201513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.125 | 05/14/30 | GBP | 1850 | 2339207 |
| &nbsp;&nbsp; Ingles Markets, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.000 | 06/15/31 |  | 275 | 257209 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 |  | 175 | 168976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 |  | 2325 | 2216358 |
| &nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 07/01/33 |  | 2270 | 2420633 |
| &nbsp;&nbsp; Post Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 04/15/30 |  | 225 | 218161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.375 | 03/01/33 |  | 1055 | 1071298 |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 10/15/30 |  | 8270 | 7581935 |
|  |  |  |  |  | 26383592 |
| &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 | 400873 |
| &nbsp;&nbsp; LD Celulose International GmbH (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.950 | 01/26/32 |  | 3085 | 3249893 |
|  |  |  |  |  | 3650766 |
| &nbsp;&nbsp; **Gas 0.0%** |  |  |  |  |  |
| &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 | 1341394 |
| &nbsp;&nbsp; **Healthcare-Products 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 |  | 5260 | 5110011 |
| &nbsp;&nbsp; **Healthcare-Services 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 |  | 4450 | 4294071 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 01/15/43 |  | 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108154 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 11/15/31 |  | 1200 | 1304123 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/33 |  | 1535 | 1521962 |
|  |  |  |  |  | 7228310 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10314 | 10495531 |
| &nbsp;&nbsp; **Home Builders 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 08/01/33 |  | 1825 | 1829556 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 10/15/27 |  | 150 | 149844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 10/15/29 |  | 3475 | 3521327 |

---

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 Amount**<br> **(000)#** | **Principal 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 | $996687 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 06/15/27 |  | 2560 | 2585040 |
|  |  |  |  |  | 9082454 |
| &nbsp;&nbsp; **Home Furnishings 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Whirlpool Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 06/15/30 |  | 275 | 272522 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.375 | 05/15/30 |  | 355 | 337250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.625 | 05/15/32 |  | 185 | 174322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/01/28 |  | 510 | 524823 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116848 |
|  |  |  |  |  | 1153243 |
| &nbsp;&nbsp; **Insurance 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 11/06/30 |  | 3300 | 3416492 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.569 | 02/01/29 |  | 1614 | 1623731 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 06/15/40 |  | 32 | 36280 |
| &nbsp;&nbsp; Teachers Insurance & Annuity Association of America, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 6.850 | 12/16/39 |  | 54 | 62014 |
|  |  |  |  |  | 5138517 |
| &nbsp;&nbsp; **Internet 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581 | 05/30/49 |  | 17057 | 18216568 |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | 1536960 |
| &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 | 2950 | 3465366 |
|  |  |  |  |  | 23218894 |
| &nbsp;&nbsp; **Iron/Steel 0.2%** |  |  |  |  |  |
| &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 | 1602433 |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 07/15/32 |  | 2905 | 3045021 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 |  | 580 | 595966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.375 | 05/01/33 |  | 375 | 387927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 09/15/31 |  | 1000 | 1047738 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 04/01/31 |  | 490 | 505411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 9.250 | 10/01/28 |  | 575 | 602565 |
|  |  |  |  |  | 7787061 |
| &nbsp;&nbsp; **Leisure Time 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 05/01/29 |  | 1040 | 1052992 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 13

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Leisure Time (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750% | 03/15/30 | 2050 | $2111500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 125 | 122813 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/01/32 | 995 | 1021119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.750 | 02/15/29 | 1700 | 1816807 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 04/01/28 | 975 | 991612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/30/31 | 845 | 859358 |
| &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 | 873495 |
|  |  |  |  | 8849696 |
| &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 | 524925 |
| &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 | 696500 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | 2385236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 09/15/29 | 1675 | 1705260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.500 | 04/15/32 | 1800 | 1827958 |
| &nbsp;&nbsp; Sands China Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.400 | 08/08/28 | 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350736 |
| &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 | 1024487 |
|  |  |  |  | 8515102 |
| &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 | 861730 |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 | 850 | 886186 |
| &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 | 1990496 |
|  |  |  |  | 3738412 |
| &nbsp;&nbsp; **Media 0.7%** |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 03/01/30 | 1300 | 1234001 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.250 | 01/15/29 | 1220 | 1135143 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 | 400 | 241930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 | 300 | 184801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 | 1600 | 1325893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 | 1500 | 1395000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 | 1000 | 356209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/30 | 3325 | 1246909 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 | 375 | 323847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 | 175 | 163493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 | 4000 | 3958876 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750 | 11/15/27 | 5150 | 5419114 |
| &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 | 280574 |

---

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 Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000% | 08/15/28 |  | 2185 | $2250552 |
| &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 | 826390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 01/15/30 | GBP | 2700 | 3236628 |
|  |  |  |  |  | 23579360 |
| &nbsp;&nbsp; **Mining 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; AngloGold Ashanti Holdings PLC (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 11/01/28 |  | 730 | 705819 |
| &nbsp;&nbsp; Capstone Copper Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/31/33 |  | 445 | 458768 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 02/15/34 |  | 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 03/01/33 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | 2941500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.375 | 03/01/29 |  | 1600 | 1689424 |
| &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 | 611400 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 |  | 665 | 669503 |
| &nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 04/01/26 |  | 1000 | 996500 |
| &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 | 1768078 |
| &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 | 318347 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 08/15/33 |  | 2600 | 2636276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 01/30/30 |  | 700 | 726600 |
|  |  |  |  |  | 14138040 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Entegris, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 04/15/29 |  | 1375 | 1365515 |
| &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 | 1710075 |
| &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 | 3984905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 03/01/30 |  | 1255 | 1277828 |
|  |  |  |  |  | 5262733 |
| &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 | 2659541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.600 | 06/13/28 |  | 2440 | 2510763 |
| &nbsp;&nbsp; Antero Resources Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 03/01/30 |  | 1400 | 1410235 |
| &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 | 1063150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 10/15/32 |  | 1710 | 1743649 |
| &nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 |  | 75 | 77458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 |  | 2025 | 2093246 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 15

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Principal 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 | 8.750% | 07/01/31 |  | 375 | $385312 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 04/01/32 |  | 860 | 833268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.250 | 02/15/28 |  | 326 | 337412 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 04/29/30 |  | 2170 | 2216329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 |  | 4495 | 4848981 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 02/01/32 |  | 1775 | 1745692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 02/01/29 |  | 725 | 725489 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 |  | 1775 | 1687119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 |  | 700 | 701114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 04/15/32 |  | 500 | 474458 |
| &nbsp;&nbsp; Nabors Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.125 | 01/31/30 |  | 1725 | 1812609 |
| &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% (Cap N/A, Floor 2.000%)^ | 9.590(c) | 09/30/29 |  | 351 | 346081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.590(c) | 09/30/29 |  | 422 | 415297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.590(c) | 09/30/29 |  | 351 | 346081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.590(c) | 09/30/29 |  | 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103824 |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 09/01/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275 | 1367912 |
| &nbsp;&nbsp; Ovintiv, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 05/15/28 |  | 2145 | 2205239 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 |  | 1025 | 1039270 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 10/01/29 | GBP | 800 | 1039794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/16/34 | GBP | 300 | 391696 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 06/15/38 |  | 42 | 38598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 |  | 3418 | 3414582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.750 | 04/21/27 | EUR | 2442 | 2783105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 |  | 2924 | 3157628 |
| &nbsp;&nbsp; Preem AB (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 12.000 | 06/30/27 | EUR | 1760 | 2077555 |
| &nbsp;&nbsp; Transocean International Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 335 | 336675 |
| &nbsp;&nbsp; Vital Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.750 | 10/15/30 |  | 975 | 1002192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 04/15/32 |  | 1850 | 1751094 |
|  |  |  |  |  | 49142448 |
| &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 | 97603 |
| &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 | 914447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 09/15/33 |  | 1130 | 1143054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 |  | 2375 | 2433103 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 |  | 2040 | 2045280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 725 | 727410 |

---

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 Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Packaging & Containers (cont'd.)** |  |  |  |  |
| &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 | $126483 |
|  |  |  |  | 7389777 |
| &nbsp;&nbsp; **Pharmaceuticals 0.3%** |  |  |  |  |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 | 2175 | 2064515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/28 | 725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724774 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 | 400 | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 | 275 | 213984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 01/30/30 | 275 | 198000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 | 275 | 185281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 | 1000 | 820000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 | 275 | 252656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 1375 | 1258153 |
| &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 | 450 | 427822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.125 | 04/30/31 | 450 | 345504 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/46 | 520 | 431409 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/22/50 | 2190 | 1477709 |
|  |  |  |  | 8749807 |
| &nbsp;&nbsp; **Pipelines 1.1%** |  |  |  |  |
| &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 | 1274922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 02/01/32 | 580 | 600339 |
| &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 | 110075 |
| &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 | 3468788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/45 | 55 | 48995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.200 | 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | 1376007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 125 | 112298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 10/01/47 | 60 | 54230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 04/15/49 | 75 | 74830 |
| &nbsp;&nbsp; Kinder Morgan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 08/01/29 | 6310 | 6479109 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/15/31 | 1355 | 1366579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 03/01/47 | 145 | 130124 |
| &nbsp;&nbsp; NGPL PipeCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 08/15/27 | 500 | 501052 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 12/01/42 | 125 | 99404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 07/13/47 | 255 | 220829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 11/01/28 | 2908 | 3013325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.800 | 11/01/30 | 360 | 378480 |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/15/33 | 905 | 948127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/15/40 | 1850 | 1905532 |
| &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 | 995044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/15/34 | 1415 | 1405041 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.150 | 03/01/29 | 316 | 332407 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 17

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Principal 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 | $71040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 08/15/31 |  | 75 | 69369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/30 |  | 1325 | 1351141 |
| &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) |  | 5105 | 4771387 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 01/15/34 |  | 450 | 471377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 01/15/36 |  | 450 | 476767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 05/01/33 |  | 438 | 482298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 05/01/35 |  | 733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827108 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/01/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990 | 4999531 |
|  |  |  |  |  | 38415555 |
| &nbsp;&nbsp; **Real Estate 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 10/01/30 |  | 370 | 378497 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 08/01/28 |  | 1375 | 1373302 |
|  |  |  |  |  | 1751799 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 05/15/29 |  | 1441 | 1428017 |
| &nbsp;&nbsp; COPT Defense Properties LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.000 | 01/15/29 |  | 2170 | 2019111 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 |  | 1000 | 877753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 |  | 25 | 23830 |
| &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 | 2823088 |
| &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 | 177360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/15/27 |  | 200 | 192434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 |  | 125 | 131362 |
| &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 | 1335992 |
| &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 |  | 925 | 951308 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 02/01/29 |  | 1500 | 1417850 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 10/15/28 |  | 680 | 682831 |
| &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 | 1004842 |
|  |  |  |  |  | 13065778 |
| &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 | 1357441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 06/15/29 |  | 1110 | 1140003 |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 11/15/27 |  | 4122 | 4083194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.950 | 08/01/28 |  | 4000 | 3749169 |
| &nbsp;&nbsp; Boots Group Finco LP (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.375 | 08/31/32 | EUR | 500 | 594793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.375 | 08/31/32 | GBP | 925 | 1244963 |

---

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 Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Retail (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000% | 06/01/30 |  | 3750 | $3918823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/31 |  | 1552 | 1727704 |
| &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 | 10700 | 14636424 |
| &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 | 4768801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 2175 | 2377188 |
| &nbsp;&nbsp; Falabella SA (Chile), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.375 | 01/15/32 |  | 1805 | 1621793 |
| &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 | 996526 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 06/01/29 |  | 1350 | 1289745 |
| &nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 8.750 | 12/31/30 |  | 2337 | 2326237 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.750 | 03/01/32 |  | 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406326 |
| &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 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 | 2549695 |
|  |  |  |  |  | 48788825 |
| &nbsp;&nbsp; **Software 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 |  | 895 | 897998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.250 | 06/01/30 |  | 595 | 599941 |
|  |  |  |  |  | 1497939 |
| &nbsp;&nbsp; **Telecommunications 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp; CT Trust (Guatemala), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.125 | 02/03/32 |  | 760 | 718580 |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A(x) | 0.000 | 12/31/30 |  | 129 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^(x) | 0.000 | 12/31/30 |  | 44 |  |
| &nbsp;&nbsp; Digicel International Finance Ltd./DIFL US LLC (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 8.625 | 08/01/32 |  | 4265 | 4254337 |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 10.750 | 11/30/29 |  | 4750 | 5230275 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 |  | 1375 | 1388748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 |  | 1650 | 1648144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.750 | 05/15/30 |  | 2000 | 2090408 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.500 | 04/01/30 |  | 2625 | 2436902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.875 | 06/15/29 |  | 2975 | 2855192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/30/33 |  | 1220 | 1250482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 03/31/34 |  | 2415 | 2481993 |
| &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 | 2350 | 2805294 |
| &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 | 480366 |
| &nbsp;&nbsp; SoftBank Group Corp. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 07/08/32 | EUR | 1200 | 1439337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 07/10/33 | EUR | 5900 | 7208673 |
| &nbsp;&nbsp; Sprint LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.625 | 03/01/26 |  | 315 | 315000 |
| &nbsp;&nbsp; TalkTalk Telecom Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, PIK 11.750% | 11.750 | 03/01/28 | GBP | 3206 | 252726 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 19

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Total Play Telecomunicaciones SA de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 11.125% | 12/31/32 |  | 7200 | $6922800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.125 | 12/31/32 |  | 696 | 669204 |
| &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 | 2795619 |
| &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;352398 |
|  |  |  |  |  | 47596491 |
| &nbsp;&nbsp; **Transportation 0.2%** |  |  |  |  |  |
| &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 | 342472 |
| &nbsp;&nbsp; RXO, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 11/15/27 |  | 975 | 996185 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 |  | 3415 | 3231211 |
| &nbsp;&nbsp; XPO, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 06/01/31 |  | 225 | 234867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125 | 02/01/32 |  | 385 | 405311 |
|  |  |  |  |  | 5210046 |
| &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 | 5.250 | 07/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 | 2170752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.350 | 03/30/29 |  | 3440 | 3539299 |
|  |  |  |  |  | 5710051 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $720,671,619) |  |  |  |  | 726981057 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 1.6%** |  |  |  |  |  |
| &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% | 6.715(c) | 01/28/32 |  | 675 | 672751 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 9.054(c) | 11/17/28 |  | 539 | 528184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 9.203(c) | 11/17/28 |  | 3900 | 3832292 |
|  |  |  |  |  | 5033227 |
| &nbsp;&nbsp; **Chemicals 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Root Bidco Sarl (Portugal), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 09/27/30 |  | 4125 | 4609663 |
| &nbsp;&nbsp; **Commercial Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; OCS Group Investments Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% | 9.875(c) | 11/27/31 | GBP | 975 | 1275655 |
| &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% | 6.907(c) | 03/18/30 |  | 1150 | 1150730 |
| &nbsp;&nbsp; **Healthcare-Products 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Avantor Funding, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental B-6 Euro Term Loan, 1 Month EURIBOR + 2.500% | 4.397(c) | 09/30/32 | EUR | 2500 | 2897834 |

---

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 Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Cuppa Bidco BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 (EUR), 6 Month EURIBOR + 4.750% | 6.787%(c) | 06/29/29 | EUR | 1000 | $907712 |
| &nbsp;&nbsp; **Insurance 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Verisure Holding AB (PUBL) (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 10/31/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4675 | 5389986 |
| &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 |  | 203 | 151297 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; ClubCorp Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 5.000%^ | 8.965(c) | 07/10/32 |  | 1097 | 1088265 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Facility B, 6 Month EURIBOR + 5.500%^ | 7.412(c) | 01/30/32 | EUR | 2700 | 3057692 |
|  |  |  |  |  | 4145957 |
| &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% | 8.532(c) | 01/18/28 |  | 985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974346 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | 10.502(c) | 04/23/30 |  | 796 | 803960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | 10.502(c) | 04/23/30 |  | 3512 | 3546640 |
|  |  |  |  |  | 4350600 |
| &nbsp;&nbsp; **Retail 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; CDR Firefly Bidco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-10, SONIA + 4.750% | 8.719(c) | 04/29/29 | GBP | 6975 | 9135238 |
| &nbsp;&nbsp; Peer Holding III BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | 4.750(c) | 07/01/31 | EUR | 4200 | 4848392 |
| &nbsp;&nbsp; The Boots Group (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | 8.719(c) | 07/18/32 | GBP | 1575 | 2078314 |
| &nbsp;&nbsp; WSH Services Holding Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, SONIA + 4.750% | 8.719(c) | 05/16/31 | GBP | 275 | 361268 |
|  |  |  |  |  | 16423212 |
| &nbsp;&nbsp; **Telecommunications 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.464% | 6.429(c) | 04/15/29 |  | 1791 | 1776858 |
| &nbsp;&nbsp; Zegona Holdco Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Loan, 6 Month EURIBOR + 3.000% | 4.954(c) | 07/17/29 | EUR | 6100 | 7057532 |
|  |  |  |  |  | 8834390 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $54,893,938) |  |  |  |  | 56144609 |
| &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 | 600223 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 21

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **California (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; University of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | 3.931% | 05/15/45 | 625 | $581132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | 4.131 | 05/15/45 | 675 | 620113 |
|  |  |  |  | 1801468 |
| &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 | 1229134 |
| &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 | 755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769242 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2419798 |
| &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 | 207417 |
|  |  |  |  | 2627215 |
| &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 | 156755 |
| &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 | 113727 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $7,543,076) |  |  |  | 6697541 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.9%** |  |  |  |  |
| &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%) | 8.199(c) | 07/01/26 | 920 | 922162 |
| &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%) | 7.383(c) | 08/25/34 | 4612 | 4653298 |
| &nbsp;&nbsp; Chase Mortgage Finance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 1A3 | 6.513(cc) | 02/25/37 | 13 | 13447 |
| &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 | 6783 | 6516208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | 4.229(cc) | 02/25/63 | 593 | 531138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | 4.229(cc) | 02/25/63 | 180 | 141320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | 0.000(cc) | 02/25/63 | 65 | 48408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | 11.267(s) | 02/25/63 | 165 | 22344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | 14.581(s) | 02/25/63 | 298 | 27135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | 4.229(cc) | 02/25/63 | 399 | 343069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | 4.229(cc) | 02/25/63 | 304 | 250004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | 0.000(cc) | 02/25/63 | 9 | 7829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | 0.000(cc) | 02/25/63 | 8787 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | 4.020(cc) | 01/25/64 | 9581 | 9063840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | 4.020(cc) | 01/25/64 | 442 | 338628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | 4.020(cc) | 01/25/64 | 177 | 111942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | 4.020(cc) | 01/25/64 | 112 | 65213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | 0.000(cc) | 01/25/64 | 141 | 69319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | 0.000(cc) | 01/25/64 | 134 | 54638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | 4.020(cc) | 01/25/64 | 377 | 269586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | 4.020(cc) | 01/25/64 | 236 | 159796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | 0.000(cc) | 01/25/64 | 21 | 18237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | 0.000(cc) | 01/25/64 | 11286 | 1129 |

---

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 Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Clavel Residential DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | 3.565%(c) | 10/28/66 | EUR | 4500 | $5087497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.065(c) | 10/28/66 | EUR | 2575 | 2906406 |
| &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%) | 7.283(c) | 10/25/41 |  | 600 | 611970 |
| &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%) | 7.333(c) | 12/25/41 |  | 318 | 325149 |
| &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%) | 7.183(c) | 01/25/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | 1942241 |
| &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%) | 10.433(c) | 03/25/42 |  | 1000 | 1066880 |
| &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%) | 9.433(c) | 03/25/42 |  | 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305804 |
| &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%) | 7.283(c) | 03/25/42 |  | 1000 | 1027970 |
| &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%) | 7.283(c) | 06/25/43 |  | 1400 | 1458239 |
| &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%) | 5.883(c) | 07/25/44 |  | 250 | 250938 |
| &nbsp;&nbsp; Cross Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H06, Class M1, 144A | 6.061(cc) | 07/25/70 |  | 5000 | 4978161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H07, Class A3, 144A | 5.289(cc) | 09/25/70 |  | 3442 | 3432432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H07, Class M1, 144A | 5.637(cc) | 09/25/70 |  | 2400 | 2384848 |
| &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%) | 7.633(c) | 04/25/34 |  | 364 | 365948 |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 07/25/55 |  | 10136 | 10270072 |
| &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%) | 5.683(c) | 10/25/41 |  | 1272 | 1277178 |
| &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%) | 5.983(c) | 11/25/41 |  | 100 | 100861 |
| &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%) | 6.283(c) | 09/25/41 |  | 100 | 100719 |
| &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%) | 6.533(c) | 12/25/41 |  | 100 | 101219 |
| &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%) | 6.683(c) | 01/25/42 |  | 70 | 71205 |
| &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%) | 7.083(c) | 04/25/42 |  | 2020 | 2097590 |
| &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%) | 7.533(c) | 05/25/42 |  | 200 | 207301 |
| &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%) | 9.533(c) | 08/25/42 |  | 600 | 642564 |
| &nbsp;&nbsp; Freddie Mac REMIC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 06/25/55 |  | 6792 | 6881855 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC01, Class A1, 144A | 4.974(cc) | 06/25/65 |  | 9261 | 9234887 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A01, Class 4A1 | 6.191(cc) | 07/25/35 |  | 6 | 6488 |
| &nbsp;&nbsp; Kinbane DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2A, Class B, 144A, 1 Month EURIBOR + 1.600% (Cap N/A, Floor 0.000%) | 3.490(c) | 08/24/75 | EUR | 4400 | 5013777 |
| &nbsp;&nbsp; Legacy Mortgage Asset Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | 6.000(cc) | 01/25/61 |  | 9166 | 9161092 |
| &nbsp;&nbsp; LHOME Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL05, Class A1, 144A | 5.323(cc) | 09/25/39 |  | 6500 | 6502735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL03, Class A2, 144A | 5.673(cc) | 08/25/40 |  | 2000 | 2007699 |
| &nbsp;&nbsp; Lincoln Senior Participation Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 3.000%^ | 2.750 | 06/27/27 |  | 5000 | 5004655 |
| &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%) | 4.026(c) | 05/26/66 | EUR | 3100 | 3471693 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A3, 144A | 5.340(cc) | 09/25/70 |  | 3967 | 3959878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class M1, 144A | 5.844(cc) | 09/25/70 |  | 3500 | 3481925 |
| &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%) | 4.856(c) | 01/25/48 |  | 716 | 703205 |
| &nbsp;&nbsp; NLT Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | 5.506(cc) | 02/25/70 |  | 6821 | 6900948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | 5.708(cc) | 02/25/70 |  | 764 | 770823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | 5.860(cc) | 02/25/70 |  | 1313 | 1322915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | 0.399(cc) | 02/25/70 |  | 10400 | 79751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | 6.595(cc) | 02/25/70 |  | 405 | 402595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | 6.595(cc) | 02/25/70 |  | 319 | 310023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | 6.595(cc) | 02/25/70 |  | 200 | 182399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | 6.314(cc) | 02/25/70 |  | 578 | 585413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A^ | 0.901(cc) | 02/25/70 |  | 10400 | 234003 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 23

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &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%) | 7.083%(c) | 04/25/34 |  | 559 | $563805 |
| &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%) | 7.683(c) | 05/25/33 |  | 29275 | 29618379 |
| &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%) | 7.545(c) | 03/29/27 |  | 7817 | 7897764 |
| &nbsp;&nbsp; PRET Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL01, Class A1, 144A | 6.063(cc) | 02/25/55 |  | 5041 | 5057585 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A1, 144A | 6.469(cc) | 05/25/30 |  | 3210 | 3217175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class A1, 144A | 6.179(cc) | 06/25/30 |  | 10957 | 10980898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | 4.000(cc) | 03/25/55 |  | 3501 | 3432680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | 4.000(cc) | 03/25/55 |  | 683 | 653987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | 4.000(cc) | 03/25/55 |  | 403 | 381136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | 4.000(cc) | 03/25/55 |  | 393 | 367151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | 4.000(cc) | 03/25/55 |  | 139 | 128664 |
| &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%) | 7.883(c) | 11/25/31 |  | 347 | 351264 |
| &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%) | 6.883(c) | 07/25/33 |  | 290 | 291030 |
| &nbsp;&nbsp; RCO Mortgage LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | 6.435(cc) | 05/25/30 |  | 5792 | 5805265 |
| &nbsp;&nbsp; Structured Asset Securities Corp. Mortgage Pass-Through Certificates, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-37A, Class 3A7 | 6.058(cc) | 12/25/33 |  | 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152445 |
| &nbsp;&nbsp; VCAT LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL03, Class A1, 144A | 5.889(cc) | 02/25/55 |  | 2531 | 2531430 |
| &nbsp;&nbsp; Verus Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-08, Class M1, 144A | 5.731 | 09/25/70 |  | 3200 | 3220367 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $203,752,516) |  |  |  |  | 205512545 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 4.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Angolan Government International Bond (Angola), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.500 | 11/12/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5320 | 5320000 |
| &nbsp;&nbsp; Argentine Republic Government International Bond (Argentina), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.125 | 07/09/30 | EUR | 118 | 107018 |
| &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 | 621852 |
| &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 | 984365 |
| &nbsp;&nbsp; Brazilian Government International Bond (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 11/06/30 |  | 6770 | 6905400 |
| &nbsp;&nbsp; Colombia Government International Bond (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 09/19/28 | EUR | 11390 | 13075184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 09/19/32 | EUR | 1511 | 1702032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 02/02/34 |  | 1375 | 1461281 |
| &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/22/29 |  | 1637 | 1663192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 |  | 1915 | 1945640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.950 | 01/25/27 |  | 1570 | 1590410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.600 | 06/01/36 |  | 3340 | 3525804 |
| &nbsp;&nbsp; Egypt Government International Bond (Egypt), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 3.875 | 02/16/26 |  | 8700 | 8625789 |
| &nbsp;&nbsp; Hungary Government International Bond (Hungary), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.750 | 09/23/55 |  | 9670 | 10478637 |
| &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 | 3130271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 4202 | 4855544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 5923 | 6856161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.625 | 01/30/33 |  | 3025 | 3181544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.075 | 04/01/36 |  | 9630 | 10113907 |
| &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 | 28743750 |

---

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 Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Republic of South Africa Government International Bond (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | 3.750% | 07/24/26 | EUR | 20000 | $23200078 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | 6.625 | 05/16/36 |  | 1542 | 1583387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 09/16/30 |  | 5790 | 5924618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.625 | 09/27/29 | EUR | 4500 | 5683573 |
| &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 | 1917040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/03/33 | EUR | 758 | 738206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/15/27 | EUR | 2043 | 2357072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/26/28 |  | 937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.500 | 06/26/29 | EUR | 4320 | 4657825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125 | 05/15/27 | EUR | 2829 | 3263904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 09/26/33 |  | 915 | 995685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 1.000 | 09/23/28 | EUR | 2890 | 3115999 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $160,395,939) |  |  |  |  | 169301410 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 11.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 | 1113267 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/51 |  | 453 | 387176 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 |  | 2531 | 2156394 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 |  | 5956 | 5084904 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 |  | 1898 | 1611931 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 |  | 445 | 380042 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 |  | 904 | 771245 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/51 |  | 3340 | 2898996 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 |  | 884 | 764600 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/52 |  | 1654 | 1409268 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/52 |  | 1479 | 1258740 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/46 |  | 3453 | 3202201 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 10/01/51 |  | 1271 | 1131220 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 |  | 1746 | 1556528 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/52 |  | 1539 | 1387345 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 |  | 2477 | 2201113 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 03/01/52 |  | 496 | 446887 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/45 |  | 2329 | 2215153 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 09/01/46 |  | 6052 | 5754412 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 01/01/52 |  | 7200 | 6662666 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/52 |  | 820 | 759075 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 |  | 300 | 276741 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/52 |  | 5698 | 5431408 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/42 |  | 9335 | 9412599 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/52 |  | 955 | 935180 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 07/01/52 |  | 4091 | 4094615 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/52 |  | 1932 | 1928610 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 09/01/52 |  | 6530 | 6528306 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/52 |  | 6609 | 6607111 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/52 |  | 1115 | 1115276 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 12/01/52 |  | 812 | 811725 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/53 |  | 2807 | 2806029 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 |  | 7256 | 7372281 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 09/01/54 |  | 999 | 1009583 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/54 |  | 2560 | 2587938 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/54 |  | 29844 | 30156132 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp.(h) | 5.500 | 01/01/55 |  | 48663 | 49171070 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 11/01/52 |  | 4817 | 4948758 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 |  | 1481 | 1520002 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 03/01/53 |  | 1591 | 1632476 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 03/01/53 |  | 1689 | 1750840 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 04/01/53 |  | 1186 | 1218923 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/54 |  | 11539 | 11799391 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 25

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000% | TBA | 3500 | $2838026 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/51 | 1832 | 1562132 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 1509 | 1290042 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 6837 | 5837709 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 | 2768 | 2363168 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/43 | 335 | 310166 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/48 | 4881 | 4517870 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/51 | 455 | 406410 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 1858 | 1653149 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 436 | 387759 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 3459 | 3085144 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/50 | 620 | 589886 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/51 | 910 | 845236 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/52 | 270 | 249265 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 15481 | 14296523 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/52 | 986 | 915710 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/52 | 2248 | 2085031 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/48 | 9041 | 8847641 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 927 | 888821 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 3746 | 3571115 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/53 | 1868 | 1781492 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 4640 | 4543548 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 500 | 497111 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 1952 | 1951052 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 3433 | 3432141 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/52 | 3473 | 3472483 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 01/01/55 | 7412 | 7377060 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 2349 | 2382364 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 5.500 | 11/01/52 | 21489 | 21866339 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 12/01/54 | 19878 | 20086441 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 01/01/55 | 6436 | 6503174 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 831 | 854194 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 1113 | 1145803 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/53 | 2774 | 2849346 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/53 | 1166 | 1198583 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/54 | 2338 | 2392230 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/50 | 8662 | 7207502 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/51 | 10021 | 9230720 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/52 | 1392 | 1285225 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/52 | 2297 | 2123123 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 1021 | 940022 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 01/20/50 | 1729 | 1655604 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/52 | 5094 | 4868477 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/52 | 5855 | 5592797 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/52 | 833 | 819402 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 5576 | 5484309 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 02/20/54 | 872 | 872024 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 08/20/54 | 5579 | 5632784 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 09/20/54 | 5137 | 5187386 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 10/20/54 | 13251 | 13373450 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | TBA | 2500 | 2573257 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $396,720,473) |  |  |  | 401988403 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 19.0%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.625 | 11/15/50 | 48600 | 26426250 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.250 | 05/15/41 | 20165 | 15057584 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 11/15/49 | 72235 | 47787967 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.000 | 02/15/49 | 4085 | 3089920 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.250 | 05/15/42 | 5630 | 4771425 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.375 | 11/15/48 | 68955 | 55928970 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.625 | 02/15/53 | 1000 | 834844 |

---

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 Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.125% | 08/15/44 | 30000 | $28078125 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.375 | 08/15/43 | 9710 | 9446009 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.250 | 11/30/26 | 166200 | 161921648 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 09/30/29 | 4110 | 4142109 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 12/31/29 | 11595 | 11684680 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.000 | 12/15/25 | 8210 | 8210000 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 01/15/27 | 68890 | 69140264 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 02/28/27 | 9580 | 9635384 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 06/30/29 | 38500 | 39294063 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.375 | 12/15/26 | 113060 | 113854953 |
| &nbsp;&nbsp; U.S. Treasury Notes(h) | 4.625 | 09/30/30 | 36945 | 38445891 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.019(s) | 11/15/35 | 870 | 566421 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.513(s) | 11/15/41 | 23665 | 11072650 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.575(s) | 08/15/41 | 165 | 78242 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.770(s) | 11/15/49 | 580 | 180225 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.928(s) | 11/15/45 | 430 | 162208 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $661,610,117) |  |  |  | 659809832 |
|  |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 7.3%** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  | 2265550 | 116607858 |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  | 325000 | 11563500 |
| &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF |  |  | 75000 | 3821993 |
| &nbsp;&nbsp; PGIM Floating Rate Income ETF |  |  | 50000 | 2496550 |
| &nbsp;&nbsp; PGIM Ultra Short Bond ETF |  |  | 2350000 | 117100500 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $250,737,795)(wa) |  |  |  | 251590401 |
| &nbsp;&nbsp; **COMMON STOCKS 0.2%** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |  |  |
| &nbsp;&nbsp; TPC Group, Inc.\* |  |  | 56219 | 1143101 |
| &nbsp;&nbsp; **Gas Utilities 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\*(x) |  |  | 6534 | 1048178 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A1 Stock)\*^ |  |  | 3219 | 55656 |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A2 Stock)\*^ |  |  | 8633 | 149262 |
|  |  |  |  | 204918 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) |  |  | 28420 | 207835 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Expand Energy Corp. |  |  | 12570 | 1298607 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) |  |  | 147816 | 2485230 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $1,476,790) |  |  |  | 6387869 |
| &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 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 27

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 9592 | $117179 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $584,180) |  | 662179 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 196 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 53156 | 1 |
| &nbsp;&nbsp; **TOTAL WARRANTS**<br> (cost $1,320) |  | 197 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $3,411,289,766) |  | 3451204599 |
|  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 1.5%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wa) | 22257829 | 22257829 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<br>(cost $28,161,641; includes $28,052,683 of cash collateral for securities on loan)(b)(wa) | 28183588 | 28166679 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $50,419,470) |  | 50424508 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%**<br> (cost $1,032,322) |  | 773449 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $51,451,792) |  | 51197957 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.1)%**<br> (premiums received $2,784,820) |  | (1814269) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.9%**<br> (cost $3,459,956,738) |  | 3500588287 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.9)% |  | (30311644) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $3470276643 |

---

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

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

See Notes to Financial Statements.

------

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

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

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BABs—Build America Bonds

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BNY—Bank of New York Mellon

BOA—Bank of America, N.A.

CA—Credit Agricole Securities Inc.

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CMS—Constant Maturity Swap

COP—Certificates of Participation

DAC—Designated Activity Company

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

iBoxx—Bond Market Indices

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

LP—Limited Partnership

M—Monthly payment frequency for swaps

MASTR—Morgan Stanley Structured Asset Security

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

OBX—Oslo Stock Exchange

OTC—Over-the-counter

PIK—Payment-in-Kind

PO—Principal Only

Q—Quarterly payment frequency for swaps

RBC—Royal Bank of Canada

REITs—Real Estate Investment Trust

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

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

UAG—UBS AG

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.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $15,204,410 and 0.4% 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 $27,479,888; cash collateral of $28,052,683 (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 October 31, 2025.

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 29

------

Schedule of Investments (continued)

as of October 31, 2025

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

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

(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** | **Acquisition<br>Date** | **Original Cost** | **Market 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, 3.100%(cc), 05/15/35 | 05/09/18 | $2454600 | $2342250 | 0.1% |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A, 3.100%(cc), 05/15/35 | 05/09/18 | 2389640 | 2274750 | 0.1 |
|  Coronado Finance Pty Ltd. (Australia), Sr. Sec'd. Notes, 144A, 9.250%, 10/01/29 | 01/21/25 | 1173000 | 1041325 | 0.0 |
|  Diamond Sports Group LLC\* | 01/02/25 | 74408 | 207835 | 0.0 |
|  Diamond Sports Group LLC, expiring 06/30/26 | 01/02/25 |  | 1 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | 13 | 13 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica), Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 4 |  | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 33730 | 117179 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-03/12/25 | 178523 | 2485230 | 0.1 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25-09/09/25 | 4289344 | 4254337 | 0.1 |
|  Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 06/26/24 | 550450 | 545000 | 0.0 |
|  Ferrellgas Partners LP (Class B Stock)\* | 10/25/19 | 1794337 | 1048178 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $12938049 | $14316098 | 0.4% |

---

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

#### Unfunded loan commitments outstanding at October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32 (cost $70,534) | 72 | $70974 | $440 | $— |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/10/31 (cost $117,557) | 119 | 118290 | 733 |  |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, 1.500%(p), Maturity Date 04/01/30 (cost $1,200,000) | 1200 | 1208004 | 8004 |  |
|  |  | $1397268 | $9177 | $— |

---

#### Forward Commitment Contract:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligation** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc.<br>(proceeds receivable $97,143,457) | 5.500% | TBA | 12/11/25 | (96000) | $(96920979) |

---

#### 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 | $1138 |
| &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** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% – | 20025 | $108 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% – | 40050 | 214 |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 26.00 – | EUR 4,947 |  |

---

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)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 26.00 |  | EUR | 2192 | $— |
|  Currency Option EUR vs HUF | Call | CITI | 11/04/25 | 440.00 |  | EUR | 3898 |  |
|  Currency Option EUR vs HUF | Call | MSI | 11/05/25 | 430.00 |  | EUR | 3653 |  |
|  Currency Option EUR vs HUF | Call | MSI | 11/26/25 | 430.00 |  | EUR | 3653 | 96 |
|  Currency Option EUR vs PLN | Call | MSI | 11/13/25 | 5.00 |  | EUR | 3665 |  |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 5.00 |  | EUR | 1822 | 76 |
|  Currency Option EUR vs RON | Call | CITI | 11/05/25 | 5.80 |  | EUR | 3638 |  |
|  Currency Option EUR vs TRY | Call | JPM | 11/18/25 | 99.00 |  | EUR | 7357 | 2451 |
|  Currency Option EUR vs TRY | Call | CITI | 11/20/25 | 99.00 |  | EUR | 7274 | 3047 |
|  Currency Option EUR vs TRY | Call | JPM | 11/27/25 | 99.00 |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12729 | 5313 |
|  Currency Option USD vs BRL | Call | HSBC | 11/06/25 | 7.00 |  |  | 4249 |  |
|  Currency Option USD vs BRL | Call | MSI | 11/25/25 | 7.00 |  |  | 4249 | 65 |
|  Currency Option USD vs CNH | Call | CITI | 12/05/25 | 7.70 |  |  | 34141 | 29 |
|  Currency Option USD vs COP | Call | MSI | 11/13/25 | 5000.00 |  |  | 4252 | 1 |
|  Currency Option USD vs KRW | Call | MSI | 11/12/25 | 1600.00 |  |  | 1708 |  |
|  Currency Option USD vs KRW | Call | JPM | 12/22/25 | 1650.00 |  |  | 11069 | 148 |
|  Currency Option USD vs TRY | Call | JPM | 11/11/25 | 99.00 |  |  | 4274 | 542 |
|  Currency Option USD vs TRY | Call | CITI | 11/13/25 | 99.00 |  |  | 8504 | 1024 |
|  Currency Option USD vs TRY | Call | JPM | 11/27/25 | 99.00 |  |  | 4274 | 2214 |
|  Currency Option USD vs TWD | Call | MSI | 11/13/25 | 34.00 |  |  | 4252 | 5 |
|  Currency Option USD vs TWD | Call | JPM | 11/20/25 | 33.00 |  |  | 4255 | 159 |
|  Currency Option USD vs ZAR | Call | MSI | 11/13/25 | 21.00 |  |  | 4252 | 10 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 5466 | 7717 |
|  Currency Option EUR vs USD | Put | CITI | 11/04/25 | 1.00 |  | EUR | 3641 |  |
|  Currency Option USD vs CLP | Put | CITI | 11/13/25 | 800.00 |  |  | 4257 |  |
|  Currency Option USD vs CNH | Put | CITI | 12/05/25 | 6.90 |  |  | 34141 | 4256 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 21318 | 10 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 6142 | 3 |
|  Currency Option USD vs JPY | Put | CITI | 11/13/25 | 130.00 |  |  | 8540 |  |
|  Currency Option USD vs JPY | Put | MSI | 11/20/25 | 130.00 |  |  | 4257 | 1 |
|  Currency Option USD vs JPY | Put | CITI | 12/02/25 | 125.00 |  |  | 8510 | 7 |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 22.00 |  |  | 8817 |  |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 23.00 |  |  | 4245 | 2 |
|  Currency Option USD vs TWD | Put | CITI | 11/19/25 | 27.00 |  |  | 6392 | 72 |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 20.00 |  |  | 2126 |  |
|  Currency Option USD vs ZAR | Put | MSI | 11/13/25 | 15.00 |  |  | 2266 |  |
|  **Total OTC Traded** (cost $116,259) |  |  |  |  |  |  |  | $27570 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.58% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 420000 | $744741 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $913,500) |  |  |  |  |  |  |  |  |
|  **Total Options Purchased** (cost $1,032,322) |  |  |  |  |  |  |  | $773449 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR<br>| Call | 12/12/25 | $99.25 | 83 | 208 | $(519) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $397) |  |  |  |  |  |  |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 31

------

Schedule of Investments (continued)

as of October 31, 2025

#### Options Written (continued):

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 24.28 |  | EUR | 4947 | $(16922) |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 24.36 |  | EUR | 2192 | (2516) |
|  Currency Option EUR vs HUF | Call | CITI | 11/04/25 | 390.00 |  | EUR | 3898 | (1680) |
|  Currency Option EUR vs HUF | Call | MSI | 11/26/25 | 390.00 |  | EUR | 3653 | (16402) |
|  Currency Option EUR vs PLN | Call | MSI | 11/13/25 | 4.25 |  | EUR | 3665 | (16103) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 |  | EUR | 1822 | (13592) |
|  Currency Option EUR vs RON | Call | CITI | 11/05/25 | 5.11 |  | EUR | 3638 | (2581) |
|  Currency Option EUR vs TRY | Call | JPM | 11/18/25 | 52.00 |  | EUR | 7357 | (30139) |
|  Currency Option EUR vs TRY | Call | CITI | 11/20/25 | 52.00 |  | EUR | 7274 | (35237) |
|  Currency Option EUR vs TRY | Call | JPM | 11/27/25 | 52.00 |  | EUR | 12729 | (84500) |
|  Currency Option USD vs BRL | Call | MSI | 11/25/25 | 5.50 |  |  | 4249 | (23416) |
|  Currency Option USD vs CNH | Call | CITI | 12/05/25 | 7.22 |  |  | 34141 | (5780) |
|  Currency Option USD vs COP | Call | MSI | 11/13/25 | 3950.00 |  |  | 4252 | (11825) |
|  Currency Option USD vs KRW | Call | MSI | 11/12/25 | 1400.00 |  |  | 1708 | (35396) |
|  Currency Option USD vs KRW | Call | JPM | 12/22/25 | 1385.00 |  |  | 11069 | (347851) |
|  Currency Option USD vs TRY | Call | JPM | 11/11/25 | 44.00 |  |  | 4274 | (7506) |
|  Currency Option USD vs TRY | Call | CITI | 11/13/25 | 44.50 |  |  | 8504 | (14960) |
|  Currency Option USD vs TRY | Call | JPM | 11/27/25 | 43.00 |  |  | 4274 | (36285) |
|  Currency Option USD vs TWD | Call | MSI | 11/13/25 | 30.30 |  |  | 4252 | (71847) |
|  Currency Option USD vs TWD | Call | JPM | 11/20/25 | 30.25 |  |  | 4255 | (80309) |
|  Currency Option USD vs ZAR | Call | MSI | 11/13/25 | 17.60 |  |  | 4252 | (10129) |
|  Currency Option EUR vs USD | Put | CITI | 11/04/25 | 1.18 |  | EUR | 3641 | (81461) |
|  Currency Option USD vs CLP | Put | CITI | 11/13/25 | 940.00 |  |  | 4257 | (28156) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 13730 | (12284) |
|  Currency Option USD vs JPY | Put | CITI | 11/13/25 | 150.90 |  |  | 8540 | (7374) |
|  Currency Option USD vs JPY | Put | MSI | 11/20/25 | 150.90 |  |  | 4257 | (7731) |
|  Currency Option USD vs JPY | Put | CITI | 12/02/25 | 154.00 |  |  | 8510 | (88502) |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 29.25 |  |  | 8817 | (425) |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 29.50 |  |  | 4245 | (1192) |
|  Currency Option USD vs TWD | Put | CITI | 11/19/25 | 30.30 |  |  | 6392 | (9589) |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 29.50 |  |  | 2126 | (709) |
|  Currency Option USD vs ZAR | Put | MSI | 11/13/25 | 17.40 |  |  | 2266 | (18569) |
|  **Total OTC Traded** (premiums received $1,850,621) |  |  |  |  |  |  |  | $(1120968) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | JPM | 01/21/26 | 0.50% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 420000 | $(315645) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | GSI | 11/19/25 | 0.65% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 346580 | (50529) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | RBC | 11/19/25 | 0.73% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 33715 | (3203) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 11/19/25 | 0.68% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 77010 | (12775) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | JPM | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 420000 | (310630) |
|  **Total OTC Swaptions** (premiums received $933,802) | **Total OTC Swaptions** (premiums received $933,802) | **Total OTC Swaptions** (premiums received $933,802) | **Total OTC Swaptions** (premiums received $933,802) |  |  |  |  | $(692782) |
|  **Total Options Written** (premiums received $2,784,820) | **Total Options Written** (premiums received $2,784,820) | **Total Options Written** (premiums received $2,784,820) | **Total Options Written** (premiums received $2,784,820) |  |  |  |  | $(1814269) |

---

#### Futures contracts outstanding at October 31, 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:** |  |  |  |
| 4243 | 3 Month CME SOFR | Dec. 2025 | $1017259250 | $(232477) |
| 358 | 20 Year U.S. Treasury Bonds | Dec. 2025 | 41997875 | 503306 |
| 191 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2025 | 23164719 | (334947) |
|  |  |  |  | (64118) |
| **Short Positions:** | **Short Positions:** |  |  |  |
| 268 | 30 Day Federal Funds | Jan. 2026 | 107526851 | 117960 |

---

See Notes to Financial Statements.

------

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

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

#### Futures contracts outstanding at October 31, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Short Positions (cont'd):** | **Short Positions (cont'd):** |  |  |  |
| 406 | 3 Month CME SOFR | Mar. 2026 | $97668375 | $(76868) |
| 406 | 3 Month CME SOFR | Jun. 2026 | 97851075 | (36268) |
| 3181 | 2 Year U.S. Treasury Notes | Dec. 2025 | 662418400 | 117003 |
| 223 | 5 Year Euro-Bobl | Dec. 2025 | 30397663 | (62779) |
| 3403 | 5 Year U.S. Treasury Notes | Dec. 2025 | 371644829 | 410281 |
| 106 | 10 Year Euro-Bund | Dec. 2025 | 15808987 | (154070) |
| 283 | 10 Year U.S. Treasury Notes | Dec. 2025 | 31886142 | 129624 |
| 309 | 10 Year U.S. Ultra Treasury Notes | Dec. 2025 | 35684673 | 114998 |
| 193 | Euro Schatz Index | Dec. 2025 | 23821172 | 17621 |
| 420 | CBOE iBoxx iShares Investment Grade Corporate Bond Index | Dec. 2025 | 61359900 | (810178) |
|  |  |  |  | (232676) |
|  |  |  |  | $(296794) |

---

#### Forward foreign currency exchange contracts outstanding at October 31, 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:** |  |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 126647 | $23646633 | $23509522 | $— | $(137111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | MSI | BRL | 16442 | 3035000 | 3052107 | 17107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/02/25 | GSI | BRL | 130935 | 24341501 | 24141042 |  | (200459) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNP | CLP | 5612297 | 5878000 | 5955223 | 77223 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CA | CLP | 4320173 | 4453465 | 4584147 | 130682 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CLP | 2428160 | 2594000 | 2576528 |  | (17472) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 42403 | 5973000 | 5972032 |  | (968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CNH | 58811 | 8304000 | 8282960 |  | (21040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | CNH | 43694 | 6157000 | 6153947 |  | (3053) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 52235 | 7355000 | 7356854 | 1854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 43485 | 6130000 | 6124466 |  | (5534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 22489 | 3172000 | 3167305 |  | (4695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | CNH | 78289 | 11025000 | 11026308 | 1308 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | CNH | 38994 | 5494000 | 5491980 |  | (2020) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | COP | 12703633 | 3228000 | 3274284 | 46284 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | COP | 12928653 | 3321000 | 3332282 | 11282 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 88348 | 4248000 | 4193101 |  | (54899) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | CITI | EUR | 11985 | 13966000 | 13818552 |  | (147448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 1817 | 2134000 | 2103475 |  | (30525) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 586325 | 6577500 | 6587515 | 10015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 220288 | 2497000 | 2474992 |  | (22008) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | INR | 204926 | 2299050 | 2302395 | 3345 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | INR | 476631 | 5341000 | 5355073 | 14073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | INR | 252981 | 2852000 | 2842308 |  | (9692) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 440600 | 4945000 | 4950251 | 5251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 233633 | 2622000 | 2624932 | 2932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 5197100 | 58633193 | 58390780 |  | (242413) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 514497 | 5776000 | 5780511 | 4511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 491312 | 5512000 | 5520021 | 8021 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 77506518 | 4660000 | 4656368 |  | (3632) |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 33

------

Schedule of Investments (continued)

as of October 31, 2025

#### Forward foreign currency exchange contracts outstanding at October 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Value at<br>Settlement 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.):** |  |  |  |
|  Indonesian Rupiah (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 141898126 | $8546000 | $8524830 | $— | $(21170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 98457170 | 5998000 | 5915022 |  | (82978) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 86902587 | 5203000 | 5220856 | 17856 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 81516911 | 4899000 | 4897301 |  | (1699) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 81197784 | 4944000 | 4878128 |  | (65872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 72258752 | 4384500 | 4341097 |  | (43403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 66272936 | 4000000 | 3981487 |  | (18513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 57620869 | 3464000 | 3461695 |  | (2305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 53598475 | 3260000 | 3220042 |  | (39958) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 50035258 | 2990000 | 3005974 | 15974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | IDR | 71097671 | 4270999 | 4271342 | 343 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 1441142 | 9574371 | 9429289 |  | (145082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | JPY | 617700 | 4104845 | 4041567 |  | (63278) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | TWD | 207293 | 6924782 | 6742793 |  | (181989) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 33573 | 9531251 | 9958208 | 426957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 16786 | 4772943 | 4979105 | 206162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 14462 | 4270000 | 4289526 | 19526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 13423 | 3810000 | 3981598 | 171598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 11967 | 3546000 | 3549579 | 3579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 11607 | 3417000 | 3442767 | 25767 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 10279 | 3050000 | 3048844 |  | (1156) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 9610 | 2827000 | 2850364 | 23364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 8236 | 2436500 | 2443003 | 6503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 6684 | 1978800 | 1982687 | 3887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 5274 | 1553800 | 1564457 | 10657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 4362 | 1276896 | 1293797 | 16901 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 4332 | 1276679 | 1285056 | 8377 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 15032 | 4417000 | 4458823 | 41823 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 13473 | 3833000 | 3996424 | 163424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 16786 | 4763056 | 4979104 | 216048 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 1809764 | 31478809 | 30809483 |  | (669326) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 134942 | 2357000 | 2297254 |  | (59746) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | PHP | 100434 | 1715947 | 1709798 |  | (6149) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 5066 | 3906000 | 3906343 | 343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 4431 | 3462000 | 3416578 |  | (45422) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 4279 | 3341000 | 3299641 |  | (41359) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 64148 | 3648070 | 3687880 | 39810 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | THB | 85103 | 2636000 | 2641996 | 5996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 119868 | 3687000 | 3721255 | 34255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 82887 | 2534000 | 2573198 | 39198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 72370 | 2217000 | 2246683 | 29683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 108792 | 3343000 | 3377391 | 34391 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 103015 | 3208000 | 3198068 |  | (9932) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 69725 | 2151000 | 2164574 | 13574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | THB | 153622 | 4729000 | 4769119 | 40119 |  |
|  |  |  |  | $449907590 | $449455287 | 1950003 | (2402306) |

---

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 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 11/04/25 | GSI | BRL | 130935 | $24503671 | $24305643 | $198028 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 12153 | 2268000 | 2255986 | 12014 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 49743 | 66122615 | 65348214 | 774401 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CLP | 2485188 | 2584000 | 2637040 |  | (53040) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 2559529 | 2670000 | 2715923 |  | (45923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 2072408 | 2154000 | 2199038 |  | (45038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CLP | 5287369 | 5571000 | 5610442 |  | (39442) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 30208 | 4269000 | 4254463 | 14537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CNH | 338650 | 47775185 | 47695718 | 79467 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 6326717 | 1618500 | 1630673 |  | (12173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 6277333 | 1607100 | 1617944 |  | (10844) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | COP | 9016855 | 2254214 | 2324040 |  | (69826) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | COP | 7955207 | 1983199 | 2050406 |  | (67207) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | COP | 6381633 | 1639250 | 1644827 |  | (5577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | COP | 9016855 | 2269876 | 2324040 |  | (54164) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 343244 | 16482151 | 16290812 | 191339 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | BOA | EUR | 3300 | 3826684 | 3804792 | 21892 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | CITI | EUR | 8742 | 10139317 | 10080085 | 59232 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 124124 | 144272601 | 143733000 | 539601 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 93559 | 109642213 | 108338543 | 1303670 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 93559 | 109333003 | 108338544 | 994459 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 1247913 | 14151000 | 14020631 | 130369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 387658 | 4375000 | 4355437 | 19563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 273299 | 3101000 | 3070585 | 30415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 771769 | 8732000 | 8671029 | 60971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 339467 | 3846000 | 3814003 | 31997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 421648 | 4766000 | 4737326 | 28674 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 41766651 | 2510000 | 2509220 | 780 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 41398566 | 2489000 | 2487106 | 1894 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 39638412 | 2388000 | 2381361 | 6639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 20941845 | 1258600 | 1258126 | 474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 17952742 | 1078800 | 1078549 | 251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | IDR | 95192935 | 5759181 | 5718916 | 40265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | IDR | 41819955 | 2517000 | 2512422 | 4578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | IDR | 62337481 | 3775000 | 3745056 | 29944 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | DB | MXN | 70940 | 3766945 | 3799432 |  | (32487) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 17875 | 5106000 | 5302134 |  | (196134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 12464 | 3567000 | 3696949 |  | (129949) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 12343 | 3528000 | 3661133 |  | (133133) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 12141 | 3463000 | 3601281 |  | (138281) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 10665 | 3043000 | 3163395 |  | (120395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 9650 | 2764000 | 2862473 |  | (98473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 12322 | 3526000 | 3654759 |  | (128759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 12604 | 3584000 | 3738445 |  | (154445) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 231251 | 3965000 | 3936820 | 28180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 227503 | 3897000 | 3873018 | 23982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 192303 | 3287000 | 3273767 | 13233 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 186606 | 3178000 | 3176784 | 1216 |  |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 35

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  Philippine Peso (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 158317 | $2696000 | $2695198 | $802 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 79672 | 1344630 | 1356339 |  | (11709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 279510 | 4755000 | 4758385 |  | (3385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 239242 | 4106000 | 4072868 | 33132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 190590 | 3267000 | 3244615 | 22385 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 108455 | 1860296 | 1846346 | 13950 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 67871 | 1151800 | 1155438 |  | (3638) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 24819 | 6803000 | 6715009 | 87991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 12172 | 3319500 | 3293090 | 26410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 18212 | 4965829 | 4927416 | 38413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 7907 | 2164647 | 2139173 | 25474 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 7503 | 2062353 | 2030093 | 32260 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 3239 | 2512000 | 2497510 | 14490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 3207 | 2511000 | 2472992 | 38008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 5597 | 4400000 | 4315758 | 84242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 4301 | 3327000 | 3316018 | 10982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 79986 | 62618617 | 61673209 | 945408 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | SGD | 6791 | 5270000 | 5235924 | 34076 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | SGD | 3980 | 3075000 | 3068430 | 6570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 3677 | 2881000 | 2835393 | 45607 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | KRW | 8099958 | 5679000 | 5679407 |  | (407) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | KRW | 5518520 | 3883000 | 3869393 | 13607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | KRW | 8563817 | 5985000 | 6004649 |  | (19649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | KRW | 6915689 | 4881000 | 4849039 | 31961 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 88326 | 2789000 | 2742052 | 46948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 79914 | 2533000 | 2480886 | 52114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 407468 | 12686013 | 12649692 | 36321 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 103281 | 3202001 | 3206303 |  | (4302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 407468 | 12933041 | 12649691 | 283350 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 148022 | 4587000 | 4595298 |  | (8298) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 84174 | 2593000 | 2613147 |  | (20147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 82282 | 2549001 | 2554404 |  | (5403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 67431 | 2140000 | 2093381 | 46619 |  |
|  |  |  |  | $861937833 | $856936876 | 6613185 | (1612228) |
|  |  |  |  |  |  | $8563188 | $(4014534) |

---

#### Credit default swap agreements outstanding at October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference 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 | 12/20/30 | 1.000%(Q) | 2000 | $195680 | $1602 | $194078 | BOA |
|  Dominican Republic | 12/20/30 | 1.000%(Q) | 2000 | 44151 | 1602 | 42549 | BOA |
|  Emirate of Abu Dhabi | 12/20/30 | 1.000%(Q) | 2000 | (70100) | 1602 | (71702) | BOA |
|  Federal Republic of Nigeria | 12/20/30 | 1.000%(Q) | 2000 | 241237 | 1602 | 239635 | BOA |
|  Federation of Malaysia | 12/20/30 | 1.000%(Q) | 2000 | (59657) | 1602 | (61259) | BOA |
|  Federative Republic of Brazil | 12/20/30 | 1.000%(Q) | 9000 | 148873 | 7208 | 141665 | BOA |
|  Kingdom of Bahrain | 12/20/30 | 1.000%(Q) | 2000 | 56375 | 1602 | 54773 | BOA |
|  Kingdom of Morocco | 12/20/30 | 1.000%(Q) | 2000 | (23522) | 1602 | (25124) | BOA |
|  Kingdom of Saudi Arabia | 12/20/30 | 1.000%(Q) | 9000 | (171494) | 7208 | (178702) | BOA |

---

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 October 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference 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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  People's Republic of China | 12/20/30 | 1.000%(Q) | 9000 | $(264424) | $7208 | $(271632) | BOA |
|  Republic of Argentina | 12/20/30 | 1.000%(Q) | 2000 | 506285 | 1602 | 504683 | BOA |
|  Republic of Chile | 12/20/30 | 1.000%(Q) | 4000 | (93696) | 3203 | (96899) | BOA |
|  Republic of Colombia | 12/20/30 | 1.000%(Q) | 6000 | 239404 | 4805 | 234599 | BOA |
|  Republic of Indonesia | 12/20/30 | 1.000%(Q) | 7000 | (93198) | 5606 | (98804) | BOA |
|  Republic of Ivory Coast | 12/20/30 | 1.000%(Q) | 2000 | 146395 | 1602 | 144793 | BOA |
|  Republic of Panama | 12/20/30 | 1.000%(Q) | 3000 | 36680 | 2403 | 34277 | BOA |
|  Republic of Philippines | 12/20/30 | 1.000%(Q) | 3000 | (63841) | 2403 | (66244) | BOA |
|  Republic of South Africa | 12/20/30 | 1.000%(Q) | 9000 | 200729 | 7208 | 193521 | BOA |
|  Republic of South Africa | 12/20/30 | 1.000%(Q) | 3000 | (52504) | 2403 | (54907) | BOA |
|  Republic of Turkey | 12/20/30 | 1.000%(Q) | 9000 | 565332 | 7208 | 558124 | BOA |
|  Sultanate of Oman | 12/20/30 | 1.000%(Q) | 2000 | (30618) | 1602 | (32220) | BOA |
|  United Mexican States | 12/20/30 | 1.000%(Q) | 9000 | (44239) | 7208 | (51447) | BOA |
|  |  |  |  | $1413848 | $80091 | $1333757 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums 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.44.V1 | 12/20/30 | 1.000%(Q) | 100000 | 1.356% | $(1507488) | $(90027) | $(1417461) | BOA |

---

\*\* 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 Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums 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)^:** | **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) | 13570 | \* | $19385 | $(3777) | $23162 | GSI |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront Premiums<br>Paid (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 | $(290166) | $(224502) | $(65664) | GSI |
|  Antero Resources Corp. | 06/20/29 | 5.000%(Q) | 1950 | (306309) | (247839) | (58470) | GSI |
|  Bombardier, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (279567) | (161226) | (118341) | GSI |
|  Caesars Entertainment, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (184785) | (180255) | (4530) | GSI |
|  Chesapeake Energy Corp. | 06/20/29 | 5.000%(Q) | 1950 | (303049) | (268117) | (34932) | GSI |
|  Cleveland-Cliffs, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (229831) | (186918) | (42913) | GSI |
|  EQM Midstream Partners LP | 06/20/29 | 5.000%(Q) | 1950 | (298474) | (257199) | (41275) | GSI |
|  Frontier Communications Holdings LLC | 06/20/29 | 5.000%(Q) | 1950 | (327672) | (60168) | (267504) | GSI |
|  Genworth Holdings, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (280105) | (233624) | (46481) | GSI |
|  GFL Environmental, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (309841) | (236449) | (73392) | GSI |
|  Hilton Domestic Operating Co., Inc. | 06/20/29 | 5.000%(Q) | 1950 | (300726) | (250709) | (50017) | GSI |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 37

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront Premiums<br>Paid (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.):** |
|  HUB International Ltd. | 06/20/29 | 5.000%(Q) | 1950 | $(296242) | $(202439) | $(93803) | GSI |
|  Israel Electric Corp. Ltd. | 09/20/28 | 1.000%(Q) | 3000 | (36764) | 42001 | (78765) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) | 15000 | (221240) | (84577) | (136663) | GSI |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) | 10000 | (147493) |  | (147493) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) | 5000 | (73746) | (28192) | (45554) | GSI |
|  Louisiana-Pacific Corp. | 06/20/29 | 5.000%(Q) | 1950 | (308313) | (262278) | (46035) | GSI |
|  Medline Borrower LP | 06/20/29 | 5.000%(Q) | 1950 | (312327) | (212024) | (100303) | GSI |
|  Murphy Oil Corp. | 06/20/29 | 1.000%(Q) | 1950 | 23431 | 6117 | 17314 | GSI |
|  Organon & Co. | 06/20/29 | 5.000%(Q) | 1950 | 46163 | (180255) | 226418 | GSI |
|  PG&E Corp. | 06/20/29 | 5.000%(Q) | 1950 | (242009) | (218241) | (23768) | GSI |
|  Post Holdings, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (277116) | (226599) | (50517) | GSI |
|  Republic of France | 12/20/30 | 0.250%(Q) | 3015 | (12301) | (9253) | (3048) | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) | 4525 | (147027) | (175466) | 28439 | BARC |
|  Republic of Panama | 06/20/28 | 1.000%(Q) | 5440 | (40951) | (27261) | (13690) | DB |
|  Republic of Romania | 12/20/29 | 1.000%(Q) | EUR 4,500 | 46591 | 143651 | (97060) | BARC |
|  Republic of South Africa | 06/20/26 | 1.000%(Q) | 20000 | (123947) | 38075 | (162022) | GSI |
|  Safeway, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (311478) | (268117) | (43361) | GSI |
|  Standard Building Solutions, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (309922) | (250709) | (59213) | GSI |
|  Tenet Healthcare Corp. | 06/20/29 | 5.000%(Q) | 1950 | (294814) | (229402) | (65412) | GSI |
|  Uber Technologies, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (323798) | (255753) | (68045) | GSI |
|  United Rentals North America, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (309157) | (249273) | (59884) | GSI |
|  Venture Global LNG, Inc. | 06/20/29 | 5.000%(Q) | 1950 | (196330) | (175623) | (20707) | GSI |
|  Weatherford International Ltd. | 06/20/29 | 5.000%(Q) | 1950 | (272219) | (244264) | (27955) | GSI |
|  |  |  |  | $(7251534) | $(5376888) | $(1874646) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums 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):** |
|  Alphabet, Inc. | 06/20/30 | 1.000 %(Q) | 3760 | 0.297% | $117715 | $96084 | $21631 | GSI |
|  Bank of America Corp. | 12/20/25 | 1.000 %(Q) | 9885 | 0.228% | 21466 | 11105 | 10361 | CITI |
|  Bank of America Corp. | 12/20/25 | 1.000 %(Q) | 3030 | 0.228% | 6580 | 2925 | 3655 | GSI |
|  Bank of Montreal^ | 11/20/29 | 1.250 %(Q) | 835 | \* | 4354 |  | 4354 | GSI |
|  Barclays Bank PLC | 06/20/26 | 1.000 %(Q) | EUR 1,500 | 0.248% | 10211 | 7584 | 2627 | GSI |
|  Canadian Imperial Bank of Commerce^ | 06/20/28 | 1.100 %(Q) | 665 | \* | 3876 |  | 3876 | GSI |
|  Citigroup, Inc. | 12/20/25 | 1.000 %(Q) | 3030 | 0.248% | 6497 | 2966 | 3531 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000 %(Q) | 8205 | 0.300% | 73510 | 64266 | 9244 | GSI |
|  Commerzbank AG | 12/20/25 | 1.000 %(Q) | EUR 3,190 | 0.134% | 8484 | 4541 | 3943 | BARC |
|  Commerzbank AG | 12/20/25 | 1.000 %(Q) | EUR 1,980 | 0.134% | 5266 | 2769 | 2497 | BARC |
|  Federative Republic of Brazil | 06/20/26 | 1.000 %(Q) | 1615 | 0.430% | 7614 | 6089 | 1525 | BARC |
|  General Motors Co. | 06/20/26 | 5.000 %(Q) | 2230 | 0.231% | 80273 | 55049 | 25224 | GSI |
|  Halliburton Co. | 12/20/26 | 1.000 %(Q) | 910 | 0.215% | 9068 | 1979 | 7089 | GSI |
|  Hellenic Republic | 06/20/27 | 1.000 %(Q) | 750 | 0.137% | 11196 | 8550 | 2646 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000 %(Q) | 565 | 0.162% | 10443 | 7629 | 2814 | BARC |
|  Kingdom of Norway | 12/20/25 | — %(Q) | 10000 | 0.032% | (442) | (664) | 222 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000 %(Q) | 805 | 0.173% | 3450 | 2366 | 1084 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000 %(Q) | 805 | 0.193% | 5005 | 3760 | 1245 | CITI |
|  Lincoln National Corp. | 12/20/29 | 1.000 %(Q) | 5300 | 0.922% | 21622 | (87206) | 108828 | BARC |
|  Morgan Stanley | 12/20/25 | 1.000 %(Q) | 3030 | 0.221% | 6610 | 2925 | 3685 | GSI |
|  Pacific Life | 08/20/35 | 2.500 %(Q) | 1000 | 2.794% | (19554) | (4) | (19550) | GSI |
|  Petroleos Mexicanos | 12/24/25 | 3.750 %(Q) | 808 | 1.156% | 3783 |  | 3783 | GSI |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<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)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100 %(Q) | 5800 | \* | $58230 | $— | $58230 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750 %(Q) | 3464 | \* | 74846 |  | 74846 | GSI |
|  Republic of Argentina | 06/20/26 | 5.000 %(Q) | 9000 | 5.202% | 38705 | (77955) | 116660 | MSI |
|  Republic of Argentina | 06/20/26 | 5.000 %(Q) | 2015 | 5.202% | 8665 | (19810) | 28475 | MSI |
|  Republic of Argentina | 12/20/26 | 5.000 %(Q) | 3000 | \* | (5352) | (35333) | 29981 | MSI |
|  Republic of France | 06/20/26 | 5.000 %(Q) | EUR 690 | 1.981% | 19594 | 12658 | 6936 | GSI |
|  Republic of France | 06/20/27 | 0.250 %(Q) | 1625 | 0.130% | 3569 | 3248 | 321 | BARC |
|  Republic of France | 12/20/30 | 0.250 %(Q) | 3015 | 0.359% | (14610) | (19055) | 4445 | BARC |
|  Republic of France | 06/20/35 | 0.250 %(Q) | 1195 | 0.670% | (39721) | (40662) | 941 | BARC |
|  Republic of France | 06/20/35 | 0.250 %(Q) | 770 | 0.670% | (25594) | (27082) | 1488 | BARC |
|  Republic of Greece | 12/20/26 | 1.000 %(Q) | 3463 | 0.090% | 39233 | 35745 | 3488 | BARC |
|  Republic of Italy | 12/20/30 | 1.000 %(Q) | 4525 | 0.335% | 147027 | 131486 | 15541 | BARC |
|  Republic of Panama^ | 06/20/28 | 1.000 %(Q) | 5440 | \* | (18384) | (40527) | 22143 | DB |
|  Republic of Romania | 12/20/26 | 1.000 %(Q) | 328 | 0.597% | 1843 | 1834 | 9 | BOA |
|  Republic of Serbia | 06/20/29 | 1.000 %(Q) | 520 | 1.243% | (3690) | (7728) | 4038 | BARC |
|  Simon Property Group LP | 06/20/26 | 1.000 %(Q) | 1980 | 0.124% | 13281 | 2911 | 10370 | GSI |
|  Slovak Republic | 12/20/27 | 1.000 %(Q) | 1170 | 0.160% | 21679 | 20174 | 1505 | BARC |
|  SoftBank Group Corp. | 06/20/26 | 1.000 %(Q) | 2915 | 0.972% | 3754 | (9125) | 12879 | GSI |
|  State of Qatar | 12/20/26 | 1.000 %(Q) | 1665 | 0.074% | 19161 | 16465 | 2696 | BARC |
|  U.S. Treasury Notes | 12/20/25 | 0.250 %(Q) | EUR 5,995 | 0.061% | 3726 | 1332 | 2394 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250 %(Q) | EUR 5,935 | 0.139% | 6757 | 5794 | 963 | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000 %(Q) | 1790 | 0.134% | 11803 | 8190 | 3613 | GSI |
|  Verizon Communications, Inc. | 06/20/26 | 1.000 %(Q) | 680 | 0.207% | 4205 | 1806 | 2399 | GSI |
|  |  |  |  |  | $765754 | $157079 | $608675 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation** | **Termination Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>October 31,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>October 31,<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.IG.45.V1 | 12/20/30 | 1.000 %(Q) | 189280 | 0.526% | $4233554 | $4381490 | $147936 |

---

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 39

------

Schedule of Investments (continued)

as of October 31, 2025

spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. <br>

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

#### Currency swap agreement outstanding at October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount<br> (000)#** | **Fund<br>Receives** | **Notional<br>Amount<br>(000)#** | **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:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | 3.100 %(A) | EUR 4,500 | 1 Day<br> SOFR(A)/<br> 4.220% | JPM | 09/27/29 | $(422944) | $— | $(422944) |

---

#### Interest rate swap agreements outstanding at October 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br> Amount<br> (000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating Rate** | **Value at<br>Trade Date** | **Value at<br>October 31,<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:** |  |  |
| GBP 2,090 | 05/08/26 | 1.000 %(A) | 1 Day SONIA(1)(A)/ 3.969% | $(28953) | $80615 | $109568 |
| GBP 15,780 | 05/08/27 | 1.050 %(A) | 1 Day SONIA(1)(A)/ 3.969% | 1652770 | 1076394 | (576376) |
| GBP 15,090 | 05/08/30 | 3.950 %(A) | 1 Day SONIA(1)(A)/ 3.969% | (212222) | (272916) | (60694) |
| GBP 1,340 | 05/08/31 | 1.150 %(A) | 1 Day SONIA(1)(A)/ 3.969% | (30882) | 239979 | 270861 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 45000 | 05/13/26 | 4.735 %(A) | 1 Day SOFR(1)(A)/ 4.220% |  | (286146) | (286146) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 12090 | 09/25/26 | 4.699 %(A) | 1 Day SOFR(1)(A)/ 4.220% | 2236 | (114835) | (117071) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 16000 | 05/11/27 | 0.700 %(A) | 1 Day SOFR(1)(A)/ 4.220% | 1776548 | 938928 | (837620) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 10000 | 12/15/27 | 3.709 %(A) | 1 Day SOFR(1)(A)/ 4.220% |  | (2801) | (2801) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 91780 | 01/28/29 | 4.110 %(A) | 1 Day SOFR(1)(A)/ 4.220% |  | (1915672) | (1915672) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 41330 | 12/20/44 | 3.995 %(A) | 1 Day SOFR(2)(A)/ 4.220% |  | (37057) | (37057) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 7820 | 12/16/49 | 3.805 %(A) | 1 Day SOFR(2)(A)/ 4.220% | (54547) | (269540) | (214993) |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 24771 | 11/15/52 | 3.927 %(A) | 1 Day SOFR(1)(A)/ 4.220% |  | 279197 | 279197 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 3375 | 05/11/54 | 1.350 %(A) | 1 Day SOFR(1)(A)/ 4.220% | 1540576 | 1562331 | 21755 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 42715 | 12/14/54 | 3.136 %(A) | 1 Day SOFR(1)(A)/ 4.220% | 624695 | 1248538 | 623843 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 6930 | 12/16/54 | 3.719 %(A) | 1 Day SOFR(1)(A)/ 4.220% | 53717 | 333261 | 279544 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 31500 | 12/20/54 | 3.825 %(A) | 1 Day SOFR(1)(A)/ 4.220% |  | 897603 | 897603 |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> 13780 | 01/15/55 | 4.130 %(A) | 1 Day SOFR(1)(A)/ 4.220% | (252471) | (376688) | (124217) |
|  |  |  |  | $5071467 | $3381191 | $(1690276) |

---

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

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

#### Total return swap agreements outstanding at October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing<br>Rate** | **Counterparty** | **Termination<br>Date** | **Long (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:** |  |  |  |  |  |  |  |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/<br>4.220% | JPM | 03/20/26 | (95070) | $(253955) | $— | $(253955) |
|  Total Return Benchmark Bond Index(T)†† | 1 Day SOFR -54bps(T)/<br>3.680% | JPM | 03/17/26 | (54377) | 859603 |  | 859603 |
|  Total Return Benchmark Bond Index(T)††† | 1 Day USOIS -30bps(T)/<br>3.560% | GSI | 04/20/26 | (194196) | 3047513 |  | 3047513 |
|  |  |  |  |  | $3653161 | $— | $3653161 |

---

(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.

††† See the table below for the complete listing of swap constituents.

See Notes to Financial Statements.

------

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

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

The following table represents the individual positions and related values of underlying securities of Total Return Benchmark Bond Index total return swap with GSI, as of October 31, 2025, termination date 04/20/2026:

#### Corporate Bond:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br>Value** | **% of Total<br>Index Value** |
|  J M Smucker Co. (The) | 12160000 | $13849014 | 1.63% |
|  QUALCOMM, Inc. | 12160000 | 13356721 | 1.57% |
|  Siemens Funding BV | 12160000 | 13277994 | 1.57% |
|  Brown & Brown, Inc. | 12160000 | 13058343 | 1.54% |
|  Barclays PLC | 12160000 | 13016464 | 1.53% |
|  Caterpillar, Inc. | 12160000 | 12800980 | 1.51% |
|  Travelers Cos., Inc. (The) | 12160000 | 12798753 | 1.51% |
|  AT&T, Inc. | 12160000 | 12794826 | 1.51% |
|  BHP Billiton Finance USA Ltd. | 12160000 | 12791205 | 1.51% |
|  Union Pacific Corp. | 12160000 | 12777094 | 1.51% |
|  Burlington Northern Santa Fe LLC | 12160000 | 12721908 | 1.50% |
|  Targa Resources Corp. | 12160000 | 12716041 | 1.50% |
|  Cigna Group (The) | 12160000 | 12690807 | 1.50% |
|  T-Mobile USA, Inc. | 12160000 | 12681846 | 1.50% |
|  Rio Tinto Finance USA PLC | 12160000 | 12655523 | 1.49% |
|  NextEra Energy Capital Holdings, Inc. | 12160000 | 12652383 | 1.49% |
|  Merck & Co., Inc. | 12160000 | 12638683 | 1.49% |
|  Morgan Stanley | 12160000 | 12597231 | 1.49% |
|  Eli Lilly & Co. | 12160000 | 12590126 | 1.48% |
|  Humana, Inc. | 12160000 | 12581831 | 1.48% |
|  Gilead Sciences, Inc. | 12160000 | 12561133 | 1.48% |
|  American Water Capital Corp. | 12160000 | 12531343 | 1.48% |
|  JBS USA Lux SA Food Lux | 12160000 | 12483829 | 1.47% |
|  Kinder Morgan, Inc. | 12160000 | 12471964 | 1.47% |
|  Citigroup, Inc. | 12160000 | 12454938 | 1.47% |
|  Takeda Pharmaceutical Co. Ltd. | 12160000 | 12444661 | 1.47% |
|  Constellation Energy Generation LLC | 12160000 | 12417365 | 1.46% |
|  Alphabet, Inc. | 12160000 | 12364315 | 1.46% |
|  HCA, Inc. | 12160000 | 12318073 | 1.45% |
|  UnitedHealth Group, Inc. | 12160000 | 12312415 | 1.45% |
|  Virginia Electric and Power Co. | 12160000 | 12289391 | 1.45% |
|  Amgen, Inc. | 12160000 | 12246066 | 1.44% |
|  AEP Texas, Inc. | 12160000 | 12239579 | 1.44% |
|  Duke Energy Corp. | 12160000 | 12226571 | 1.44% |
|  Bristol-Myers Squibb Co. | 12160000 | 12211904 | 1.44% |
|  Enterprise Products Operating LLC | 12160000 | 12188159 | 1.44% |
|  AbbVie, Inc. | 12160000 | 12155117 | 1.43% |
|  Elevance Health, Inc. | 12160000 | 12153206 | 1.43% |
|  Vodafone Group PLC | 12160000 | 12149059 | 1.43% |
|  Energy Transfer LP | 12160000 | 12147687 | 1.43% |
|  Coca-Cola Co. (The) | 12160000 | 12129213 | 1.43% |
|  Energy Transfer LP | 12160000 | 12064529 | 1.42% |
|  Enel Finance International NV | 12160000 | 12062688 | 1.42% |
|  ConocoPhillips Co. | 12160000 | 12061174 | 1.42% |
|  Home Depot, Inc. (The) | 12160000 | 12057875 | 1.42% |
|  TotalEnergies Capital SA | 12160000 | 12041879 | 1.42% |
|  Lowe's Cos., Inc. | 12160000 | 12022448 | 1.42% |
|  Waste Management, Inc. | 12160000 | 12018891 | 1.42% |
|  Pfizer Investment Enterprises Pte Ltd. | 12160000 | 12013019 | 1.42% |
|  Cisco Systems, Inc. | 12160000 | 12005166 | 1.42% |
|  Arthur J Gallagher & Co. | 12160000 | 11982016 | 1.41% |
|  Kroger Co. (The) | 12160000 | 11908819 | 1.40% |
|  Intel Corp. | 12160000 | 11842199 | 1.40% |
|  Uber Technologies, Inc. | 12160000 | 11835685 | 1.40% |
|  Meta Platforms, Inc. | 12160000 | 11832846 | 1.40% |
|  Texas Instruments, Inc. | 12160000 | 11791694 | 1.39% |
|  Intel Corp. | 12160000 | 11768341 | 1.39% |
|  Honeywell International, Inc. | 12160000 | 11736585 | 1.38% |
|  Diamondback Energy, Inc. | 12160000 | 11723569 | 1.38% |
|  Oracle Corp. | 12160000 | 11597166 | 1.37% |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 41

------

Schedule of Investments (continued)

as of October 31, 2025

#### Corporate Bond (continued):

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br>Value** | **% of Total<br>Index Value** |
|  Hewlett Packard Enterprise Co. | 12160000 | $11499499 | 1.36% |
|  Kenvue, Inc. | 12160000 | 11168250 | 1.32% |
|  Walmart, Inc. | 12160000 | 10917692 | 1.29% |
|  Berkshire Hathaway Energy Co. | 12160000 | 10803977 | 1.27% |
|  Wells Fargo & Co. | 12160000 | 10670747 | 1.26% |
|  Amazon.com, Inc. | 12160000 | 9810722 | 1.16% |
|  Lowe's Cos., Inc. | 12160000 | 9759514 | 1.15% |
|  T-Mobile USA, Inc. | 12160000 | 8306104 | 0.98% |
|  Microsoft Corp. | 12160000 | 8224285 | 0.97% |
|  Nucor Corp. | 12160000 | 7766074 | 0.92% |
|  Comcast Corp. | 12160000 | 7240923 | 0.85% |
|  |  | $848078137 |  |

---

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 October 31, 2025, termination date 03/17/2026:

#### Corporate Bond:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br>Value** | **% of Total<br>Index Value** |
|  Sysco Corp. | 4000000 | $4455069 | 1.51% |
|  Morgan Stanley | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4094414 | 1.39% |
|  Dell International LLC/EMC Corp. | 4000000 | 4052133 | 1.38% |
|  Walgreens Boots Alliance, Inc. | 4000000 | 4007289 | 1.36% |
|  Northrop Grumman Corp. | 4000000 | 3967305 | 1.35% |
|  Fox Corp. | 4000000 | 3943483 | 1.34% |
|  United Parcel Service, Inc. | 4000000 | 3927354 | 1.33% |
|  TransCanada PipeLines Ltd. | 4000000 | 3783658 | 1.28% |
|  FedEx Corp. | 4000000 | 3760055 | 1.28% |
|  Telefonica Emisiones, S.A.U. | 4000000 | 3754993 | 1.27% |
|  Conagra Brands, Inc. | 4000000 | 3753085 | 1.27% |
|  Wells Fargo & Co. | 4000000 | 3743926 | 1.27% |
|  HCA, Inc. | 4000000 | 3742419 | 1.27% |
|  Keurig Dr Pepper, Inc. | 4000000 | 3678408 | 1.25% |
|  The Walt Disney Co. | 4000000 | 3669701 | 1.25% |
|  Cigna Group (The) | 4000000 | 3658195 | 1.24% |
|  Bristol-Myers Squibb Co. | 4000000 | 3500745 | 1.19% |
|  ExxonMobil Corp. | 4000000 | 3455713 | 1.17% |
|  Thermo Fisher Scientific, Inc. | 4000000 | 3410251 | 1.16% |
|  Intel Corp. | 4000000 | 3399280 | 1.15% |
|  T-Mobile USA, Inc. | 4000000 | 3357185 | 1.14% |
|  Enterprise Products Operating LLC | 4000000 | 3319050 | 1.13% |
|  Johnson & Johnson | 4000000 | 3304369 | 1.12% |
|  McDonald's Corp. | 4000000 | 3292914 | 1.12% |
|  Eli Lilly and Co. | 4000000 | 3291935 | 1.12% |
|  Bank of America Corp. | 4000000 | 3286013 | 1.12% |
|  Fiserv, Inc. | 4000000 | 3267877 | 1.11% |
|  Progressive Corp. | 4000000 | 3243830 | 1.10% |
|  Vodafone Group PLC | 4000000 | 3217150 | 1.09% |
|  Mastercard, Inc. | 4000000 | 3212410 | 1.09% |
|  Paramount Group, Inc. | 4000000 | 3209753 | 1.09% |
|  Deere & Co. | 4000000 | 3190243 | 1.08% |
|  Dollar General Corp. | 4000000 | 3179510 | 1.08% |
|  Union Electric Co. | 4000000 | 3153048 | 1.07% |
|  Equinor ASA | 4000000 | 3119529 | 1.06% |
|  Becton Dickinson & Co. | 4000000 | 3114494 | 1.06% |
|  eBay, Inc. | 4000000 | 3073570 | 1.04% |
|  NVIDIA Corp. | 4000000 | 3063246 | 1.04% |
|  Global Payments, Inc. | 4000000 | 3050361 | 1.04% |
|  Carrier Global Corp. | 4000000 | 3028897 | 1.03% |
|  Rogers Communications, Inc. | 4000000 | 3022380 | 1.03% |

---

See Notes to Financial Statements.

------

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

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

#### Corporate Bond (continued):

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br>Value** | **% of Total<br>Index Value** |
|  Humana, Inc. | 4000000 | $3020398 | 1.03% |
|  Entergy Corp. | 4000000 | 3007845 | 1.02% |
|  B.A.T. Capital Corp. | 4000000 | 2998488 | 1.02% |
|  Altria Group, Inc. | 4000000 | 2957923 | 1.00% |
|  Nike, Inc. | 4000000 | 2932252 | 1.00% |
|  Starbucks Corp. | 4000000 | 2931985 | 1.00% |
|  Caterpillar, Inc. | 4000000 | 2923277 | 0.99% |
|  Suncor Energy, Inc. | 4000000 | 2911509 | 0.99% |
|  Verizon Communications, Inc. | 4000000 | 2897241 | 0.98% |
|  |  | $169336158 |  |

---

#### 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 | $832165 | $(6065687) | $7173371 | $(5269667) |

---

#### 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 | $– | $25037844 |

---

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

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

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

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

The following is a summary of the inputs used as of October 31, 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 | $— | $21515404 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 624330317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 36067151 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 5041513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 1570055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 47863220 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 19536798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 24648304 | 2645018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 2698527 |  |
|  Commercial Mortgage-Backed Securities |  | 180212249 |  |
|  Corporate Bonds |  | 724817053 | 2164004 |
|  Floating Rate and Other Loans |  | 51998652 | 4145957 |
|  Municipal Bonds |  | 6697541 |  |
|  Residential Mortgage-Backed Securities |  | 200273887 | 5238658 |
|  Sovereign Bonds |  | 169301410 |  |
|  U.S. Government Agency Obligations |  | 401988403 |  |
|  U.S. Treasury Obligations |  | 659809832 |  |
|  Affiliated Exchange-Traded Funds | 251590401 |  |  |
|  Common Stocks | 1298607 | 4884344 | 204918 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 43

------

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Preferred Stocks | $— | $— | $662179 |
|  Warrants |  | 1 | 196 |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 50424508 |  |  |
|  Options Purchased | 1138 | 772311 |  |
|  **Total** | $**303314654** | $**3184026972** | $**15060930** |
|  **Liabilities** |  |  |  |
|  Options Written | $(519) | $(1813750) | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Loan Commitments | $— | $8004 | $1173 |
|  Futures Contracts | 1410793 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 8563188 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 2381141 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 147936 |  |
|  OTC Credit Default Swap Agreements |  | 867980 | 160691 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 2482371 |  |
|  OTC Total Return Swap Agreements |  | 3907116 |  |
|  **Total** | $**1410793** | $**18357736** | $**161864** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contract | $— | $(96920979) | $— |
|  Futures Contracts | (1707587) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (4014534) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (2474781) |  |
|  OTC Credit Default Swap Agreements |  | (7476682) | (18384) |
|  OTC Currency Swap Agreement |  | (422944) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (4172647) |  |
|  OTC Total Return Swap Agreement |  | (253955) |  |
|  **Total** | $**(1707587)** | $**(115736522)** | $**(18384)** |

---

\* Other financial instruments are derivative, with the exception of unfunded loan commitments and forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forward foreign currency exchange contracts and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. Unfunded loan commitments and forward commitment contracts are recorded at market value. 

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 19 |
|  Collateralized Loan Obligations | 18 |
|  U.S. Government Agency Obligations | 11.6 |
|  Affiliated Exchange-Traded Funds | 7.3 |
|  Residential Mortgage-Backed Securities | 6.7 |
|  Commercial Mortgage-Backed Securities | 5.2 |
|  Sovereign Bonds | 4.9 |
|  Banks | 2.4 |
|  Retail | 1.9 |
|  Telecommunications | 1.7 |
|  Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan) | 1.5 |
|  Oil & Gas | 1.4 |
|  Home Equity Loans | 1.4 |
|  Electric | 1.3 |
|  Chemicals | 1.1 |
|  Auto Manufacturers | 1.1 |
|  Pipelines | 1.1 |
|  Consumer Loans | 1 |
|  Diversified Financial Services | 0.8 |

---

---

| | |
|:---|:---|
|  Foods | 0.8 |
|  Media | 0.7 |
|  Internet | 0.7 |
|  Aerospace & Defense | 0.7 |
|  Automobiles | 0.6 |
|  Other | 0.6 |
|  Engineering & Construction | 0.5 |
|  Commercial Services | 0.4 |
|  Mining | 0.4 |
|  Real Estate Investment Trusts (REITs) | 0.4 |
|  Leisure Time | 0.4 |
|  Auto Parts & Equipment | 0.4 |
|  Holding Companies-Diversified | 0.3 |
|  Insurance | 0.3 |
|  Entertainment | 0.3 |
|  Airlines | 0.3 |
|  Home Builders | 0.3 |
|  Pharmaceuticals | 0.3 |
|  Lodging | 0.2 |
|  Healthcare-Products | 0.2 |

---

See Notes to Financial Statements.

------

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Iron/Steel | 0.2% |
|  Packaging & Containers | 0.2 |
|  Healthcare-Services | 0.2 |
|  Municipal Bonds | 0.2 |
|  Agriculture | 0.2 |
|  Computers | 0.2 |
|  Trucking & Leasing | 0.2 |
|  Office/Business Equipment | 0.2 |
|  Transportation | 0.2 |
|  Building Materials | 0.1 |
|  Credit Cards | 0.1 |
|  Metal Fabricate/Hardware | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Forest Products & Paper | 0.1 |
|  Student Loans | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Apparel | 0.1 |
|  Real Estate | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Multi-National | 0.0 \* |
|  Equipment | 0.0 \* |
|  Software | 0.0 \* |

---

---

| | |
|:---|:---|
|  Miscellaneous Manufacturing | 0.0 |
|  Gas | 0.0 \* |
|  Housewares | 0.0 \* |
|  Gas Utilities | 0.0 \* |
|  Coal | 0.0 \* |
|  Environmental Control | 0.0 \* |
|  Options Purchased | 0.0 \* |
|  Electronic Equipment, Instruments & Components | 0.0 \* |
|  Home Furnishings | 0.0 \* |
|  Interactive Media & Services | 0.0 \* |
|  Hotels, Restaurants & Leisure | 0.0 \* |
|  Oil & Gas Services | 0.0 \* |
|  | 101.0 |
|  Options Written | (0.1) |
|  Liabilities in excess of other assets | (0.9) |
|  | 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 October 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for<br>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 | $147936 \* |  | $— |
|  Credit contracts | Premiums paid for OTC swap agreements | 832165 | Premiums received for OTC swap agreements | 6065687 |
|  Credit contracts | Unaffiliated investments | 744741 | Options written outstanding, at value | 692782 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 3266255 | Unrealized depreciation on OTC swap agreements | 4592768 |
|  Foreign exchange contracts | Unaffiliated investments | 27248 | Options written outstanding, at value | 1120968 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 8563188 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 4014534 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 1410793 \* | Due from/to broker-variation margin futures | 1707587 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 2482371 \* | Due from/to broker-variation margin swaps | 4172647 \* |
|  Interest rate contracts | Unaffiliated investments | 1460 | Options written outstanding, at value | 519 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 3907116 | Unrealized depreciation on OTC swap agreements | 676899 |
|  |  | $21383273 |  | $23044391 |

---

\* 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.

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 45

------

Schedule of Investments (continued)

as of October 31, 2025

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 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 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 | $(1990193) | $2808057 | $— | $— | $(4185356) |
|  Foreign exchange contracts | (1191292) | 5744567 |  | (17944947) | (85516) |
|  Interest rate contracts | 106331 | 167004 | 15238029 |  | (1090471) |
|  **Total** | $(3075154) | $8719628 | $15238029 | $(17944947) | $(5361343) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **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 | $(170454) | $(120742) | $— | $— | $428166 |
|  Foreign exchange contracts | (44600) | 717243 |  | 2795584 |  |
|  Interest rate contracts | (95166) | 51121 | (26099743) |  | (2160231) |
|  **Total** | $(310220) | $647622 | $(26099743) | $2795584 | $(1732065) |

---

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

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753259 |
|  Options Written (2) | 989629915 |
|  Futures Contracts - Long Positions (2) | 437411656 |
|  Futures Contracts - Short Positions (2) | 1471885369 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 299504027 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 697644690 |
|  Cross Currency Exchange Contracts (4) | 2122761 |
|  Interest Rate Swap Agreements (2) | 452490237 |
|  Credit Default Swap Agreements - Buy Protection (2) | 227301910 |
|  Credit Default Swap Agreements - Sell Protection (2) | 240104289 |
|  Currency Swap Agreements (2) | 4500000 |
|  Total Return Swap Agreements (2) | 166470699 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 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 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 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)(2)** | **Net<br>Amount** |
| Securities on Loan | $27479888 | $(27479888) | $— |

---

See Notes to Financial Statements.

------

#### 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 | $658018 | $(748381) | $(90363) | $— | $(90363) |
|  BNP | 268562 | (145082) | 123480 |  | 123480 |
|  BNY | 774401 |  | 774401 | (760350) | 14051 |
|  BOA | 2772589 | (2596483) | 176106 |  | 176106 |
|  CA | 130682 |  | 130682 | (90000) | 40682 |
|  CITI | 1225155 | (1396501) | (171346) |  | (171346) |
|  DB | 561744 | (113965) | 447779 |  | 447779 |
|  GSI | 4085956 | (7771876) | (3685920) | 3685920 |  |
|  HSBC | 227268 | (355034) | (127766) |  | (127766) |
|  JPM | 1911836 | (2134354) | (222518) | 222518 |  |
|  MSI | 1662539 | (1242758) | 419781 | (295589) | 124192 |
|  RBC |  | (3203) | (3203) |  | (3203) |
|  SCB | 348820 | (434556) | (85736) |  | (85736) |
|  SSB | 1555102 | (154445) | 1400657 | (1051954) | 348703 |
|  TD | 86037 | (17472) | 68565 |  | 68565 |
|  UAG | 1072326 | (49528) | 1022798 |  | 1022798 |
|  | $17341035 | $(17163638) | $177397 | $1710545 | $1887942 |

---

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

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

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 47

------

Statement of Assets and Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| **Assets** | |
|  Investments at value, including securities on loan of $27,479,888: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $3,161,584,293) | $3200387647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $301,157,265) | 302014909 |
|  Cash | 8659 |
|  Foreign currency, at value (cost $1,005,104) | 1000566 |
|  Receivable for investments sold | 165413954 |
|  Dividends and interest receivable | 26015510 |
|  Unrealized appreciation on OTC forward foreign currency exchange contracts | 8563188 |
|  Unrealized appreciation on OTC swap agreements | 7173371 |
|  Receivable for Fund shares sold | 4261848 |
|  Premiums paid for OTC swap agreements | 832165 |
|  Due from broker—variation margin futures | 256869 |
|  Due from broker—variation margin swaps | 228664 |
|  Unrealized appreciation on unfunded loan commitments | 9177 |
|  Prepaid expenses and other assets | 27105 |
|  **Total Assets** | 3716193632 |
|  **Liabilities** |  |
|  Forward commitment contracts, at value (proceeds receivable $97,143,457) | 96920979 |
|  Payable for investments purchased | 93557108 |
|  Payable to broker for collateral for securities on loan | 28052683 |
|  Payable for Fund shares purchased | 6555399 |
|  Premiums received for OTC swap agreements | 6065687 |
|  Unrealized depreciation on OTC swap agreements | 5269667 |
|  Unrealized depreciation on OTC forward foreign currency exchange contracts | 4014534 |
|  Options written outstanding, at value (premiums received $2,784,820) | 1814269 |
|  Management fee payable | 1691167 |
|  Dividends and Distributions payable | 942392 |
|  Accrued expenses and other liabilities | 932881 |
|  Distribution fee payable | 91883 |
|  Trustees' fees payable | 5982 |
|  Affiliated transfer agent fee payable | 2358 |
|  **Total Liabilities** | 245916989 |
|  **Net Assets** | $3470276643 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $378111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 3684421321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (214522789) |
|  **Net assets, October 31, 2025** | $3470276643 |

---

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| **Class A** | **Class A** |
|  Net asset value and redemption price per share, |  |
|  ($205,542,768 ÷ 22,483,883 shares of beneficial interest issued and outstanding) | $9.14 |
|  Maximum sales charge (3.25% of offering price) | 0.31 |
|  Maximum offering price to public | $9.45 |
|  **Class C** |  |
|  Net asset value, offering price and redemption price per share, |  |
|  ($57,554,015 ÷ 6,276,117 shares of beneficial interest issued and outstanding) | $9.17 |
|  **Class Z** |  |
|  Net asset value, offering price and redemption price per share, |  |
|  ($3,024,805,788 ÷ 329,387,559 shares of beneficial interest issued and outstanding) | $9.18 |
|  **Class R6** |  |
|  Net asset value, offering price and redemption price per share, |  |
|  ($182,374,072 ÷ 19,963,301 shares of beneficial interest issued and outstanding) | $9.14 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 49

------

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| **Net Investment Income (Loss)** | |
|  Income |  |
|  Interest income (net of $1,638 foreign withholding tax) | $169827327 |
|  Affiliated dividend income | 13104793 |
|  Unaffiliated dividend income | 489850 |
|  Income from securities lending, net (including affiliated income of $70,950) | 75759 |
|  **Total income** | 183497729 |
|  Expenses |  |
|  Management fee | 19160500 |
|  Distribution fee(a) | 993174 |
|  Transfer agent's fees and expenses (including affiliated expense of $17,807)(a) | 3420999 |
|  Custodian and accounting fees | 262557 |
|  SEC registration fees | 235997 |
|  Registration fees(a) | 193955 |
|  Shareholders' reports | 155653 |
|  Audit fee | 76258 |
|  Professional fees | 58919 |
|  Trustees' fees | 52042 |
|  Miscellaneous | 68338 |
|  **Total expenses** | 24678392 |
|  Less: Fee waiver and/or expense reimbursement(a) | (350306) |
|  **Net expenses** | 24328086 |
|  Net investment income (loss) | 159169643 |
|  **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(6309)) | (1738838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 26662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 15238029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (17944947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 8719628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (5361343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1496493) |
|  | (2557302) |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $567,365) | 43881088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (26099743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 2795584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 647622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | (1732065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (414871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment | 8999 |
|  | 19086614 |
|  Net gain (loss) on investment and foreign currency transactions | 16529312 |
|  **Net Increase (Decrease) In Net Assets Resulting From Operations** | $175698955 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 461403 | 531771 |  |  |
|  Transfer agent's fees and expenses | 124595 | 42420 | 3247466 | 6518 |
|  Registration fees | 30744 | 17127 | 119438 | 26646 |
|  Fee waiver and/or expense reimbursement | (19728) | (5681) | (308130) | (16767) |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,** | **Year Ended<br>October 31,** |
|  | **2025** | **2024** |
| **Increase (Decrease) in Net Assets** |  |  |
|  **Operations** |  |  |
|  Net investment income (loss) | $159169643 | $110172203 |
|  Net realized gain (loss) on investment and foreign currency transactions | (2557302) | (41014894) |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 19086614 | 93950427 |
|  Net increase (decrease) in net assets resulting from operations | 175698955 | 163107736 |
|  **Dividends and Distributions** |  |  |
|  Distributions from distributable earnings |  |  |
|  Class A | (8085490) | (6969111) |
|  Class C | (1953616) | (1518338) |
|  Class Z | (132061332) | (103063732) |
|  Class R6 | (7285626) | (5379331) |
|  | (149386064) | (116930512) |
|  Tax return of capital distributions |  |  |
|  Class A | (886704) |  |
|  Class C | (214245) |  |
|  Class Z | (14482642) |  |
|  Class R6 | (798986) |  |
|  | (16382577) |  |
|  **Fund share transactions (Net of share conversions)** |  |  |
|  Net proceeds from shares sold | 2039855137 | 2126031131 |
|  Net asset value of shares issued in reinvestment of dividends and distributions | 156252725 | 109659594 |
|  Cost of shares purchased | (1443721245) | (885479718) |
|  Net increase (decrease) in net assets from Fund share transactions | 752386617 | 1350211007 |
|  Total increase (decrease) | 762316931 | 1396388231 |
|  **Net Assets:** |  |  |
|  Beginning of year | 2707959712 | 1311571481 |
|  End of year | $3470276643 | $2707959712 |

---

See Notes to Financial Statements.

PGIM Absolute Return Bond Fund 51

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $9.11 | $8.87 | $8.79 | $9.22 | $8.94 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.43 | 0.47 | 0.41 | 0.22 | 0.21 |
| &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 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.47 | 0.75 | 0.55 | (0.21) | 0.51 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.39) | (0.51) | (0.45) | (0.22) | (0.22) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.05) |  | (0.02) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.44) | (0.51) | (0.47) | (0.22) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.14 | $9.11 | $8.87 | $8.79 | $9.22 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 5.33% | 8.60% | 6.45% | (2.30)% | 5.71% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $205543 | $155240 | $106045 | $94351 | $109630 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $184561 | $125443 | $100819 | $97005 | $98531 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.94% | 0.95% | 0.98% | 0.98% | 0.97% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.95% | 0.95% | 0.98% | 0.98% | 0.97% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.66% | 5.21% | 4.64% | 2.46% | 2.32% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 102% | 77% | 156% | 30% | 48% |

---

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

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

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

(d) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(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.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $9.14 | $8.89 | $8.82 | $9.25 | $8.97 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.36 | 0.40 | 0.34 | 0.15 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.04 | 0.28 | 0.13 | (0.43) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.40 | 0.68 | 0.47 | (0.28) | 0.44 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.32) | (0.43) | (0.38) | (0.15) | (0.15) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.05) |  | (0.02) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.37) | (0.43) | (0.40) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.17 | $9.14 | $8.89 | $8.82 | $9.25 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 4.51% | 7.85% | 5.49% | (3.04)% | 5.03% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $57554 | $41463 | $25851 | $31871 | $42635 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $53177 | $32094 | $28227 | $36300 | $52974 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.71% | 1.76% | 1.78% | 1.75% | 1.73% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.72% | 1.76% | 1.78% | 1.75% | 1.73% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.88% | 4.39% | 3.81% | 1.67% | 1.64% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 102% | 77% | 156% | 30% | 48% |

---

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

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

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

(d) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(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 Absolute Return Bond Fund 53

------

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $9.15 | $8.91 | $8.83 | $9.26 | $8.98 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.45 | 0.49 | 0.43 | 0.25 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.05 | 0.28 | 0.15 | (0.44) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.50 | 0.77 | 0.58 | (0.19) | 0.53 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.42) | (0.53) | (0.48) | (0.24) | (0.24) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.05) |  | (0.02) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.47) | (0.53) | (0.50) | (0.24) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.18 | $9.15 | $8.91 | $8.83 | $9.26 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 5.55% | 8.84% | 6.71% | (2.03)% | 5.96% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $3024806 | $2384670 | $1116816 | $1108186 | $767056 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $2886452 | $1796014 | $1020990 | $914879 | $833908 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.72% | 0.73% | 0.73% | 0.72% | 0.73% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.73% | 0.73% | 0.74% | 0.72% | 0.73% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.88% | 5.41% | 4.83% | 2.81% | 2.64% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 102% | 77% | 156% | 30% | 48% |

---

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

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

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

(d) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(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.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $9.11 | $8.86 | $8.79 | $9.21 | $8.93 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.45 | 0.50 | 0.44 | 0.25 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.05 | 0.28 | 0.13 | (0.42) | 0.28 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.50 | 0.78 | 0.57 | (0.17) | 0.54 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.42) | (0.53) | (0.48) | (0.25) | (0.25) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.05) |  | (0.02) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.47) | (0.53) | (0.50) | (0.25) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $9.14 | $9.11 | $8.86 | $8.79 | $9.21 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 5.65% | 9.06% | 6.69% | (1.87)% | 6.07% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $182374 | $126586 | $62859 | $62579 | $60135 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $156429 | $92444 | $60732 | $60251 | $97518 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.62% | 0.64% | 0.65% | 0.65% | 0.64% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.63% | 0.64% | 0.65% | 0.65% | 0.64% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.96% | 5.49% | 4.95% | 2.82% | 2.79% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 102% | 77% | 156% | 30% | 48% |

---

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

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

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

(d) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(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 Absolute Return Bond Fund 55

------

Notes to Financial Statements

**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.

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. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act 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 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 LLC ("PGIM Investments", the "Investment Manager" or the "Manager") 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 year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

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.

Private debt/loans are generally valued at prices obtained by independent valuation providers. Such valuation providers typically utilize the income approach as the primary methodology, but may use other fair value approaches based on facts and circumstances. Valuations received from the independent valuation providers are reviewed by the Valuation Designee to ensure the valuations are in accordance with the Fund's valuation policies and procedures as well as all relevant valuation and accounting standards. Private debt/loans are generally 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.

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.

PGIM Absolute Return Bond Fund 57

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Notes to Financial Statements (continued)

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.

*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 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

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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 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.

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

PGIM Absolute Return Bond Fund 59

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Notes to Financial Statements (continued)

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 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.

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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 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 ("NAV"). 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

PGIM Absolute Return Bond Fund 61

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Notes to Financial Statements (continued)

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.

*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 substantially 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.

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| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
|  Net Investment Income |  | Monthly |
|  Short-Term Capital Gains |  | Annually |
|  Long-Term Capital Gains |  | Annually |

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\* 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.

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**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 October 31, 2025, the contractual and effective management fee rates were as follows:

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| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers and/or expense** <br> **reimbursements** |
|  0.590% of average daily net assets up to $2.5 billion; | 0.58% |
|  0.565% of average daily net assets from $2.5 billion to $5 billion; |  |
|  0.540% of average daily net assets over $5 billion. |  |

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The Manager has contractually agreed, through February 28, 2027, 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:

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| | |
|:---|:---|
| **Class** | **Expense<br> Limitations** |
|  A | —% |
|  C |  |
|  Z | 0.73 |
|  R6 | 0.70 |

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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 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:

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| | | |
|:---|:---|:---|
| **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 |

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PGIM Absolute Return Bond Fund 63

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Notes to Financial Statements (continued)

For the year ended October 31, 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:

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| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
|  A | $265236 | $36432 |
|  C |  | 23654 |

---

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 year ended October 31, 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 year ended October 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| $3324880127 | $2670972793 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2025, is presented as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital<br>Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |  |  |
|  PGIM AAA CLO ETF |  |  |  |  |  |  |  |  |
| $26037420 | $90214686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $355752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $116607858 | 2265550 | $3889126 | $24361 |
|  PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 11492566 |  | 70934 |  | 11563500 | 325000 | 143939 |  |
|  PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3830592 |  | (8599) |  | 3821993 | 75000 | 15376 |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **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> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital<br>Gain<br>Distributions** |
|  PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF |  |  |  |  |  |  |  |
|  $— | $2540059 | $— | $(43509) | $— | $2496550 | 50000 | $161358 | $2301 |
|  PGIM Ultra Short Bond ETF | PGIM Ultra Short Bond ETF |  |  |  |  |  |  |  |
| 116912500 |  |  | 188000 |  | 117100500 | 2350000 | 5711863 |  |
| $142949920 | $108077903 | $— | $562578 | $— | $251590401 |  | $9921662 | $26662 |
|  **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 4.282%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;77461364 | 1327666151 | 1382869686 |  |  | 22257829 | 22257829 | 3183131 |  |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10365111 | 516198487 | 498395397 | 4787 | (6309) | 28166679 | 28183588 | 70950<sup>(1)</sup> |  |
| $87826475 | $1843864638 | $1881265083 | $4787 | $(6309) | $50424508 |  | $3254081 | $— |
| $230776395 | $1951942541 | $1881265083 | $567365 | $(6309) | $302014909 |  | $13175743 | $26662 |

---

(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.** **Distributions and Tax Information** 

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.

For the year ended October 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | **Total Dividends**<br> **and Distributions** |
| $149386064 | $— | $16382577 | $165768641 |

---

For the year ended October 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | **Total Dividends**<br> **and Distributions** |
| $116930512 | $— | $— | $116930512 |

---

As of October 31, 2025, there were no accumulated undistributed earnings on a tax basis.

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net<br>Unrealized**<br> **Appreciation** |
| $3369390213 | $87626138 | $(53960164) | $33665974 |

---

The differences between GAAP and tax basis were primarily attributable to deferred losses on wash sales, swaps, mark-to-market of futures and forwards contracts, difference in the treatment of premium amortization and investment in partnerships.

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2025 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> **Carryforward Utilized** |
| $240775000 | $— |

---

PGIM Absolute Return Bond Fund 65

------

Notes to Financial Statements (continued)

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, 2025 are subject to such review.

**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 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 October 31, 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 | 34423 | 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 | 88.2 |

---

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class A** |  |  |
|  **Year ended October 31, 2025:** |  |  |
|  Shares sold | 10259296 | $93576574 |
|  Shares issued in reinvestment of dividends and distributions | 914788 | 8348652 |
|  Shares purchased | (6148466) | (56030062) |
|  Net increase (decrease) in shares outstanding before conversion | 5025618 | 45895164 |
|  Shares issued upon conversion from other share class(es) | 1118251 | 10199080 |
|  Shares purchased upon conversion into other share class(es) | (698298) | (6369551) |
|  Net increase (decrease) in shares outstanding | 5445571 | $49724693 |
|  **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 |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 3174666 | $29073078 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 232061 | 2124199 |
| &nbsp;&nbsp; Shares purchased | (1248635) | (11418597) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2158092 | 19778680 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (418787) | (3830731) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1739305 | $15947949 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2412933 | $21912187 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 161394 | 1465899 |
| &nbsp;&nbsp; Shares purchased | (593844) | (5375653) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1980483 | 18002433 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (350709) | (3181503) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1629774 | $14820930 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 197889661 | $1813286006 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 15077798 | 138228312 |
| &nbsp;&nbsp; Shares purchased | (144360416) | (1322166141) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 68607043 | 629348177 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1290261 | 11823503 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1066430) | (9767925) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 68830874 | $631403755 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 214807755 | $1950293580 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 10648442 | 96907781 |
| &nbsp;&nbsp; Shares purchased | (89399355) | (811168765) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 136056842 | 1236032596 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 391872 | 3561033 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1301938) | (11851444) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 135146776 | $1227742185 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 11400565 | $103919479 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 828021 | 7551562 |
| &nbsp;&nbsp; Shares purchased | (5942827) | (54106445) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 6285759 | 57364596 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 233155 | 2122881 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (457759) | (4177257) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6061155 | $55310220 |

---

PGIM Absolute Return Bond Fund 67

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 9324324 | $84414393 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 557532 | 5047496 |
| &nbsp;&nbsp; Shares purchased | (3916990) | (35468150) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 5964866 | 53993739 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 844587 | 7654250 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1719) | (15598) |
| &nbsp;&nbsp; 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 funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
|  **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | <br> 0.15% | <br> 0.15% |
|  **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 | 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 Fund did not utilize the SCA during the year ended October 31, 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 its 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.

*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

PGIM Absolute Return Bond Fund 69

------

Notes to Financial Statements (continued)

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 securities. 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." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. 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.

*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 Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's turnover rate may be higher than that of other 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

PGIM Absolute Return Bond Fund 71

------

Notes to Financial Statements (continued)

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.** **Recent Accounting Pronouncement and Regulatory Developments** 

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management has evaluated the impact and does not expect the ASU to have a material impact on the financial statements.

**11.** **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 October 31, 2025.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 9 and Shareholders of PGIM Absolute Return Bond Fund

*Opinion on the Financial Statements* 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Absolute Return Bond Fund (one of the funds constituting Prudential Investment Portfolios 9, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion* 

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agents, issuers of privately held securities, agent banks and brokers; when replies were not received from issuers of privately held securities or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

December 18, 2025

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

PGIM Absolute Return Bond Fund 73

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#### 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.

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Approval of Advisory Agreements

#### PGIM Absolute Return Bond Fund

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

#### Annual Approval of the Fund's Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments"), the Fund's subadvisory agreement with PGIM, Inc. ("PGIM") on behalf of its PGIM Fixed Income unit ("PGIM Fixed Income"), and the Fund's sub-subadvisory agreement with PGIM Limited ("PGIML"). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, and between PGIM and PGIML, which serves as the Fund's sub-subadviser pursuant to the terms of a sub-subadvisory agreement with PGIM, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the

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

<sup>1</sup> PGIM Absolute Return Bond Fund is a series of Prudential Investment Portfolios 9.

PGIM Absolute Return Bond Fund

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Approval of Advisory Agreements (continued)

subadviser and sub-subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadviser and sub-subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments senior management on the performance and operations of the subadviser and sub-subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser and sub-subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser and sub-subadviser, to renew the subadvisory and sub-subadvisory agreements.

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

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

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

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

#### Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments

Visit our website at pgim.com/investments

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

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

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one, three-, and five-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;*Net Performance* |
| &nbsp;&nbsp;&nbsp;*Net Performance* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 2<sup>nd</sup> Quartile |

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

• The Board and PGIM Investments agreed to a contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.70% for Class R6 shares, and 0.73% for Class Z shares through February 28, 2026.

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

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

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

\* \* \*

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

PGIM Absolute Return Bond Fund

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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.  |

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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

(a)(1) [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d69192dex99codeeth.htm)

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d69192dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(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.](d69192dex99906cert.htm)

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#### 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.

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| | |
|:---|:---|
| Registrant: | <u>Prudential Investment Portfolios 9</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | December 18, 2025 |

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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: | December 18, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | December 18, 2025 |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the funds listed on Attachment A hereto (each a Fund" and together the "Funds") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds' Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of a Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to the Fund's Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board of Directors/Trustees that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

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The Funds will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported
to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by a Fund's Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund's Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, a Fund's Board or Board Committee comprised of
Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund's Board or Board Committee
comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment
adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**IX. Recordkeeping** 

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

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**EXHIBIT A** 

**<u>Funds Covered by this Code of Ethics</u>**

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

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**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer of the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Kenneth Allen** – President and Principal Executive Officer of Advanced Series Trust, Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund.

**Christian J. Kelly** – Chief Financial Officer and Principal Financial Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

**Russ Shupak**- Treasurer and Principal Accounting Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Elyse McLaughlin**- Treasurer and Principal Accounting Officer for the Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 9** 

Annual period ending 10/31/25

File No. 811-09101

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&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;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;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;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.

------

&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.

December 18, 2025

---

| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 19

**Prudential Investment Portfolios 9** 

Annual period ending 10/31/25

File No. 811-09101

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&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;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;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;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.

------

&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.

December 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.

---

| | |
|:---|:---|
|  December 18, 2025 |  |
|  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |

---

---

| | |
|:---|:---|
|  December 18, 2025 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (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.*