PGIM, Inc. 

655 Broad Street – 9^th Floor
Newark, New Jersey 07102 

April 19, 2021 

PGIM Investments LLC 

655 Broad Street – 17^th Floor
Newark, New Jersey 07102 

Re:  PGIM Mutual Funds Listed on Annex A hereto (each, “Fund”) 

To whom it may concern:
 

PGIM, Inc., on behalf of its business unit PGIM Fixed Income (“PGIM”), as subadviser to the Fund, hereby acknowledges that PGIM Investments LLC (“PGIM Investments”) has entered into a waiver agreement with the Fund (“Management Fee Waiver”) requiring PGIM Investments to waive the portion of its management fee attributable to the Fund’s investment in a U.S. registered exchange-traded fund advised by PGIM Investments and subadvised by PGIM (“PGIM ETF”). PGIM hereby agrees to waive any subadvisory fees it is entitled to receive from PGIM Investments attributable to the Fund’s investment in a PGIM ETF. This waiver will become effective at any time the Fund invests in the PGIM ETF and will remain in effect so long as the Fund is invested or intends to invest in the PGIM ETF and the Management Fee Waiver is in effect. 

Very truly yours, 

PGIM, Inc. 

By:/s/ Daniel Malooly
Name:Daniel Malooly
Title:Vice President 

Annex A 

The Prudential Investment Portfolios, Inc. 

PGIM Balanced Fund 

Prudential Investment Portfolios 2  

PGIM Core Conservative Bond Fund  

PGIM Core Short-Term Bond Fund 

PGIM TIPS Fund 

Prudential Investment Portfolios 3 

PGIM Global Dynamic Bond Fund 

PGIM Strategic Bond Fund 

Prudential Investment Portfolios 4 

PGIM Muni High Income Fund 

Prudential Investment Portfolios 6 

PGIM California Muni Income Fund 

Prudential Investment Portfolios 8 

PGIM Securitized Credit Fund 

Prudential Investment Portfolios 9 

PGIM Absolute Return Bond Fund 

PGIM International Bond Fund 

Prudential Investment Portfolios 12 

PGIM Short Duration Muni High Income Fund 

Prudential Investment Portfolios, Inc. 14 

PGIM Floating Rate Income Fund 

PGIM Government Income Fund 

Prudential Investment Portfolios, Inc. 15 

PGIM High Yield Fund 

PGIM Short Duration High Yield Income Fund 

Prudential Investment Portfolios, Inc. 17 

PGIM Short Duration Multi-Sector Bond Fund 

PGIM Total Return Bond Fund 

Prudential Global Total Return Fund, Inc. 

PGIM Global Total Return Fund 

PGIM Global Total Return (USD Hedged) Fund 

Prudential National Muni Fund, Inc. 

PGIM National Muni Fund 

Prudential Short-Term Corporate Bond Fund, Inc. 

PGIM Short-Term Corporate Bond Fund 

Prudential World Fund, Inc. 

PGIM Emerging Markets Debt Hard Currency Fund 

PGIM Emerging Markets Debt Local Currency Fund 

The Target Portfolio Trust 

PGIM Core Bond Fund 

PGIM Corporate Bond Fund 

PGIM Global High Yield Fund, Inc. 

PGIM High Yield Bond Fund, Inc. 

PGIM Short Duration High Yield Opportunities Fund