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:	811-07215
Exact name of registrant as specified in charter:	Prudential Investment Portfolios, Inc. 17..
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2018
Date of reporting period:	10/31/2018

Item 1 – Reports to Stockholders

PGIM TOTAL RETURN BOND FUND

(Formerly known as Prudential Total Return Bond Fund)

ANNUAL REPORT

OCTOBER 31, 2018

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Objective: Total Return

Highlights (unaudited)

• The Fund outperformed the Bloomberg Barclays US Aggregate Bond Index over the reporting period, mostly because of strong security selection. Sector allocation and curve positioning also added value, while duration positioning and currency selection hurt performance.

• Strong security selection was highlighted by the Fund’s positioning in sovereign bonds, collateralized loan obligations (CLOs), interest rate swaps, non-agency mortgage-backed securities, high yield corporate bonds, and US Treasury securities.

• Although overall security selection contributed to performance, positioning in emerging markets limited results.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2018 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, see Class C Shares Automatically Convert to Class A Shares in How to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have

PGIM Total Return Bond Fund 3

transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (see Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the

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Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth on Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

LR1094

- Not part of the Annual Report -

PGIM Total Return Bond Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Growth of a $10,000 Investment	9
Strategy and Performance Overview	13
Fees and Expenses	17
Holdings and Financial Statements	19

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Letter from the President

Dear Shareholder:

We hope you find the annual report for PGIM Total Return Bond Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2018.

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

During the reporting period, the global economy continued to grow, and central banks gradually tightened monetary policy. In the US, the economy expanded and employment increased. In September, the Federal Reserve hiked interest rates for the eighth time since 2015, based on confidence in the economy.

Equity returns on the whole were strong, due to optimistic earnings expectations and investor sentiment. Global equities, including emerging markets, generally posted positive returns. However, they trailed the performance of US equities, which rose on higher corporate profits, new regulatory policies, and tax reform benefits. Volatility spiked briefly early in the period on inflation concerns, rising interest rates, and a potential global trade war, and again late in the period on worries that profit growth might slow in 2019.

The overall bond market declined modestly during the period, as measured by the Bloomberg Barclays US Aggregate Bond Index. The best performance came from higher-yielding, economically sensitive sectors, such as high yield bonds and bank loans, which posted small gains. US investment-grade corporate bonds and US Treasury bonds both finished the period with negative returns. A major trend during the period was the flattening of the US Treasury yield curve, which increased the yield on fixed income investments with shorter maturities and made them more attractive to investors.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Total Return Bond Fund

December 14, 2018

*The Prudential Day One Funds did not change their names.

PGIM Total Return Bond Fund 7

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/18 (with sales charges)
	One Year (%)		Five Years (%)		Ten Years (%)		Since Inception (%)
Class A		–6.47		1.73		5.73		—
Class B		–7.30		1.98		5.70		—
Class C		–3.74		1.91		5.49		—
Class R		–2.30		2.43		5.97		—
Class Z		–1.75		2.96		6.49		—
Class R2		N/A		N/A		N/A		–2.79* (12/27/17)
Class R4		N/A		N/A		N/A		–2.59* (12/27/17)
Class R6**		–1.72		3.02		N/A		4.23 (12/27/10)
Bloomberg Barclays US Aggregate Bond Index
		–2.05		1.83		3.94		—
Lipper Core Plus Bond Funds Average
		–2.02		2.06		5.29		—
	Average Annual Total Returns as of 10/31/18 (without sales charges)
	One Year (%)		Five Years (%)		Ten Years (%)		Since Inception (%)
Class A		–2.06		2.67		6.22		—
Class B		–2.55		2.16		5.70		—
Class C		–2.79		1.91		5.49		—
Class R		–2.30		2.43		5.97		—
Class Z		–1.75		2.96		6.49		—
Class R2		N/A		N/A		N/A		–2.79* (12/27/17)
Class R4		N/A		N/A		N/A		–2.59* (12/27/17)
Class R6**		–1.72		3.02		N/A		4.23 (12/27/10)
Bloomberg Barclays US Aggregate Bond Index
		–2.05		1.83		3.94		—
Lipper Core Plus Bond Funds Average
		–2.02		2.06		5.29		—

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Bloomberg Barclays US Aggregate Bond Index by portraying the initial account values at the beginning of the 10-year period for Class Z shares (October 31, 2008) and the account values at the end of the current fiscal year (October 31, 2018), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

*Not annualized

**Formerly known as Class Q shares.

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

PGIM Total Return Bond Fund 9

Your Fund’s Performance (continued)

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.

	Class A	Class B*	Class C	Class R	Class Z	Class R2	Class R4	Class R6**
Maximum initial sales charge	4.50% of the public offering price	None	None	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	5.00% (Yr. 1) 4.00% (Yr. 2) 3.00% (Yr. 3) 2.00% (Yr. 4) 1.00% (Yr. 5) 1.00% (Yr. 6) 0.00% (Yr. 7)	1.00% on sales made within 12 months of purchase	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00% (0.75% currently)	1.00%	0.75% (0.50% currently)	None	0.25%	None	None
Shareholder services fees	None	None	None	None	None	0.10%	0.10%	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

**Formerly known as Class Q shares.

Benchmark Definitions

Bloomberg Barclays US Aggregate Bond Index—The Bloomberg Barclays US Aggregate Bond Index is unmanaged and represents securities that are SEC registered, taxable, and dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 2.54%. The cumulative total return for the Index measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares is -2.38%.

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Lipper Core Plus Bond Funds Average—The Lipper Core Plus Bond Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Core Plus Bond Funds universe for the periods noted. Funds in the Lipper Average invest at least 65% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high yield, global, and emerging market debt. These funds maintain dollar-weighted average maturities of five to 10 years. The average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R6 shares is 3.09%. The cumulative total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class R2 and Class R4 shares is -2.28%.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

Distributions and Yields as of 10/31/18
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.42	2.91	2.86
Class B	0.35	2.55	2.17
Class C	0.32	2.31	2.31
Class R	0.39	2.79	2.51
Class Z	0.46	3.31	3.26
Class R2***	0.35	2.91	2.81
Class R4***	0.38	3.16	1.21
Class R6****	0.47	3.41	3.41

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements).

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.

***Inception date: 12/27/17

****Formerly known as Class Q shares.

PGIM Total Return Bond Fund 11

Your Fund’s Performance (continued)

Credit Quality expressed as a percentage of total investments as of 10/31/18 (%)
AAA	40.6
AA	6.7
A	14.3
BBB	20.0
BB	7.3
B	3.9
CCC	0.3
Not Rated	6.9
Cash/Cash Equivalents	0.1
Total Investments	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by a NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

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Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Total Return Bond Fund’s Class Z shares returned –1.75% in the 12-month reporting period that ended October 31, 2018, outperforming the –2.05% return of the Bloomberg Barclays US Aggregate Bond Index (the Index) and the –2.02% return of the Lipper Core Plus Bond Funds Average.

What were market conditions?

• At the beginning of the reporting period, positive economic momentum continued across the G3. (The G3, or Group of Three, refers to the US, Japan, and the European Union.) The US economy grew at an annualized 3.3% rate in the third quarter of 2017, following a similarly robust 3.1% pace in the second quarter. In the European Union, real gross domestic product (GDP) growth, at 2.4% in the third quarter, was broad based across countries. (Real GDP is a measurement of economic output adjusted for inflation.) Japan outpaced its potential growth rate by a wide margin, as its real GDP rose 2.5% in the third quarter after 2.9% growth in the second quarter. Consumer spending moderated across the G3, though remained at a solid pace. Business investment notably picked up, supporting market expectations that solid economic momentum was likely to carry into 2018.

• Stock and credit markets continued flying high with little volatility at the start of 2018 on optimism regarding the economic outlook. Their smooth flight soon hit an air pocket, however, on concerns about the US budget deficit’s potential to destabilize markets by pushing up Treasury yields and pushing down the dollar. Later in the first quarter, the markets floundered amid rising concerns of trade wars, troubles among technology companies, and—closer to the credit markets—concerns about merger-and-acquisition (M&A) activity, which had been running high. Stocks moved in a wide range during the first quarter, and at one point were nearly 10% off their highs. At quarter end, Treasury yields were higher, credit spreads (yield differentials between corporate bonds and Treasury securities of the same maturity) were wider, and stocks were little changed.

• The markets struggled in the second quarter as fears about trade and political issues, which had emerged early in the year, were realized to varying degrees. Meanwhile, the long shadow of quantitative monetary policy tightening stretched across the markets. The trade conflicts were awkward at the meeting of the G20, but then became real as US barbs were met with tit-for-tat measures that were at risk of intensifying. (The G20 is a leading forum of the world’s major economies that seeks to develop global policies to address pressing challenges.) The results of Italy’s elections, which took place in the first quarter, sparked market fears during the second quarter as renegade parties entered a coalition with a platform that appeared to jeopardize Italy’s finances and its relationship with Europe. Meanwhile, emerging market developments, including elections in Turkey and Mexico, raised concerns about the potential rise in policy heterodoxy. Over the first half of 2018, these concerns fueled spread widening, which appeared to get slightly ahead of fundamentals.

PGIM Total Return Bond Fund 13

Strategy and Performance Overview (continued)

• Despite a third-quarter 2018 bounce in the fixed income spread sectors, it wasn’t enough to undo the damage from the first half of the year. On the rates side, yields either moved sideways or higher—significantly so in some cases. In currencies, the US dollar was the biggest beneficiary of the anxious market backdrop. And across markets, idiosyncratic fundamental vulnerabilities and policy missteps brought stiff punishment from the markets. While the markets have been volatile, the underlying causes have been more or less constant with minor variations. To set the stage, after a decade of balance sheet expansion, the G3 central banks were finally—at least in aggregate—turning off the liquidity spigot. The Federal Reserve (the Fed) was in the lead, hiking short-term interest rates and continuing to trim its balance sheet at an accelerating pace. The European Central Bank was in the final months of its asset purchase program, which was expected to increase market anxiety about the timing and pace of eventual rate hikes. Meanwhile, the Bank of Japan (BoJ) sent mixed messages. With the Japanese economy taking longer to hit the BoJ’s 2% inflation target, policymakers tried to improve their long-term policy effectiveness by taking certain steps, such as reducing bond purchase amounts and widening the target range for the 10-year Japanese government bond yield, with the intent of reducing the BoJ’s power over the fixed income market and the steepening of the yield curve.

• Against a backdrop of increased equity market volatility, economic data releases in October 2018 suggested the US economy was continuing to grow at a solidly above-trend pace. Third-quarter real GDP growth slowed only modestly to an annualized 3.5% pace, following a robust 4.2% gain in the second quarter, while economic data releases in the fourth quarter suggested the strength was enduring. That said, the sources of strength in the third quarter narrowed to the household and government sectors. Growth in consumer spending, already strong in the second quarter, accelerated slightly to a 4.0% pace in the third quarter. Moreover, government spending added 0.6% to US GDP growth, reflecting a pickup in spending at the federal, state, and local levels. Business investment faltered, however, decelerating from a 10% overall pace in the first half of 2018 to just 0.8% in the third quarter. Meanwhile, residential investment declined another 4.0% in real terms; it has now fallen in seven out of the last 10 quarters.

What worked?

• The Fund outperformed the Index over the reporting period, mostly because of strong security selection. Sector allocation and curve positioning also added value, while duration positioning and currency selection hurt performance.

• Strong security selection was highlighted by the Fund’s positioning in sovereign bonds, collateralized loan obligations (CLOs), interest rate swaps, non-agency mortgage-backed securities, high yield corporate bonds, and US Treasury securities.

• Corporate bond positioning in the health care & pharmaceutical and upstream energy sectors added value. Within health care & pharmaceutical, overweights in Endo

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International, Tenet Healthcare, and HCA Healthcare were positive. Contributors in the upstream energy sector included overweights in MEG Energy, Devon Energy, and Cenovus Energy. An overweight in Greece was the largest contributor to performance.

• Sector allocations also added value, with an underweight in mortgage-backed securities and overweights in high yield bonds and commercial mortgage-backed securities (CMBS) the largest contributors to performance

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

What didn’t work?

• Although overall security selection contributed to performance, positioning in emerging markets limited results.

• Within corporate bonds, positioning in the automotive and telecommunication sectors detracted from performance. Within automotive, an overweight in General Motors was negative. Detractors in telecommunications included an underweight in Verizon. An overweight in Argentina was the largest detractor from performance.

• Looking at sector allocation, overweights in sovereign bonds and investment-grade corporate bonds limited results during the period.

• During the period, the Fund was hurt by its strategy to manage duration, which is a measure of the interest rate sensitivity of a bond portfolio or debt securities that is expressed as a number of years. The Fund’s long duration positioning detracted as US rates were higher during the period. The Fund’s active duration positioning ranged from 0.1 to 0.8 years long, with its period-end positioning at the shorter end of the range at +0.4 years.

• The Fund occasionally features modest notional exposure to non-US dollar currencies across a diversified basket of currencies in faster-growing emerging and developed markets countries. The Fund’s currency positioning hurt performance during the period, with overweights in the Indian rupee and Russian ruble and an underweight in the South African rand the largest detractors.

Did the Fund use derivatives, and how did they affect performance?

• The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used interest rate futures, options, and swaps to help manage duration positioning and yield curve exposure. Futures and swaps added to performance during the period, while options modestly detracted. In addition, the Fund traded foreign exchange derivatives, which had a negative impact on performance during the period.

PGIM Total Return Bond Fund 15

Strategy and Performance Overview (continued)

Current outlook

• Given ongoing US economic strength, the Fed is expected to raise short-term interest rates at its policy meeting on December 19, which PGIM Fixed Income believes will be followed by additional hikes around March and June 2019. At that point, the federal funds rate would be at 2.9%—roughly in line with Fed officials’ median estimate of the long-run neutral policy rate (although their estimates range from 2.5% to 3.5%). If 1) the fiscal stimulus shows signs of waning by the second half of next year, 2) congressional gridlock following the mid-term elections rules out further fiscal stimulus, and 3) inflation on average remains contained, as PGIM Fixed Income anticipates, the Fed is likely to become more cautious by the second half of next year. Meanwhile, banks’ reserve balances at the Fed continue to shrink as quantitative tightening proceeds. PGIM Fixed Income anticipates further updates from the Fed over the next several meetings about its thinking regarding the likely terminal size of its balance sheet.

• At the end of the period, PGIM Fixed Income maintained a positive view of fundamentals in the credit sectors, with the Fund positioned in spread sectors such as high yield corporate bonds, emerging markets debt, and structured products (CMBS, CLOs, asset-backed securities).

• In investment-grade corporate bonds, as the US economy enters the later stage of the credit cycle, PGIM Fixed Income continues to favor better-quality financials and electric utilities over industrials that are subject to event risk. Within industrials, the focus is on select issuers where an “event” has passed, as higher-quality issuers continue to add debt and M&A remains a concern.

• Because of a combination of solid fundamentals (strong earnings and low defaults) and favorable technicals (limited net supply and persistent institutional demand from Asia), PGIM Fixed Income holds a modestly positive view on US high yield bonds in the near term. However, concerns over current valuations, risk appetite on recent lower-quality M&A transactions that is reminiscent of 2007, as well as broader concerns about trade wars and the timing of the next US recession merit longer-term caution.

• PGIM Fixed Income expects CMBS issuance to be heavy for the remainder of 2018 and continues to find value in high-quality securities of new issue conduit deals. In asset-backed securities, a fundamentally driven, up-in-quality focus is being maintained. PGIM Fixed Income favors select securitizations from originators of unsecured consumer loans, subprime auto loans, and private refinance student loans that practice strong underwriting and display robust structural features.

• Government-related sectors, including Treasuries and agency mortgage-backed securities, remain significant Fund underweights as PGIM Fixed Income finds more compelling value in the aforementioned sectors. The Fund also occasionally features a modest notional exposure to non-US dollar currencies across a diversified basket of currencies in faster-growing emerging and developed countries with current positioning featuring an overweight to the US dollar.

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Fees and Expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended October 31, 2018. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Total Return Bond Fund 17

Fees and Expenses (continued)

expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PGIM Total Return Bond Fund		Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	994.50		0.76	%	$	3.82
	Hypothetical	$	1,000.00	$	1,021.37		0.76	%	$	3.87
Class B	Actual	$	1,000.00	$	992.70		1.26	%	$	6.33
	Hypothetical	$	1,000.00	$	1,018.85		1.26	%	$	6.41
Class C	Actual	$	1,000.00	$	991.50		1.51	%	$	7.58
	Hypothetical	$	1,000.00	$	1,017.59		1.51	%	$	7.68
Class R	Actual	$	1,000.00	$	994.00		1.01	%	$	5.08
	Hypothetical	$	1,000.00	$	1,020.11		1.01	%	$	5.14
Class Z	Actual	$	1,000.00	$	996.50		0.51	%	$	2.57
	Hypothetical	$	1,000.00	$	1,022.63		0.51	%	$	2.60
Class R2	Actual	$	1,000.00	$	994.60		0.91	%	$	4.58
	Hypothetical	$	1,000.00	$	1,020.62		0.91	%	$	4.63
Class R4	Actual	$	1,000.00	$	995.80		0.66	%	$	3.32
	Hypothetical	$	1,000.00	$	1,021.88		0.66	%	$	3.36
Class R6**	Actual	$	1,000.00	$	996.30		0.41	%	$	2.06
	Hypothetical	$	1,000.00	$	1,023.14		0.41	%	$	2.09

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2018, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

18 Visit our website at pgiminvestments.com

Schedule of Investments

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    97.5%
ASSET-BACKED SECURITIES    28.3%
Automobiles    0.2%
Avis Budget Rental Car Funding AESOP LLC,
Series 2015-02A, Class A, 144A		2.630	%		12/20/21		13,600	$	13,358,858
Series 2016-01A, Class A, 144A		2.990			06/20/22		5,000		4,916,635
Drive Auto Receivables Trust, Series 2018-01, Class B		2.880			02/15/22		18,500		18,470,659
Ford Credit Floorplan Master Owner Trust A, Series 2018-02, Class A		3.170			03/15/25		11,000		10,867,521
Hertz Vehicle Financing II LP,
Series 2015-01A, Class A, 144A		2.730			03/25/21		9,600		9,499,590
Series 2016-02A, Class A, 144A		2.950			03/25/22		2,600		2,547,824
OneMain Direct Auto Receivables Trust,
Series 2017-01A, Class A, 144A		2.160			10/15/20		11,723		11,679,324
Series 2017-02A, Class B, 144A		2.550			11/14/23		4,600		4,529,522
Series 2017-02A, Class C, 144A		2.820			07/15/24		1,200		1,179,949
Series 2017-02A, Class E, 144A		4.740			11/14/25		7,400		7,320,788
									84,370,670
Collateralized Loan Obligations    21.4%
Adagio CLO (Ireland), Series IV-A, Class A2R		1.100			10/15/29	EUR	1,400		1,583,263
Allegro CLO Ltd. (Cayman Islands), Series 2018-02A, Class A, 144A, 3 Month LIBOR + 1.100%		3.342	(c)		07/15/31		141,083		140,656,238
ALM Ltd. (Cayman Islands), Series 2013-08A, Class A1R, 144A, 3 Month LIBOR + 1.490%		3.926	(c)		10/15/28		4,250		4,251,023
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2015-06A, Class AR, 144A, 3 Month LIBOR + 1.270%		3.706	(c)		07/15/30		140,561		140,759,036
Ares CLO Ltd. (Cayman Islands),
Series 2016-39A, Class A, 144A, 3 Month LIBOR + 1.530%		3.975	(c)		07/18/28		64,750		64,938,099
Series 2016-40A, Class A2, 144A, 3 Month LIBOR + 1.650%		4.086	(c)		10/15/27		29,100		29,108,718
Armada Euro CLO (Ireland),
Series 2018-02A, Class A1, 144A, 3 Month EURIBOR + 0.760%		0.760	(c)		11/15/31	EUR	65,750		73,590,566

See Notes to Financial Statements.

PGIM Total Return Bond Fund 19

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Armada Euro CLO (Ireland), (cont’d.)
Series 2018-02A, Class A3, 144A		1.500	%		11/15/31	EUR	14,500	$	16,411,885
ArrowMark Colorado Holdings (Cayman Islands), Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.716	(c)		07/15/29		35,900		35,943,837
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.830%		3.142	(c)		11/17/27		34,590		34,465,673
Series 2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260%		3.696	(c)		07/16/29		41,750		41,789,784
Series 2017-08A, Class A, 144A, 3 Month LIBOR + 1.300%		3.736	(c)		01/16/30		69,250		69,204,787
Aurium CLO DAC (Ireland),
Series 4A, Class A1, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		01/16/31	EUR	111,800		125,155,433
Series 4A, Class A2, 144A		1.620			01/16/31	EUR	20,000		22,676,986
Bain Capital Euro CLO DAC (Ireland), Series 2018-01A, Class A, 144A, 3 Month EURIBOR + 0.780%		0.780	(c)		04/20/32	EUR	100,950		113,517,074
Ballyrock CLO Ltd. (Cayman Islands), Series 2016-01A, Class A, 144A, 3 Month LIBOR + 1.590%		4.026	(c)		10/15/28		78,750		79,111,289
Battalion CLO Ltd. (Cayman Islands), Series 2016-10A, Class A1, 144A, 3 Month LIBOR + 1.550%		4.037	(c)		01/24/29		61,700		61,821,975
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2014-IVA, Class A1R, 144A, 3 Month LIBOR + 1.490%		3.959	(c)		01/20/29		17,250		17,299,037
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.686	(c)		10/15/30		49,000		49,071,663
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350%		3.799	(c)		01/17/28		2,915		2,894,067
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970%		3.419	(c)		04/17/31		50,000		50,048,215
Series 2014-03RA, Class A1A, 144A, 3 Month LIBOR + 1.050%		3.138	(c)		07/27/31		52,500		52,319,474
Carlyle Global Market Strategies Euro CLO (Ireland), Series 2014-03A, Class AA1R, 144A, 3 Month EURIBOR + 0.730%		0.730	(c)		01/25/32	EUR	50,000		56,071,917

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Carlyle US CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1B, 144A, 3 Month LIBOR + 1.220%		3.689	%(c)		07/20/31		35,000	$	35,072,692
Series 2017-04A, Class A1, 144A, 3 Month LIBOR + 1.180%		3.616	(c)		01/15/30		37,250		37,311,597
Catamaran CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260%		3.729	(c)		04/22/30		145,225		145,018,664
Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.400%		3.845	(c)		10/18/26		31,000		31,014,601
Cbam Ltd. (Cayman Islands), Series 2018-07A, Class A, 144A, 3 Month LIBOR + 1.100%		3.452	(c)		07/20/31		27,500		27,366,342
CIFC Funding Ltd. (Cayman Islands),
Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980%		3.330	(c)		04/24/31		24,250		24,076,739
Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200%		3.627	(c)		10/17/31		34,450		34,472,802
Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110%		3.579	(c)		01/22/31		98,250		98,060,525
Series 2017-04A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.737	(c)		10/24/30		10,000		10,015,580
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.040%		3.509	(c)		04/20/31		71,000		70,908,822
CVC Cordatus Loan Fund (Ireland), Series 3A, Class A2RR, 144A		1.750			08/15/32	EUR	5,300		6,035,528
CVC Cordatus Loan Fund X DAC (Ireland), Series 10A, Class A1, 144A		0.720			01/27/31	EUR	100,000		112,129,824
ECP CLO Ltd. (Cayman Islands), Series 2014-06A, Class A1A, 144A, 3 Month LIBOR + 1.450%		3.886	(c)		07/15/26		9,514		9,517,031
Elevation CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.230%		3.666	(c)		10/15/29		116,500		116,655,108
Series 2014-03A, Class AR, 144A, 3 Month LIBOR + 1.180%		3.616	(c)		10/15/26		25,000		25,006,865
Series 2015-04A, Class A, 144A, 3 Month LIBOR + 1.550%		3.995	(c)		04/18/27		59,200		59,392,595
Series 2015-04A, Class B, 144A, 3 Month LIBOR + 2.430%		4.875	(c)		04/18/27		21,250		21,340,565
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220%		3.656	(c)		07/15/30		36,000		36,019,465

See Notes to Financial Statements.

PGIM Total Return Bond Fund 21

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Elevation CLO Ltd. (Cayman Islands), (cont’d.)
Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.120%		3.336	%(c)		07/15/31		127,600	$	127,138,522
Garrison Funding Ltd. (Cayman Islands), Series 2015-01RR, Class A1RR, 144A, 3 Month LIBOR + 1.270%		3.581	(c)		09/22/29		8,400		8,392,768
Greenwood Park CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010%		3.446	(c)		04/15/31		146,700		146,268,306
Series 2018-01A, Class B, 144A, 3 Month LIBOR + 1.400%		3.836	(c)		04/15/31		10,000		9,897,638
Greywolf CLO Ltd. (Cayman Islands), Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030%		3.538	(c)		04/26/31		57,750		57,403,327
Hayfin Emerald CLO DAC (Ireland),
Series 1A, Class A2, 144A, 3 Month EURIBOR + 1.090%		1.090	(c)		09/06/31	EUR	55,750		63,211,757
Series 1A, Class A3, 144A		1.700			09/06/31	EUR	10,000		11,385,143
Highbridge Loan Management Ltd. (Cayman Islands), Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000%		3.341	(c)		02/05/31		14,500		14,420,685
HPC Investment Partners CLO,
Series 2013-02RR, Class A1A, 144A, 3 Month LIBOR + 1.160%		3.629	(c)		10/20/29		13,925		13,898,292
Series 2013-02RR, Class A2, 144A, 3 Month LIBOR + 1.625%		4.094	(c)		10/20/29		1,025		1,023,425
HPS Investment Partners CLO Subsidiary LLC (Cayman Islands), Series 11A-RR, Class A, 144A, 3 Month LIBOR + 1.260%		3.603	(c)		05/07/30		16,000		16,030,368
ICG US CLO Ltd. (Cayman Islands),
Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030%		3.520	(c)		04/25/31		24,700		24,555,142
Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.757	(c)		10/23/29		70,000		70,133,511
Jackson Mill CLO Ltd. (Cayman Islands), Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 0.830%		3.266	(c)		04/15/27		30,000		29,904,543
Jefferson Mill CLO Ltd. (Cayman Islands), Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.175%		3.672	(c)		10/20/31		148,000		147,629,112

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Jubilee CLO Ltd. (Netherlands), Series 2017-19A, Class A1, 144A, 3 Month EURIBOR + 0.800%		0.800	%(c)		07/15/30	EUR	39,000	$	43,837,592
KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180%		3.616	(c)		01/15/31		73,150		73,149,005
Series 18, Class A, 144A, 3 Month LIBOR + 1.270%		3.715	(c)		07/18/30		167,750		167,959,151
KVK CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.614	(c)		05/15/26		45,586		45,605,461
Series 2014-02A, Class AR, 144A, 3 Month LIBOR + 1.180%		3.616	(c)		07/15/26		7,295		7,298,223
Mariner CLO Ltd. (Cayman Islands), Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110%		3.600	(c)		04/25/31		43,100		42,941,866
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120%		3.589	(c)		04/21/31		39,000		38,887,567
Series 2014-03A, Class BR, 144A, 3 Month LIBOR + 1.800%		4.269	(c)		04/21/31		17,500		17,506,346
Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150%		3.397	(c)		07/20/31		54,250		54,141,717
Mill Creek CLO Ltd. (Cayman Islands), Series 2016-01A, Class A, 144A, 3 Month LIBOR + 1.750%		4.219	(c)		04/20/28		33,300		33,514,269
Mountain View CLO LLC (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.210%		3.646	(c)		01/16/31		59,950		59,973,386
Mountain View CLO Ltd. (Cayman Islands), Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 1.250%		3.675	(c)		10/12/30		120,550		120,721,856
Neuberger Berman CLO Ltd. (Cayman Islands), Series 2017-16SA, Class A, 144A, 3 Month LIBOR + 0.850%		3.286	(c)		01/15/28		35,344		35,195,870
Ocean Trails CLO Ltd. (Cayman Islands), Series 2016-06A, Class A2A, 144A, 3 Month LIBOR + 1.690%		4.126	(c)		07/15/28		39,000		39,182,953
OCP CLO Ltd. (Cayman Islands), Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260%		3.696	(c)		07/15/30		58,900		58,989,510

See Notes to Financial Statements.

PGIM Total Return Bond Fund 23

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
OCP Euro CLO DAC (Ireland), Series 2017-02A, Class A		0.820	%		01/15/32	EUR	108,000	$	121,657,659
OZLM Ltd. (Cayman Islands),
Series 2014-07RA, Class A1R, 144A, 3 Month LIBOR + 1.010%		3.459	(c)		07/17/29		123,700		123,455,309
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.770	(c)		10/30/30		63,500		63,608,109
Series 2016-15A, Class A1, 144A, 3 Month LIBOR + 1.490%		3.959	(c)		01/20/29		90,000		90,157,473
Series 2018-20A, Class A1, 144A, 3 Month LIBOR + 1.050%		3.519	(c)		04/20/31		94,500		94,426,318
OZLME Designated Activity Co. (Netherlands), Series 3A, Class A1, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		08/24/30	EUR	79,000		88,705,800
Palmer Square CLO Ltd. (Cayman Islands),
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.612	(c)		05/21/29		65,000		65,109,310
Series 2015-02A, Class A1AR, 144A, 3 Month LIBOR + 1.270%		3.739	(c)		07/20/30		123,500		123,691,956
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.220%		3.539	(c)		11/14/29		90,000		90,102,933
Prudential PLC (United Kingdom), Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.150%		3.643	(c)		07/15/31		94,700		94,548,120
Race Point CLO Ltd. (Cayman Islands), Series 2015-09A, Class A1AR, 144A, 3 Month LIBOR + 1.210%		3.646	(c)		10/15/30		10,000		10,010,472
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1, 144A, 3 Month LIBOR + 1.520%		3.858	(c)		12/20/28		53,000		53,059,641
Series 2017-01A, Class A, 144A, 3 Month LIBOR + 1.250%		3.699	(c)		10/17/30		56,250		56,334,752
Romark CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030%		3.499	(c)		04/20/31		90,000		89,510,733
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175%		3.431	(c)		07/25/31		37,000		36,952,721
Shackleton CLO Ltd. (Cayman Islands),
Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100%		3.463	(c)		05/07/31		75,000		74,793,900

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Shackleton CLO Ltd. (Cayman Islands), (cont’d.)
Series 2015-07RA, Class A1, 144A, 3 Month LIBOR + 1.170%		3.509	%(c)		07/15/31		59,250	$	59,191,846
Series 2017-11A, Class A, 144A, 3 Month LIBOR + 1.270%		3.584	(c)		08/15/30		159,750		159,972,436
Silver Creek CLO Ltd. (Cayman Islands), Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240%		3.709	(c)		07/20/30		50,000		50,069,385
Sound Point CLO Ltd. (Cayman Islands),
Series 2015-02A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.349	(c)		07/20/27		32,800		32,709,190
Series 2016-01A, Class A, 144A, 3 Month LIBOR + 1.650%		4.119	(c)		07/20/28		35,000		35,010,969
Series 2016-02A, Class A, 144A, 3 Month LIBOR + 1.660%		4.129	(c)		10/20/28		5,500		5,501,508
Series 2016-03A, Class A, 144A, 3 Month LIBOR + 1.530%		4.007	(c)		01/23/29		53,875		54,073,880
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.280%		3.770	(c)		07/25/30		60,000		60,098,940
Series 2017-03A, Class A1A, 144A, 3 Month LIBOR + 1.220%		3.689	(c)		10/20/30		99,500		99,626,106
Series 2017-03A, Class A1B, 144A, 3 Month LIBOR + 1.220%		3.689	(c)		10/20/30		750		748,426
St Paul’s CLO DAC (Ireland), Series 4A, Class AR1, 144A, 3 Month EURIBOR + 0.850%		0.850	(c)		04/25/30	EUR	55,750		62,841,368
Telos CLO Ltd. (Cayman Islands),
Series 2013-03A, Class AR, 144A, 3 Month LIBOR + 1.300%		3.749	(c)		07/17/26		40,000		40,074,972
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240%		3.689	(c)		01/17/30		85,000		84,747,099
THL Credit Wind River CLO Ltd. (Cayman Islands), Series 2012-01A, Class AR, 144A, 3 Month LIBOR + 1.450%		3.886	(c)		01/15/26		40,300		40,361,506
TIAA CLO Ltd. (Cayman Islands), Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.200%		3.669	(c)		07/20/31		45,750		45,762,256
TICP CLO Ltd. (Cayman Islands), Series 2016-06A, Class A, 144A, 3 Month LIBOR + 1.550%		3.986	(c)		01/15/29		127,250		127,475,729

See Notes to Financial Statements.

PGIM Total Return Bond Fund 25

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Tikehau CLO Ltd. (Netherlands), Series 4A, Class A1, 144A, 3 Month EURIBOR + 0.900%		0.900	%(c)		10/15/31	EUR	85,700	$	96,685,284
Trinitas CLO Ltd. (Cayman Islands),
Series 2017-06A, Class A, 144A, 3 Month LIBOR + 1.320%		3.810	(c)		07/25/29		65,000		65,135,018
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210%		3.700	(c)		01/25/31		118,000		118,073,479
Series 2017-07A, Class B, 144A, 3 Month LIBOR + 1.600%		4.090	(c)		01/25/31		12,250		12,205,814
Series 2018-08A, Class A, 144A, 3 Month LIBOR + 1.100%		3.569	(c)		07/20/31		70,000		69,714,295
Venture 32 CLO Ltd. (Cayman Islands), Series 2018-32A, Class A1, 144A, 3 Month LIBOR + 1.100%		3.433	(c)		07/18/31		38,372		38,248,541
Venture CLO Ltd. (Cayman Islands),
Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.316	(c)		07/15/27		72,550		72,358,163
Series 2017-27RA, Class A, 144A, 3 Month LIBOR + 1.300%		3.769	(c)		07/21/30		19,200		19,236,528
Vibrant CLO Ltd. (Cayman Islands),
Series 2016-04A, Class A1, 144A, 3 Month LIBOR + 1.650%		4.119	(c)		07/20/28		50,000		50,117,005
Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.120%		3.362	(c)		07/20/31		195,000		194,270,134
Series 2018-09A, Class X, 144A, 3 Month LIBOR + 0.500%		2.742	(c)		07/20/31		813		807,675
Voya CLO Ltd. (Cayman Islands), Series 2014-01A, Class AAR2, 144A, 3 Month LIBOR + 0.990%		3.435	(c)		04/18/31		115,250		114,805,204
Voya Euro CLO Designated Activity Co. (Ireland), Series 01A, Class A, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		10/15/30	EUR	95,000		106,611,210
Wellfleet CLO Ltd. (Cayman Islands),
Series 2016-02A, Class A1, 144A, 3 Month LIBOR + 1.650%		4.119	(c)		10/20/28		41,250		41,262,825
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.320%		3.789	(c)		04/20/29		70,000		70,129,808
Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.719	(c)		10/20/29		40,000		40,066,356

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Wellfleet CLO Ltd. (Cayman Islands), (cont’d.) Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200%		3.638	%(c)		10/20/31		60,250	$	60,198,426
West CLO Ltd. (Cayman Islands), Series 2014-02A, Class A1BR, 144A		2.724			01/16/27		14,500		14,316,440
Westcott Park CLO Ltd. (Cayman Islands), Series 2016-01A, Class A, 144A, 3 Month LIBOR + 1.530%		3.999	(c)		07/20/28		11,000		11,033,349
Willow Park CLO (Ireland), Series 1A, Class A1		0.840			01/15/31	EUR	6,500		7,319,208
York CLO Ltd. (Cayman Islands), Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150%		3.619	(c)		01/22/31		25,000		24,949,568
Zais CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370%		3.806	(c)		07/15/29		74,130		74,302,723
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290%		3.726	(c)		04/15/30		65,500		65,854,067
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950%		3.386	(c)		04/15/29		60,825		60,298,797
Series 2018-02A, Class A, 144A, 3 Month LIBOR + 1.200%		3.720	(c)		07/20/31		145,500		145,370,185
									7,570,063,619
Consumer Loans    1.8%
Lendmark Funding Trust,
Series 2017-01A, Class A, 144A		2.830			12/22/25		21,900		21,611,772
Series 2018-02A, Class A, 144A		4.230			04/20/27		45,100		45,094,295
OneMain Financial Issuance Trust,
Series 2016-01A, Class A, 144A		3.660			02/20/29		28,300		28,364,827
Series 2016-02A, Class A, 144A		4.100			03/20/28		7,730		7,759,038
Series 2017-01A, Class B, 144A		2.790			09/14/32		12,983		12,553,978
Series 2017-01A, Class C, 144A		3.350			09/14/32		9,900		9,658,133
Series 2018-01A, Class A, 144A		3.300			03/14/29		28,550		28,312,755
Oportun Funding LLC,
Series 2016-C, Class A, 144A		3.280			11/08/21		43,429		43,426,546
Series 2017-A, Class A, 144A		3.230			06/08/23		26,260		25,876,780
Series 2017-B, Class A, 144A		3.220			10/10/23		69,000		67,915,548
Series 2018-A, Class A, 144A		3.610			03/08/24		9,670		9,542,282
Series 2018-B, Class A, 144A		3.910			07/08/24		25,700		25,573,083
Series 2018-B, Class B, 144A		4.500			07/08/24		1,750		1,745,369
Series 2018-B, Class C, 144A		5.430			07/08/24		1,921		1,909,950

See Notes to Financial Statements.

PGIM Total Return Bond Fund 27

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans (cont’d.)
Oportun Funding LLC, (cont’d.)
Series 2018-C, Class A, 144A		4.100	%		10/08/24		44,300	$	44,280,380
Series 2018-C, Class B, 144A		4.590			10/08/24		4,800		4,845,498
Series 2018-C, Class C, 144A		5.520			10/08/24		2,000		1,996,633
PNMAC FMSR Issuer Trust, Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350%		4.631	(c)		04/25/23		62,500		62,950,094
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850%		5.131	(c)		02/25/23		24,890		25,155,790
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650%		4.931	(c)		08/25/25		35,300		35,546,687
SpringCastle America Funding LLC, Series 2016-AA, Class A, 144A		3.050			04/25/29		36,293		36,001,109
Springleaf Funding Trust,
Series 2015-AA, Class A, 144A		3.160			11/15/24		20,325		20,321,281
Series 2015-AA, Class B, 144A		3.620			11/15/24		3,250		3,238,226
Series 2015-AA, Class C, 144A		5.040			11/15/24		6,000		5,970,064
Series 2017-AA, Class A, 144A		2.680			07/15/30		59,100		57,854,467
Series 2017-AA, Class B, 144A		3.100			07/15/30		8,262		8,028,318
									635,532,903
Credit Card    0.3%
Citibank Credit Card Issuance Trust, Series 2018-A07, Class A7		3.960			10/13/30		90,200		90,758,266
Home Equity Loans    0.6%
ABFC Trust,
Series 2003-OPT01, Class A1, 1 Month LIBOR + 0.640%		2.921	(c)		04/25/33		4,115		4,060,309
Series 2003-WMC01, Class M1, 1 Month LIBOR + 0.975%		3.256	(c)		06/25/33		357		356,219
Series 2004-OPT05, Class A4, 1 Month LIBOR + 1.250%		3.531	(c)		06/25/34		1,844		1,862,226
Series 2005-AQ01, Class A4		4.785			01/25/34		1,128		1,150,989
Accredited Mortgage Loan Trust, Series 2004-04, Class A2D, 1 Month LIBOR + 0.700%		2.981	(c)		01/25/35		302		301,957
ACE Securities Corp. Home Equity Loan Trust,
Series 2003-HE01, Class M1, 1 Month LIBOR + 0.975%		3.256	(c)		11/25/33		637		626,747

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
ACE Securities Corp. Home Equity Loan Trust, (cont’d.)
Series 2003-OP01, Class M1, 1 Month LIBOR + 1.050%		3.331	%(c)		12/25/33		829	$	823,993
Series 2004-HE04, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		12/25/34		6,098		5,970,095
Series 2004-OP01, Class M1, 1 Month LIBOR + 0.780%		3.061	(c)		04/25/34		8,884		8,764,726
Aegis Asset Backed Securities Trust, Series 2005-03, Class M1, 1 Month LIBOR + 0.470%		2.751	(c)		08/25/35		62		61,632
Aegis Asset Backed Securities Trust Mortgage Pass-Through Ctfs Ser Pass-Through Certificates, Series 2004-01, Class M1, 1 Month LIBOR + 1.020%		3.301	(c)		04/25/34		818		811,368
Ameriquest Mortgage Securities, Inc. Asset-Backed, Series 2003-10, Class AV2, 1 Month LIBOR + 0.700%		2.981	(c)		11/25/33		28		27,553
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-05, Class A6		4.359			04/25/33		1,369		1,373,706
Ameriquest Mortgage Securities, Inc. Floating Rate Mortgage Pass-Through Certificates, Series 2001-02, Class M3, 1 Month LIBOR + 2.925%		5.206	(c)		10/25/31		60		62,644
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2003-01, Class M1, 1 Month LIBOR + 1.350%		3.631	(c)		02/25/33		1,613		1,595,353
Series 2003-08, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		10/25/33		3,491		3,435,445
Series 2003-10, Class AV1, 1 Month LIBOR + 0.760%		3.041	(c)		12/25/33		868		863,277
Series 2003-11, Class AV2, 1 Month LIBOR + 0.740%		3.021	(c)		12/25/33		1,188		1,169,151
Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
Series 2003-W10, Class M1, 1 Month LIBOR + 1.080%		3.361	(c)		01/25/34		1,295		1,295,475
Series 2003-W10, Class M2, 1 Month LIBOR + 2.475%		4.203	(c)		01/25/34		73		73,271
Series 2004-W02, Class AF		4.403			04/25/34		336		338,508

See Notes to Financial Statements.

PGIM Total Return Bond Fund 29

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Argent Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2003-W02, Class M4, 1 Month LIBOR + 5.625%		4.192	%(c)		09/25/33		574	$	545,469
Series 2003-W07, Class M1, 1 Month LIBOR + 1.035%		3.316	(c)		03/25/34		417		417,247
Series 2003-W09, Class M1, 1 Month LIBOR + 1.035%		3.316	(c)		01/25/34		1,190		1,192,604
Series 2004-W06, Class M1, 1 Month LIBOR + 0.825%		3.106	(c)		05/25/34		221		220,190
Series 2005-W02, Class A2C, 1 Month LIBOR + 0.360%		2.641	(c)		10/25/35		886		887,547
Asset-Backed Securities Corp. Home Equity Loan Trust,
Series 2003-HE03, Class M1, 1 Month LIBOR + 1.245%		3.525	(c)		06/15/33		1,088		1,089,972
Series 2003-HE04, Class M1, 1 Month LIBOR + 1.245%		3.525	(c)		08/15/33		1,250		1,254,608
Series 2003-HE05, Class M1, 1 Month LIBOR + 1.125%		3.405	(c)		09/15/33		2,095		2,079,886
Series 2004-HE03, Class M1, 1 Month LIBOR + 0.810%		3.091	(c)		06/25/34		6,675		6,670,370
Series 2004-HE06, Class M1, 1 Month LIBOR + 0.945%		3.226	(c)		09/25/34		924		932,875
Series 2004-HE08, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		12/25/34		1,714		1,667,090
Series 2004-HE09, Class M1, 1 Month LIBOR + 0.975%		3.256	(c)		12/25/34		2,085		2,042,446
Bear Stearns Asset-Backed Securities Trust,
Series 2002-02, Class A2, 1 Month LIBOR + 1.200%		3.481	(c)		10/25/32		46		46,183
Series 2004-FR02, Class M2, 1 Month LIBOR + 1.020%		3.301	(c)		06/25/34		4,100		4,156,857
Series 2004-HE02, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		03/25/34		1,351		1,355,263
Series 2004-HE05, Class M1, 1 Month LIBOR + 0.855%		3.136	(c)		07/25/34		2,677		2,676,877
Series 2004-HE07, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		08/25/34		3,894		3,896,105
Series 2004-HE08, Class M1, 1 Month LIBOR + 0.975%		3.256	(c)		09/25/34		206		205,855

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Bear Stearns Asset-Backed Securities Trust, (cont’d.)
Series 2004-HE11, Class M2, 1 Month LIBOR + 1.575%		3.856	%(c)		12/25/34		4,011	$	4,099,466
Series 2005-HE05, Class M2, 1 Month LIBOR + 1.035%		3.316	(c)		06/25/35		2,139		2,160,119
Series 2007-HE03, Class 1A2, 1 Month LIBOR + 0.200%		2.481	(c)		04/25/37		133		174,942
CDC Mortgage Capital Trust,
Series 2003-HE03, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		11/25/33		865		855,683
Series 2003-HE04, Class M1, 1 Month LIBOR + 0.975%		3.256	(c)		03/25/34		4,396		4,327,911
Conseco Finance Corp/Old, Series 2001-C, Class M2, 1 Month LIBOR + 1.150%		3.430	(c)		08/15/33		822		821,858
Credit Suisse First Boston Mortgage Pass-Through Certificates, Series 2002-HE04, Class M2, 1 Month LIBOR + 2.250%		4.531	(c)		08/25/32		9		8,947
GSAA Trust, Series 2006-07, Class AF2		5.995	(cc)		03/25/46		959		661,309
Home Equity Asset Trust,
Series 2002-04, Class M1, 1 Month LIBOR + 1.500%		3.781	(c)		03/25/33		2,326		2,313,705
Series 2003-03, Class M1, 1 Month LIBOR + 1.290%		3.571	(c)		08/25/33		1,158		1,163,342
Series 2003-04, Class M1, 1 Month LIBOR + 1.200%		3.481	(c)		10/25/33		1,232		1,213,311
Series 2003-05, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		12/25/33		44		44,085
Series 2003-06, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		02/25/34		2,491		2,438,193
Series 2004-07, Class M1, 1 Month LIBOR + 0.930%		3.211	(c)		01/25/35		581		582,150
JPMorgan Mortgage Acquisition Corp., Series 2005-WMC01, Class M2, 1 Month LIBOR + 0.660%		2.941	(c)		09/25/35		1,008		1,005,311
MASTR Asset-Backed Securities Trust,
Series 2004-WMC03, Class M1, 1 Month LIBOR + 0.825%		3.106	(c)		10/25/34		4,610		4,630,313
Series 2005-NC01, Class M1, 1 Month LIBOR + 0.720%		3.001	(c)		12/25/34		2,208		2,205,099

See Notes to Financial Statements.

PGIM Total Return Bond Fund 31

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Merrill Lynch Mortgage Investors Trust,
Series 2002-HE01, Class A1, 1 Month LIBOR + 1.000%		3.281	%(c)		08/25/32		2,789	$	2,745,949
Series 2003-OPT01, Class A3, 1 Month LIBOR + 0.720%		3.001	(c)		07/25/34		537		535,502
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE01, Class M1, 1 Month LIBOR + 1.200%		3.481	(c)		05/25/33		670		664,358
Series 2003-NC05, Class M1, 1 Month LIBOR + 1.275%		3.556	(c)		04/25/33		4,919		4,920,833
Series 2004-HE03, Class A4, 1 Month LIBOR + 0.800%		3.081	(c)		03/25/34		483		460,613
Series 2004-HE04, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		05/25/34		6,648		6,636,950
Series 2004-HE05, Class M1, 1 Month LIBOR + 0.945%		3.226	(c)		06/25/34		701		701,660
Series 2004-HE08, Class A7, 1 Month LIBOR + 1.060%		3.341	(c)		09/25/34		663		657,396
Series 2004-HE08, Class M1, 1 Month LIBOR + 0.960%		3.241	(c)		09/25/34		4,439		4,484,603
Series 2004-OP01, Class M1, 1 Month LIBOR + 0.870%		3.151	(c)		11/25/34		3,009		2,997,680
Series 2004-WMC03, Class M2, 1 Month LIBOR + 0.795%		3.076	(c)		01/25/35		4,635		4,627,297
Series 2005-NC02, Class M3, 1 Month LIBOR + 0.675%		2.956	(c)		03/25/35		1,705		1,703,052
Morgan Stanley Dean Witter Capital I, Inc., Series 2003-NC03, Class M1, 1 Month LIBOR + 1.350%		3.631	(c)		03/25/33		3,221		3,229,470
Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-NC05, Class M1, 1 Month LIBOR + 1.410%		3.691	(c)		10/25/32		1,374		1,371,547
New Century Home Equity Loan Trust,
Series 2003-04, Class M1, 1 Month LIBOR + 1.125%		3.406	(c)		10/25/33		4,179		4,179,587
Series 2003-A, Class A, 144A, 1 Month LIBOR + 0.720%		3.001	(c)		10/25/33		1,743		1,692,565
Series 2004-01, Class M1, 1 Month LIBOR + 0.885%		3.166	(c)		05/25/34		600		596,411
Series 2004-03, Class M1, 1 Month LIBOR + 0.930%		3.211	(c)		11/25/34		538		539,597

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
New Century Home Equity Loan Trust, (cont’d.) Series 2004-04, Class M1, 1 Month LIBOR + 0.765%		3.046	%(c)		02/25/35		857	$	851,867
New Residential Mortgage Loan Trust, Series 2018-01A, Class A1A, 144A		4.000	(cc)		12/25/57		45,825		45,903,944
Option One Mortgage Loan Trust, Series 2004-01, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		01/25/34		3,107		3,085,717
Renaissance Home Equity Loan Trust, Series 2004-01, Class AV3, 1 Month LIBOR + 0.940%		3.221	(c)		05/25/34		5,120		5,001,799
Residential Asset Securities Trust, Series 2004-KS01, Class AI5		5.721			02/25/34		224		227,804
Securitized Asset-Backed Receivables LLC Trust, Series 2004-NC01, Class M1, 1 Month LIBOR + 0.780%		3.061	(c)		02/25/34		547		548,740
Specialty Underwriting & Residential Finance Trust, Series 2004-BC01, Class M1, 1 Month LIBOR + 0.765%		3.046	(c)		02/25/35		1,362		1,356,061
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-AM01, Class M1, 1 Month LIBOR + 1.350%		3.631	(c)		04/25/33		192		191,878
Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2005-01, Class M4, 1 Month LIBOR + 0.915%		3.196	(c)		04/25/35		3,140		3,154,628
									198,135,340
Residential Mortgage-Backed Securities    3.1%
Aames Mortgage Investment Trust, Series 2005-02, Class M4, 1 Month LIBOR + 0.945%		3.226	(c)		07/25/35		1,180		1,185,651
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates,
Series 2004-R03, Class M1, 1 Month LIBOR + 0.780%		3.061	(c)		05/25/34		8,792		8,804,310
Series 2004-R08, Class M1, 1 Month LIBOR + 0.960%		3.241	(c)		09/25/34		923		923,646

See Notes to Financial Statements.

PGIM Total Return Bond Fund 33

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Ameriquest Mortgage Securities, Inc., Asset-Backed Pass-Through Certificates, (cont’d.) Series 2005-R11, Class A2D, 1 Month LIBOR + 0.330%		2.611	%(c)		01/25/36		2	$	2,320
Amortizing Residential Collateral Trust, Series 2002-BC08, Class A3, 1 Month LIBOR + 1.000%		3.281	(c)		11/25/32		255		253,915
Asset-Backed Pass-Through Certificates Series Pass-Through Certificates, Series 2004-R02, Class A1A, 1 Month LIBOR + 0.690%		2.971	(c)		04/25/34		1,370		1,373,941
Chase Funding Trust Series, Series 2002-02, Class 1A5		6.333			04/25/32		385		389,950
CIT Mortgage Loan Trust, Series 2007-01, Class 1A, 144A, 1 Month LIBOR + 1.350%		3.631	(c)		10/25/37		81,963		82,825,423
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH01, Class M2, 1 Month LIBOR + 0.555%		2.836	(c)		01/25/36		394		394,168
Countrywide Asset-Backed Certificates,
Series 2002-03, Class 2A1, 1 Month LIBOR + 0.660%		2.941	(c)		06/25/32		1,619		1,594,066
Series 2003-BC05, Class 2A2, 1 Month LIBOR + 0.700%		2.981	(c)		12/25/33		978		962,288
Series 2004-03, Class 1A, 1 Month LIBOR + 0.420%		2.701	(c)		08/25/34		12,198		11,611,437
Series 2004-12, Class AF5		5.676			04/25/35		724		723,440
Series 2004-BC04, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		11/25/34		1,972		1,974,346
Series 2005-BC05, Class M3, 1 Month LIBOR + 0.500%		2.781	(c)		01/25/36		6,475		6,484,444
Series 2006-26, Class 2A3, 1 Month LIBOR + 0.170%		2.451	(c)		06/25/37		418		416,557
Credit Suisse Mortgage Trust,
Series 2016-RPL01, Class A1, 144A, 1 Month LIBOR + 3.150%		5.406	(c)		12/26/46		57,409		58,351,365
Series 2018-03R, Class 1A1, 144A, 1 Month LIBOR + 1.200%		3.474	(c)		12/25/46		68,089		68,293,234
Series 2018-RPL08, Class A1, 144A		4.125			07/25/58		75,481		74,950,336
Credit-Based Asset Servicing & Securitization LLC,
Series 2004-CB05, Class M1, 1 Month LIBOR + 0.915%		3.196	(c)		01/25/34		2,917		2,936,357

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Credit-Based Asset Servicing & Securitization LLC, (cont’d.)
Series 2004-CB08, Class M1, 1 Month LIBOR + 0.795%		3.076	%(c)		12/25/35		2,548	$	2,555,668
CWABS, Inc., Asset-Backed Certificates Trust,
Series 2003-05, Class AF5		5.171			02/25/34		1,579		1,618,662
Series 2004-05, Class 3A, 1 Month LIBOR + 0.460%		2.741	(c)		09/25/34		351		350,992
Series 2004-06, Class 1A1, 1 Month LIBOR + 0.540%		2.821	(c)		12/25/34		3,479		3,473,840
Series 2004-06, Class 2A4, 1 Month LIBOR + 0.900%		3.181	(c)		11/25/34		501		505,378
Series 2004-06, Class 2A5, 1 Month LIBOR + 0.780%		3.061	(c)		11/25/34		555		556,579
Encore Credit Receivables Trust,
Series 2005-01, Class M1, 1 Month LIBOR + 0.660%		2.941	(c)		07/25/35		3,557		3,523,691
Series 2005-03, Class M3, 1 Month LIBOR + 0.765%		3.046	(c)		10/25/35		10,000		10,042,382
Equity One Mortgage Pass-Through Trust, Series 2004-03, Class M1		4.580			07/25/34		86		85,727
FBR Securitization Trust, Series 2005-02, Class M1, 1 Month LIBOR + 0.720%		3.001	(c)		09/25/35		75		75,325
FFMLT Trust, Series 2005-FF02, Class M4, 1 Month LIBOR + 0.885%		3.166	(c)		03/25/35		1,398		1,406,319
Finance America Mortgage Loan Trust, Series 2004-02, Class M1, 1 Month LIBOR + 0.825%		3.106	(c)		08/25/34		1,863		1,857,589
First Franklin Mortgage Loan Trust, Series 2003-FFH02, Class M1B, 1 Month LIBOR + 0.975%		3.256	(c)		02/25/34		2,127		2,075,212
Fremont Home Loan Trust,
Series 2003-B, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		12/25/33		6,334		6,215,289
Series 2004-02, Class M1, 1 Month LIBOR + 0.855%		3.136	(c)		07/25/34		8,121		8,291,021
Series 2004-C, Class M1, 1 Month LIBOR + 0.975%		3.256	(c)		08/25/34		1,855		1,855,254
GSAMP Trust,
Series 2003-HE02, Class A2, 1 Month LIBOR + 0.640%		2.921	(c)		08/25/33		10,550		10,346,444

See Notes to Financial Statements.

PGIM Total Return Bond Fund 35

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
GSAMP Trust, (cont’d.)
Series 2004-AR01, Class M1, 1 Month LIBOR + 0.975%		3.256	%(c)		06/25/34		3,412	$	3,418,828
Series 2004-HE02, Class M1, 1 Month LIBOR + 0.975%		3.256	(c)		09/25/34		1,983		2,001,384
Series 2005-HE03, Class M3, 1 Month LIBOR + 1.050%		3.331	(c)		06/25/35		3,500		3,503,342
Series 2007-HE01, Class A1, 1 Month LIBOR + 0.140%		2.421	(c)		03/25/47		36,139		34,147,173
JPMorgan Mortgage Acquisition Trust, Series 2007-CH05, Class A4, 1 Month LIBOR + 0.160%		2.441	(c)		06/25/36		2,660		2,654,781
Legacy Mortgage Asset Trust, Series 2017-RPL01, Class A, 144A, 1 Month LIBOR + 1.750%		3.992	(c)		01/28/70		19,663		20,064,252
Long Beach Mortgage Loan Trust,
Series 2003-04, Class AV1, 1 Month LIBOR + 0.620%		2.901	(c)		08/25/33		5,748		5,752,245
Series 2004-01, Class M1, 1 Month LIBOR + 0.750%		3.031	(c)		02/25/34		617		617,874
Series 2004-02, Class M1, 1 Month LIBOR + 0.795%		3.076	(c)		06/25/34		212		210,235
Series 2004-04, Class 1A1, 1 Month LIBOR + 0.560%		2.841	(c)		10/25/34		14		13,508
LSFVT, Series 2018-01, 1 Month LIBOR + 2.000%^		3.982	(c)		04/01/21		207,597		206,974,364
Merrill Lynch Mortgage Investors Trust,
Series 2004-OPT01, Class A1A, 1 Month LIBOR + 0.520%		2.801	(c)		06/25/35		632		629,361
Series 2004-OPT01, Class A2A, 1 Month LIBOR + 0.720%		3.001	(c)		06/25/35		625		601,972
Series 2004-WMC03, Class M2, 1 Month LIBOR + 1.845%		4.126	(c)		01/25/35		2,584		2,603,875
Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-NC06, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		07/25/34		3,417		3,319,128
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates,
Series 2005-WLL1, Class M3, 1 Month LIBOR + 0.735%		3.016	(c)		03/25/35		10,857		10,890,635

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Specialty Underwriting & Residential Finance Trust,
Series 2003-BC02, Class M1, 1 Month LIBOR + 1.125%		3.406	%(c)		06/25/34		809	$	810,394
Series 2003-BC04, Class M1, 1 Month LIBOR + 0.900%		3.181	(c)		11/25/34		369		355,221
Series 2004-BC02, Class A2, 1 Month LIBOR + 0.540%		2.821	(c)		05/25/35		1,041		976,442
Series 2004-BC02, Class M1, 1 Month LIBOR + 0.825%		3.106	(c)		05/25/35		1,212		1,208,802
Series 2004-BC03, Class A2C, 1 Month LIBOR + 1.000%		3.281	(c)		07/25/35		800		798,100
Structured Asset Investment Loan Trust,
Series 2003-BC07, Class 3A2, 1 Month LIBOR + 0.950%		3.231	(c)		07/25/33		1,261		1,252,330
Series 2003-BC08, Class 3A3, 1 Month LIBOR + 0.900%		3.181	(c)		08/25/33		248		244,303
Series 2003-BC09, Class 2A, 1 Month LIBOR + 0.950%		3.231	(c)		08/25/33		9,693		9,463,760
Series 2003-BC10, Class A4, 1 Month LIBOR + 1.000%		3.281	(c)		10/25/33		1,129		1,120,063
Series 2004-06, Class A3, 1 Month LIBOR + 0.800%		3.081	(c)		07/25/34		2,345		2,336,906
Series 2004-07, Class A8, 1 Month LIBOR + 1.200%		3.481	(c)		08/25/34		2,510		2,480,594
Series 2004-BNC01, Class A2, 1 Month LIBOR + 1.000%		3.281	(c)		09/25/34		1,368		1,368,850
Series 2004-BNC01, Class A4, 1 Month LIBOR + 0.940%		3.221	(c)		09/25/34		1,114		1,109,257
Series 2005-06, Class M2, 1 Month LIBOR + 0.780%		3.061	(c)		07/25/35		15,600		15,654,567
Series 2005-07, Class M1, 1 Month LIBOR + 0.735%		3.016	(c)		08/25/35		3,220		3,223,394
TFS (Spain), Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		03/16/23	EUR	135,754		153,761,470
Towd Point Mortgage Trust,
Series 2015-02, Class 1M2, 144A		3.654	(cc)		11/25/60		22,127		22,010,594
Series 2017-04, Class A1, 144A		2.750	(cc)		06/25/57		69,339		67,141,730
Series 2017-06, Class A1, 144A		2.750	(cc)		10/25/57		82,675		80,352,251
Series 2018-05, Class A1, 144A		3.250	(cc)		07/25/58		33,298		32,391,344

See Notes to Financial Statements.

PGIM Total Return Bond Fund 37

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Towd Point Mortgage Trust, (cont’d.)
Series 2018-06, Class A1A, 144A		3.750	%(cc)		03/25/58		3,350	$	3,338,965
VOLT LLC, Series 2017-NPL07, Class A1, 144A		3.250			06/25/47		5,877		5,830,122
									1,083,918,982
Small Business Loan    0.0%
Small Business Administration Participation Certificates,
Series 2001-20A, Class 1		6.290			01/01/21		16		15,919
Series 2003-20I, Class 1		5.130			09/01/23		15		15,597
									31,516
Student Loans    0.9%
Earnest Student Loan Program LLC, Series 2016-D, Class A1, 144A, 1 Month LIBOR + 1.400%		3.681	(c)		01/25/41		3,124		3,151,167
Laurel Road Prime Student Loan Trust,
Series 2018-A, Class A, 144A		3.723	(cc)		02/25/43		82,210		113,287,374
Series 2018-C, Class A, 144A		4.491	(cc)		08/25/43		121,599		123,134,229
SLM Student Loan Trust, Series 2004-02X, Class A6, 3 Month EURIBOR + 0.550%		0.233	(c)		07/25/39	EUR	78,400		85,526,231
SoFi Professional Loan Program Trust, Series 2018-B, Class A2FX, 144A		3.340			08/25/47		7,000		6,895,832
									331,994,833
TOTAL ASSET-BACKED SECURITIES (cost $10,062,742,510)									9,994,806,129
BANK LOANS    0.7%
Capital Goods    0.0%
Kiwi VFS SUB II Sarl (Luxembourg), Facility B1 Loan, 3 Month GBP LIBOR + 4.000%		4.810	(c)		07/29/24	GBP	10,775		13,798,432
Chemicals    0.1%
Starfruit Finco BV (Netherlands), Initial Euro Term Loan, 6 Month EURIBOR + 3.750%		3.750	(c)		10/01/25	EUR	16,800		19,171,131

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Consumer Services    0.0%
Richmond UK Bidco Ltd. (United Kingdom), Facility B, 1 Month GBP LIBOR + 4.250%		4.980	%(c)		03/03/24	GBP	8,742	$	10,838,045
Foods    0.2%
Sigma Bidco BV, Facility B4 Loan, 3 Month GBP LIBOR + 4.000%		4.800	(c)		07/02/25	GBP	43,800		55,945,200
Healthcare & Pharmaceuticals    0.0%
Nidda Healthcare Holding AG (Germany), Facility C GBP, 3 Month GBP LIBOR + 4.500%		4.993	(c)		08/21/24	GBP	573		733,745
Healthcare-Services    0.0%
Avantor, Inc., Initial Euro Term Loan, 1 Month EURIBOR + 4.250%		4.250	(c)		11/21/24	EUR	9,106		10,417,209
Oil & Gas    0.2%
EG Finco Ltd. (United Kingdom),
Second Lien Term Loan, 3 Month EURIBOR + 7.750%		8.750	(c)		04/06/26	EUR	11,000		12,498,018
Term B, 3 Month GBP LIBOR + 4.750%		5.550	(c)		02/06/25	GBP	13,358		17,141,124
Term B1, 3 Month EURIBOR + 4.000%		4.000	(c)		02/07/25	EUR	19,660		22,331,569
Term B3, 2 Month EURIBOR + 4.000%		4.000	(c)		02/07/25	EUR	10,016		11,377,036
									63,347,747
Oil, Gas & Coal    0.0%
EG America LLC, Second Lien Facility (USD), 3 Month LIBOR + 8.000%^		10.390	(c)		03/23/26		18,775		18,587,250
Technology    0.2%
Dell International LLC, Replacement Term A-3 Loan, 1 Month LIBOR + 1.500%		3.810	(c)		12/31/18		7,491		7,482,889
McAfee LLC,
Retired Closing Date Term Loan, 1 Month LIBOR + 4.500%		6.790	(c)		09/30/24		35,857		35,902,475
Second Lien Initial Loan, 1 Month LIBOR + 8.500%		10.790	(c)		09/29/25		12,150		12,281,621
									55,666,985

See Notes to Financial Statements.

PGIM Total Return Bond Fund 39

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
BANK LOANS (Continued)
Telecommunications    0.0%
Sprint Communications, Inc., Initial Term Loan, 1 Month LIBOR + 2.500%		4.810	%(c)		02/02/24		4,850	$	4,840,275
TOTAL BANK LOANS (cost $264,341,286)									253,346,019
COMMERCIAL MORTGAGE-BACKED SECURITIES    11.9%
20 Times Square Trust,
Series 2018-20TS, Class G, 144A		3.100	(cc)		05/15/35		39,245		35,382,134
Series 2018-20TS, Class H, 144A		3.100	(cc)		05/15/35		40,252		35,408,667
Assurant Commercial Mortgage Trust, Series 2016-01A, Class B, 144A		4.462			05/15/49		7,683		7,593,293
Banc of America Commercial Mortgage Trust, Series 2016-UB010, Class A3		2.903			07/15/49		5,200		4,870,778
BANK,
Series 2017-BNK05, Class A4		3.131			06/15/60		92,900		87,058,755
Series 2017-BNK06, Class A4		3.254			07/15/60		70,950		67,149,953
Series 2017-BNK08, Class A3		3.229			11/15/50		70,000		65,853,655
Series 2018-BNK11, Class A2		3.784			03/15/61		60,775		59,860,585
BBCCRE Trust, Series 2015-GTP, Class A, 144A		3.966			08/10/33		31,000		30,960,925
BBCMS Mortgage Trust,
Series 2016-ETC, Class A, 144A		2.937			08/14/36		17,450		16,090,764
Series 2016-ETC, Class B, 144A		3.189			08/14/36		6,970		6,434,390
Series 2016-ETC, Class C, 144A		3.391			08/14/36		5,770		5,331,589
Series 2016-ETC, Class D, 144A		3.609	(cc)		08/14/36		21,720		20,117,120
Series 2016-ETC, Class E, 144A		3.609	(cc)		08/14/36		13,900		12,013,598
Series 2018-CHRS, Class D, 144A		4.267	(cc)		08/05/38		19,295		18,330,646
BENCHMARK, Series 2018-B04, Class A4		3.858			07/15/51		40,000		39,459,312
BENCHMARK Mortgage Trust, Series 2018-B02, Class A4		3.615			02/15/51		15,000		14,617,695
BX Commercial Mortgage Trust,
Series 2018-IND, Class F, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 1.800%)		4.080	(c)		11/15/35		9,950		9,946,890
Series 2018-IND, Class G, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 2.050%)		4.330	(c)		11/15/35		42,400		42,399,992
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A3		3.283			11/15/50		37,610		35,493,580
CD Commercial Mortgage Trust,
Series 2017-CD04, Class A3		3.248			05/10/50		60,000		56,974,158
Series 2017-CD05, Class A3		3.171			08/15/50		79,475		74,704,569
Series 2017-CD06, Class A4		3.190			11/13/50		121,000		113,603,464

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
CD Mortgage Trust,
Series 2016-CD01, Class A3		2.459	%		08/10/49		13,000	$	11,817,359
Series 2018-CD07, Class A3		4.013			08/15/51		27,250		27,140,736
CG-CCRE Commercial Mortgage Trust, Series 2014-FL02, Class A, 144A, 1 Month LIBOR + 1.854%		4.134	(c)		11/15/31		1,991		1,990,973
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4		3.575			05/10/47		7,363		7,365,346
Series 2014-GC25, Class A3		3.372			10/10/47		10,000		9,801,198
Series 2015-GC35, Class A4		3.818			11/10/48		36,255		36,074,682
Series 2015-P01, Class XB		0.053	(cc)		09/15/48		58,898		177,689
Series 2016-GC37, Class A4		3.314			04/10/49		7,150		6,873,873
Series 2016-P06, Class A4		3.458			12/10/49		40,000		38,645,712
Series 2017-B01, Class A3		3.197			08/15/50		105,000		98,789,702
Series 2017-C04, Class A3		3.209			10/12/50		90,000		84,667,635
Series 2017-P07, Class A3		3.442			04/14/50		32,600		31,381,239
Series 2017-P08, Class A3		3.203			09/15/50		43,825		41,214,257
CityLine Commercial Mortgage Trust,
Series 2016-CLNE, Class B, 144A		2.778	(cc)		11/10/31		40,376		37,803,794
Series 2016-CLNE, Class C, 144A		2.778	(cc)		11/10/31		15,000		13,833,696
Commercial Mortgage Pass Through Certificates, Series 2016-CR28, Class A4		3.762			02/10/49		24,141		23,860,992
Commercial Mortgage Trust,
Series 2013-LC6, Class XA		1.362	(cc)		01/10/46		40,840		1,881,495
Series 2014-UBS03, Class A3		3.546			06/10/47		12,500		12,381,778
Series 2014-UBS04, Class A4		3.420			08/10/47		10,300		10,128,542
Series 2014-UBS05, Class A4		3.838			09/10/47		48,200		48,302,685
Series 2014-UBS06, Class A4		3.378			12/10/47		14,000		13,705,468
Series 2015-CR26, Class A4		3.630			10/10/48		8,380		8,252,068
Series 2015-CR27, Class A4		3.612			10/10/48		48,000		47,119,315
Series 2015-DC01, Class XA		1.130	(cc)		02/10/48		121,913		5,570,126
Series 2015-LC21, Class A4		3.708			07/10/48		2,490		2,467,591
Series 2015-PC01, Class A5		3.902			07/10/50		22,200		22,160,244
Series 2016-COR01, Class A3		2.826			10/10/49		43,000		39,797,622
Series 2016-DC02, Class A5		3.765			02/10/49		15,610		15,400,845
Series 2017-COR02, Class A2		3.239			09/10/50		116,925		110,166,314
Series 2018-COR03, Class A2		3.961			05/10/51		75,000		74,100,240
Credit Suisse Mortgage Trust, Series 2016-NXSR, Class A4		3.795	(cc)		12/15/49		13,245		12,987,924
CSAIL Commercial Mortgage Trust,
Series 2015-C03, Class XB, IO		0.250			08/15/48		86,961		1,206,810
Series 2016-C07, Class A4		3.210			11/15/49		6,500		6,166,638
Series 2018-CX11, Class A3		4.095			04/15/51		24,784		25,035,679

See Notes to Financial Statements.

PGIM Total Return Bond Fund 41

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
CSAIL Commercial Mortgage Trust, (cont’d.)
Series 2018-CX11, Class A4		3.766	%		04/15/51		25,600	$	24,956,339
CSMC Trust, Series 2014-USA, Class A2, 144A		3.953			09/15/37		50,425		50,024,404
DBJPM Mortgage Trust,
Series 2016-C03, Class A4		2.632			08/10/49		57,450		52,675,980
Series 2017-C06, Class A4		3.071			06/10/50		61,475		57,362,445
DBWF Mortgage Trust,
Series 2016-85T, Class D, 144A		3.808	(cc)		12/10/36		23,405		21,735,086
Series 2016-85T, Class E, 144A		3.808	(cc)		12/10/36		22,177		19,725,570
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class C, 144A		3.555	(cc)		09/10/35		30,650		29,351,936
Fannie Mae-Aces, Series 2015-M08, Class AB2		2.829	(cc)		01/25/25		10,439		10,082,344
FHLMC Multifamily Structured Pass-Through Certificates,
Series K006, Class AX1, IO		0.944	(cc)		01/25/20		241,578		2,062,903
Series K007, Class X1, IO		1.035	(cc)		04/25/20		16,742		191,927
Series K008, Class X1, IO		1.518	(cc)		06/25/20		142,056		2,674,072
Series K009, Class X1, IO		1.280	(cc)		08/25/20		3,070		55,321
Series K014, Class X1, IO		1.149	(cc)		04/25/21		11,520		281,432
Series K015, Class X1, IO		1.577	(cc)		07/25/21		1,344		47,905
Series K019, Class X1, IO		1.631	(cc)		03/25/22		120,014		5,498,648
Series K020, Class X1, IO		1.412	(cc)		05/25/22		45,586		1,869,713
Series K021, Class X1, IO		1.447	(cc)		06/25/22		210,003		9,075,881
Series K024, Class X1, IO		0.846	(cc)		09/25/22		109,579		2,921,047
Series K025, Class X1, IO		0.856	(cc)		10/25/22		28,868		818,377
Series K026, Class X1, IO		1.001	(cc)		11/25/22		172,527		5,648,918
Series K027, Class X1, IO		0.783	(cc)		01/25/23		256,111		6,839,253
Series K032, Class X1, IO		0.105	(cc)		05/25/23		241,578		1,139,596
Series K038, Class X1, IO		1.165	(cc)		03/25/24		154,303		7,834,130
Series K043, Class X1, IO		0.543	(cc)		12/25/24		75,903		2,146,731
Series K044, Class X1, IO		0.748	(cc)		01/25/25		441,302		16,694,626
Series K052, Class X1, IO		0.669	(cc)		11/25/25		307,691		11,613,977
Series K053, Class X1, IO		0.890	(cc)		12/25/25		138,463		7,306,244
Series K055, Class X1, IO		1.366	(cc)		03/25/26		279,478		23,028,548
Series K058, Class XAM, IO		0.815	(cc)		08/25/26		59,334		3,360,506
Series K069, Class X1, IO		0.369	(cc)		09/25/27		565,235		16,353,954
Series K710, Class X1, IO		1.728	(cc)		05/25/19		27,367		116,597
Series K711, Class X1, IO		1.680	(cc)		07/25/19		41,766		234,679
Series K718, Class X1,IO		0.637	(cc)		01/25/22		285,146		4,854,437
Series K726, Class X1, IO		0.882	(cc)		04/25/24		155,638		6,072,720
Series KAIV, Class X1, IO		1.275	(cc)		06/25/21		1,907		47,225
Series Q001, Class XA, IO		2.273	(cc)		02/25/32		29,366		4,208,887
Series Q002, Class XA, IO		1.177	(cc)		07/25/33		37,810		2,846,982

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Freddie Mac Mortgage Trust,
Series 2013-K27, Class X2A, IO, 144A		0.100	%		01/25/46		1,278,317	$	4,283,129
Series 2013-K32, Class X2A, IO, 144A		0.100			10/25/46		1,158,243		4,100,990
GS Mortgage Securities Trust,
Series 2013-GC16, Class XA, IO		1.076	(cc)		11/10/46		25,203		1,070,616
Series 2014-GC22, Class XB, IO		0.298	(cc)		06/10/47		37,110		687,492
Series 2015-GC32, Class XB, IO		0.010	(cc)		07/10/48		60,188		33,248
Series 2017-GS05, Class A3		3.409			03/10/50		46,400		44,617,242
Series 2017-GS06, Class A2		3.164			05/10/50		70,600		66,540,098
Series 2017-GS07, Class A3		3.167			08/10/50		114,260		106,921,686
Series 2017-GS08, Class A3		3.205			11/10/50		100,000		94,072,220
Series 2018-GS10, Class A4		3.890	(cc)		07/10/51		55,725		54,966,109
Houston Galleria Mall Trust, Series 2015-HGLR, Class XCP, IO, 144A		0.195	(cc)		03/05/23		525,000		5,036,063
IMT Trust, Series 2017-APTS, Class AFX, 144A		3.478			06/15/34		11,445		11,262,530
Independence Plaza Trust, Series 2018-INDP, Class E, 144A		4.996			07/10/35		15,550		15,177,253
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C18, Class A2		2.879			02/15/47		1,384		1,382,463
Series 2014-C21, Class A4		3.493			08/15/47		9,800		9,678,854
Series 2014-C23, Class XA, IO		0.780	(cc)		09/15/47		66,481		1,805,207
Series 2014-C24, Class A3		3.098			11/15/47		8,040		7,941,196
Series 2014-C25, Class A4A1		3.408			11/15/47		7,800		7,646,135
Series 2014-C26, Class A3		3.231			01/15/48		11,650		11,323,791
Series 2015-C28, Class A4		3.227			10/15/48		35,300		34,228,917
Series 2015-C29, Class XA, IO		0.825	(cc)		05/15/48		47,633		1,451,031
JPMDB Commercial Mortgage Securities Trust,
Series 2016-C04, Class A2		2.882			12/15/49		53,000		49,235,649
Series 2017-C05, Class A4		3.414			03/15/50		36,250		34,884,325
Series 2017-C07, Class A4		3.147			10/15/50		90,000		84,299,634
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2012-CBX, Class A3		3.139			06/15/45		390		389,533
Series 2012-LC09, Class A4		2.611			12/15/47		4,000		3,923,748
Series 2013-C10, Class A4		2.875			12/15/47		1,436		1,416,696
Series 2013-C13, Class A3		3.525			01/15/46		3,000		3,003,669
Series 2014-C20, Class A3A1		3.472			07/15/47		5,042		5,032,411
Series 2016-JP02, Class A3		2.559			08/15/49		40,000		36,588,860
Series 2016-JP03, Class A4		2.627			08/15/49		32,250		29,431,337
Series 2017-JP07, Class A4		3.195			09/15/50		70,600		66,395,417
LSTAR Commercial Mortgage Trust, Series 2017-05, Class A4, 144A		3.390			03/10/50		8,500		8,241,521
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-C05, Class XA, IO, 144A		1.469	(cc)		08/15/45		43,461		1,864,141

See Notes to Financial Statements.

PGIM Total Return Bond Fund 43

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Bank of America Merrill Lynch Trust, (cont’d.)
Series 2013-C07, Class A3		2.655	%		02/15/46		6,403	$	6,189,460
Series 2013-C08, Class A3		2.863			12/15/48		3,061		2,982,553
Series 2013-C09, Class A3		2.834			05/15/46		5,226		5,072,152
Series 2015-C24, Class A3		3.479			05/15/48		8,425		8,249,645
Series 2015-C24, Class XA, IO		0.792	(cc)		05/15/48		165,459		6,675,841
Series 2015-C25, Class A5		3.635			10/15/48		32,300		31,779,660
Series 2016-C30, Class A5		2.860			09/15/49		37,200		34,470,833
Series 2016-C31, Class A4		2.840			11/15/49		42,000		38,959,158
Series 2017-C34, Class A3		3.276			11/15/52		20,000		18,926,996
Morgan Stanley Capital I Trust,
Series 2017-H01, Class A4		3.259			06/15/50		56,175		53,220,706
Series 2018-H03, Class A4		3.914			07/15/51		40,000		39,531,436
Olympic Tower Mortgage Trust, Series 2017-OT, Class C, 144A		3.945	(cc)		05/10/39		21,000		20,318,752
Shops at Crystals Trust, Series 2016-CSTL, Class A, 144A		3.126			07/05/36		21,955		20,411,952
UBS Commercial Mortgage Trust,
Series 2017-C02, Class A3		3.225			08/15/50		98,815		93,325,827
Series 2017-C03, Class A3		3.167			08/15/50		78,800		73,991,592
Series 2017-C05, Class A4		3.212			11/15/50		32,275		30,389,469
Series 2017-C06, Class A4		3.320			12/15/50		50,000		47,394,885
Series 2018-C10, Class A3		4.048			05/15/51		69,500		69,491,716
Series 2018-C11, Class A4		3.977			06/15/51		40,000		39,641,948
UBS-Barclays Commercial Mortgage Trust,
Series 2013-C05, Class A3		2.920			03/10/46		7,858		7,679,849
Series 2013-C05, Class XA, IO, 144A		0.969	(cc)		03/10/46		13,965		473,266
Series 2013-C05, Class XB, IO, 144A		0.432	(cc)		03/10/46		96,528		1,809,784
Wells Fargo Commercial Mortgage Trust,
Series 2014-LC16, Class A4		3.548			08/15/50		5,910		5,857,413
Series 2015-LC20, Class A4		2.925			04/15/50		6,160		5,847,297
Series 2015-NXS01, Class XB, IO		0.354	(cc)		05/15/48		24,936		735,947
Series 2015-NXS02, Class A4		3.498			07/15/58		13,700		13,441,449
Series 2016-C34, Class XB, IO		0.940	(cc)		06/15/49		36,018		2,282,745
Series 2016-C35, Class A3		2.674			07/15/48		60,000		55,070,412
Series 2016-C35, Class XB, IO		0.938	(cc)		07/15/48		55,952		3,544,419
Series 2016-C36, Class A3		2.807			11/15/59		53,000		48,855,490
Series 2016-NXS06, Class A3		2.642			11/15/49		37,500		34,478,036
Series 2017-C38, Class A4		3.190			07/15/50		80,000		75,430,728
Series 2017-C39, Class A4		3.157			09/15/50		115,000		107,760,014
Series 2017-C40, Class A3		3.317			10/15/50		45,680		43,258,229
Series 2018-C44, Class A4		3.948			05/15/51		70,885		70,114,246
Series 2018-C45, Class A3		3.920			06/15/51		49,000		48,565,551

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Wells Fargo Commercial Mortgage Trust, (cont’d.)
Series 2018-C47, Class A3		4.175	%		09/15/61		46,000	$	46,246,638
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $4,459,047,842)									4,221,095,424
CONVERTIBLE BOND    0.0%
Investment Companies
Aabar Investments PJSC (United Arab Emirates), Sr. Unsec’d. Notes, EMTN (cost $3,640,433)		0.500			03/27/20	EUR	3,300		3,442,149
CORPORATE BONDS    34.7%
Aerospace & Defense    0.4%
Bombardier, Inc. (Canada), Sr. Unsec’d. Notes, 144A(a)		7.500			12/01/24		40,275		40,929,469
Embraer Netherlands Finance BV (Brazil), Gtd. Notes		5.050			06/15/25		2,700		2,764,125
General Dynamics Corp.,
Gtd. Notes		2.875			05/11/20		7,610		7,581,920
Gtd. Notes		3.000			05/11/21		9,120		9,055,704
Harris Corp., Sr. Unsec’d. Notes		3.832			04/27/25		2,700		2,628,679
Lockheed Martin Corp., Sr. Unsec’d. Notes		2.900			03/01/25		5,164		4,906,292
Rockwell Collins, Inc.,
Sr. Unsec’d. Notes(a)		3.200			03/15/24		25,000		23,940,540
Sr. Unsec’d. Notes		3.500			03/15/27		21,445		20,153,691
Spirit AeroSystems, Inc., Gtd. Notes		3.850			06/15/26		6,000		5,671,255
United Technologies Corp., Sr. Unsec’d. Notes		4.125			11/16/28		26,050		25,586,138
									143,217,813
Agriculture    0.3%
Altria Group, Inc., Gtd. Notes		2.850			08/09/22		6,925		6,729,640
BAT Capital Corp. (United Kingdom),
Gtd. Notes, 144A		2.297			08/14/20		18,200		17,810,601
Gtd. Notes, 144A		3.222			08/15/24		13,775		12,998,480
Gtd. Notes, 144A(a)		3.557			08/15/27		25,000		22,870,021
Gtd. Notes, 144A		4.390			08/15/37		3,115		2,761,080

See Notes to Financial Statements.

PGIM Total Return Bond Fund 45

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Agriculture (cont’d.)
Reynolds American, Inc. (United Kingdom),
Gtd. Notes		4.000	%		06/12/22		7,255	$	7,269,084
Gtd. Notes		4.450			06/12/25		21,668		21,526,566
Gtd. Notes		8.125			06/23/19		305		314,425
Vector Group Ltd., Sr. Sec’d. Notes, 144A		6.125			02/01/25		8,000		7,280,000
									99,559,897
Airlines    0.5%
American Airlines 2013-2 Class A Pass-Through Trust, Pass-Through Certificates(a)		4.950			07/15/24		6,911		7,060,237
American Airlines 2014-1 Class A Pass-Through Trust, Pass-Through Certificates		3.700			04/01/28		2,411		2,352,244
American Airlines 2015-1 Class A Pass-Through Trust, Pass-Through Certificates		3.375			11/01/28		10,087		9,677,320
American Airlines 2015-2 Class AA Pass-Through Trust, Pass-Through Certificates		3.600			03/22/29		11,042		10,649,041
American Airlines, Pass-Through Trust, Series 2013-1, Class A, Pass-Through Certificates		4.000			01/15/27		5,837		5,806,297
Continental Airlines 2001-1 Class A-1 Pass-Through Trust, Pass-Through Certificates		6.703			12/15/22		1		664
Continental Airlines 2010-1 Class A Pass-Through Trust, Pass-Through Certificates		4.750			07/12/22		243		247,144
Continental Airlines 2012-1 Class A Pass-Through Trust, Pass-Through Certificates(a)		4.150			10/11/25		2,151		2,162,183
Continental Airlines, Pass-Through Trust, Series 2007-1, Class A, Pass-Through Certificates^		5.983			10/19/23		342		357,973
Continental Airlines, Pass-Through Trust, Series 2012-2, Class A, Pass-Through Certificates		4.000			04/29/26		730		725,867
Delta Air Lines 2007-1 Class A Pass-Through Trust, Pass-Through Certificates(a)^		6.821			02/10/24		1,258		1,367,302

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Airlines (cont’d.)
Delta Air Lines 2009-1 Class A Pass-Through Trust, Pass-Through Certificates		7.750	%		06/17/21		424	$	441,522
Delta Air Lines 2010-2 Class A Pass-Through Trust, Pass-Through Certificates		4.950			11/23/20		445		446,780
Delta Air Lines 2011-1 Class A Pass-Through Trust, Pass-Through Certificates		5.300			10/15/20		399		402,532
Delta Air Lines 2012-1 Class A Pass-Through Trust, Pass-Through Certificates		4.750			11/07/21		849		860,816
Delta Air Lines, Inc., Sr. Unsec’d. Notes		3.625			03/15/22		95,448		93,836,876
Southwest Airlines Co., Sr. Unsec’d. Notes		2.650			11/05/20		9,310		9,197,756
United Airlines 2015-1 Class AA Pass-Through Trust, Pass-Through Certificates		3.450			06/01/29		10,045		9,617,750
United Airlines 2016-2 Class AA Pass-Through Trust, Pass-Through Certificates		2.875			04/07/30		15,656		14,431,878
United Airlines 2018-1 Class AA Pass Through Trust, Pass-Through Certificates		3.500			09/01/31		12,320		11,764,152
US Airways 2012-2 Class A Pass-Through Trust, Pass-Through Certificates		4.625			12/03/26		1,704		1,734,610
									183,140,944
Apparel    0.2%
Hanesbrands Finance Luxembourg SCA, Gtd. Notes, 144A		3.500			06/15/24	EUR	7,175		8,408,230
Michael Kors USA, Inc., Gtd. Notes, 144A		4.000			11/01/24		10,000		9,515,048
PVH Corp.,
Sr. Unsec’d. Notes, 144A		3.125			12/15/27	EUR	12,625		13,958,469
Sr. Unsec’d. Notes, 144A		3.625			07/15/24	EUR	24,525		30,096,174
									61,977,921
Auto Manufacturers    0.9%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		2.835	(c)		04/12/21		11,995		11,984,283
Gtd. Notes, 144A		3.100			04/12/21		16,005		15,837,751
Daimler Finance North America LLC (Germany), Gtd. Notes, 144A		2.250			03/02/20		20,605		20,307,044

See Notes to Financial Statements.

PGIM Total Return Bond Fund 47

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers (cont’d.)
Daimler Finance North America LLC (Germany), (cont’d.)
Gtd. Notes, 144A		3.100	%		05/04/20		6,190	$	6,154,567
Gtd. Notes, 144A(a)		3.350			05/04/21		10,540		10,462,643
Ford Holdings LLC, Gtd. Notes		9.375			03/01/20		3,300		3,522,319
Ford Motor Co.,
Sr. Unsec’d. Notes(a)		4.750			01/15/43		13,495		10,616,221
Sr. Unsec’d. Notes		6.375			02/01/29		2,595		2,650,456
Sr. Unsec’d. Notes(a)		6.625			10/01/28		6,834		7,029,000
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		2.459			03/27/20		16,095		15,765,841
Sr. Unsec’d. Notes(a)		3.096			05/04/23		12,090		11,123,746
Sr. Unsec’d. Notes(a)		3.219			01/09/22		12,975		12,403,761
Sr. Unsec’d. Notes(a)		3.336			03/18/21		6,900		6,739,348
Sr. Unsec’d. Notes		3.810			01/09/24		5,000		4,645,373
Sr. Unsec’d. Notes		4.134			08/04/25		3,145		2,877,346
General Motors Co.,
Sr. Unsec’d. Notes(a)		4.000			04/01/25		5,560		5,240,619
Sr. Unsec’d. Notes(a)		4.875			10/02/23		3,725		3,770,239
Sr. Unsec’d. Notes(a)		5.150			04/01/38		10,815		9,548,003
Sr. Unsec’d. Notes		6.250			10/02/43		3,990		3,818,591
Sr. Unsec’d. Notes		6.600			04/01/36		4,470		4,574,360
General Motors Financial Co., Inc.,
Gtd. Notes		3.150			01/15/20		7,490		7,453,031
Gtd. Notes, 3 Month LIBOR + 0.850%		3.258	(c)		04/09/21		11,990		11,989,161
Gtd. Notes(a)		3.450			04/10/22		27,425		26,696,994
Gtd. Notes(a)		3.550			04/09/21		9,070		8,988,295
Gtd. Notes		3.700			05/09/23		21,265		20,559,644
Gtd. Notes(a)		3.850			01/05/28		34,005		30,081,582
Gtd. Notes		4.000			10/06/26		7,785		7,118,898
Gtd. Notes(a)		4.350			01/17/27		23,775		22,083,614
Gtd. Notes(a)		5.250			03/01/26		2,450		2,442,693
Harley-Davidson Financial Services, Inc., Gtd. Notes, 144A, MTN(a)		2.150			02/26/20		12,370		12,155,886
Jaguar Land Rover Automotive PLC (United Kingdom),
Gtd. Notes, 144A		4.125			12/15/18		6,221		6,214,779
Gtd. Notes, 144A		4.250			11/15/19		2,165		2,156,881
									327,012,969

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Auto Parts & Equipment    0.2%
Adient Global Holdings Ltd., Gtd. Notes, 144A		3.500	%		08/15/24	EUR	9,692	$	9,612,522
IHO Verwaltungs GmbH (Germany),
Sr. Sec’d. Notes, 144A, Cash coupon 3.250% or PIK 4.000%		3.250			09/15/23	EUR	16,175		18,343,416
Sr. Sec’d. Notes, 144A		3.750			09/15/26	EUR	15,485		17,386,402
Lear Corp.,
Sr. Unsec’d. Notes		5.250			01/15/25		2,100		2,151,793
Sr. Unsec’d. Notes		5.375			03/15/24		11,650		11,934,213
Magna International, Inc. (Canada),
Sr. Unsec’d. Notes		3.625			06/15/24		4,285		4,210,782
Sr. Unsec’d. Notes		4.150			10/01/25		3,900		3,910,641
ZF North America Capital, Inc. (Germany), Gtd. Notes, 144A		4.500			04/29/22		681		682,072
									68,231,841
Banks    9.2%
Agence Francaise de Developpement (France), Sr. Unsec’d. Notes		1.625			01/21/20		30,400		29,873,350
Banco de Credito del Peru (Peru), Sr. Unsec’d. Notes, 144A		4.250			04/01/23		2,532		2,507,946
Banco Nacional de Costa Rica (Costa Rica), Sr. Unsec’d. Notes, 144A		5.875			04/25/21		12,023		11,512,143
Banco Santander SA (Spain),
Sr. Unsec’d. Notes		3.125			02/23/23		7,600		7,170,893
Sr. Unsec’d. Notes		3.500			04/11/22		6,600		6,442,186
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%		3.545	(c)		04/12/23		3,400		3,409,119
Sr. Unsec’d. Notes(a)		3.848			04/12/23		5,200		5,032,116
Bank Nederlandse Gemeenten NV (Netherlands), Sr. Unsec’d. Notes, EMTN		0.500			03/29/21		1,500		1,403,055
Bank of America Corp.,
Jr. Sub. Notes		5.875			12/31/49		31,720		30,768,400
Jr. Sub. Notes, Series DD		6.300			12/29/49		49,750		52,424,062
Jr. Sub. Notes, Series V		5.125			12/31/49		2,225		2,219,438
Sr. Unsec’d. Notes		2.738			01/23/22		23,770		23,297,724
Sr. Unsec’d. Notes		3.004			12/20/23		3,493		3,360,961
Sr. Unsec’d. Notes		3.366			01/23/26		36,535		34,824,349
Sr. Unsec’d. Notes(a)		3.419			12/20/28		30,155		27,787,922
Sr. Unsec’d. Notes, GMTN		2.625			04/19/21		3,560		3,492,580
Sr. Unsec’d. Notes, GMTN(a)		3.593			07/21/28		79,940		75,134,807
Sr. Unsec’d. Notes, MTN(a)		3.499			05/17/22		42,510		42,309,066
Sr. Unsec’d. Notes, MTN		3.824			01/20/28		15,420		14,751,931

See Notes to Financial Statements.

PGIM Total Return Bond Fund 49

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Bank of America Corp., (cont’d.)
Sr. Unsec’d. Notes, MTN		4.000	%		04/01/24		3,125	$	3,119,781
Sr. Unsec’d. Notes, MTN		4.125			01/22/24		15,785		15,876,674
Sr. Unsec’d. Notes, MTN(a)		4.271			07/23/29		1,030		1,015,424
Sub. Notes, MTN		4.000			01/22/25		44,250		43,092,339
Sub. Notes, MTN		4.200			08/26/24		5,580		5,535,762
Sub. Notes, MTN		4.450			03/03/26		45,890		45,389,995
Sub. Notes, Series L, MTN(a)		3.950			04/21/25		19,960		19,357,153
Bank of America NA, Sr. Unsec’d. Notes		2.050			12/07/18		2,000		1,999,080
Bank of Baroda (India), Sr. Unsec’d. Notes, 144A		4.875			07/23/19		2,374		2,390,402
Bank of Montreal (Canada),
Sr. Unsec’d. Notes, Series D, MTN, 3 Month LIBOR + 0.460%		2.896	(c)		04/13/21		15,800		15,848,921
Sr. Unsec’d. Notes, Series D, MTN		3.100			04/13/21		18,570		18,452,280
Bank of New York Mellon Corp. (The),
Jr. Sub. Notes, Series F		4.625			12/29/49		17,715		16,718,531
Sr. Unsec’d. Notes, GMTN		3.000			02/24/25		11,680		11,080,435
Sr. Unsec’d. Notes, MTN(a)		2.200			08/16/23		13,940		13,011,288
Sr. Unsec’d. Notes, MTN(a)		2.950			01/29/23		4,360		4,239,669
Sr. Unsec’d. Notes, MTN		3.250			09/11/24		3,550		3,454,056
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes(a)		3.650			03/16/25		32,165		29,917,149
Sr. Unsec’d. Notes(a)		3.684			01/10/23		12,425		12,027,998
Sr. Unsec’d. Notes(a)		4.337			01/10/28		12,590		11,705,437
Sr. Unsec’d. Notes, MTN		4.972			05/16/29		27,400		26,590,700
BB&T Corp., Sr. Unsec’d. Notes, MTN		2.450			01/15/20		12,210		12,101,225
BBVA Bancomer SA (Mexico), Sub. Notes		6.500			03/10/21		2,400		2,472,000
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A		3.375			01/09/25		55,885		52,238,626
Sr. Unsec’d. Notes, 144A(a)		4.400			08/14/28		20,035		19,239,505
Sr. Unsec’d. Notes, 144A, MTN(a)		2.950			05/23/22		1,435		1,383,034
Sr. Unsec’d. Notes, 144A, MTN(a)		3.500			03/01/23		17,520		16,996,247
Sub. Notes, 144A, MTN(a)		4.375			05/12/26		8,755		8,413,265
BNP Paribas/BNP Paribas US Medium-Term Note Program LLC (France), Gtd. Notes, MTN		3.250			03/03/23		9,010		8,806,017
BPCE SA (France), Gtd. Notes, 144A, MTN		3.000			05/22/22		4,005		3,857,572

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
BPCE SA (France), (cont’d.)
Sr. Unsec’d. Notes, 144A, MTN(a)		3.250	%		01/11/28		20,350	$	18,446,485
Sr. Unsec’d. Notes, 144A, MTN		3.500			10/23/27		4,330		3,891,029
Sub. Notes, 144A, MTN		4.500			03/15/25		4,015		3,881,561
Sub. Notes, 144A, MTN		4.625			07/11/24		3,460		3,404,651
Branch Banking & Trust Co., Sr. Unsec’d. Notes		2.850			04/01/21		9,550		9,434,731
Capital One NA, Sr. Unsec’d. Notes(a)		2.950			07/23/21		8,385		8,228,655
Citibank NA, Sr. Unsec’d. Notes		3.050			05/01/20		27,940		27,831,737
CITIC Ltd. (China), Sr. Unsec’d. Notes, EMTN		6.800			01/17/23		1,800		1,963,390
Citigroup, Inc.,
Jr. Sub. Notes, Series Q		5.950			12/29/49		51,035		51,864,319
Jr. Sub. Notes, Series R		6.125			12/29/49		6,590		6,738,275
Jr. Sub. Notes, Series T		6.250			12/29/49		9,660		9,865,275
Sr. Unsec’d. Notes(a)		2.750			04/25/22		3,065		2,962,855
Sr. Unsec’d. Notes		2.876			07/24/23		7,800		7,499,931
Sr. Unsec’d. Notes		3.200			10/21/26		47,585		43,682,082
Sr. Unsec’d. Notes(a)		3.400			05/01/26		20,000		18,771,707
Sr. Unsec’d. Notes		3.520			10/27/28		27,530		25,505,570
Sr. Unsec’d. Notes		3.668			07/24/28		12,612		11,821,299
Sr. Unsec’d. Notes(a)		3.700			01/12/26		21,150		20,223,964
Sr. Unsec’d. Notes		3.887			01/10/28		1,700		1,625,695
Sr. Unsec’d. Notes		4.044			06/01/24		4,520		4,508,474
Sr. Unsec’d. Notes		8.125			07/15/39		985		1,375,302
Sub. Notes		4.300			11/20/26		1,175		1,140,797
Sub. Notes		4.400			06/10/25		22,755		22,536,330
Sub. Notes		4.450			09/29/27		36,150		35,179,011
Sub. Notes(a)		4.750			05/18/46		42,640		39,764,166
Citizens Bank NA,
Sr. Unsec’d. Notes		2.250			03/02/20		5,770		5,687,789
Sr. Unsec’d. Notes, MTN		2.300			12/03/18		5,760		5,757,798
Credit Agricole SA (France), Jr. Sub. Notes		7.875			12/29/49		1,000		1,033,750
Credit Suisse AG (Switzerland), Sr. Unsec’d. Notes, MTN		3.625			09/09/24		6,450		6,317,803
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A		3.869			01/12/29		8,734		8,105,155
Sr. Unsec’d. Notes, 144A		4.282			01/09/28		3,541		3,393,209

See Notes to Financial Statements.

PGIM Total Return Bond Fund 51

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Credit Suisse Group Funding Guernsey Ltd. (Switzerland),
Gtd. Notes		3.450	%		04/16/21		1,930	$	1,915,897
Gtd. Notes		3.750			03/26/25		3,590		3,436,199
Gtd. Notes		3.800			06/09/23		23,170		22,764,034
Gtd. Notes		4.550			04/17/26		4,315		4,279,543
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes		3.150			01/22/21		12,410		12,100,820
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.290%		3.766	(c)		02/04/21		18,675		18,628,282
Sr. Unsec’d. Notes		3.950			02/27/23		9,250		8,898,336
Sr. Unsec’d. Notes		4.250			02/04/21		18,900		18,826,534
Sr. Unsec’d. Notes, GMTN		3.375			05/12/21		2,160		2,103,441
Development Bank of Japan, Inc. (Japan),
Gov’t. Gtd. Notes, 144A, MTN		2.125			09/01/22		600		572,756
Gov’t. Gtd. Notes, 144A, MTN		3.125			09/06/23		27,800		27,479,522
Gov’t. Gtd. Notes, GMTN		2.125			01/30/19		1,150		1,148,135
Gov’t. Gtd. Notes, GMTN, 3 Month LIBOR + 0.240%		2.749	(c)		01/28/20		500		500,330
Sr. Unsec’d. Notes, GMTN		2.000			10/19/21		3,440		3,307,708
Sr. Unsec’d. Notes, GMTN		2.235			04/28/22		1,000		962,271
Dexia Credit Local SA (France),
Gov’t. Liquid Gtd. Notes		1.875			01/29/20		22,067		21,755,288
Gov’t. Liquid Gtd. Notes		2.250			02/18/20		6,005		5,937,894
Gov’t. Liquid Gtd. Notes, 144A		1.875			09/15/21		29,500		28,376,227
Gov’t. Liquid Gtd. Notes, 144A		2.250			02/18/20		5,750		5,685,742
Gov’t. Liquid Gtd. Notes, 144A, MTN(a)		3.250			09/26/23		16,750		16,647,121
Gov’t. Liquid Gtd. Notes, EMTN		2.250			01/30/19		7,654		7,646,173
Discover Bank,
Sr. Unsec’d. Notes		3.450			07/27/26		6,775		6,234,695
Sr. Unsec’d. Notes		4.200			08/08/23		9,280		9,256,636
Sr. Unsec’d. Notes(a)		4.250			03/13/26		675		656,921
Sub. Notes(a)		7.000			04/15/20		6,980		7,291,614
Fifth Third Bank, Sr. Unsec’d. Notes		2.375			04/25/19		1,105		1,102,008
Goldman Sachs Bank USA, Sr. Unsec’d. Notes		3.200			06/05/20		11,260		11,250,654
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series M(a)		5.375			12/29/49		17,210		17,339,075
Jr. Sub. Notes, Series O		5.300			12/29/49		40,010		38,759,687
Jr. Sub. Notes, Series P		5.000			12/31/49		5,000		4,600,000
Sr. Unsec’d. Notes		3.272			09/29/25		25,500		24,174,551
Sr. Unsec’d. Notes		3.500			01/23/25		19,430		18,598,613

See Notes to Financial Statements.

52

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Goldman Sachs Group, Inc. (The), (cont’d.)
Sr. Unsec’d. Notes(a)		3.500	%		11/16/26		19,290	$	18,019,922
Sr. Unsec’d. Notes(a)		3.625			01/22/23		810		800,078
Sr. Unsec’d. Notes		3.750			02/25/26		31,653		30,365,138
Sr. Unsec’d. Notes		3.814			04/23/29		39,260		36,878,840
Sr. Unsec’d. Notes(a)		3.850			01/26/27		56,150		53,802,910
Sr. Unsec’d. Notes(a)		4.223			05/01/29		15,940		15,455,006
Sr. Unsec’d. Notes		5.750			01/24/22		16,755		17,704,673
Sr. Unsec’d. Notes, GMTN(a)		2.905			07/24/23		45,270		43,536,432
Sr. Unsec’d. Notes, GMTN		7.500			02/15/19		5,300		5,367,743
Sr. Unsec’d. Notes, MTN		4.000			03/03/24		9,605		9,540,896
Sr. Unsec’d. Notes, Series D, MTN		6.000			06/15/20		7,855		8,168,212
Sub. Notes		5.150			05/22/45		12,425		12,166,408
Sub. Notes(a)		6.750			10/01/37		7,405		8,643,642
HSBC Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600%		2.922	(c)		05/18/21		16,615		16,633,409
Sr. Unsec’d. Notes		4.292			09/12/26		1,625		1,601,768
Sr. Unsec’d. Notes(a)		4.300			03/08/26		4,175		4,110,641
Sr. Unsec’d. Notes(a)		4.583			06/19/29		41,115		40,687,958
Sr. Unsec’d. Notes		4.875			01/14/22		450		465,901
Sr. Unsec’d. Notes		5.100			04/05/21		230		237,882
Sub. Notes		4.250			03/14/24		5,560		5,484,666
Intesa Sanpaolo SpA (Italy), Sr. Unsec’d. Notes, 144A		3.875			07/14/27		13,835		11,427,955
JPMorgan Chase & Co.,
Jr. Sub. Notes		4.625			12/31/49		30,100		27,860,560
Jr. Sub. Notes		6.750			12/31/49		29,650		31,621,725
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%(a)		5.990	(c)		12/31/49		4,222		4,244,630
Jr. Sub. Notes, Series Z		5.300			12/29/49		21,720		22,045,800
Sr. Unsec’d. Notes		2.250			01/23/20		22,900		22,630,376
Sr. Unsec’d. Notes		2.550			10/29/20		15,084		14,835,290
Sr. Unsec’d. Notes		2.550			03/01/21		2,567		2,516,248
Sr. Unsec’d. Notes		2.950			10/01/26		19,630		17,987,774
Sr. Unsec’d. Notes		3.125			01/23/25		20,770		19,691,720
Sr. Unsec’d. Notes(a)		3.200			01/25/23		8,265		8,090,403
Sr. Unsec’d. Notes		3.200			06/15/26		17,100		15,953,043
Sr. Unsec’d. Notes(a)		3.250			09/23/22		8,770		8,649,418
Sr. Unsec’d. Notes		3.300			04/01/26		30,910		29,190,898
Sr. Unsec’d. Notes		3.509			01/23/29		61,905		57,864,288
Sr. Unsec’d. Notes(a)		3.782			02/01/28		6,133		5,899,769
Sr. Unsec’d. Notes		3.964			11/15/48		7,285		6,383,551

See Notes to Financial Statements.

PGIM Total Return Bond Fund 53

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
JPMorgan Chase & Co., (cont’d.)
Sr. Unsec’d. Notes		4.005	%		04/23/29		52,470	$	50,874,317
Sr. Unsec’d. Notes		4.250			10/15/20		5,160		5,240,178
Sr. Unsec’d. Notes		4.260			02/22/48		19,366		17,832,821
Sr. Unsec’d. Notes		4.350			08/15/21		2,240		2,289,253
Sr. Unsec’d. Notes		4.500			01/24/22		3,350		3,442,754
Sr. Unsec’d. Notes		4.625			05/10/21		1,915		1,969,356
Sub. Notes(a)		3.375			05/01/23		2,775		2,705,711
Sub. Notes		3.875			09/10/24		18,900		18,569,721
JPMorgan Chase Bank NA, Sr. Unsec’d. Notes(a)		3.086			04/26/21		100,750		100,360,097
KeyBank NA,
Sr. Unsec’d. Notes		2.250			03/16/20		13,730		13,552,427
Sr. Unsec’d. Notes		2.500			12/15/19		5,750		5,710,176
KeyCorp, Sr. Unsec’d. Notes, MTN		5.100			03/24/21		560		579,618
Korea Development Bank (The) (South Korea), Sr. Unsec’d. Notes		3.000			03/17/19		2,000		2,000,148
Lloyds Bank PLC (United Kingdom),
Gtd. Notes		3.300			05/07/21		14,600		14,481,745
Gtd. Notes, 144A, MTN		5.800			01/13/20		6,330		6,510,516
Lloyds Banking Group PLC (United Kingdom), Sr. Unsec’d. Notes		3.750			01/11/27		7,875		7,287,086
Manufacturers & Traders Trust Co.,
Sr. Unsec’d. Notes		2.900			02/06/25		22,525		21,283,872
Sub. Notes		3.400			08/17/27		5,240		5,001,161
Mizuho Financial Group, Inc. (Japan), Sr. Unsec’d. Notes(a)		3.170			09/11/27		10,000		9,220,515
Morgan Stanley,
Jr. Sub. Notes, Series H		5.450			12/31/49		52,385		52,850,179
Jr. Sub. Notes, Ser. J(a)		5.550			12/29/49		4,810		4,858,100
Sr. Unsec’d. Notes(a)		4.375			01/22/47		11,414		10,641,924
Sr. Unsec’d. Notes		4.457			04/22/39		3,515		3,361,180
Sr. Unsec’d. Notes		5.750			01/25/21		2,920		3,052,597
Sr. Unsec’d. Notes, GMTN(a)		3.700			10/23/24		5,000		4,872,150
Sr. Unsec’d. Notes, GMTN(a)		3.750			02/25/23		18,090		17,956,748
Sr. Unsec’d. Notes, GMTN(a)		3.772			01/24/29		33,800		32,027,300
Sr. Unsec’d. Notes, GMTN(a)		3.875			01/27/26		17,100		16,533,130
Sr. Unsec’d. Notes, GMTN		5.500			07/28/21		5,485		5,745,228
Sr. Unsec’d. Notes, MTN		2.625			11/17/21		31,590		30,637,309
Sr. Unsec’d. Notes, MTN(a)		3.125			07/27/26		29,095		26,645,395
Sr. Unsec’d. Notes, MTN(a)		3.591			07/22/28		20,260		18,973,759

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Morgan Stanley, (cont’d.)
Sr. Unsec’d. Notes, MTN		3.971	%		07/22/38		31,620	$	28,572,444
Sr. Unsec’d. Notes, MTN		5.625			09/23/19		2,530		2,584,251
Sr. Unsec’d. Notes, MTN		6.375			07/24/42		485		586,200
Sub. Notes, GMTN		4.350			09/08/26		15,545		15,138,482
Sub. Notes, MTN		3.950			04/23/27		16,340		15,437,412
MUFG Americas Holdings Corp., Sr. Unsec’d. Notes		2.250			02/10/20		16,675		16,535,781
People’s United Bank NA, Sub. Notes		4.000			07/15/24		500		491,891
PNC Bank NA,
Sr. Unsec’d. Notes(a)		2.625			02/17/22		14,615		14,183,289
Sr. Unsec’d. Notes		2.950			02/23/25		12,890		12,183,753
Sub. Notes		2.950			01/30/23		10,835		10,454,001
Sub. Notes		4.200			11/01/25		1,450		1,459,153
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes		2.854			11/09/22		1,600		1,547,573
Sub. Notes		3.900			04/29/24		2,715		2,693,080
Rheinland-Pfalz Bank (Germany), Sub. Notes		6.875			02/23/28		7,600		9,066,169
Royal Bank of Canada (Canada),
Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 0.390%		2.910	(c)		04/30/21		7,100		7,110,132
Sr. Unsec’d. Notes, GMTN		3.200			04/30/21		35,780		35,630,734
Royal Bank of Scotland Group PLC (United Kingdom),
Sr. Unsec’d. Notes		3.875			09/12/23		26,670		25,656,885
Sr. Unsec’d. Notes(a)		4.519			06/25/24		25,400		25,141,867
Santander UK Group Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes		2.875			10/16/20		430		423,707
Sr. Unsec’d. Notes		2.875			08/05/21		8,090		7,837,527
Sr. Unsec’d. Notes		3.373			01/05/24		38,105		36,365,498
Sr. Unsec’d. Notes		3.571			01/10/23		15,400		14,877,224
Santander UK PLC (United Kingdom), Sr. Unsec’d. Notes		2.375			03/16/20		21,490		21,224,418
State Bank of India (India), Sr. Unsec’d. Notes, EMTN, 3 Month LIBOR + 0.950%		3.358	(c)		04/06/20		3,872		3,878,970
State Street Corp., Jr. Sub. Notes		5.250			12/29/49		13,075		13,222,094

See Notes to Financial Statements.

PGIM Total Return Bond Fund 55

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Sumitomo Mitsui Banking Corp. (Japan),
Bank Gtd. Notes, 3 Month LIBOR + 0.350%		2.799	%(c)		01/17/20		47,240	$	47,284,739
Gtd. Notes		2.450			01/10/19		1,225		1,224,109
Gtd. Notes		2.450			01/16/20		10,750		10,643,438
Gtd. Notes(a)		3.000			01/18/23		5,125		4,976,682
Gtd. Notes, GMTN		2.250			07/11/19		2,560		2,546,944
Sumitomo Mitsui Financial Group, Inc. (Japan), Sr. Unsec’d. Notes		2.442			10/19/21		9,390		9,080,844
SunTrust Bank/Atlanta GA, Sr. Unsec’d. Notes		2.750			05/01/23		3,675		3,519,489
SunTrust Banks, Inc., Sr. Unsec’d. Notes		2.500			05/01/19		7,830		7,811,635
UBS Group Funding Switzerland AG (Switzerland),
Gtd. Notes, 144A(a)		2.859			08/15/23		16,355		15,668,517
Gtd. Notes, 144A		4.125			09/24/25		26,385		25,957,593
Gtd. Notes, 144A(a)		4.253			03/23/28		35,385		34,687,942
US Bancorp,
Jr. Sub. Notes		5.300			12/29/49		10,605		10,366,388
Sub. Notes, MTN		3.600			09/11/24		12,170		11,963,740
Wells Fargo & Co.,
Sr. Unsec’d. Notes		2.500			03/04/21		6,960		6,782,841
Sr. Unsec’d. Notes, MTN(a)		3.000			02/19/25		8,280		7,749,374
									3,244,930,969
Beverages    0.2%
Anheuser-Busch InBev Finance, Inc. (Belgium), Gtd. Notes		4.700			02/01/36		25,475		24,261,209
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		8.000			11/15/39		1,880		2,499,087
Gtd. Notes		8.200			01/15/39		450		604,595
Keurig Dr. Pepper, Inc., Gtd. Notes, 144A(a)		3.551			05/25/21		28,355		28,220,935
									55,585,826
Biotechnology    0.2%
Celgene Corp.,
Sr. Unsec’d. Notes		3.250			08/15/22		7,529		7,364,020
Sr. Unsec’d. Notes		3.450			11/15/27		27,975		25,491,944
Sr. Unsec’d. Notes(a)		4.350			11/15/47		16,595		13,840,725

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Biotechnology (cont’d.)
Celgene Corp., (cont’d.)
Sr. Unsec’d. Notes(a)		4.550	%		02/20/48		25,125	$	21,627,782
Gilead Sciences, Inc., Sr. Unsec’d. Notes(a)		4.800			04/01/44		1,945		1,898,517
									70,222,988
Building Materials    0.3%
Cemex SAB de CV (Mexico), Sr. Sec’d. Notes, 144A(a)		7.750			04/16/26		3,000		3,165,000
Griffon Corp., Gtd. Notes		5.250			03/01/22		35,115		32,920,312
Martin Marietta Materials, Inc., Sr. Unsec’d. Notes		4.250			07/02/24		2,300		2,299,183
Owens Corning,
Sr. Unsec’d. Notes		4.200			12/15/22		1,625		1,620,192
Sr. Unsec’d. Notes(a)		4.300			07/15/47		15,000		11,498,678
Sr. Unsec’d. Notes		4.400			01/30/48		4,370		3,417,436
Standard Industries, Inc., Sr. Unsec’d. Notes, 144A(a)		5.375			11/15/24		24,350		23,376,000
U.S. Concrete, Inc., Gtd. Notes(a)		6.375			06/01/24		14,420		13,428,625
									91,725,426
Chemicals    0.7%
Ashland LLC, Gtd. Notes		6.875			05/15/43		10,850		10,985,625
CF Industries, Inc.,
Gtd. Notes(a)		4.950			06/01/43		3,565		3,012,425
Gtd. Notes		5.375			03/15/44		6,640		5,843,200
Gtd. Notes		7.125			05/01/20		92		95,680
Sr. Sec’d. Notes, 144A		3.400			12/01/21		22,000		21,560,867
Chemours Co. (The), Gtd. Notes		4.000			05/15/26	EUR	38,820		42,081,198
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		3.500			07/19/22		4,400		4,245,762
Dow Chemical Co. (The),
Sr. Unsec’d. Notes(a)		3.000			11/15/22		3,675		3,568,760
Sr. Unsec’d. Notes		4.125			11/15/21		5,320		5,400,397
Sr. Unsec’d. Notes		4.250			11/15/20		1,549		1,568,974
Sr. Unsec’d. Notes(a)		4.625			10/01/44		1,460		1,339,414
Sr. Unsec’d. Notes		5.250			11/15/41		6,010		6,015,408

See Notes to Financial Statements.

PGIM Total Return Bond Fund 57

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Dow Chemical Co. (The), (cont’d.)
Sr. Unsec’d. Notes		9.400	%		05/15/39		330	$	479,159
Eastman Chemical Co.,
Sr. Unsec’d. Notes		2.700			01/15/20		10,010		9,935,143
Sr. Unsec’d. Notes(a)		3.800			03/15/25		9,781		9,494,174
EuroChem Mineral & Chemical Co. OJSC Via EuroChem Global Investments Ltd. (Russia), Sr. Unsec’d. Notes, 144A		3.800			04/12/20		8,550		8,379,000
LYB International Finance BV,
Gtd. Notes		4.000			07/15/23		3,000		2,998,966
Gtd. Notes(a)		4.875			03/15/44		1,639		1,498,804
LYB International Finance II BV, Gtd. Notes(a)		3.500			03/02/27		6,300		5,751,139
LyondellBasell Industries NV,
Sr. Unsec’d. Notes(a)		4.625			02/26/55		18,460		15,519,611
Sr. Unsec’d. Notes		5.000			04/15/19		1,575		1,580,940
Sr. Unsec’d. Notes		5.750			04/15/24		1,000		1,068,508
Sr. Unsec’d. Notes		6.000			11/15/21		9,954		10,496,386
Mosaic Co. (The),
Sr. Unsec’d. Notes		5.450			11/15/33		1,040		1,066,052
Sr. Unsec’d. Notes(a)		5.625			11/15/43		3,455		3,427,849
NOVA Chemicals Corp. (Canada), Sr. Unsec’d. Notes, 144A(a)		5.000			05/01/25		4,040		3,696,600
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.125			03/15/35		1,900		1,714,899
Sr. Unsec’d. Notes		4.900			06/01/43		3,370		3,197,676
Sr. Unsec’d. Notes		5.250			01/15/45		7,554		7,454,636
Sr. Unsec’d. Notes		6.125			01/15/41		1,730		1,851,413
Sasol Financing International Ltd. (South Africa), Gtd. Notes(a)		4.500			11/14/22		13,900		13,500,931
SASOL Financing USA LLC (South Africa), Gtd. Notes		5.875			03/27/24		15,210		15,322,278
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes		3.450			08/01/25		1,240		1,179,517
Sr. Unsec’d. Notes		3.450			06/01/27		8,035		7,427,627
Union Carbide Corp., Sr. Unsec’d. Notes		7.500			06/01/25		850		977,988
									233,737,006

See Notes to Financial Statements.

58

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services    0.7%
Board of Trustees of The Leland Stanford Junior University (The), Unsec’d. Notes		3.647	%		05/01/48		7,250	$	6,758,654
California Institute of Technology, Sr. Unsec’d. Notes		4.700			11/01/2111		1,130		1,106,607
Central Nippon Expressway Co. Ltd. (Japan),
Sr. Unsec’d. Notes		2.170			08/05/19		10,000		9,921,700
Sr. Unsec’d. Notes		2.293			04/23/21		3,500		3,392,623
Sr. Unsec’d. Notes, EMTN, 3 Month LIBOR + 0.850%		3.182	(c)		09/14/21		1,000		1,006,350
Cleveland Clinic Foundation (The), Unsec’d. Notes		4.858			01/01/2114		4,000		3,985,649
DP World Ltd. (United Arab Emirates), Sr. Unsec’d. Notes, MTN		6.850			07/02/37		2,000		2,226,700
Ecolab, Inc., Sr. Unsec’d. Notes		2.250			01/12/20		5,125		5,070,686
Equifax, Inc., Sr. Unsec’d. Notes		3.950			06/15/23		13,305		13,184,592
ERAC USA Finance LLC,
Gtd. Notes, 144A		2.700			11/01/23		27,400		25,736,584
Gtd. Notes, 144A(a)		3.300			12/01/26		10,390		9,670,690
Gtd. Notes, 144A(a)		3.800			11/01/25		17,535		17,083,413
Gtd. Notes, 144A		4.200			11/01/46		7,890		6,887,242
Gtd. Notes, 144A		4.500			02/15/45		3,720		3,412,031
Gtd. Notes, 144A		6.700			06/01/34		2,355		2,759,674
Gtd. Notes, 144A		7.000			10/15/37		4,090		4,996,381
Massachusetts Institute of Technology,
Unsec’d. Notes(a)		3.885			07/01/2116		5,800		4,912,531
Unsec’d. Notes		4.678			07/01/2114		3,000		3,080,476
Unsec’d. Notes		5.600			07/01/2111		942		1,155,624
Nexi Capital SpA (Italy), Sec’d. Notes, 144A		4.125			11/01/23	EUR	8,250		9,354,535
President & Fellows of Harvard College,
Unsec’d. Notes		3.150			07/15/46		9,930		8,429,445
Unsec’d. Notes(a)		3.300			07/15/56		3,840		3,154,730
Unsec’d. Notes		3.619			10/01/37		4,010		3,802,198
SNCF Reseau EPIC (France), Sr. Unsec’d. Notes, EMTN		1.375			10/11/19		21,000		20,683,950
United Rentals North America, Inc.,
Gtd. Notes(a)		4.875			01/15/28		42,605		38,384,975
Gtd. Notes(a)		5.500			07/15/25		1,375		1,339,766
Gtd. Notes(a)		5.500			05/15/27		4,860		4,610,925

See Notes to Financial Statements.

PGIM Total Return Bond Fund 59

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
United Rentals North America, Inc., (cont’d.)
Gtd. Notes(a)		5.875	%		09/15/26		9,575	$	9,383,500
University of Southern California, Unsec’d. Notes		3.841			10/01/47		9,375		8,779,292
									234,271,523
Computers    0.4%
Apple, Inc.,
Sr. Unsec’d. Notes(a)		3.000			02/09/24		23,015		22,358,842
Sr. Unsec’d. Notes(a)		3.750			11/13/47		48,610		43,628,276
Sr. Unsec’d. Notes		4.650			02/23/46		2,025		2,088,904
Dell International LLC/EMC Corp.,
Gtd. Notes, 144A		5.875			06/15/21		11,040		11,192,039
Sr. Sec’d. Notes, 144A		3.480			06/01/19		9,135		9,146,436
DXC Technology Co., Sr. Unsec’d. Notes		2.875			03/27/20		12,400		12,278,649
EMC Corp., Sr. Unsec’d. Notes(a)		2.650			06/01/20		9,650		9,388,348
Hewlett Packard Enterprise Co., Sr. Unsec’d. Notes, 144A		2.100			10/04/19		18,315		18,137,599
NCR Corp., Gtd. Notes(a)		6.375			12/15/23		3,675		3,665,813
									131,884,906
Diversified Financial Services    0.8%
ALEX Alpha LLC, Gov’t. Gtd. Notes		1.617			08/15/24		2,609		2,493,629
Ally Financial, Inc., Gtd. Notes(a)		8.000			03/15/20		2,892		3,043,830
American Express Co., Sr. Unsec’d. Notes(a)		3.375			05/17/21		21,395		21,342,254
American Express Credit Corp., Sr. Unsec’d. Notes, MTN		2.375			05/26/20		26,300		25,943,921
Capital One Bank USA NA, Sr. Unsec’d. Notes		2.300			06/05/19		4,075		4,058,944
CDP Financial, Inc. (Canada),
Gtd. Notes		3.150			07/24/24		8,472		8,344,234
Gtd. Notes, 144A		3.150			07/24/24		28,285		27,858,433
Gtd. Notes, 144A		4.400			11/25/19		12,110		12,283,083
Charles Schwab Corp. (The), Sr. Unsec’d. Notes		3.450			02/13/26		8,855		8,570,557

See Notes to Financial Statements.

60

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
CPPIB Capital, Inc. (Canada), Gtd. Notes, 144A, MTN		3.125	%		09/25/23		13,500	$	13,414,837
Discover Financial Services, Sr. Unsec’d. Notes(a)		3.750			03/04/25		14,835		14,048,300
Eole Finance SPC (France), Gov’t. Gtd. Notes		2.341			02/24/24		23,510		22,804,506
GE Capital International Funding Co. Unlimited Co.,
Gtd. Notes(a)		2.342			11/15/20		11,273		10,937,250
Gtd. Notes(a)		4.418			11/15/35		12,587		11,074,410
Grain Spectrum Funding II LLC, Sec’d. Notes, 144A		3.290			10/10/34		1,546		1,539,849
International Lease Finance Corp., Sr. Unsec’d. Notes		6.250			05/15/19		700		711,164
Jefferies Group LLC, Sr. Unsec’d. Notes		6.500			01/20/43		1,425		1,425,643
Lehman Brothers Holdings, Inc., Sr. Unsec’d. Notes(d)		6.875			05/02/18		745		14,900
Navient Solutions LLC, Sr. Unsec’d. Notes		3.339	(s)		10/03/22		4,813		4,223,325
Ontario Teachers’ Finance Trust (Canada), Local Gov’t. Gtd. Notes, 144A		2.125			09/19/22		15,500		14,797,535
Penta Aircraft Leasing 2013 LLC, Gov’t. Gtd. Notes		1.691			04/29/25		2,957		2,809,795
Postal Square LP,
Gov’t. Gtd. Notes		6.500			06/15/22		5,786		5,998,199
Gov’t. Gtd. Notes		8.950			06/15/22		10,498		11,598,083
Power Sector Assets & Liabilities Management Corp. (Philippines), Gov’t. Gtd. Notes		7.390			12/02/24		3,000		3,487,188
Private Export Funding Corp.,
Gov’t. Gtd. Notes		1.450			08/15/19		5,560		5,502,860
Gov’t. Gtd. Notes		2.250			03/15/20		3,880		3,844,133
Gov’t. Gtd. Notes		2.450			07/15/24		185		177,989
Gov’t. Gtd. Notes		3.250			06/15/25		3,595		3,573,825
Gov’t. Gtd. Notes		3.550			01/15/24		2,700		2,744,080
Gov’t. Gtd. Notes		4.375			03/15/19		8,708		8,765,490
Sr. Unsec’d. Notes, 144A		2.650			02/16/21		7,645		7,573,298
Synchrony Financial,
Sr. Unsec’d. Notes		2.600			01/15/19		10,665		10,650,602

See Notes to Financial Statements.

PGIM Total Return Bond Fund 61

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
Synchrony Financial, (cont’d.)
Sr. Unsec’d. Notes		2.700	%		02/03/20		16,094	$	15,878,602
Worldpay Finance PLC (United Kingdom), Gtd. Notes		3.750			11/15/22	EUR	4,000		4,895,740
									296,430,488
Electric    2.9%
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes(a)		3.100			12/01/26		1,300		1,228,183
Sr. Unsec’d. Notes		3.750			12/01/47		5,595		4,936,121
Alabama Power Co., Sr. Unsec’d. Notes, Series B		3.700			12/01/47		18,040		15,782,514
American Electric Power Co., Inc., Sr. Unsec’d. Notes		2.950			12/15/22		1,600		1,557,683
Appalachian Power Co., Sr. Unsec’d. Notes		3.400			06/01/25		15,645		15,149,154
Caledonia Generating LLC, Sr. Sec’d. Notes, 144A		1.950			02/28/22		5,162		5,046,683
Calpine Corp.,
Sr. Unsec’d. Notes(a)		5.375			01/15/23		792		750,420
Sr. Unsec’d. Notes(a)		5.500			02/01/24		1,585		1,438,388
Sr. Unsec’d. Notes(a)		5.750			01/15/25		73,510		65,684,860
CenterPoint Energy Houston Electric LLC, Sec’d. Notes		3.950			03/01/48		6,685		6,237,780
Cleveland Electric Illuminating Co. (The), Sr. Unsec’d. Notes, 144A		3.500			04/01/28		4,415		4,125,981
Comision Federal de Electricidad (Mexico),
Sr. Unsec’d. Notes, 144A		4.750			02/23/27		12,825		12,113,341
Sr. Unsec’d. Notes, 144A(a)		4.875			01/15/24		2,450		2,414,500
Commonwealth Edison Co.,
First Mortgage		3.700			03/01/45		2,665		2,358,494
First Mortgage(a)		4.000			03/01/48		4,510		4,190,659
First Mortgage(a)		4.350			11/15/45		2,780		2,716,117
First Mortgage		6.450			01/15/38		690		853,145
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes		3.850			06/15/46		7,580		6,844,967
Sr. Unsec’d. Notes, Series C		4.300			12/01/56		2,920		2,677,899
Dominion Energy, Inc.,
Jr. Sub. Notes		2.579			07/01/20		20,000		19,696,000
Jr. Sub. Notes		2.962			07/01/19		4,305		4,286,851
Jr. Sub. Notes		4.104			04/01/21		33,540		33,811,703

See Notes to Financial Statements.

62

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Dominion Energy, Inc., (cont’d.)
Sr. Unsec’d. Notes(a)		2.850	%		08/15/26		5,685	$	5,146,705
Sr. Unsec’d. Notes		3.900			10/01/25		3,855		3,760,581
Sr. Unsec’d. Notes		4.250			06/01/28		6,200		6,169,000
DTE Energy Co., Sr. Unsec’d. Notes		2.850			10/01/26		47,340		42,826,100
Duke Energy Carolinas LLC,
First Mortgage		2.500			03/15/23		11,945		11,447,785
First Mortgage		3.750			06/01/45		3,045		2,713,091
First Mortgage		3.950			03/15/48		6,745		6,167,757
First Mortgage(a)		4.000			09/30/42		1,025		956,909
First Mortgage		4.250			12/15/41		6,000		5,789,911
Duke Energy Corp., Sr. Unsec’d. Notes		2.650			09/01/26		12,725		11,384,475
Duke Energy Progress LLC, First Mortgage		4.100			03/15/43		2,410		2,268,074
El Paso Electric Co., Sr. Unsec’d. Notes		6.000			05/15/35		750		829,103
Electricite de France SA (France), Sr. Unsec’d. Notes, 144A		2.350			10/13/20		28,225		27,686,040
Emera US Finance LP (Canada),
Gtd. Notes(a)		3.550			06/15/26		4,160		3,855,762
Gtd. Notes		4.750			06/15/46		12,470		11,661,496
Enel Americas SA (Chile), Sr. Unsec’d. Notes		4.000			10/25/26		3,620		3,379,161
Enel Finance International NV (Italy),
Gtd. Notes, 144A		2.750			04/06/23		5,570		5,129,664
Gtd. Notes, 144A		3.500			04/06/28		29,175		24,517,049
Gtd. Notes, 144A		3.625			05/25/27		7,530		6,537,963
Gtd. Notes, 144A		4.875			06/14/29		6,530		6,105,887
Entergy Arkansas, Inc., First Mortgage		3.050			06/01/23		1,200		1,174,066
Entergy Corp., Sr. Unsec’d. Notes		4.000			07/15/22		37,970		38,186,662
Entergy Louisiana LLC, Collateral Trust		3.120			09/01/27		12,955		12,126,842
Entergy Mississippi, Inc., First Mortgage		2.850			06/01/28		3,010		2,740,217
Eskom Holdings SOC Ltd. (South Africa), Gov’t. Gtd. Notes, 144A, MTN(a)		6.350			08/10/28		16,930		16,312,902
Eversource Energy, Sr. Unsec’d. Notes		3.150			01/15/25		5,370		5,127,819

See Notes to Financial Statements.

PGIM Total Return Bond Fund 63

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Exelon Corp., Jr. Sub. Notes(a)		3.497	%		06/01/22		28,185	$	27,487,237
Exelon Generation Co. LLC,
Sr. Unsec’d. Notes(a)		2.950			01/15/20		21,135		21,000,910
Sr. Unsec’d. Notes		6.250			10/01/39		800		845,832
FirstEnergy Corp.,
Sr. Unsec’d. Notes		4.850			07/15/47		3,870		3,768,518
Sr. Unsec’d. Notes		7.375			11/15/31		2,310		2,918,498
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		1,175		1,247,650
Florida Power & Light Co.,
First Mortgage		3.700			12/01/47		10,130		9,061,695
First Mortgage		3.950			03/01/48		8,380		7,769,146
Fortis, Inc. (Canada), Sr. Unsec’d. Notes		3.055			10/04/26		41,385		37,411,831
Georgia Power Co., Sr. Unsec’d. Notes(a)		4.750			09/01/40		1,050		1,024,239
Gulf Power Co., Sr. Unsec’d. Notes		3.300			05/30/27		9,415		8,898,592
Hydro-Quebec (Canada),
Local Gov’t. Gtd. Notes		8.050			07/07/24		1,890		2,303,874
Local Gov’t. Gtd. Notes		8.250			04/15/26		20		25,599
Local Gov’t. Gtd. Notes		8.250			04/15/26		506		651,444
Local Gov’t. Gtd. Notes		8.250			01/15/27		170		222,637
Local Gov’t. Gtd. Notes		8.400			01/15/22		3,866		4,405,719
Local Gov’t. Gtd. Notes		8.500			12/01/29		4,425		6,265,653
Local Gov’t. Gtd. Notes		8.625			06/15/29		2,580		3,642,183
Local Gov’t. Gtd. Notes		8.625			06/15/29		130		182,824
Local Gov’t. Gtd. Notes		9.375			04/15/30		475		710,618
Local Gov’t. Gtd. Notes		9.400			02/01/21		110		124,255
Local Gov’t. Gtd. Notes		9.400			02/01/21		25		28,182
Local Gov’t. Gtd. Notes		9.500			11/15/30		600		909,244
Local Gov’t. Gtd. Notes, MTN		8.910			11/18/24		565		717,048
Local Gov’t. Gtd. Notes, MTN		9.500			04/30/27		170		235,883
Iberdrola International BV (Spain), Gtd. Notes		6.750			09/15/33		15		16,944
Indiana Michigan Power Co., Sr. Unsec’d. Notes		3.200			03/15/23		475		465,596
Interstate Power & Light Co.,
Sr. Unsec’d. Notes		3.250			12/01/24		7,850		7,603,400

See Notes to Financial Statements.

64

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Interstate Power & Light Co., (cont’d.)
Sr. Unsec’d. Notes		4.100	%		09/26/28		3,260	$	3,240,904
Israel Electric Corp. Ltd. (Israel), Sr. Sec’d. Notes, 144A, GMTN		4.250			08/14/28		20,810		19,718,307
Korea Hydro & Nuclear Power Co. Ltd. (South Korea),
Sr. Unsec’d. Notes		4.750			07/13/21		1,000		1,026,309
Sr. Unsec’d. Notes, 144A(a)		4.750			07/13/21		2,125		2,180,907
Sr. Unsec’d. Notes, 144A, MTN		3.000			09/19/22		2,000		1,941,340
Nevada Power Co., General Ref. Mortgage		5.375			09/15/40		500		546,298
NextEra Energy Capital Holdings, Inc., Gtd. Notes		4.800			12/01/77		12,235		11,011,500
NRG Energy, Inc.,
Gtd. Notes		6.250			05/01/24		8,025		8,192,562
Gtd. Notes		6.625			01/15/27		7,925		8,202,375
Gtd. Notes(a)		7.250			05/15/26		10,370		11,018,125
Oncor Electric Delivery Co. LLC, Sr. Sec’d. Notes		2.950			04/01/25		5,995		5,705,945
Pacific Gas & Electric Co.,
Sr. Unsec’d. Notes		3.300			12/01/27		22,650		20,167,041
Sr. Unsec’d. Notes		3.500			06/15/25		8,380		7,803,987
Sr. Unsec’d. Notes		4.250			03/15/46		4,135		3,511,454
Sr. Unsec’d. Notes(a)		4.300			03/15/45		5,685		4,875,419
Sr. Unsec’d. Notes		4.450			04/15/42		1,800		1,577,430
Sr. Unsec’d. Notes		6.050			03/01/34		8,000		8,566,033
PacifiCorp, First Mortgage		3.350			07/01/25		9,960		9,638,663
PECO Energy Co., First Ref. Mortgage		4.800			10/15/43		6,449		6,694,746
PPL Electric Utilities Corp., First Mortgage		4.150			06/15/48		8,855		8,546,977
Progress Energy, Inc., Sr. Unsec’d. Notes		3.150			04/01/22		4,000		3,916,759
PSEG Power LLC, Gtd. Notes(a)		3.000			06/15/21		24,545		24,140,518
Public Service Co. of Colorado, First Mortgage		4.100			06/15/48		2,945		2,859,310
Public Service Electric & Gas Co., Sec’d. Notes, MTN		3.650			09/01/42		1,990		1,800,430
Public Service Enterprise Group, Inc., Sr. Unsec’d. Notes		2.650			11/15/22		22,110		21,159,377

See Notes to Financial Statements.

PGIM Total Return Bond Fund 65

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Puget Sound Energy, Inc.,
First Mortgage		4.223	%		06/15/48		11,280	$	10,893,358
Sr. Sec’d. Notes		4.434			11/15/41		2,550		2,503,599
Rochester Gas & Electric Corp., First Mortgage, 144A		3.100			06/01/27		17,545		16,525,165
San Diego Gas & Electric Co.,
First Mortgage		3.750			06/01/47		1,665		1,475,523
First Mortgage		5.350			05/15/40		9,512		10,352,426
Sempra Energy,
Sr. Unsec’d. Notes		2.400			03/15/20		9,090		8,971,820
Sr. Unsec’d. Notes		3.400			02/01/28		28,395		26,300,605
Sr. Unsec’d. Notes		3.800			02/01/38		20,750		18,077,541
South Carolina Electric & Gas Co., First Mortgage		4.500			06/01/64		15,751		13,593,113
Southern California Edison Co., First Ref. Mortgage		2.400			02/01/22		5,165		4,963,606
Southern Power Co., Sr. Unsec’d. Notes(a)		5.150			09/15/41		725		713,033
Tampa Electric Co., Sr. Unsec’d. Notes		4.450			06/15/49		4,755		4,571,453
Union Electric Co., Sr. Sec’d. Notes		2.950			06/15/27		6,045		5,625,741
Vistra Energy Corp.,
Gtd. Notes(a)		7.375			11/01/22		16,165		16,771,187
Gtd. Notes		7.625			11/01/24		19,571		20,696,332
Vistra Operations Co. LLC, Gtd. Notes, 144A(a)		5.500			09/01/26		34,250		33,736,250
									1,021,661,183
Electronics    0.1%
Jabil, Inc.,
Sr. Unsec’d. Notes(a)		4.700			09/15/22		2,900		2,905,510
Sr. Unsec’d. Notes		5.625			12/15/20		4,700		4,845,700
Sensata Technologies BV, Gtd. Notes, 144A(a)		5.000			10/01/25		11,775		11,362,875
									19,114,085
Engineering & Construction    0.0%
GMR Hyderabad International Airport Ltd. (India), Sr. Sec’d. Notes, 144A(a)		4.250			10/27/27		2,775		2,299,493

See Notes to Financial Statements.

66

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Engineering & Construction (cont’d.)
Mexico City Airport Trust (Mexico), Sr. Sec’d. Notes, 144A		4.250	%		10/31/26		9,105	$	7,607,227
Pisces Midco, Inc., Gtd. Notes, 144A(a)		8.000			04/15/26		6,000		5,827,500
									15,734,220
Entertainment    0.3%
AMC Entertainment Holdings, Inc.,
Gtd. Notes(a)		5.875			11/15/26		6,050		5,550,875
Gtd. Notes		6.375			11/15/24	GBP	27,900		35,660,362
Caesars Resort Collection LLC/CRC Finco, Inc., Gtd. Notes, 144A		5.250			10/15/25		2,975		2,768,609
Cinemark USA, Inc., Gtd. Notes(a)		4.875			06/01/23		14,114		13,778,793
CPUK Finance Ltd. (United Kingdom),
Sec’d. Notes, 144A		4.250			02/28/47	GBP	275		352,811
Sec’d. Notes, 144A		4.875			02/28/47	GBP	2,550		3,249,489
International Game Technology PLC, Sr. Sec’d. Notes, 144A(a)		6.250			01/15/27		5,150		5,053,438
National CineMedia LLC, Sr. Unsec’d. Notes		5.750			08/15/26		3,400		3,213,000
Scientific Games International, Inc.,
Gtd. Notes		6.250			09/01/20		2,950		2,868,875
Gtd. Notes		10.000			12/01/22		36,525		38,168,625
WMG Acquisition Corp., Sr. Sec’d. Notes, 144A		4.125			11/01/24	EUR	5,243		6,173,026
									116,837,903
Foods    0.8%
Ahold Finance USA LLC (Netherlands), Gtd. Notes		6.875			05/01/29		17,470		20,112,461
Albertsons Cos LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC, Gtd. Notes		5.750			03/15/25		3,275		2,882,000
B&G Foods, Inc., Gtd. Notes(a)		4.625			06/01/21		2,750		2,732,813
ESAL GmbH, Gtd. Notes, 144A(a)		6.250			02/05/23		400		392,500
JBS USA LUX SA/JBS USA Finance, Inc.,
Gtd. Notes, 144A		5.750			06/15/25		21,025		20,184,000

See Notes to Financial Statements.

PGIM Total Return Bond Fund 67

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Foods (cont’d.)
JBS USA LUX SA/JBS USA Finance, Inc., (cont’d.)
Gtd. Notes, 144A		5.875	%		07/15/24		5,094	$	4,999,761
JM Smucker Co. (The), Sr. Unsec’d. Notes		3.000			03/15/22		11,465		11,176,356
Kraft Heinz Foods Co.,
Gtd. Notes(a)		3.000			06/01/26		22,205		19,816,746
Gtd. Notes		3.375			06/15/21		15,120		15,073,470
Gtd. Notes(a)		4.000			06/15/23		76,740		76,331,696
Gtd. Notes		5.000			07/15/35		6,940		6,576,794
Gtd. Notes		6.500			02/09/40		1,910		2,072,283
Kroger Co. (The),
Sr. Unsec’d. Notes(a)		2.950			11/01/21		18,925		18,586,944
Sr. Unsec’d. Notes		3.300			01/15/21		9,215		9,172,543
Sr. Unsec’d. Notes(a)		3.875			10/15/46		4,420		3,510,768
Sr. Unsec’d. Notes(a)		4.450			02/01/47		2,200		1,918,362
Mondelez International Holdings Netherlands BV, Gtd. Notes, 144A		2.000			10/28/21		28,070		26,714,672
Picard Groupe SAS (France), Sr. Sec’d., 144A, 3 Month EURIBOR + 3.000%		3.000	(c)		11/30/23	EUR	18,775		20,999,572
Pilgrim’s Pride Corp., Gtd. Notes, 144A		5.875			09/30/27		3,300		2,986,500
Tyson Foods, Inc., Gtd. Notes		5.150			08/15/44		2,615		2,586,724
Wm Wrigley Jr Co., Sr. Unsec’d. Notes, 144A(a)		3.375			10/21/20		16,067		16,065,464
									284,892,429
Forest Products & Paper    0.1%
Georgia-Pacific LLC, Sr. Unsec’d. Notes		7.375			12/01/25		3,697		4,421,094
International Paper Co.,
Sr. Unsec’d. Notes		3.650			06/15/24		2,250		2,226,777
Sr. Unsec’d. Notes(a)		4.400			08/15/47		3,265		2,807,371
Sr. Unsec’d. Notes		4.800			06/15/44		3,085		2,818,622
Sr. Unsec’d. Notes		5.000			09/15/35		6,990		6,825,697
Sr. Unsec’d. Notes		5.150			05/15/46		2,315		2,223,980
Sr. Unsec’d. Notes		6.000			11/15/41		2,290		2,417,752
Sr. Unsec’d. Notes		7.300			11/15/39		1,320		1,586,809
									25,328,102

See Notes to Financial Statements.

68

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Gas    0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes		5.625	%		05/20/24		6,875	$	6,600,000
Sr. Unsec’d. Notes(a)		5.875			08/20/26		6,875		6,496,875
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		5.850			01/15/41		1,130		1,266,459
Dominion Energy Gas Holdings LLC, Sr. Unsec’d. Notes		4.800			11/01/43		250		245,217
NiSource, Inc.,
Sr. Unsec’d. Notes		4.375			05/15/47		22,690		20,782,476
Sr. Unsec’d. Notes		4.800			02/15/44		3,865		3,795,172
Southern California Gas Co.,
First Mortgage		4.125			06/01/48		5,260		5,039,260
First Mortgage		4.300			01/15/49		9,350		9,184,598
Southern Co. Gas Capital Corp., Gtd. Notes(a)		4.400			06/01/43		2,700		2,507,259
									55,917,316
Healthcare-Products 0.4%
Abbott Laboratories,
Sr. Unsec’d. Notes		2.900			11/30/21		705		692,768
Sr. Unsec’d. Notes		2.950			03/15/25		3,032		2,882,364
Sr. Unsec’d. Notes		4.900			11/30/46		600		618,235
Becton Dickinson & Co.,
Sr. Unsec’d. Notes		3.363			06/06/24		33,115		31,642,011
Sr. Unsec’d. Notes		3.700			06/06/27		8,700		8,169,318
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes		2.404			06/05/20		2,700		2,656,102
Sr. Unsec’d. Notes		3.734			12/15/24		3,998		3,875,519
Boston Scientific Corp., Sr. Unsec’d. Notes		2.850			05/15/20		7,185		7,125,754
Medtronic, Inc., Gtd. Notes		3.500			03/15/25		12,844		12,573,286
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		2.950			09/19/26		6,850		6,255,235
Zimmer Biomet Holdings, Inc.,
Sr. Unsec’d. Notes		2.425			12/13/26	EUR	35,000		40,850,129
Sr. Unsec’d. Notes		2.700			04/01/20		7,750		7,666,668
									125,007,389

See Notes to Financial Statements.

PGIM Total Return Bond Fund 69

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services    1.4%
Acadia Healthcare Co., Inc., Gtd. Notes(a)		5.625	%		02/15/23		1,825	$	1,827,281
Advocate Health & Hospitals Corp., Sr. Unsec’d. Notes		4.272			08/15/48		12,775		12,384,235
Aetna, Inc.,
Sr. Unsec’d. Notes		3.500			11/15/24		13,900		13,506,969
Sr. Unsec’d. Notes		4.500			05/15/42		1,150		1,067,581
Sr. Unsec’d. Notes		6.750			12/15/37		5,365		6,391,206
Anthem, Inc.,
Sr. Unsec’d. Notes		3.650			12/01/27		5,020		4,692,558
Sr. Unsec’d. Notes(a)		4.101			03/01/28		8,095		7,825,846
Sr. Unsec’d. Notes		4.650			01/15/43		1,855		1,751,940
Ascension Health, Sr. Unsec’d. Notes(a)		3.945			11/15/46		5,085		4,737,715
Baylor Scott & White Holdings, Unsec’d. Notes		4.185			11/15/45		5,750		5,412,239
Catalent Pharma Solutions, Inc., Gtd. Notes, 144A		4.750			12/15/24	EUR	10,505		12,433,497
CHS/Community Health Systems, Inc.,
Gtd. Notes(a)		6.875			02/01/22		13,236		6,690,798
Sec’d. Notes, 144A(a)		8.125			06/30/24		9,206		7,272,740
Sr. Sec’d. Notes(a)		5.125			08/01/21		4,759		4,509,152
Cigna Corp.,
Sr. Unsec’d. Notes		3.250			04/15/25		20,815		19,602,766
Sr. Unsec’d. Notes		4.000			02/15/22		1,000		1,006,723
Coventry Health Care, Inc., Sr. Unsec’d. Notes		5.450			06/15/21		500		520,649
Encompass Health Corp.,
Gtd. Notes		5.125			03/15/23		3,250		3,250,000
Gtd. Notes		5.750			11/01/24		9,300		9,276,750
Fresenius Medical Care U.S. Finance II, Inc. (Germany), Gtd. Notes, 144A		4.125			10/15/20		9,725		9,776,542
Hackensack Meridian Health, Inc., Sr. Unsec’d. Notes		4.500			07/01/57		4,200		4,096,622
Hadrian Merger Sub, Inc., Sr. Unsec’d. Notes, 144A		8.500			05/01/26		5,000		4,762,500
Halfmoon Parent, Inc.,
Sr. Sec’d. Notes, 144A(a)		4.375			10/15/28		34,070		33,321,798
Sr. Sec’d. Notes, 144A		4.800			08/15/38		15,935		15,339,418
HCA Healthcare, Inc., Sr. Unsec’d. Notes		6.250			02/15/21		6,200		6,440,250

See Notes to Financial Statements.

70

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
HCA, Inc.,
Gtd. Notes(a)		5.375	%		02/01/25		26,921	$	27,089,256
Gtd. Notes(a)		5.375			09/01/26		6,525		6,476,062
Gtd. Notes		5.875			02/15/26		5,600		5,726,000
Gtd. Notes(a)		7.500			02/15/22		7,140		7,746,900
Sr. Sec’d. Notes		4.750			05/01/23		2,204		2,226,040
Sr. Sec’d. Notes		5.250			04/15/25		4,097		4,184,061
Humana, Inc.,
Sr. Unsec’d. Notes		2.625			10/01/19		3,375		3,357,736
Sr. Unsec’d. Notes		3.950			03/15/27		6,745		6,538,531
Indiana University Health, Inc. Obligated Group, Sec’d. Notes		3.970			11/01/48		10,475		9,845,249
Kaiser Foundation Hospitals, Gtd. Notes		4.150			05/01/47		15,275		14,532,280
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes(a)		2.625			02/01/20		1,970		1,952,049
Sr. Unsec’d. Notes		3.200			02/01/22		9,220		9,081,823
Sr. Unsec’d. Notes		3.250			09/01/24		14,680		14,016,043
Sr. Unsec’d. Notes(a)		3.600			09/01/27		10,355		9,770,191
Sr. Unsec’d. Notes		4.625			11/15/20		6,355		6,480,124
Sr. Unsec’d. Notes		4.700			02/01/45		1,075		997,883
Mayo Clinic, Unsec’d. Notes		4.128			11/15/52		8,312		8,004,412
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.125			07/01/52		675		636,065
New York & Presbyterian Hospital (The),
Unsec’d. Notes		4.024			08/01/45		4,350		4,079,125
Unsec’d. Notes		4.763			08/01/2116		4,800		4,549,838
NYU Langone Hospitals, Sec’d. Notes		4.784			07/01/44		6,375		6,583,556
Providence St Joseph Health Obligated Group, Unsec’d. Notes		3.744			10/01/47		2,900		2,539,778
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes		2.500			03/30/20		9,855		9,735,427
Sr. Unsec’d. Notes(a)		3.450			06/01/26		5,425		5,075,984
Sr. Unsec’d. Notes		3.500			03/30/25		13,980		13,339,767
Roche Holdings, Inc. (Switzerland), Gtd. Notes, 144A		3.350			09/30/24		1,390		1,371,017
Select Medical Corp., Gtd. Notes		6.375			06/01/21		9,531		9,614,396

See Notes to Financial Statements.

PGIM Total Return Bond Fund 71

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Synlab Bondco PLC (United Kingdom), Sr. Sec’d. Notes, 144A, 3 Month EURIBOR + 3.500%		3.500	%(c)		07/01/22	EUR	17,500	$	19,896,986
Tenet Healthcare Corp.,
Sec’d. Notes(a)		5.125			05/01/25		950		914,375
Sr. Unsec’d. Notes		5.500			03/01/19		9,600		9,636,000
Sr. Unsec’d. Notes(a)		6.750			02/01/20		11,653		11,973,457
Sr. Unsec’d. Notes(a)		7.000			08/01/25		17,372		17,039,674
Sr. Unsec’d. Notes(a)		8.125			04/01/22		9,930		10,339,612
Texas Health Resources, Sec’d. Notes		4.330			11/15/55		3,450		3,349,920
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.375			04/15/27		19,080		18,319,784
Sr. Unsec’d. Notes		4.375			03/15/42		615		600,976
Sr. Unsec’d. Notes		4.625			07/15/35		6,315		6,495,038
Sr. Unsec’d. Notes		4.625			11/15/41		1,725		1,735,775
Sr. Unsec’d. Notes		5.700			10/15/40		185		212,284
Sr. Unsec’d. Notes		5.800			03/15/36		130		149,450
Sr. Unsec’d. Notes		6.625			11/15/37		475		597,213
Willis-Knighton Medical Center, Sec’d. Notes		4.813			09/01/48		4,130		4,124,774
									498,832,686
Home Builders    0.4%
Beazer Homes USA, Inc., Gtd. Notes		8.750			03/15/22		2,900		2,921,750
Brookfield Residential Properties, Inc. (Canada),
Gtd. Notes, 144A		6.375			05/15/25		6,850		6,447,563
Gtd. Notes, 144A		6.500			12/15/20		3,000		3,000,000
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A(a)		6.125			07/01/22		16,405		15,994,875
KB Home, Gtd. Notes		7.000			12/15/21		11,045		11,459,187
Lennar Corp.,
Gtd. Notes(a)		4.750			11/29/27		4,500		4,207,500
Gtd. Notes		6.250			12/15/21		12,500		12,906,250
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A(a)		6.500			10/01/25		5,000		4,700,000
Meritage Homes Corp., Gtd. Notes		6.000			06/01/25		4,300		4,181,750

See Notes to Financial Statements.

72

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
PulteGroup, Inc., Gtd. Notes(a)		5.500	%		03/01/26		28,017	$	27,456,660
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.,
Gtd. Notes, 144A(a)		5.250			04/15/21		12,605		12,557,731
Gtd. Notes, 144A(a)		5.625			03/01/24		2,590		2,518,775
William Lyon Homes, Inc.,
Gtd. Notes		5.875			01/31/25		5,304		4,674,150
Gtd. Notes(a)		7.000			08/15/22		22,957		22,928,304
									135,954,495
Household Products/Wares    0.2%
Diamond BC BV, Sr. Unsec’d. Notes(a)		5.625			08/15/25	EUR	16,000		17,044,098
Reckitt Benckiser Treasury Services PLC (United Kingdom), Gtd. Notes, 144A		2.750			06/26/24		44,410		41,699,254
Spectrum Brands, Inc.,
Gtd. Notes(a)		5.750			07/15/25		5,025		4,886,813
Gtd. Notes, 144A		4.000			10/01/26	EUR	15,000		17,073,248
									80,703,413
Housewares    0.1%
Newell Brands, Inc.,
Sr. Unsec’d. Notes(a)		4.200			04/01/26		20,095		18,461,312
Sr. Unsec’d. Notes(a)		5.500			04/01/46		18,652		16,079,349
									34,540,661
Insurance    0.9%
American International Group, Inc.,
Sr. Unsec’d. Notes		1.875			06/21/27	EUR	46,400		52,059,981
Sr. Unsec’d. Notes		3.900			04/01/26		27,135		25,927,502
Sr. Unsec’d. Notes		4.500			07/16/44		2,649		2,347,475
Sr. Unsec’d. Notes(a)		4.750			04/01/48		4,760		4,385,283
Sr. Unsec’d. Notes(a)		4.800			07/10/45		332		308,902
Sr. Unsec’d. Notes(a)		4.875			06/01/22		280		287,958
Arch Capital Finance LLC, Gtd. Notes(a)		5.031			12/15/46		6,475		6,588,341
Arch Capital Group US, Inc., Gtd. Notes		5.144			11/01/43		2,250		2,314,337

See Notes to Financial Statements.

PGIM Total Return Bond Fund 73

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Berkshire Hathaway, Inc.,
Sr. Unsec’d. Notes		2.750	%		03/15/23		14,030	$	13,617,867
Sr. Unsec’d. Notes(a)		4.500			02/11/43		4,290		4,312,679
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.950			05/15/24		18,435		18,179,338
Sr. Unsec’d. Notes		4.500			03/01/26		12,000		12,004,198
Hartford Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes		4.300			04/15/43		480		441,565
Sr. Unsec’d. Notes		5.125			04/15/22		1,200		1,251,999
Sr. Unsec’d. Notes		5.950			10/15/36		755		842,828
Sr. Unsec’d. Notes(a)		6.100			10/01/41		995		1,139,797
Liberty Mutual Finance Europe DAC, Gtd. Notes, 144A		1.750			03/27/24	EUR	15,700		18,103,875
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		4.850			08/01/44		8,750		8,437,593
Gtd. Notes, 144A		4.950			05/01/22		1,325		1,364,080
Gtd. Notes, 144A		5.000			06/01/21		350		358,910
Gtd. Notes, 144A		6.500			03/15/35		9,290		10,724,176
Gtd. Notes, 144A		6.500			05/01/42		6,305		7,345,895
Lincoln National Corp.,
Sr. Unsec’d. Notes		6.300			10/09/37		3,930		4,501,370
Sr. Unsec’d. Notes		7.000			06/15/40		6,700		8,237,399
Markel Corp.,
Sr. Unsec’d. Notes		4.900			07/01/22		2,750		2,825,472
Sr. Unsec’d. Notes		5.000			03/30/43		300		290,002
Sr. Unsec’d. Notes		5.000			04/05/46		5,955		5,830,091
New York Life Global Funding, Sec’d. Notes, 144A		1.950			02/11/20		13,080		12,886,653
Northwestern Mutual Life Insurance Co. (The), Sub. Notes, 144A		6.063			03/30/40		535		641,549
Nuveen Finance LLC, Sr. Unsec’d. Notes, 144A		2.950			11/01/19		15,630		15,599,481
Ohio National Financial Services, Inc., Sr. Unsec’d. Notes, 144A		6.375			04/30/20		360		373,756
Principal Financial Group, Inc.,
Gtd. Notes		4.300			11/15/46		7,190		6,562,704
Gtd. Notes		4.350			05/15/43		3,100		2,847,499
Gtd. Notes		4.625			09/15/42		275		265,023
Progressive Corp. (The), Jr. Sub. Notes		5.375			12/31/49		15,110		14,845,575
Sompo International Holdings Ltd. (Bermuda), Sr. Unsec’d. Notes		7.000			07/15/34		525		600,654

See Notes to Financial Statements.

74

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Swiss Re Treasury US Corp. (Switzerland), Gtd. Notes, 144A		4.250	%		12/06/42		5,235	$	4,942,383
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A(a)		4.270			05/15/47		9,310		8,719,184
Sub. Notes, 144A(a)		4.900			09/15/44		16,598		17,134,805
Sub. Notes, 144A		6.850			12/16/39		325		416,775
Unum Group, Sr. Unsec’d. Notes		5.625			09/15/20		225		233,345
W.R. Berkley Corp.,
Sr. Unsec’d. Notes		4.625			03/15/22		2,675		2,736,737
Sr. Unsec’d. Notes		5.375			09/15/20		2,235		2,301,378
Willis North America, Inc., Gtd. Notes		3.600			05/15/24		20,670		19,886,306
XLIT Ltd. (Bermuda), Gtd. Notes		6.250			05/15/27		1,505		1,694,757
									326,717,477
Internet    0.0%
Netflix, Inc., Sr. Unsec’d. Notes		3.625			05/15/27	EUR	8,725		9,795,848
Iron/Steel    0.0%
Vale Overseas Ltd. (Brazil), Gtd. Notes		6.250			08/10/26		3,613		3,861,466
Lodging    0.3%
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sr. Sec’d. Notes, 144A		6.750			11/15/21		21,350		21,910,438
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.000			03/01/19		15,770		15,774,513
Sr. Unsec’d. Notes		3.125			06/15/26		37,965		34,964,387
Sr. Unsec’d. Notes(a)		7.150			12/01/19		4,840		5,019,956
MGM Resorts International, Gtd. Notes(a)		6.000			03/15/23		19,475		19,767,125
Sands China Ltd. (Macau), Sr. Unsec’d. Notes, 144A(a)		5.125			08/08/25		11,100		10,883,924
Wyndham Worldwide Corp., Sr. Sec’d. Notes		5.625			03/01/21		980		993,475
									109,313,818

See Notes to Financial Statements.

PGIM Total Return Bond Fund 75

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Machinery-Diversified 0.0%
CNH Industrial Capital LLC, Gtd. Notes		4.875	%		04/01/21		6,565	$	6,707,128
Rockwell Automation, Inc., Sr. Unsec’d. Notes		5.200			01/15/98		1,500		1,409,644
Xylem, Inc.,
Sr. Unsec’d. Notes		3.250			11/01/26		4,770		4,436,121
Sr. Unsec’d. Notes		4.875			10/01/21		1,505		1,550,528
									14,103,421
Media    1.5%
21st Century Fox America, Inc.,
Gtd. Notes		6.150			03/01/37		2,325		2,786,741
Gtd. Notes		6.900			08/15/39		160		204,785
Gtd. Notes		7.625			11/30/28		550		686,813
Altice US Finance I Corp., Sr. Sec’d. Notes, 144A		5.500			05/15/26		4,657		4,536,197
AMC Networks, Inc., Gtd. Notes(a)		5.000			04/01/24		6,817		6,520,120
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.125			05/01/23		9,900		9,850,500
Sr. Unsec’d. Notes, 144A(a)		5.375			05/01/25		6,100		5,970,375
Sr. Unsec’d. Notes, 144A(a)		5.500			05/01/26		9,275		9,043,125
Sr. Unsec’d. Notes, 144A(a)		5.750			02/15/26		25,000		24,750,000
Sr. Unsec’d. Notes, 144A		5.875			05/01/27		5,450		5,354,625
Cequel Communications Holdings I LLC/Cequel Capital Corp.,
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		53,463		53,317,581
Sr. Unsec’d. Notes, 144A		5.125			12/15/21		30,547		30,463,912
Sr. Unsec’d. Notes, 144A		7.500			04/01/28		21,050		21,817,694
Sr. Unsec’d. Notes, 144A(a)		7.750			07/15/25		23,342		24,684,165
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		5.375			04/01/38		4,645		4,263,476
Sr. Sec’d. Notes(a)		5.375			05/01/47		15,431		13,888,592
Sr. Sec’d. Notes		6.384			10/23/35		4,110		4,244,492
Sr. Sec’d. Notes		6.484			10/23/45		4,326		4,391,574
Sr. Sec’d. Notes		6.834			10/23/55		5,780		6,022,434
Clear Channel Worldwide Holdings, Inc.,
Gtd. Notes, Ser. A		6.500			11/15/22		5,803		5,824,761
Gtd. Notes, Ser. B(a)		6.500			11/15/22		2,172		2,205,014
Comcast Corp.,
Gtd. Notes		3.969			11/01/47		16		13,906

See Notes to Financial Statements.

76

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Comcast Corp., (cont’d.)
Gtd. Notes(h)		4.150	%		10/15/28		64,160	$	63,632,842
Gtd. Notes		4.250			10/15/30		21,830		21,531,072
Cox Communications, Inc., Sr. Unsec’d. Notes, 144A(a)		3.350			09/15/26		11,005		10,123,389
Discovery Communications LLC,
Gtd. Notes		5.000			09/20/37		18,973		17,708,444
Gtd. Notes(a)		5.200			09/20/47		4,725		4,370,092
Gtd. Notes, 144A		3.500			06/15/22		5,104		5,000,930
DISH DBS Corp.,
Gtd. Notes		5.125			05/01/20		12,000		12,030,000
Gtd. Notes(a)		7.750			07/01/26		23,627		21,146,165
Grupo Televisa SAB (Mexico),
Sr. Unsec’d. Notes(a)		5.000			05/13/45		3,500		3,018,752
Sr. Unsec’d. Notes(a)		6.125			01/31/46		8,080		8,173,432
Liberty Interactive LLC, Sr. Unsec’d. Notes(a)		8.250			02/01/30		1,644		1,717,980
Myriad International Holdings BV (South Africa), Gtd. Notes		6.000			07/18/20		1,300		1,341,470
Sinclair Television Group, Inc.,
Gtd. Notes, 144A(a)		5.625			08/01/24		4,837		4,631,428
Gtd. Notes, 144A(a)		5.875			03/15/26		5,170		4,924,425
Sky PLC (United Kingdom), Gtd. Notes, 144A		2.625			09/16/19		1,900		1,889,421
TEGNA, Inc., Gtd. Notes, 144A		4.875			09/15/21		1,600		1,592,000
Time Warner Cable LLC, Sr. Sec’d. Notes		7.300			07/01/38		3,600		3,970,555
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A(a)		5.125			02/15/25		10,700		9,779,800
Sr. Sec’d. Notes, 144A		6.750			09/15/22		5,986		6,105,720
UPCB Finance IV Ltd. (Netherlands), Sr. Sec’d. Notes, 144A		5.375			01/15/25		13,645		13,276,585
Viacom, Inc.,
Sr. Unsec’d. Notes		2.250			02/04/22		12,500		11,646,587
Sr. Unsec’d. Notes		5.850			09/01/43		7,750		7,654,542
Warner Media LLC,
Gtd. Notes		2.950			07/15/26		16,910		14,962,463
Gtd. Notes		3.550			06/01/24		3,680		3,559,588
Gtd. Notes		3.800			02/15/27		450		421,646

See Notes to Financial Statements.

PGIM Total Return Bond Fund 77

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Warner Media LLC, (cont’d.)
Gtd. Notes(a)		4.050	%		12/15/23		13,350	$	13,385,629
Ziggo Bond Co. BV (Netherlands), Sr. Unsec’d. Notes, 144A(a)		6.000			01/15/27		16,350		14,551,500
									522,987,339
Mining    0.1%
Barrick North America Finance LLC (Canada), Gtd. Notes		5.750			05/01/43		14,510		15,542,077
Barrick PD Australia Finance Pty Ltd. (Canada), Gtd. Notes		5.950			10/15/39		8,267		8,917,358
Goldcorp, Inc. (Canada), Sr. Unsec’d. Notes		3.625			06/09/21		2,405		2,390,805
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes		3.500			11/08/22		3,108		3,054,491
Sr. Unsec’d. Notes(a)		5.875			04/23/45		6,585		6,863,069
Sr. Unsec’d. Notes		6.750			04/16/40		7,700		8,760,740
Sr. Unsec’d. Notes(a)		7.500			07/27/35		260		312,325
									45,840,865
Miscellaneous Manufacturing    0.1%
General Electric Co.,
Sr. Unsec’d. Notes, GMTN		2.200			01/09/20		4,206		4,130,250
Sub. Notes, MTN		5.300			02/11/21		157		161,052
Ingersoll-Rand Luxembourg Finance SA, Gtd. Notes		3.550			11/01/24		3,855		3,740,253
Siemens Financieringsmaatschappij NV (Germany), Gtd. Notes, 144A		3.250			05/27/25		24,400		23,405,944
Textron, Inc.,
Sr. Unsec’d. Notes		4.000			03/15/26		3,775		3,656,660
Sr. Unsec’d. Notes		7.250			10/01/19		800		827,123
									35,921,282
Multi-National    1.2%
African Development Bank (Supranational Bank), Sr. Unsec’d. Notes		7.375			04/06/23		5,396		6,271,609
Asian Development Bank (Supranational Bank),
Sr. Unsec’d. Notes		0.500			07/30/20	ZAR	53,000		3,111,992
Sr. Unsec’d. Notes		0.500			08/28/20	ZAR	52,000		3,031,774
Sr. Unsec’d. Notes		0.500			09/28/20	ZAR	46,000		2,661,686

See Notes to Financial Statements.

78

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Multi-National (cont’d.)
Asian Development Bank (Supranational Bank), (cont’d.)
Sr. Unsec’d. Notes		5.820	%		06/16/28		46,305	$	54,413,734
Sr. Unsec’d. Notes		6.220			08/15/27		4,120		4,912,845
Sr. Unsec’d. Notes		6.375			10/01/28		2,560		3,125,190
Sr. Unsec’d. Notes		6.910			12/14/18	ZAR	18,907		1,279,652
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes		2.000			05/10/19		20,275		20,151,298
Sr. Unsec’d. Notes(a)		2.125			09/27/21		57,240		54,985,603
Sr. Unsec’d. Notes		2.200			07/18/20		4,040		3,954,514
Sr. Unsec’d. Notes(a)		2.750			01/06/23		17,745		17,092,694
Sr. Unsec’d. Notes		4.375			06/15/22		16,587		16,981,273
Sr. Unsec’d. Notes		8.125			06/04/19		2,745		2,819,938
Eurasian Development Bank (Supranational Bank), Sr. Unsec’d. Notes, 144A		5.000			09/26/20		2,855		2,883,550
European Bank for Reconstruction & Development (Supranational Bank), Sr. Unsec’d. Notes, EMTN		0.500			12/19/22		1,000		870,801
Inter-American Development Bank (Supranational Bank),
Notes		6.800			10/15/25		14,240		16,726,859
Sr. Unsec’d. Notes		7.000			06/15/25		4,879		5,825,262
Unsec’d. Notes		6.950			08/01/26		2,000		2,425,762
Unsec’d. Notes, EMTN		0.500			10/30/20	ZAR	53,000		3,056,957
Unsec’d. Notes, EMTN		0.500			11/30/20	ZAR	47,000		2,678,769
Unsec’d. Notes, MTN		6.290			07/16/27		2,756		3,263,534
Unsec’d. Notes, MTN		6.750			07/15/27		13,230		16,112,367
International Bank for Reconstruction & Development (Supranational Bank),
Notes, EMTN		0.500			12/05/22		60,500		53,755,944
Notes, EMTN		0.500			02/07/23		7,000		6,243,965
Sr. Unsec’d. Notes		—	(p)		06/30/34		8,198		5,085,711
Sr. Unsec’d. Notes, MTN		—	(p)		07/31/34		4,158		2,511,349
Sr. Unsec’d. Notes, MTN		—	(p)		08/28/34		853		562,647
Unsec’d. Notes, 3 Month LIBOR + 0.000%		1.820	(c)		08/11/26		10,856		9,516,587
Unsec’d. Notes, 3 Month LIBOR + 0.000%		2.307	(c)		05/31/26		3,418		3,093,536
Unsec’d. Notes, 3 Month LIBOR + 0.000%		2.336	(c)		06/28/26		9,720		8,851,032
Unsec’d. Notes, MTN		3.476	(s)		09/17/30		13,500		8,730,050
International Finance Corp. (Supranational Bank), Sr. Unsec’d. Notes, GMTN		5.280			11/21/18	HKD	6,000		766,340

See Notes to Financial Statements.

PGIM Total Return Bond Fund 79

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Multi-National (cont’d.)
North American Development Bank (Supranational Bank),
Sr. Unsec’d. Notes		2.400	%		10/26/22		61,190	$	58,945,428
Sr. Unsec’d. Notes		4.375			02/11/20		19,695		20,026,920
									426,727,172
Office/Business Equipment    0.0%
CDW LLC/CDW Finance Corp., Gtd. Notes(a)		5.500			12/01/24		9,600		9,696,000
Oil & Gas    1.8%
Anadarko Petroleum Corp.,
Sr. Unsec’d. Notes		4.637	(s)		10/10/36		45,000		18,623,894
Sr. Unsec’d. Notes		6.450			09/15/36		12,250		13,266,611
Sr. Unsec’d. Notes(a)		6.600			03/15/46		1,460		1,614,431
Sr. Unsec’d. Notes		7.950			06/15/39		1,600		2,024,544
Apache Corp., Sr. Unsec’d. Notes		3.250			04/15/22		1,179		1,153,885
BP Capital Markets PLC (United Kingdom),
Gtd. Notes(a)		2.521			01/15/20		6,000		5,959,243
Gtd. Notes(a)		3.245			05/06/22		1,515		1,499,888
Gtd. Notes		4.500			10/01/20		435		444,673
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		4.450			09/15/42		1,345		1,116,146
Sr. Unsec’d. Notes		5.250			06/15/37		26,905		25,282,395
Sr. Unsec’d. Notes(a)		5.400			06/15/47		22,865		21,434,382
Sr. Unsec’d. Notes		6.750			11/15/39		22,258		23,771,329
Citgo Holding, Inc., Sr. Sec’d. Notes, 144A		10.750			02/15/20		9,700		10,088,000
CNX Resources Corp., Gtd. Notes		5.875			04/15/22		10,958		10,759,441
Concho Resources, Inc.,
Gtd. Notes		4.300			08/15/28		12,390		12,089,258
Gtd. Notes(a)		4.850			08/15/48		4,515		4,281,302
Gtd. Notes		4.875			10/01/47		8,994		8,501,141
Devon Energy Corp.,
Sr. Unsec’d. Notes		3.250			05/15/22		8,537		8,295,303
Sr. Unsec’d. Notes		4.750			05/15/42		10,343		9,283,855
Sr. Unsec’d. Notes(a)		5.600			07/15/41		14,222		14,131,953
Encana Corp. (Canada),
Sr. Unsec’d. Notes		3.900			11/15/21		9,963		9,952,380

See Notes to Financial Statements.

80

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Encana Corp. (Canada), (cont’d.)
Sr. Unsec’d. Notes(a)		6.500	%		08/15/34		9,845	$	10,939,209
Sr. Unsec’d. Notes(a)		6.500			02/01/38		2,720		3,098,180
Endeavor Energy Resources LP/EER Finance, Inc., Sr. Unsec’d. Notes, 144A		5.750			01/30/28		4,175		4,310,688
Eni SpA (Italy), Sr. Unsec’d. Notes, 144A		4.000			09/12/23		4,275		4,184,029
Gazprom OAO Via Gaz Capital SA (Russia),
Sr. Unsec’d. Notes		9.250			04/23/19		2,200		2,251,348
Sr. Unsec’d. Notes, 144A		4.950			07/19/22		500		501,036
Sr. Unsec’d. Notes, 144A		6.510			03/07/22		8,157		8,536,676
Unsec’d. Notes		3.375			11/30/18	CHF	5,000		4,973,936
Husky Energy, Inc. (Canada), Sr. Unsec’d. Notes		6.800			09/15/37		1,150		1,394,543
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A		3.875			04/19/22		14,525		14,383,933
Sr. Unsec’d. Notes, 144A(a)		4.750			04/19/27		3,000		2,933,274
Kerr-McGee Corp., Gtd. Notes		6.950			07/01/24		1,060		1,186,561
Lukoil International Finance BV (Russia), Gtd. Notes, 144A		6.125			11/09/20		1,625		1,680,543
Marathon Petroleum Corp., Sr. Unsec’d. Notes		5.850			12/15/45		9,983		10,219,039
MEG Energy Corp. (Canada),
Gtd. Notes, 144A		6.375			01/30/23		10,556		10,186,540
Gtd. Notes, 144A(a)		7.000			03/31/24		13,425		13,190,062
Noble Energy, Inc.,
Sr. Unsec’d. Notes(a)		3.900			11/15/24		3,700		3,596,267
Sr. Unsec’d. Notes		4.150			12/15/21		7,450		7,503,568
Sr. Unsec’d. Notes		5.050			11/15/44		11,325		10,416,421
Sr. Unsec’d. Notes(a)		5.250			11/15/43		9,800		9,128,125
Sr. Unsec’d. Notes		6.000			03/01/41		2,322		2,410,365
Pertamina Persero PT (Indonesia),
Sr. Unsec’d. Notes		4.875			05/03/22		6,700		6,793,780
Sr. Unsec’d. Notes		5.250			05/23/21		3,000		3,074,334
Sr. Unsec’d. Notes, MTN		5.625			05/20/43		2,155		1,943,390
Petrobras Global Finance BV (Brazil),
Gtd. Notes		5.299			01/27/25		14,450		13,781,687
Gtd. Notes(a)		5.750			02/01/29		19,465		17,963,275
Gtd. Notes		6.125			01/17/22		816		845,580
Gtd. Notes		7.375			01/17/27		25,390		26,312,926
Gtd. Notes		8.375			05/23/21		8,752		9,524,364

See Notes to Financial Statements.

PGIM Total Return Bond Fund 81

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Petrobras Global Finance BV (Brazil), (cont’d.)
Gtd. Notes(a)		8.750	%		05/23/26		2,740	$	3,060,169
Petroleos Mexicanos (Mexico),
Gtd. Notes(a)		4.750			02/26/29	EUR	14,425		15,905,421
Gtd. Notes(a)		4.875			01/24/22		3,121		3,077,306
Gtd. Notes		5.375			03/13/22		2,705		2,699,861
Gtd. Notes		5.500			01/21/21		14,690		14,807,520
Gtd. Notes(a)		6.375			01/23/45		11,729		9,764,510
Gtd. Notes(a)		6.500			03/13/27		27,040		26,174,720
Gtd. Notes, EMTN		1.875			04/21/22	EUR	3,100		3,433,950
Gtd. Notes, EMTN		2.500			08/21/21	EUR	16,600		18,932,243
Gtd. Notes, EMTN		2.750			04/21/27	EUR	14,770		14,658,918
Gtd. Notes, EMTN		3.750			02/21/24	EUR	3,000		3,440,406
Gtd. Notes, EMTN		4.875			02/21/28	EUR	15,360		17,571,385
Gtd. Notes, MTN(a)		6.750			09/21/47		36,295		31,151,998
Gtd. Notes, MTN		6.875			08/04/26		8,100		8,067,600
Sr. Unsec’d. Notes		8.625			02/01/22		8,000		8,920,080
Phillips 66,
Gtd. Notes		4.650			11/15/34		2,970		2,906,706
Gtd. Notes		4.875			11/15/44		2,830		2,746,005
Reliance Holding USA, Inc. (India), Gtd. Notes, 144A		5.400			02/14/22		4,773		4,922,489
Sinopec Group Overseas Development 2014 Ltd. (China), Gtd. Notes		2.750			04/10/19		4,000		3,991,372
Sinopec Group Overseas Development 2015 Ltd. (China), Gtd. Notes, 144A		2.500			04/28/20		10,200		10,038,830
Valero Energy Corp., Sr. Unsec’d. Notes(a)		3.400			09/15/26		26,460		24,409,668
YPF SA (Argentina), Sr. Unsec’d. Notes, 144A		8.500			03/23/21		2,940		2,967,930
									644,486,820
Oil & Gas Services    0.0%
Cameron International Corp., Gtd. Notes		5.950			06/01/41		2,775		3,091,538

See Notes to Financial Statements.

82

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Packaging & Containers    0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland),
Gtd. Notes, 144A		6.000	%		02/15/25		5,950	$	5,578,125
Sr. Sec’d. Notes, 144A		4.625			05/15/23		3,665		3,564,213
Greif Nevada Holdings, Inc. SCS, Gtd. Notes, 144A, MTN		7.375			07/15/21	EUR	730		953,963
Horizon Parent Holdings Sarl (France), Sr. Sec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.00%		8.250			02/15/22	EUR	9,975		11,687,908
Owens-Brockway Glass Container, Inc., Gtd. Notes, 144A(a)		6.375			08/15/25		1,200		1,206,000
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, Sr. Sec’d. Notes(a)		5.750			10/15/20		35,557		35,556,562
WestRock RKT Co.,
Gtd. Notes		4.450			03/01/19		1,140		1,145,360
Gtd. Notes		4.900			03/01/22		1,700		1,755,950
									61,448,081
Pharmaceuticals    1.5%
AbbVie, Inc.,
Sr. Unsec’d. Notes(a)		2.900			11/06/22		5,000		4,840,053
Sr. Unsec’d. Notes(a)		3.200			11/06/22		10,370		10,129,817
Sr. Unsec’d. Notes		3.600			05/14/25		14,685		14,026,548
Sr. Unsec’d. Notes		4.500			05/14/35		20,745		19,132,822
Sr. Unsec’d. Notes		4.700			05/14/45		11,000		9,916,792
Sr. Unsec’d. Notes		4.875			11/14/48		8,155		7,539,504
Allergan Funding SCS,
Gtd. Notes		3.000			03/12/20		28,020		27,918,568
Gtd. Notes		3.450			03/15/22		1,300		1,278,440
Gtd. Notes		4.550			03/15/35		54,564		51,396,711
Allergan Sales LLC, Gtd. Notes, 144A		4.875			02/15/21		5,106		5,216,210
AmerisourceBergen Corp., Sr. Unsec’d. Notes		3.250			03/01/25		3,875		3,667,418
Bausch Health Cos., Inc., Gtd. Notes, 144A(a)		6.125			04/15/25		2,000		1,839,400
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.630%		3.003	(c)		06/25/21		29,120		29,130,935
Gtd. Notes, 144A		3.500			06/25/21		12,600		12,519,929
Cardinal Health, Inc.,
Sr. Unsec’d. Notes		2.616			06/15/22		14,120		13,497,413

See Notes to Financial Statements.

PGIM Total Return Bond Fund 83

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Cardinal Health, Inc., (cont’d.)
Sr. Unsec’d. Notes(a)		3.410	%		06/15/27		5,940	$	5,382,275
CVS Health Corp.,
Sr. Unsec’d. Notes		2.750			12/01/22		10,067		9,621,526
Sr. Unsec’d. Notes(a)		2.875			06/01/26		11,150		10,101,047
Sr. Unsec’d. Notes(a)		4.780			03/25/38		11,830		11,382,954
Sr. Unsec’d. Notes(a)		5.050			03/25/48		34,180		33,327,590
Sr. Unsec’d. Notes		5.125			07/20/45		2,782		2,728,808
Sr. Unsec’d. Notes		5.300			12/05/43		6,640		6,660,852
Endo Dac/Endo Finance LLC/Endo Finco, Inc.,
Gtd. Notes, 144A(a)		6.000			07/15/23		14,825		12,749,500
Gtd. Notes, 144A		6.000			02/01/25		17,205		14,409,187
Express Scripts Holding Co.,
Gtd. Notes		3.300			02/25/21		7,900		7,826,358
Gtd. Notes		3.400			03/01/27		2,255		2,068,497
Gtd. Notes(a)		4.500			02/25/26		45,085		45,272,690
Grifols SA (Spain), Gtd. Notes, 144A		3.200			05/01/25	EUR	5,000		5,685,873
Mylan NV,
Gtd. Notes		3.150			06/15/21		9,170		8,954,431
Gtd. Notes		5.250			06/15/46		2,930		2,523,685
Mylan, Inc.,
Gtd. Notes, 144A		3.125			01/15/23		11,870		11,194,347
Gtd. Notes, 144A		5.200			04/15/48		17,570		14,957,517
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes		2.400			09/23/21		16,365		15,722,725
Gtd. Notes		2.875			09/23/23		26,295		24,805,621
Gtd. Notes		3.200			09/23/26		79,780		72,298,757
									529,724,800
Pipelines    1.1%
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., Gtd. Notes, 144A		4.150			08/15/26		24,840		24,064,177
DCP Midstream Operating LP, Gtd. Notes, 144A(a)		5.350			03/15/20		1,916		1,937,555
Energy Transfer Operating LP,
Gtd. Notes(a)		4.650			06/01/21		510		519,087
Gtd. Notes		5.150			03/15/45		3,075		2,712,477
Gtd. Notes		5.300			04/15/47		4,095		3,681,546

See Notes to Financial Statements.

84

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Energy Transfer Operating LP, (cont’d.)
Gtd. Notes(a)		6.000	%		06/15/48		2,131	$	2,111,682
EnLink Midstream Partners LP, Sr. Unsec’d. Notes		5.600			04/01/44		1,325		1,127,284
Enterprise Products Operating LLC,
Gtd. Notes		4.900			05/15/46		28,346		27,523,272
Gtd. Notes		5.100			02/15/45		8,500		8,446,385
EQT Midstream Partners LP, Sr. Unsec’d. Notes		4.750			07/15/23		6,290		6,353,552
Fermaca Enterprises S de RL de CV (Mexico), Sr. Sec’d. Notes, 144A		6.375			03/30/38		4,888		4,987,881
Kinder Morgan Energy Partners LP,
Gtd. Notes		6.500			04/01/20		2,009		2,093,136
Gtd. Notes		6.500			09/01/39		1,260		1,371,467
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes		4.200			12/01/42		1,600		1,355,935
Sr. Unsec’d. Notes		4.200			03/15/45		2,830		2,458,377
Sr. Unsec’d. Notes		4.200			10/03/47		9,504		8,361,129
Sr. Unsec’d. Notes		4.250			02/01/21		5,500		5,570,840
Sr. Unsec’d. Notes		4.250			09/15/46		2,540		2,264,721
Sr. Unsec’d. Notes		5.150			10/15/43		14,820		14,873,569
MPLX LP,
Sr. Unsec’d. Notes(a)		4.000			03/15/28		6,590		6,188,938
Sr. Unsec’d. Notes		4.500			04/15/38		26,340		23,470,043
Sr. Unsec’d. Notes(a)		5.200			03/01/47		2,081		1,968,194
ONEOK Partners LP, Gtd. Notes		6.850			10/15/37		1,000		1,131,523
ONEOK, Inc.,
Gtd. Notes(a)		4.950			07/13/47		52,825		49,935,531
Gtd. Notes		6.000			06/15/35		4,200		4,429,821
Plains All American Pipeline LP/PAA Finance Corp., Sr. Unsec’d. Notes		4.700			06/15/44		1,765		1,525,596
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A		6.875			04/15/40		8,000		8,700,000
Spectra Energy Partners LP,
Sr. Unsec’d. Notes(a)		3.375			10/15/26		5,760		5,341,336
Sr. Unsec’d. Notes(a)		4.500			03/15/45		4,436		4,033,123
Texas Eastern Transmission LP, Sr. Unsec’d. Notes, 144A		4.150			01/15/48		835		725,474
Transcontinental Gas Pipe Line Co. LLC, Sr. Unsec’d. Notes		4.600			03/15/48		18,925		17,655,153

See Notes to Financial Statements.

PGIM Total Return Bond Fund 85

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Valero Energy Partners LP, Sr. Unsec’d. Notes(a)		4.500	%		03/15/28		7,970	$	7,852,749
Western Gas Partners LP,
Sr. Unsec’d. Notes		3.950			06/01/25		8,315		7,723,260
Sr. Unsec’d. Notes		4.000			07/01/22		700		694,017
Sr. Unsec’d. Notes		4.750			08/15/28		3,250		3,117,794
Sr. Unsec’d. Notes		5.450			04/01/44		875		789,702
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes(a)		3.750			06/15/27		48,136		44,821,281
Sr. Unsec’d. Notes		3.900			01/15/25		18,456		17,884,598
Sr. Unsec’d. Notes(a)		4.000			09/15/25		8,660		8,369,868
Sr. Unsec’d. Notes(a)		4.300			03/04/24		9,550		9,536,146
Sr. Unsec’d. Notes(a)		4.850			03/01/48		17,050		15,568,692
Sr. Unsec’d. Notes(a)		4.900			01/15/45		5,902		5,457,204
Sr. Unsec’d. Notes(a)		5.100			09/15/45		12,970		12,256,340
Sr. Unsec’d. Notes(a)		6.300			04/15/40		4,000		4,249,334
									385,239,789
Real Estate    0.1%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada),
Sr. Unsec’d. Notes, 144A		3.125			03/20/22		8,720		8,537,660
Sr. Unsec’d. Notes, 144A		3.875			03/20/27		14,600		14,170,573
									22,708,233
Real Estate Investment Trusts (REITs)    0.5%
Brixmor Operating Partnership LP, Sr. Unsec’d. Notes		3.650			06/15/24		14,830		14,248,159
Crown Castle International Corp., Sr. Unsec’d. Notes		4.875			04/15/22		9,955		10,254,927
Globalworth Real Estate Investments Ltd. (Romania), Sr. Unsec’d. Notes, EMTN		3.000			03/29/25	EUR	5,140		5,807,596
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes(a)		5.375			11/01/23		8,650		8,874,208
HCP, Inc., Sr. Unsec’d. Notes		3.400			02/01/25		8,835		8,292,677
Highwoods Realty LP, Sr. Unsec’d. Notes		3.875			03/01/27		5,885		5,594,862
Kimco Realty Corp., Sr. Unsec’d. Notes		3.400			11/01/22		9,340		9,176,841

See Notes to Financial Statements.

86

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.,
Gtd. Notes		4.500	%		01/15/28		1,000	$	888,750
Gtd. Notes		5.625			05/01/24		2,500		2,503,125
MPT Operating Partnership LP/MPT Finance Corp.,
Gtd. Notes		5.000			10/15/27		2,800		2,631,160
Gtd. Notes(a)		5.500			05/01/24		5,025		5,075,250
Realty Income Corp., Sr. Unsec’d. Notes		3.000			01/15/27		13,790		12,638,641
Sabra Health Care LP/Sabra Capital Corp., Gtd. Notes		5.500			02/01/21		10,335		10,470,647
Simon Property Group LP, Sr. Unsec’d. Notes		3.375			03/15/22		350		347,336
Trust F/1401 (Mexico),
Sr. Unsec’d. Notes		5.250			12/15/24		2,000		1,993,520
Sr. Unsec’d. Notes, 144A(a)		5.250			12/15/24		2,830		2,820,831
Ventas Realty LP,
Gtd. Notes		3.100			01/15/23		12,040		11,662,627
Gtd. Notes		3.500			02/01/25		5,000		4,750,002
Gtd. Notes		3.850			04/01/27		31,660		30,094,423
WEA Finance LLC/Westfield UK & Europe Finance PLC (France), Gtd. Notes, 144A		3.250			10/05/20		13,220		13,159,434
Welltower, Inc.,
Sr. Unsec’d. Notes		4.000			06/01/25		10,745		10,479,148
Sr. Unsec’d. Notes		4.250			04/01/26		16,080		15,894,626
									187,658,790
Retail    0.4%
AutoZone, Inc., Sr. Unsec’d. Notes		3.250			04/15/25		18,000		16,907,251
Dollar Tree, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.700%		3.149	(c)		04/17/20		26,605		26,626,683
Home Depot, Inc. (The), Sr. Unsec’d. Notes(a)		3.000			04/01/26		1,385		1,312,244
L Brands, Inc.,
Gtd. Notes(a)		5.250			02/01/28		3,500		2,984,800
Gtd. Notes		5.625			02/15/22		5,313		5,366,130
Gtd. Notes(a)		5.625			10/15/23		15,425		15,252,240
Gtd. Notes		6.750			07/01/36		10,500		8,675,625

See Notes to Financial Statements.

PGIM Total Return Bond Fund 87

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
L Brands, Inc., (cont’d.)
Gtd. Notes		7.000	%		05/01/20		2,950	$	3,068,000
Macy’s Retail Holdings, Inc., Gtd. Notes(a)		3.875			01/15/22		475		471,763
McDonald’s Corp., Sr. Unsec’d. Notes, MTN		6.300			10/15/37		860		1,013,309
PetSmart, Inc., Sr. Sec’d. Notes, 144A(a)		5.875			06/01/25		19,360		15,100,800
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes(a)		5.625			12/01/25		34,149		31,714,176
									128,493,021
Savings & Loans    0.0%
People’s United Financial, Inc., Sr. Unsec’d. Notes		3.650			12/06/22		3,225		3,184,207
Semiconductors    0.4%
Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes(a)		3.000			01/15/22		7,950		7,696,033
Gtd. Notes		3.500			01/15/28		30,400		26,758,641
Gtd. Notes(a)		3.625			01/15/24		15,740		15,072,271
Gtd. Notes		3.875			01/15/27		33,000		30,301,898
Microchip Technology, Inc., Sr. Sec’d. Notes, 144A		3.922			06/01/21		12,015		11,927,531
Micron Technology, Inc., Sr. Unsec’d. Notes(a)		5.500			02/01/25		8,049		8,180,843
NVIDIA Corp., Sr. Unsec’d. Notes		2.200			09/16/21		7,940		7,700,885
NXP BV/NXP Funding LLC (Netherlands),
Gtd. Notes, 144A		3.875			09/01/22		6,600		6,377,250
Gtd. Notes, 144A(a)		4.625			06/01/23		16,600		16,454,750
QUALCOMM, Inc., Sr. Unsec’d. Notes		2.900			05/20/24		9,450		8,966,667
									139,436,769
Software    1.2%
CA, Inc., Sr. Unsec’d. Notes		3.600			08/15/22		28,170		27,855,845
First Data Corp., Gtd. Notes, 144A(a)		7.000			12/01/23		161,240		167,205,880

See Notes to Financial Statements.

88

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Software (cont’d.)
Fiserv, Inc.,
Sr. Unsec’d. Notes		2.700	%		06/01/20		5,765	$	5,703,645
Sr. Unsec’d. Notes		4.200			10/01/28		14,215		14,069,478
Infor US, Inc.,
Gtd. Notes		5.750			05/15/22	EUR	3,046		3,541,459
Gtd. Notes(a)		6.500			05/15/22		5,050		5,037,375
InterXion Holding NV (Netherlands), Gtd. Notes, 144A		4.750			06/15/25	EUR	53,150		62,758,526
IQVIA, Inc., Gtd. Notes, 144A		3.500			10/15/24	EUR	15,275		17,760,550
Microsoft Corp.,
Sr. Unsec’d. Notes		3.700			08/08/46		9,325		8,582,693
Sr. Unsec’d. Notes		3.950			08/08/56		5,965		5,549,841
Sr. Unsec’d. Notes		4.250			02/06/47		9,770		9,857,795
Sr. Unsec’d. Notes		4.450			11/03/45		1,685		1,740,146
Sr. Unsec’d. Notes		4.500			02/06/57		7,050		7,267,943
Nuance Communications, Inc., Gtd. Notes, 144A		5.375			08/15/20		4,553		4,555,846
Oracle Corp.,
Sr. Unsec’d. Notes(a)		2.400			09/15/23		31,410		29,703,261
Sr. Unsec’d. Notes(a)		2.950			05/15/25		52,640		49,926,513
Sr. Unsec’d. Notes(a)		3.800			11/15/37		18,205		16,594,559
Sr. Unsec’d. Notes(a)		4.300			07/08/34		3,265		3,198,897
									440,910,252
Telecommunications    1.2%
AT&T, Inc.,
Sr. Unsec’d. Notes		3.400			05/15/25		27,950		26,242,983
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.180%		3.514	(c)		06/12/24		14,165		14,204,294
Sr. Unsec’d. Notes(a)		3.800			03/01/24		1,350		1,324,902
Sr. Unsec’d. Notes		3.950			01/15/25		11,900		11,546,711
Sr. Unsec’d. Notes		4.500			05/15/35		4,295		3,874,957
Sr. Unsec’d. Notes(a)		4.550			03/09/49		2,414		2,002,156
Sr. Unsec’d. Notes(a)		5.150			03/15/42		2,700		2,484,296
Sr. Unsec’d. Notes(a)		5.250			03/01/37		12,650		12,078,615
Sr. Unsec’d. Notes		5.350			09/01/40		370		352,820
Bharti Airtel International Netherlands BV (India),
Gtd. Notes		5.125			03/11/23		1,955		1,896,319
Gtd. Notes(a)		5.350			05/20/24		1,400		1,344,882
Gtd. Notes, 144A(a)		5.125			03/11/23		5,751		5,578,378
Gtd. Notes, 144A(a)		5.350			05/20/24		1,200		1,152,756

See Notes to Financial Statements.

PGIM Total Return Bond Fund 89

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
CenturyLink, Inc.,
Sr. Unsec’d. Notes, Ser. S(a)		6.450	%		06/15/21		11,710	$	11,973,475
Sr. Unsec’d. Notes, Ser. V		5.625			04/01/20		19,189		19,428,862
Digicel Group Ltd. (Jamaica),
Sr. Unsec’d. Notes		8.250			09/30/20		1,800		1,287,018
Sr. Unsec’d. Notes, 144A		8.250			09/30/20		1,950		1,394,270
Digicel Ltd. (Jamaica), Gtd. Notes, 144A		6.750			03/01/23		5,040		4,044,600
Level 3 Financing, Inc., Gtd. Notes		6.125			01/15/21		23,291		23,349,227
Motorola Solutions, Inc., Sr. Unsec’d. Notes		4.600			02/23/28		10,000		9,639,923
Qwest Capital Funding, Inc., Gtd. Notes		6.500			11/15/18		798		797,003
Sprint Capital Corp.,
Gtd. Notes(a)		6.875			11/15/28		4,800		4,722,000
Gtd. Notes		6.900			05/01/19		1,252		1,268,389
Gtd. Notes		8.750			03/15/32		27,050		29,552,125
Sprint Communications, Inc.,
Gtd. Notes, 144A		7.000			03/01/20		31,450		32,590,062
Gtd. Notes, 144A		9.000			11/15/18		8,796		8,813,592
Sprint Corp.,
Gtd. Notes(a)		7.625			02/15/25		15,250		15,840,938
Gtd. Notes		7.875			09/15/23		28,400		30,317,000
Telecom Italia SpA (Italy), Sr. Unsec’d. Notes, EMTN		6.375			06/24/19	GBP	9,350		12,252,796
T-Mobile USA, Inc., Gtd. Notes		6.000			03/01/23		12,915		13,242,266
Veon Holdings BV (Netherlands), Sr. Unsec’d. Notes, 144A		4.950			06/16/24		1,500		1,419,855
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		4.125			08/15/46		19,450		16,757,991
Sr. Unsec’d. Notes		4.500			08/10/33		30,750		29,884,896
Sr. Unsec’d. Notes(a)		4.522			09/15/48		9,815		8,984,286
Sr. Unsec’d. Notes(a)		4.672			03/15/55		1,800		1,624,699
Sr. Unsec’d. Notes		4.750			11/01/41		5,605		5,251,517
Sr. Unsec’d. Notes(a)		4.862			08/21/46		5,000		4,757,029
Sr. Unsec’d. Notes(a)		5.012			04/15/49		7,279		7,083,970
Wind Tre SpA (Italy),
Sr. Sec’d. Notes, 144A		2.625			01/20/23	EUR	15,800		16,634,516
Sr. Sec’d. Notes, 144A		3.125			01/20/25	EUR	34,875		35,945,871
									432,942,245

See Notes to Financial Statements.

90

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Textiles    0.0%
Cintas Corp. No 2,
Gtd. Notes		2.900	%		04/01/22		8,105	$	7,893,983
Gtd. Notes		3.700			04/01/27		8,960		8,640,869
Mohawk Industries, Inc., Sr. Unsec’d. Notes(a)		3.850			02/01/23		673		668,334
									17,203,186
Transportation    0.2%
AP Moller-Maersk A/S (Denmark), Sr. Unsec’d. Notes, 144A		2.550			09/22/19		3,655		3,621,608
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes		4.375			09/01/42		2,850		2,783,261
Sr. Unsec’d. Notes		4.700			09/01/45		3,400		3,449,124
CSX Corp., Sr. Unsec’d. Notes		2.600			11/01/26		37,200		33,300,594
FedEx Corp.,
Gtd. Notes(a)		4.050			02/15/48		385		325,109
Gtd. Notes		4.550			04/01/46		6,605		6,088,829
Network Rail Infrastructure Finance PLC (United Kingdom), Gov’t. Gtd. Notes		1.750			01/24/19		1,000		998,012
Norfolk Southern Railway Co., Sr. Unsec’d. Notes		9.750			06/15/20		3,700		4,065,148
Ryder System, Inc., Sr. Unsec’d. Notes, MTN		2.650			03/02/20		7,225		7,157,722
XPO Logistics, Inc., Gtd. Notes, 144A		6.500			06/15/22		1,699		1,741,475
									63,530,882
Trucking & Leasing    0.1%
Avolon Holdings Funding Ltd. (Ireland), Gtd. Notes, 144A(a)		5.500			01/15/23		20,000		19,900,000
Park Aerospace Holdings Ltd. (Ireland), Gtd. Notes, 144A(a)		5.500			02/15/24		9,660		9,565,815
Penske Truck Leasing Co. Lp/PTL Finance Corp., Sr. Unsec’d. Notes, 144A		3.300			04/01/21		21,250		20,998,926
									50,464,741

See Notes to Financial Statements.

PGIM Total Return Bond Fund 91

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Water    0.0%
American Water Capital Corp., Sr. Unsec’d. Notes		3.750	%		09/01/47		4,980	$	4,340,343
TOTAL CORPORATE BONDS (cost $12,746,615,649)									12,276,282,784
MUNICIPAL BONDS    0.8%
California    0.2%
Bay Area Toll Authority,
BABs, Revenue Bonds,		6.263			04/01/49		12,630		16,703,428
BABs, Taxable, Revenue Bonds,		6.907			10/01/50		525		730,349
Los Angeles County Public Works Financing Authority, BABs, Revenue Bonds, Series Z		7.618			08/01/40		4,300		6,126,124
Los Angeles Department of Airports, BABs, Revenue Bonds		6.582			05/15/39		5,045		6,139,160
Los Angeles Department of Water & Power,
BABs, Revenue Bonds,		5.716			07/01/39		8,475		10,112,539
BABs, Taxable, Revenue Bonds, Series SY		6.008			07/01/39		6,200		7,354,192
State of California,
GO Unlimited, BABs		7.300			10/01/39		835		1,134,631
GO Unlimited, BABs		7.600			11/01/40		2,320		3,349,222
GO Unlimited, BABs		7.625			03/01/40		275		389,719
GO Unlimited, BABs, Taxable,		7.550			04/01/39		1,600		2,272,032
University of California,
BABs, Revenue Bonds,		5.770			05/15/43		500		585,545
Revenue Bonds,		4.767			05/15/2115		4,900		4,663,820
Taxable, Revenue Bonds, Series AP		3.931			05/15/45		2,050		1,933,457
Taxable, Revenue Bonds, Series J		4.131			05/15/45		2,250		2,180,295
									63,674,513
Colorado    0.0%
Colorado Bridge Enterprise, BABs, Taxable, Revenue Bonds, Series SR		6.078			12/01/40		1,000		1,211,620
Regional Transportation District, BABs, Revenue Bonds, Series 2010B		5.844			11/01/50		3,320		4,134,728
									5,346,348
Illinois    0.3%
Chicago O’Hare International Airport, BABs, Revenue Bonds		6.395			01/01/40		3,170		3,993,693

See Notes to Financial Statements.

92

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Illinois (cont’d.)
Illinois State Toll Highway Authority, BABs, Revenue Bonds, Series A		6.184	%		01/01/34		5,000	$	6,038,700
State of Illinois, GO Unlimited, Series D		5.000			11/01/22		73,375		76,197,736
									86,230,129
Kentucky    0.0%
Kentucky State Property & Building Commission,
BABs, Revenue Bonds, Series C		4.303			11/01/19		800		806,712
BABs, Revenue Bonds, Series C		5.373			11/01/25		1,900		2,015,805
									2,822,517
New Jersey    0.1%
New Jersey State Turnpike Authority, BABs, Revenue Bonds, Series F		7.414			01/01/40		12,865		17,933,553
New Jersey Turnpike Authority, BABs, Revenue Bonds, Series A(a)		7.102			01/01/41		15,953		21,563,670
Rutgers State University, BABs, Revenue Bonds		5.665			05/01/40		1,350		1,558,372
									41,055,595
New York    0.2%
Metropolitan Transportation Authority, BABs, Taxable, Revenue Bonds		6.687			11/15/40		700		897,568
New York City Transitional Finance Authority Future Tax Secured Revenue, BABs, Revenue Bonds,		4.725			11/01/23		1,400		1,475,250
BABs, Revenue Bonds,		4.905			11/01/24		1,100		1,173,447
New York City Water & Sewer System, BABs, Taxable, Revenue Bonds		5.882			06/15/44		2,810		3,501,597
New York State Urban Development Corp., BABs, Taxable, Revenue Bonds		5.770			03/15/39		18,800		21,333,112
Port Authority of New York & New Jersey,
Consol. 174th, Revenue Bonds,		4.458			10/01/62		2,600		2,565,446
Revenue Bonds,		4.031			09/01/48		5,005		4,785,881
Taxable, Consol., Revenue Bonds, Series 192		4.810			10/15/65		8,650		9,139,850
									44,872,151
Ohio    0.0%
Ohio State University (The), BABs, Revenue Bonds, Series C		4.910			06/01/40		295		324,066

See Notes to Financial Statements.

PGIM Total Return Bond Fund 93

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Ohio (cont’d.)
Ohio State University (The), (cont’d.) Taxable, Revenue Bonds, Series A		4.800	%		06/01/2111		7,815	$	7,961,297
Ohio State Water Development Authority Pollution Control Loan Fund, BABs, Revenue Bonds		4.879			12/01/34		375		398,903
									8,684,266
Oklahoma    0.0%
Oklahoma Development Finance Authority, Taxable, Revenue Bonds, Series C		5.450			08/15/28		5,000		5,166,350
Oregon    0.0%
Oregon State Department of Transportation Highway, BABs, Revenue Bonds, Series A		5.834			11/15/34		675		802,615
Pennsylvania    0.0%
Pennsylvania Turnpike Commission,
BABs, Revenue Bonds,		6.105			12/01/39		400		488,716
BABs, Revenue Bonds, Series B		5.511			12/01/45		5,370		6,226,622
									6,715,338
Texas    0.0%
City Public Service Board of San Antonio, Taxable, Revenue Bonds		4.427			02/01/42		6,480		6,770,110
Virginia    0.0%
University of Virginia, Taxable, Revenue Bonds, Series C		4.179			09/01/2117		9,850		9,074,706
TOTAL MUNICIPAL BONDS (cost $286,600,656)									281,214,638
RESIDENTIAL MORTGAGE-BACKED SECURITIES    3.3%
Alternative Loan Trust, Series 2004-18CB, Class 3A1		5.250			09/25/19		20		19,950
American Home Mortgage Investment Trust, Series 2004-04, Class 4A, 6 Month LIBOR + 2.000%		4.601	(c)		02/25/45		54		54,481

See Notes to Financial Statements.

94

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
APS Resecuritization Trust, Series 2016-01, Class 1A, 144A, 1 Month LIBOR + 0.150%		2.406	%(c)		07/27/57		8,162	$	7,898,790
Banc of America Funding Corp.,
Series 2014-R02, Class 2A1, 144A, 1 Month LIBOR + 0.210%		2.504	(c)		05/26/37		1,634		1,620,411
Series 2015-R03, Class 1A1, 144A, 1 Month LIBOR + 0.190%		2.471	(c)		03/27/36		14,866		14,567,007
Series 2015-R03, Class 2A1, 144A, 1 Month LIBOR + 0.130%		2.411	(c)		02/27/37		20,714		20,153,126
Series 2015-R03, Class 6A1, 144A, 1 Month LIBOR + 0.170%		2.451	(c)		05/27/36		15,989		15,810,617
Series 2015-R04, Class 4A1, 144A		3.500	(cc)		01/27/30		6,499		6,432,102
Banc of America Funding Trust,
Series 2005-D, Class A1		4.232	(cc)		05/25/35		71		74,388
Series 2006-I, Class 4A1		3.748	(cc)		10/20/46		48		37,911
Series 2014-R05, Class 1A1, 144A, 6 Month LIBOR + 1.500%		4.092	(c)		09/26/45		3,089		3,165,004
Series 2015-R02, Class 5A1, 144A, 1 Month LIBOR + 0.165%		2.446	(c)		09/29/36		14,698		14,424,838
Series 2015-R09, Class 2A1, 144A, 1 Month LIBOR + 0.205%		2.486	(c)		02/26/37		9,197		8,925,657
Banc of America Mortgage Trust,
Series 2004-02, Class 5A1		6.500			10/25/31		2		2,327
Series 2004-E, Class 2A6		4.387	(cc)		06/25/34		410		409,518
Series 2005-B, Class 2A1		3.899	(cc)		03/25/35		501		489,749
Series 2005-B, Class 2A2		3.899	(cc)		03/25/35		17		16,602
Bear Stearns ALT-A Trust,
Series 2005-04, Class 23A1		4.020	(cc)		05/25/35		161		161,795
Series 2005-04, Class 23A2		4.020	(cc)		05/25/35		54		54,301
Bear Stearns ARM Trust,
Series 2002-11, Class 1A1		4.326	(cc)		02/25/33		4		4,397
Series 2005-04, Class 3A1		4.135	(cc)		08/25/35		271		250,143
Series 2007-03, Class 1A1		3.950	(cc)		05/25/47		343		308,195
Bellemeade Re Ltd.,
Series 2017-01, Class M1, 144A, 1 Month LIBOR + 1.700%		3.981	(c)		10/25/27		14,013		14,093,555
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600%		3.881	(c)		04/25/28		30,766		30,926,509
Series 2018-02A, Class M1A, 144A, 1 Month LIBOR + 0.950%		3.231	(c)		08/25/28		31,650		31,688,831
Series 2018-02A, Class M1B, 144A, 1 Month LIBOR + 1.350%		3.631	(c)		08/25/28		11,650		11,686,466
Series 2018-02A, Class M1C, 144A, 1 Month LIBOR + 1.600%		3.881	(c)		08/25/28		11,950		12,031,742

See Notes to Financial Statements.

PGIM Total Return Bond Fund 95

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bellemeade Re Ltd., (cont’d.)
Series 2018-03A, Class M1A, 144A, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		3.480	%(c)		10/25/27		21,650	$	21,636,454
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		4.130	(c)		10/25/27		32,840		32,839,901
CHL Mortgage Pass-Through Trust,
Series 2003-53, Class A1		4.241	(cc)		02/19/34		12,453		12,658,596
Series 2005-29, Class A1		5.750			12/25/35		715		622,144
Series 2005-HYB09, Class 3A2A, 12 Month LIBOR + 1.750%		4.592	(c)		02/20/36		31		27,090
CIM Trust,
Series 2017-02, Class A1, 144A, 1 Month LIBOR + 2.000%		4.256	(c)		12/25/57		60,120		60,177,982
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000%		4.256	(c)		01/25/57		89,252		90,934,875
Series 2017-06, Class A1, 144A		3.015	(cc)		06/25/57		32,224		30,923,434
Series 2017-08, Class A1, 144A		3.000	(cc)		12/25/65		70,648		68,932,460
Citigroup Mortgage Loan Trust, Series 2011-12, Class 3A2, 144A		4.099	(cc)		09/25/47		8,268		7,807,354
Fannie Mae Connecticut Avenue Securities, Series 2016-C04, Class 1M1, 1 Month LIBOR + 1.450%		3.731	(c)		01/25/29		6,484		6,524,490
Fannie Mae REMICS,
Series 2000-32, Class FM, 1 Month LIBOR + 0.450%		2.737	(c)		10/18/30		1		945
Series 2001-29, Class Z		6.500			07/25/31		38		41,517
Freddie Mac REMICS,
Series -1628, Class LZ		6.500			12/15/23		14		15,165
Series -1935, Class JZ		7.000			02/15/27		80		86,686
Series -2241, Class PH		7.500			07/15/30		36		40,854
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2014-DN03, Class M3, 1 Month LIBOR + 4.000%		6.281	(c)		08/25/24		1,411		1,533,152
Series 2014-DN04, Class M3, 1 Month LIBOR + 4.550%		6.831	(c)		10/25/24		3,589		3,965,837
Series 2015-DNA01, Class M2, 1 Month LIBOR + 1.850%		4.131	(c)		10/25/27		13,776		13,991,982
Series 2015-DNA01, Class M3, 1 Month LIBOR + 3.300%		5.581	(c)		10/25/27		48,903		54,698,995
Series 2016-DNA04, Class M2, 1 Month LIBOR + 1.300%		3.581	(c)		03/25/29		37,860		38,131,524
Series 2016-HQA02, Class M2, 1 Month LIBOR + 2.250%		4.531	(c)		11/25/28		9,817		10,013,029

See Notes to Financial Statements.

96

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Freddie Mac Structured Agency Credit Risk Debt Notes, (cont’d.)
Series 2016-HQA03, Class M2, 1 Month LIBOR + 1.350%		3.631	%(c)		03/25/29		11,730	$	11,898,819
Series 2016-HQA04, Class M2, 1 Month LIBOR + 1.300%		3.587	(c)		04/25/29		30,250		30,597,548
Freddie Mac Structured Pass-Through Certificates,
Series T-61, Class 1A1, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.400%		3.346	(c)		07/25/44		147		148,163
Series T-63, Class 1A1, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.200%		2.970	(c)		02/25/45		15		15,456
Government National Mortgage Assoc., Series 2015-165, Class IB, IO		3.500			11/20/42		12,268		1,675,689
GSMSC Resecuritization Trust,
Series 2015-03R, Class 1A1, 144A, 1 Month LIBOR + 0.140%		2.421	(c)		01/26/37		7,377		7,275,561
Series 2015-03R, Class 1A2, 144A, 1 Month LIBOR + 0.140%		2.421	(c)		01/26/37		6,300		6,030,712
Series 2015-03R, Class 2A1, 144A, 1 Month LIBOR + 0.140%		2.421	(c)		10/26/36		11,592		11,372,783
Series 2015-03R, Class 2A2, 144A, 1 Month LIBOR + 0.140%		2.421	(c)		10/26/36		5,200		4,981,638
HarborView Mortgage Loan Trust, Series 2007-07, Class 2A1A, 1 Month LIBOR + 1.000%		3.281	(c)		10/25/37		20,395		20,449,462
Home Re Ltd., Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600%		3.830	(c)		10/25/28		13,340		13,339,413
Impac CMB Trust, Series 2005-01, Class 1A1, 1 Month LIBOR + 0.520%		2.801	(c)		04/25/35		2,125		2,065,207
IndyMac ARM Trust, Series 2001-H02, Class A1		3.909	(cc)		01/25/32		2		2,315
IndyMac INDX Mortgage Loan Trust,
Series 2006-AR19, Class 5A2		3.942	(cc)		08/25/36		12,264		11,500,428
Series 2007-FLX04, Class 2A1, 1 Month LIBOR + 0.180%		2.461	(c)		07/25/37		4,505		4,362,748
JPMorgan Alternative Loan Trust, Series 2006-A01, Class 4A1		3.725	(cc)		03/25/36		195		181,577
JPMorgan Resecuritization Trust Series, Series 2015-02, Class 2A1, 144A, 1 Month LIBOR + 2.000%		4.256	(c)		08/26/46		2,999		3,010,856
LSTAR Securities Investment Ltd., Series 2017-05, Class A, 144A, 1 Month LIBOR + 2.000%		4.256	(c)		05/01/22		27,461		27,420,096

See Notes to Financial Statements.

PGIM Total Return Bond Fund 97

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
LSTAR Securities Investment Ltd., (cont’d.)
Series 2017-08, Class A, 144A, 1 Month LIBOR + 1.650%		3.906	%(c)		11/01/22		23,219	$	23,363,400
Series 2017-09, Class A, 144A, 1 Month LIBOR + 1.550%		3.806	(c)		12/01/22		7,763		7,749,191
LSTAR Securities Investment Trust,
Series 2017-06, Class A, 144A, 1 Month LIBOR + 1.750%		4.006	(c)		09/01/22		23,336		23,460,743
Series 2018-02, Class A1, 144A, 1 Month LIBOR + 1.500%		3.756	(c)		04/01/23		62,577		62,616,430
MASTR Alternative Loan Trust,
Series 2004-02, Class 4A1		5.000			02/25/19		2		1,796
Series 2004-04, Class 4A1		5.000			04/25/19		2		2,166
MetLife Securitization Trust, Series 2018-01A, Class A, 144A		3.750	(cc)		03/25/57		35,429		35,165,997
New Residential Mortgage Loan Trust, Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		3.031	(c)		01/25/48		52,717		52,717,735
Oaktown Re Ltd., Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550%		3.831	(c)		07/25/28		15,300		15,318,461
Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-02, Class M1, 1 Month LIBOR + 0.645%		2.926	(c)		04/25/35		746		745,909
Prime Mortgage Trust, Series 2004-CL01, Class 1A2, 1 Month LIBOR + 0.400%		2.681	(c)		02/25/34		15		13,960
Radnor RE Ltd.,
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400%		3.681	(c)		03/25/28		34,820		34,875,169
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700%		4.981	(c)		03/25/28		18,290		18,539,717
Regal Trust IV, Series 1999-01, Class A, 144A, 11th District Cost of Funds Index (COFI Rate) + 1.500%		2.434	(c)		09/29/31		14		13,360
RFMSI Trust, Series 2003-S9, Class A1		6.500			03/25/32		11		10,906
STACR Trust, Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750%		2.884	(c)		09/25/48		38,580		38,631,014
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3		4.225	(cc)		02/25/34		156		157,019

See Notes to Financial Statements.

98

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Structured Adjustable Rate Mortgage Loan Trust, (cont’d.) Series 2004-18, Class 3A1		4.199	%(cc)		12/25/34		12,569		$	12,545,917
Structured Asset Mortgage Investments Trust, Series 2002-AR03, Class A1, 1 Month LIBOR + 0.660%		2.942	(c)		09/19/32		16			15,880
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2002-14A, Class 2A1		4.275	(cc)		07/25/32		—	(r)		469
WaMu Mortgage Pass-Through Certificates Series Trust,
Series 2004-AR08, Class A1, 1 Month LIBOR + 0.420%		2.701	(c)		06/25/44		1,726			1,689,428
Series 2004-AR10, Class A3, 1 Month LIBOR + 0.550%		2.831	(c)		07/25/44		3,118			3,152,044
Series 2005-AR05, Class A6		3.896	(cc)		05/25/35		1,537			1,547,798
Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2003-AR01, Class 2A		3.689	(cc)		02/25/33		1			570
Wells Fargo Mortgage Backed Securities Trust,
Series 2005-AR04, Class 2A2		4.027	(cc)		04/25/35		238			239,942
Series 2006-AR02, Class 2A1		4.083	(cc)		03/25/36		89			91,074
Series 2006-AR06, Class 6A1		4.617	(cc)		03/25/36		6,733			6,843,346
Series 2006-AR10, Class 1A1		4.283	(cc)		07/25/36		191			186,658
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $1,127,774,423)										1,146,937,448
SOVEREIGN BONDS    13.0%
Abu Dhabi Government International Bond (United Arab Emirates), Sr. Unsec’d. Notes		2.500			10/11/22		6,000			5,749,920
Albania Government International Bond (Albania), Bonds		2.730	(s)		08/31/25		68,992			46,215,885
Argentine Republic Government International Bond (Argentina),
Sr. Unsec’d. Notes		2.260			12/31/38	EUR	17,020			10,778,106
Sr. Unsec’d. Notes		3.375			10/12/20	CHF	16,000			14,934,498
Sr. Unsec’d. Notes		4.625			01/11/23		43,675			36,905,375
Sr. Unsec’d. Notes		6.875			04/22/21		22,325			21,353,862
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	24,835			25,401,337
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	7,238			7,378,580
Sr. Unsec’d. Notes		8.280			12/31/33		8,546			7,327,699
Sr. Unsec’d. Notes		8.280			12/31/33		722			610,132

See Notes to Financial Statements.

PGIM Total Return Bond Fund 99

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Argentine Republic Government International Bond (Argentina), (cont’d.)
Unsec’d. Notes		5.000	%		01/15/27	EUR	6,650	$	5,800,306
Brazil Loan Trust 1 (Brazil), Gov’t. Gtd. Notes		5.477			07/24/23		11,250		11,345,243
Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes		5.333			02/15/28		44,405		43,017,344
Gov’t. Gtd. Notes, 144A		5.333			02/15/28		4,488		4,347,750
Brazilian Government International Bond (Brazil), Sr. Unsec’d. Notes		2.875			04/01/21	EUR	21,200		24,833,792
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes		4.375			07/12/21		7,600		7,698,800
Sr. Unsec’d. Notes(a)		5.000			06/15/45		1,400		1,325,114
Sr. Unsec’d. Notes		7.375			03/18/19		7,422		7,537,115
Sr. Unsec’d. Notes		7.375			09/18/37		1,015		1,225,613
Sr. Unsec’d. Notes		8.375			02/15/27		900		1,009,800
Sr. Unsec’d. Notes		11.750			02/25/20		14,550		16,085,025
Costa Rica Government International Bond (Costa Rica), Bonds		4.370			05/22/19		14,780		14,687,845
Croatia Government International Bond (Croatia),
Sr. Unsec’d. Notes		6.375			03/24/21		800		839,619
Sr. Unsec’d. Notes		6.750			11/05/19		21,000		21,639,450
Cyprus Government International Bond (Cyprus), Sr. Unsec’d. Notes, EMTN		4.750			06/25/19	EUR	1,700		1,983,086
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes		7.500			05/06/21		37,930		39,257,550
Sr. Unsec’d. Notes, 144A		5.500			01/27/25		6,000		5,919,000
Sr. Unsec’d. Notes, 144A		6.000			07/19/28		6,400		6,344,000
Sr. Unsec’d. Notes, 144A		7.500			05/06/21		2,500		2,587,500
Egypt Government International Bond (Egypt),
Sr. Unsec’d. Notes, 144A(a)		6.588			02/21/28		10,875		9,960,086
Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26	EUR	29,625		31,406,480
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A		3.375			08/05/26		8,420		7,619,140
Sr. Unsec’d. Notes, 144A		3.875			02/01/28		11,845		10,997,407
Finland Government International Bond (Finland), Sr. Unsec’d. Notes		6.950			02/15/26		33,908		40,650,041
Finnvera OYJ (Finland),
Gov’t. Gtd. Notes, 144A, MTN		2.375			06/04/25		2,400		2,244,744
Gov’t. Gtd. Notes, EMTN		2.375			06/04/25		12,400		11,597,844
Hellenic Republic Government Bond (Greece), Bonds		0.000	(cc)		10/15/42	EUR	4,825,862		16,397,951

See Notes to Financial Statements.

100

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hellenic Republic Government Bond (Greece), (cont’d.)
Bonds		3.000	%		02/24/23	EUR	1,282	$	1,439,148
Bonds		3.000			02/24/24	EUR	3,684		4,106,131
Bonds		3.000			02/24/25	EUR	5,215		5,712,117
Bonds		3.000			02/24/26	EUR	7,702		8,417,904
Bonds(a)		3.000			02/24/27	EUR	16,497		17,805,078
Bonds		3.000			02/24/28	EUR	7,080		7,548,116
Bonds		3.000			02/24/29	EUR	4,569		4,814,096
Bonds		3.000			02/24/30	EUR	9,300		9,645,682
Bonds		3.000			02/24/31	EUR	5,468		5,602,642
Bonds		3.000			02/24/32	EUR	4,606		4,650,939
Bonds		3.000			02/24/33	EUR	14,078		13,982,918
Bonds		3.000			02/24/34	EUR	4,756		4,643,614
Bonds		3.000			02/24/35	EUR	4,160		3,995,473
Bonds		3.000			02/24/36	EUR	9,226		8,738,393
Bonds		3.000			02/24/37	EUR	7,410		6,931,530
Bonds		3.000			02/24/38	EUR	2,810		2,621,799
Bonds		3.000			02/24/39	EUR	4,435		4,125,129
Bonds(a)		3.000			02/24/40	EUR	2,814		2,615,953
Bonds		3.000			02/24/41	EUR	4,509		4,187,948
Bonds		3.000			02/24/42	EUR	3,073		2,860,752
Bonds		3.500			01/30/23	EUR	5,000		5,705,694
Bonds		3.750			01/30/28	EUR	23,842		26,022,613
Sr. Unsec’d. Notes, 144A		3.375			02/15/25	EUR	10,250		11,252,257
Hellenic Republic Government International Bond (Greece),
Sr. Unsec’d. Notes		5.000			03/11/19	EUR	4,130		4,725,165
Sr. Unsec’d. Notes		5.200			07/17/34	EUR	191,000		215,729,253
Sr. Unsec’d. Notes		6.140			04/14/28	EUR	131,700		163,981,708
Hong Kong Sukuk 2014 Ltd. (Hong Kong), Sr. Unsec’d. Notes		2.005			09/18/19		5,200		5,152,836
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes		5.375			02/21/23		35,526		37,322,834
Sr. Unsec’d. Notes		5.375			03/25/24		6,790		7,198,758
Sr. Unsec’d. Notes		5.750			11/22/23		24,700		26,459,924
Sr. Unsec’d. Notes		6.250			01/29/20		28,545		29,472,712
Sr. Unsec’d. Notes		6.375			03/29/21		235,700		249,488,450
Sr. Unsec’d. Notes(a)		7.625			03/29/41		272		369,240
Iceland Government International Bond (Iceland),
Sr. Unsec’d. Notes, EMTN		0.500			12/20/22	EUR	56,571		64,678,192
Sr. Unsec’d. Notes, EMTN		2.500			07/15/20	EUR	3,500		4,136,913
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		3.375			07/30/25	EUR	15,914		19,084,759
Sr. Unsec’d. Notes		7.750			01/17/38		3,000		3,738,519

See Notes to Financial Statements.

PGIM Total Return Bond Fund 101

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Indonesia Government International Bond (Indonesia), (cont’d.)
Sr. Unsec’d. Notes, 144A		3.375	%		07/30/25	EUR	6,800	$	8,154,855
Sr. Unsec’d. Notes, 144A		7.750			01/17/38		2,500		3,115,433
Sr. Unsec’d. Notes, 144A, MTN		2.150			07/18/24	EUR	1,750		1,984,545
Sr. Unsec’d. Notes, EMTN		2.625			06/14/23	EUR	17,000		19,952,939
Sr. Unsec’d. Notes, EMTN		2.875			07/08/21	EUR	87,100		103,704,335
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	29,251		35,708,159
Iraq International Bond (Iraq),
Sr. Unsec’d. Notes		6.752			03/09/23		9,216		8,971,407
Unsec’d. Notes, 144A		5.800			01/15/28		2,750		2,518,967
Israel Government International Bond (Israel),
Sr. Unsec’d. Notes		2.875			03/16/26		2,000		1,880,160
Sr. Unsec’d. Notes		3.150			06/30/23		10,000		9,835,400
Sr. Unsec’d. Notes		4.000			06/30/22		11,700		11,880,788
Sr. Unsec’d. Notes, EMTN		2.875			01/29/24	EUR	9,500		11,868,840
Ivory Coast Government International Bond (Ivory Coast), Sr. Unsec’d. Notes, 144A		5.125			06/15/25	EUR	7,375		8,213,750
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes		1.500			07/21/21		47,310		45,118,384
Gov’t. Gtd. Notes		1.750			11/13/18		6,000		5,998,140
Gov’t. Gtd. Notes		1.750			05/29/19		6,800		6,755,052
Gov’t. Gtd. Notes		1.875			04/20/21		4,165		4,027,584
Gov’t. Gtd. Notes		2.000			11/04/21		3,200		3,078,967
Gov’t. Gtd. Notes		2.125			06/01/20		5,000		4,921,643
Gov’t. Gtd. Notes		2.125			07/21/20		7,400		7,269,786
Gov’t. Gtd. Notes		2.125			11/16/20		14,400		14,084,327
Gov’t. Gtd. Notes		2.125			02/10/25		15,000		13,862,305
Gov’t. Gtd. Notes		2.250			02/24/20		9,200		9,103,827
Gov’t. Gtd. Notes		2.375			07/21/22		4,000		3,860,435
Gov’t. Gtd. Notes(a)		2.375			11/16/22		850		817,801
Gov’t. Gtd. Notes		2.500			06/01/22		43,700		42,417,752
Gov’t. Gtd. Notes3 Month LIBOR + 0.360%		2.698	(c)		11/13/18		14,000		14,001,540
Gov’t. Gtd. Notes		3.375			07/31/23		2,800		2,792,626
Gov’t. Gtd. Notes		3.375			10/31/23		5,600		5,587,637
Japan Finance Organization for Municipalities (Japan),
Gov’t. Gtd. Notes		4.000			01/13/21		1,000		1,014,402
Gov’t. Gtd. Notes		4.000			01/13/21		710		720,226
Sr. Unsec’d. Notes, 144A		3.375			09/27/23		13,800		13,727,353
Sr. Unsec’d. Notes, 144A, MTN		2.000			09/08/20		7,000		6,833,617
Sr. Unsec’d. Notes, 144A, MTN		2.125			04/13/21		15,090		14,626,053
Sr. Unsec’d. Notes, 144A, MTN		2.125			10/25/23		21,000		19,659,273
Sr. Unsec’d. Notes, 144A, MTN		2.375			02/13/25		44,000		40,876,264
Sr. Unsec’d. Notes, 144A, MTN		2.625			04/20/22		8,600		8,355,381

See Notes to Financial Statements.

102

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Japan Finance Organization for Municipalities (Japan), (cont’d.)
Sr. Unsec’d. Notes, EMTN		2.125	%		02/12/21		4,200	$	4,082,413
Sr. Unsec’d. Notes, EMTN		2.125			04/13/21		9,076		8,796,958
Japan International Cooperation Agency (Japan), Gov’t. Gtd. Notes		1.875			11/13/19		13,300		13,123,123
Kingdom of Belgium Government International Bond (Belgium),
Notes, 144A		8.875			12/01/24		6,830		8,677,836
Sr. Unsec’d. Notes, MTN		1.625			01/15/20		5,000		4,922,750
Latvia Government International Bond (Latvia),
Sr. Unsec’d. Notes		2.750			01/12/20		6,100		6,048,150
Sr. Unsec’d. Notes		5.250			06/16/21		18,500		19,276,852
Sr. Unsec’d. Notes, EMTN		2.625			01/21/21	EUR	600		718,663
Lithuania Government International Bond (Lithuania),
Sr. Unsec’d. Notes		6.125			03/09/21		56,129		59,413,894
Sr. Unsec’d. Notes		6.625			02/01/22		144,034		157,184,304
Sr. Unsec’d. Notes		7.375			02/11/20		52,935		55,634,685
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes		1.875			02/23/22	EUR	3,000		3,507,821
Sr. Unsec’d. Notes(a)		2.750			04/22/23	EUR	5,000		6,063,043
Sr. Unsec’d. Notes		4.600			02/10/48		21,575		18,716,744
Sr. Unsec’d. Notes, EMTN		2.375			04/09/21	EUR	4,000		4,754,853
Sr. Unsec’d. Notes, GMTN		5.500			02/17/20	EUR	58,993		71,349,664
Sr. Unsec’d. Notes, MTN		4.750			03/08/44		18,140		16,081,291
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes		3.750			03/16/25		3,700		3,603,837
Sr. Unsec’d. Notes		9.375			01/16/23		10,800		13,311,000
Parpublica-Participacoes Publicas SGPS SA (Portugal), Sr. Unsec’d. Notes, EMTN		3.750			07/05/21	EUR	1,000		1,220,764
Perusahaan Penerbit SBSN Indonesia II (Indonesia), Sr. Unsec’d. Notes		4.000			11/21/18		3,000		2,996,250
Peruvian Government International Bond (Peru), Sr. Unsec’d. Notes		3.750			03/01/30	EUR	3,650		4,891,651
Philippine Government International Bond (Philippines), Sr. Unsec’d. Notes		9.500			02/02/30		3,500		5,037,889
Portugal Government International Bond (Portugal), Sr. Unsec’d. Notes, EMTN		5.125			10/15/24		495,192		514,395,546
Portugal Obrigacoes do Tesouro OT (Portugal), Sr. Unsec’d. Notes, 144A		3.875			02/15/30	EUR	11,790		15,669,433
Province of Alberta (Canada),
Sr. Unsec’d. Notes(a)		2.050			08/17/26		8,800		7,954,135
Sr. Unsec’d. Notes(a)		2.200			07/26/22		6,355		6,109,858

See Notes to Financial Statements.

PGIM Total Return Bond Fund 103

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Province of Alberta (Canada), (cont’d.) Sr. Unsec’d. Notes		3.300	%		03/15/28		31,270	$	30,457,380
Province of British Columbia (Canada),
Bonds		7.250			09/01/36		7,230		10,444,807
Sr. Unsec’d. Notes		6.500			01/15/26		20,671		24,338,138
Province of Manitoba (Canada),
Debentures		9.250			04/01/20		1,245		1,345,286
Sr. Unsec’d. Notes		2.125			05/04/22		15,680		15,046,058
Sr. Unsec’d. Notes(a)		2.125			06/22/26		2,700		2,443,682
Province of Nova Scotia (Canada),
Debentures		8.250			07/30/22		6,400		7,432,816
Debentures		8.750			04/01/22		1,990		2,317,851
Debentures		9.250			03/01/20		81		87,141
Province of Ontario (Canada),
Sr. Unsec’d. Notes		2.250			05/18/22		18,820		18,148,864
Sr. Unsec’d. Notes		3.400			10/17/23		21,675		21,714,974
Province of Quebec (Canada),
Debentures		7.125			02/09/24		1,830		2,140,261
Debentures		7.500			07/15/23		1,705		1,990,977
Sr. Unsec’d. Notes		7.500			09/15/29		15		20,167
Unsec’d. Notes, MTN		6.350			01/30/26		3,613		4,171,465
Unsec’d. Notes, MTN		7.140			02/27/26		6,050		7,231,661
Unsec’d. Notes, MTN		7.295			07/22/26		186		226,623
Unsec’d. Notes, MTN		7.365			03/06/26		82		100,101
Unsec’d. Notes, MTN		7.380			04/09/26		100		122,412
Unsec’d. Notes, MTN		7.485			03/02/26		11,700		14,368,155
Province of Saskatchewan (Canada), Debentures		8.500			07/15/22		6,055		7,069,757
Provincia de Buenos Aires (Argentina),
Sr. Unsec’d. Notes, 144A		6.500			02/15/23		12,615		10,785,825
Sr. Unsec’d. Notes, 144A		9.950			06/09/21		20,590		20,120,548
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes		6.400			01/20/40		1,950		2,382,042
Sr. Unsec’d. Notes		6.550			04/09/19		7,000		7,106,820
Sr. Unsec’d. Notes, 144A		5.103			04/23/48		28,705		29,135,575
Republic of Austria Government International Bond (Austria),
Sr. Unsec’d. Notes3 Month EURIBOR + 0.250%		0.000	(cc)		06/22/22	EUR	2,231		2,543,101
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap N/A, Floor 1.750%)		1.750	(c)		03/04/20	EUR	7,500		8,681,291
Republic of Italy Government International Bond (Italy), Sr. Unsec’d. Notes		6.875			09/27/23		134,198		143,960,636

See Notes to Financial Statements.

104

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Republic of Italy Government International Bond (Italy), (cont’d.)
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 7.000%, Floor 2.000%)		2.000	%(c)		06/15/20	EUR	73,570	$	84,165,233
Sr. Unsec’d. Notes, EMTN		3.444			12/31/24	EUR	59,422		69,599,242
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap N/A, Floor 4.000%)		4.000	(c)		05/06/19	EUR	15,000		17,284,430
Sr. Unsec’d. Notes, MTN		5.375			06/15/33		13,511		13,538,758
Republic of Italy Government International Bond Strips Coupon (Italy), Sr. Unsec’d. Notes		3.518	(s)		03/27/23		4,000		3,248,452
Republic of Poland Government International Bond (Poland),
Sr. Unsec’d. Notes(a)		3.000			03/17/23		10,000		9,739,700
Sr. Unsec’d. Notes		5.000			03/23/22		29,643		31,006,282
Sr. Unsec’d. Notes		5.125			04/21/21		10,000		10,395,000
Sr. Unsec’d. Notes, EMTN		3.250			05/15/19	CHF	27,000		27,368,614
Sr. Unsec’d. Notes, EMTN		4.200			04/15/20	EUR	109,790		131,978,302
Republic of South Africa Government International Bond (South Africa),
Notes, EMTN		3.800			09/07/21	JPY	1,600,000		15,036,115
Sr. Unsec’d. Notes		3.750			07/24/26	EUR	600		695,706
Sr. Unsec’d. Notes		4.850			09/27/27		20,000		18,075,000
Sr. Unsec’d. Notes(a)		5.875			09/16/25		11,600		11,439,456
Sr. Unsec’d. Notes		6.875			05/27/19		26,000		26,377,260
Republic of Trinidad & Tobago (Trinidad & Tobago), Sr. Unsec’d. Notes		3.750			06/27/30	JPY	11,000,000		108,626,401
Romanian Government International Bond (Romania),
Sr. Unsec’d. Notes, 144A		5.125			06/15/48		5,000		4,624,720
Sr. Unsec’d. Notes, 144A, MTN		2.375			04/19/27	EUR	6,600		7,457,359
Sr. Unsec’d. Notes, 144A, MTN		3.875			10/29/35	EUR	19,865		22,308,722
Sr. Unsec’d. Notes, 144A, MTN		4.875			01/22/24		2,044		2,082,427
Sr. Unsec’d. Notes, EMTN		3.875			10/29/35	EUR	24,520		27,536,364
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		18,785		18,445,517
Sr. Unsec’d. Notes, MTN		2.375			10/26/21		1,000		955,180
Senegal Government International Bond (Senegal), Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	13,260		13,999,078
Serbia International Bond (Serbia),
Sr. Unsec’d. Notes, 144A		7.250			09/28/21		2,800		3,020,388

See Notes to Financial Statements.

PGIM Total Return Bond Fund 105

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Serbia International Bond (Serbia), (cont’d.)
Unsec’d. Notes		5.875	%		12/03/18		15,919	$	15,946,221
Slovakia Government International Bond (Slovakia), Sr. Unsec’d. Notes		4.375			05/21/22		17,643		18,195,226
Slovenia Government International Bond (Slovenia),
Sr. Unsec’d. Notes		4.125			02/18/19		5,925		5,922,985
Sr. Unsec’d. Notes		5.250			02/18/24		160,836		172,526,847
Sr. Unsec’d. Notes, 144A		5.250			02/18/24		94,918		101,817,400
Spain Government International Bond (Spain), Sr. Unsec’d. Notes, EMTN		5.010			11/21/44		7,800		7,509,325
State of Saxony-Anhalt (Germany), Sr. Unsec’d. Notes		1.375			10/15/19		20,000		19,687,520
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes		2.000			05/17/21		15,530		15,004,791
Sr. Unsec’d. Notes		2.125			05/20/19		12,600		12,549,487
Sr. Unsec’d. Notes		2.125			05/19/20		6,550		6,432,860
Sr. Unsec’d. Notes		2.500			06/08/22		2,000		1,936,236
Sr. Unsec’d. Notes, 144A		2.000			05/17/21		13,300		12,850,207
Sr. Unsec’d. Notes, 144A		2.500			06/08/22		3,600		3,485,225
Sr. Unsec’d. Notes, 144A		3.250			06/01/23		6,200		6,151,801
Turkey Government International Bond (Turkey),
Sr. Unsec’d. Notes		5.625			03/30/21		19,910		19,411,135
Sr. Unsec’d. Notes		7.000			06/05/20		14,590		14,684,310
Ukraine Government International Bond (Ukraine),
Sr. Unsec’d. Notes		7.750			09/01/21		9,455		9,300,978
Sr. Unsec’d. Notes		7.750			09/01/23		4,000		3,804,792
Sr. Unsec’d. Notes, 144A		7.750			09/01/21		420		413,158
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes		4.975			04/20/55		13,360		12,391,400
Sr. Unsec’d. Notes		7.000			06/28/19	EUR	500		583,023
Wakala Global Sukuk Bhd (Malaysia), Sr. Unsec’d. Notes		4.646			07/06/21		3,260		3,362,071
TOTAL SOVEREIGN BONDS (cost $4,790,328,470)									4,613,726,706
U.S. GOVERNMENT AGENCY OBLIGATIONS    1.7%
Fannie Mae Strips Interest		2.276	(s)		11/15/26		100		75,457
Fannie Mae Strips Interest		2.461	(s)		05/15/27		18,594		13,740,682
Fannie Mae Strips Interest		3.032	(s)		11/15/29		237		159,084
Fannie Mae Strips Interest		3.041	(s)		07/15/30		1,542		1,005,798
Fannie Mae Strips Interest		3.058	(s)		05/15/30		1,613		1,058,197
Fannie Mae Strips Interest		3.067	(s)		11/15/30		314		202,096
Fannie Mae Strips Interest		3.077	(s)		07/15/29		4,091		2,779,162
Fannie Mae Strips Interest		3.088	(s)		11/15/27		360		261,364

See Notes to Financial Statements.

106

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Fannie Mae Strips Principal, MTN		2.567	%(s)		10/08/27		2,275	$	1,657,700
Fannie Mae Strips Principal, MTN		2.874	(s)		03/23/28		1,900		1,357,137
Fannie Mae Strips Principal		3.097	(s)		01/15/30		2,597		1,731,978
Fannie Mae Strips Principal, MTN		3.212	(s)		05/15/30		9,041		5,937,706
Fannie Mae Strips Principal		3.535	(s)		07/15/37		2,295		1,111,549
Federal Farm Credit Banks		3.000			01/14/30		541		509,954
Federal Home Loan Banks		2.250			10/27/26		7,105		6,397,136
Federal Home Loan Mortgage Corp., MTN		2.550	(s)		12/17/29		1,485		995,291
Federal Home Loan Mortgage Corp., MTN		2.559	(s)		12/14/29		4,500		3,011,762
Federal Home Loan Mortgage Corp., MTN(k)		3.155	(s)		12/11/25		34,748		27,295,923
Federal Home Loan Mortgage Corp., MTN		3.325	(s)		06/03/24		13,345		11,094,162
Federal Home Loan Mortgage Corp.		4.500			09/01/39		1,029		1,066,310
Federal Home Loan Mortgage Corp.		5.000			01/01/39		93		98,533
Federal Home Loan Mortgage Corp.		5.000			07/01/40		177		186,204
Federal Home Loan Mortgage Corp.		5.500			06/01/31		2		2,604
Federal Home Loan Mortgage Corp.		5.500			10/01/33		346		379,112
Federal Home Loan Mortgage Corp.		5.500			07/01/34		5		5,546
Federal Home Loan Mortgage Corp.		6.000			10/01/32		19		20,765
Federal Home Loan Mortgage Corp.		6.000			12/01/32		13		13,730
Federal Home Loan Mortgage Corp.		6.000			02/01/33		13		14,092
Federal Home Loan Mortgage Corp.		6.000			11/01/33		130		142,955
Federal Home Loan Mortgage Corp.		6.000			01/01/34		65		71,858
Federal Home Loan Mortgage Corp.		6.000			11/01/36		2		2,533
Federal Home Loan Mortgage Corp.		6.000			12/01/36		2		2,477
Federal Home Loan Mortgage Corp.(k)		6.250			07/15/32		30,948		40,107,865
Federal Home Loan Mortgage Corp.		6.500			07/01/32		2		2,670
Federal Home Loan Mortgage Corp.		6.500			07/01/32		3		3,379
Federal Home Loan Mortgage Corp.		6.500			08/01/32		2		2,229
Federal Home Loan Mortgage Corp.		6.500			08/01/32		5		5,064
Federal Home Loan Mortgage Corp.		6.500			08/01/32		5		5,287
Federal Home Loan Mortgage Corp.		6.500			08/01/32		5		5,603
Federal Home Loan Mortgage Corp.		6.500			09/01/32		33		36,239
Federal Home Loan Mortgage Corp.		6.500			11/01/33		27		29,850
Federal Home Loan Mortgage Corp.(k)		6.750			03/15/31		52,373		69,344,261
Federal Home Loan Mortgage Corp.		7.000			09/01/32		31		32,096
Federal Home Loan Mortgage Corp.		8.500			08/01/24		2		2,401
Federal Home Loan Mortgage Corp.		8.500			10/01/24		1		728
Federal Home Loan Mortgage Corp.		8.500			11/01/24		1		1,282
Federal Judiciary Office Building Trust		2.104	(s)		02/15/24		325		272,791
Federal National Mortgage Assoc., Sub. Notes		1.361	(s)		10/09/19		10,200		9,935,020
Federal National Mortgage Assoc.(k)		1.875			09/24/26		55,080		49,644,320
Federal National Mortgage Assoc.(k)		2.125			04/24/26		13,022		12,047,525
Federal National Mortgage Assoc., Cost of Funds for the 11th District of San Francisco + 1.250%		3.240	(c)		05/01/36		12		12,646

See Notes to Financial Statements.

PGIM Total Return Bond Fund 107

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc., Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.400%		3.244	%(c)		09/01/40		16		$	15,460
Federal National Mortgage Assoc., Cost of Funds for the 11th District of San Francisco + 1.251%		3.333	(c)		05/01/36		6			6,251
Federal National Mortgage Assoc., 6 Month US Treasury Yield Curve Rate T Note Constant Maturity		3.729	(c)		01/01/20		—	(r)		267
Federal National Mortgage Assoc.		4.000			12/01/40		159			159,429
Federal National Mortgage Assoc., Cost of Funds for the 11th District of San Francisco + 1.250%		4.496	(c)		01/01/28		3			2,588
Federal National Mortgage Assoc.		4.500			01/01/25		82			84,521
Federal National Mortgage Assoc.		4.500			02/01/33		12			12,113
Federal National Mortgage Assoc.		4.500			08/01/33		6			6,458
Federal National Mortgage Assoc.		5.000			12/01/19		18			18,603
Federal National Mortgage Assoc.		5.000			03/01/34		836			885,304
Federal National Mortgage Assoc.		5.500			07/01/33		22			23,165
Federal National Mortgage Assoc.		5.500			08/01/33		1			673
Federal National Mortgage Assoc.		5.500			10/01/33		75			80,257
Federal National Mortgage Assoc.		5.500			11/01/33		10			11,034
Federal National Mortgage Assoc.		5.500			01/01/34		12			12,875
Federal National Mortgage Assoc.		5.500			04/01/34		6			6,911
Federal National Mortgage Assoc.		5.500			04/01/34		30			31,994
Federal National Mortgage Assoc.		5.500			04/01/34		100			107,178
Federal National Mortgage Assoc.		5.500			05/01/34		5			5,349
Federal National Mortgage Assoc.		5.500			05/01/34		26			27,646
Federal National Mortgage Assoc.		5.500			05/01/34		78			82,600
Federal National Mortgage Assoc.		5.500			03/01/35		1,484			1,589,655
Federal National Mortgage Assoc.		6.000			09/01/32		—	(r)		194
Federal National Mortgage Assoc.		6.000			11/01/32		5			5,315
Federal National Mortgage Assoc.		6.000			03/01/33		3			3,036
Federal National Mortgage Assoc.		6.000			10/01/33		5			5,860
Federal National Mortgage Assoc.		6.000			11/01/33		174			186,618
Federal National Mortgage Assoc.		6.000			02/01/34		180			196,757
Federal National Mortgage Assoc.		6.000			11/01/34		26			27,683
Federal National Mortgage Assoc.		6.000			11/01/34		57			62,275
Federal National Mortgage Assoc.		6.000			01/01/35		48			51,398
Federal National Mortgage Assoc.		6.000			04/01/36		1			1,589
Federal National Mortgage Assoc.		6.000			04/01/36		8			8,586
Federal National Mortgage Assoc.		6.000			04/01/36		12			13,482
Federal National Mortgage Assoc.		6.000			06/01/37		19			20,636
Federal National Mortgage Assoc.(k)		6.250			05/15/29		48,064			59,944,940
Federal National Mortgage Assoc.		6.500			09/01/21		4			4,832
Federal National Mortgage Assoc.		6.500			07/01/32		15			16,067
Federal National Mortgage Assoc.		6.500			08/01/32		14			15,706

See Notes to Financial Statements.

108

Description	Interest Rate			Maturity Date		Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		6.500	%		09/01/32		1		$	1,245
Federal National Mortgage Assoc.		6.500			09/01/32		45			49,151
Federal National Mortgage Assoc.		6.500			09/01/32		48			51,777
Federal National Mortgage Assoc.		6.500			09/01/32		73			80,217
Federal National Mortgage Assoc.		6.500			10/01/32		38			41,406
Federal National Mortgage Assoc.		6.500			04/01/33		60			66,143
Federal National Mortgage Assoc.		6.500			11/01/33		10			11,119
Federal National Mortgage Assoc.(k)		6.625			11/15/30		56,874			74,105,002
Federal National Mortgage Assoc.		7.000			03/01/32		1			1,082
Federal National Mortgage Assoc.		7.000			05/01/32		28			29,653
Federal National Mortgage Assoc.		7.000			06/01/32		9			9,469
Federal National Mortgage Assoc.(k)		7.125			01/15/30		7,255			9,727,562
Freddie Mac Strips Coupon		2.875	(s)		01/15/21		7,089			6,631,628
Freddie Mac Strips Coupon		2.881	(s)		03/15/21		445			414,133
Freddie Mac Strips Coupon		3.330	(s)		07/15/24		3,070			2,539,735
Freddie Mac Strips Interest		2.095	(s)		09/15/25		3,849			3,048,061
Freddie Mac Strips Interest		2.692	(s)		03/15/30		200			132,106
Freddie Mac Strips Interest		2.963	(s)		01/15/22		1,414			1,278,632
Freddie Mac Strips Interest		2.976	(s)		07/15/22		1,411			1,254,263
Freddie Mac Strips Interest		3.226	(s)		01/15/32		1,526			936,236
Freddie Mac Strips Interest		3.247	(s)		07/15/32		1,550			932,217
Freddie Mac Strips Interest		3.374	(s)		09/15/24		873			717,485
Freddie Mac Strips Principal		2.884	(s)		07/15/32		2,809			1,689,526
Government National Mortgage Assoc.		3.000			01/15/45		187			179,506
Government National Mortgage Assoc.		3.000			03/15/45		45			42,881
Government National Mortgage Assoc.		3.000			03/15/45		344			328,928
Government National Mortgage Assoc.		3.500			10/15/40		376			371,083
Government National Mortgage Assoc.		4.500			02/20/41		2,930			3,048,430
Government National Mortgage Assoc.		5.000			08/20/39		894			948,224
Government National Mortgage Assoc.		6.000			01/15/33		23			24,343
Government National Mortgage Assoc.		6.000			03/15/33		7			7,844
Government National Mortgage Assoc.		6.000			05/15/33		9			9,906
Government National Mortgage Assoc.		6.000			06/15/33		7			7,206
Government National Mortgage Assoc.		6.000			12/15/33		17			17,697
Government National Mortgage Assoc.		6.500			09/15/32		55			59,554
Government National Mortgage Assoc.		6.500			09/15/32		93			101,305
Government National Mortgage Assoc.		6.500			11/15/33		56			61,167
Government National Mortgage Assoc.		6.500			11/15/33		148			161,647
Government National Mortgage Assoc.		6.500			07/15/38		2			1,897
Government National Mortgage Assoc.		8.000			08/20/31		—	(r)		208
Government National Mortgage Assoc.		8.500			06/15/30		—	(r)		224
Government National Mortgage Assoc.		8.500			08/20/30		3			3,383
Hashemite Kingdom of Jordan Government AID Bond, Gov’t. Gtd. Notes		3.000			06/30/25		4,962			4,841,547
Israel Government AID Bond, Gov’t. Gtd. Notes		2.240	(s)		02/15/26		514			397,903

See Notes to Financial Statements.

PGIM Total Return Bond Fund 109

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Israel Government AID Bond, Gov’t. Gtd. Notes		2.247	%(s)		11/15/26		3,325	$	2,505,154
Israel Government AID Bond, Gov’t. Gtd. Notes		2.360	(s)		11/01/23		1,419		1,208,044
Israel Government AID Bond, Gov’t. Gtd. Notes		2.437	(s)		08/15/27		6,365		4,647,271
Israel Government AID Bond, Gov’t. Gtd. Notes		3.028	(s)		02/15/21		1,500		1,398,804
Israel Government AID Bond, Gov’t. Gtd. Notes		3.142	(s)		11/01/24		776		637,544
Israel Government AID Bond, Gov’t. Gtd. Notes		3.142	(s)		11/01/24		1,000		821,576
Israel Government AID Bond, Gov’t. Gtd. Notes		5.500			12/04/23		4,645		5,154,918
Israel Government AID Bond, Gov’t. Gtd. Notes		5.500			09/18/33		10,938		13,298,579
National Archives Facility Trust, Gov’t. Gtd. Notes		8.500			09/01/19		835		860,790
New Valley Generation I, Pass-Through Certificates		7.299			03/15/19		637		645,888
New Valley Generation II, Pass-Through Certificates		5.572			05/01/20		376		385,487
New Valley Generation IV, Pass-Through Certificates		4.687			01/15/22		567		578,584
New Valley Generation V, Pass-Through Certificates		4.929			01/15/21		942		963,935
Overseas Private Investment Corp., Gov’t. Gtd. Notes		0.000	(s)		07/17/25		7,400		7,336,360
Overseas Private Investment Corp., Gov’t. Gtd. Notes		0.000	(s)		07/17/25		26,664		26,361,077
Overseas Private Investment Corp., Gov’t. Gtd. Notes		0.000	(s)		04/09/26		3,000		3,115,307
Overseas Private Investment Corp., Gov’t. Gtd. Notes		2.090			05/15/28		2,867		2,703,785
Overseas Private Investment Corp., Gov’t. Gtd. Notes		3.000			10/05/34		7,000		6,575,352
Overseas Private Investment Corp., Gov’t. Gtd. Notes		3.190			10/05/34		3,000		2,864,983
Overseas Private Investment Corp., Gov’t. Gtd. Notes		3.490			12/20/29		174		173,780
Overseas Private Investment Corp., Gov’t. Gtd. Notes		3.820			12/20/32		113		113,805
Residual Funding Corp. Strip Principal, Sr. Unsec’d. Notes		1.716	(s)		07/15/20		2,759		2,625,478
Residual Funding Corp. Strip Principal, Bonds		1.901	(s)		10/15/20		1,865		1,761,735
Residual Funding Corp. Strips Interest, Bonds		3.248	(s)		10/15/27		8,520		6,235,041
Residual Funding Corp., Strips Interest, Bonds		2.942	(s)		07/15/27		7,838		5,785,226
Residual Funding Corp., Strips Interest, Bonds		2.994	(s)		04/15/27		13,558		10,114,509
Residual Funding Corp., Strips Interest, Bonds		3.000	(s)		01/15/30		452		302,007
Residual Funding Corp., Strips Interest, Bonds		3.110	(s)		01/15/27		22,505		16,965,048
Resolution Funding Strip, Sr. Unsec’d. Notes		3.657	(s)		04/15/30		18,250		12,095,925
Tennessee Valley Authority, Sr. Unsec’d. Notes		2.875			02/01/27		5,675		5,441,928
Tennessee Valley Authority, Sr. Unsec’d. Notes		5.980			04/01/36		790		995,060
Tennessee Valley Authority, Sr. Unsec’d. Notes		6.235			07/15/45		1,022		1,075,827
Tennessee Valley Authority, Sr. Unsec’d. Notes		6.750			11/01/25		2,459		2,984,038
Tennessee Valley Authority Generic Strip, Bonds		3.261	(s)		01/15/24		10,594		8,872,003
Tennessee Valley Authority Strip Principal, Bonds		2.846	(s)		11/01/25		110		86,269
Tennessee Valley Authority Strip Principal, Bonds		2.972	(s)		05/01/30		15,733		10,112,956

See Notes to Financial Statements.

110

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Tennessee Valley Authority Strips Interest, Bonds		1.901	%(s)		07/15/20		300	$	284,437
Tennessee Valley Authority Strips Interest, Bonds		2.351	(s)		09/15/27		2,037		1,470,885
Tennessee Valley Authority Strips Interest, Bonds		2.716	(s)		06/15/29		1,400		936,412
Tennessee Valley Authority Strips Principal, Bonds		3.912	(s)		06/15/35		1,300		666,681
U.S. Department of Housing & Urban Development, Gov’t. Gtd. Notes		5.450			08/01/19		928		934,294
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $655,489,299)									614,074,931
U.S. TREASURY OBLIGATIONS    3.1%
U.S. Treasury Bonds(k)		2.750			08/15/47		40,000		35,190,625
U.S. Treasury Bonds(h)		2.750			11/15/47		22,000		19,342,812
U.S. Treasury Bonds(k)		2.875			08/15/45		8,905		8,076,070
U.S. Treasury Bonds(h)(k)		3.000			02/15/48		51,730		47,836,105
U.S. Treasury Bonds(a)(h)(k)		3.125			05/15/48		98,820		93,716,874
U.S. Treasury Bonds(h)		3.625			08/15/43		20,000		20,749,219
U.S. Treasury Bonds		3.750			11/15/43		20,000		21,178,125
U.S. Treasury Notes		1.625			07/31/20		11,085		10,850,310
U.S. Treasury Notes		1.625			08/31/22		30,000		28,545,703
U.S. Treasury Notes		1.625			02/15/26		45,140		40,835,831
U.S. Treasury Notes		1.750			05/15/23		22,750		21,566,289
U.S. Treasury Notes		2.000			11/30/20		965		947,736
U.S. Treasury Notes(k)		2.125			11/30/23		79,606		76,347,129
U.S. Treasury Notes(k)		2.125			05/15/25		62,975		59,452,336
U.S. Treasury Notes(k)		2.250			11/15/24		50,000		47,802,734
U.S. Treasury Notes(k)		2.250			08/15/27		23,000		21,430,430
U.S. Treasury Notes		2.375			08/15/24		25,000		24,120,117
U.S. Treasury Notes(k)		2.500			05/15/24		120,580		117,367,674
U.S. Treasury Notes		2.750			09/30/20		7,715		7,696,918
U.S. Treasury Notes		2.750			08/15/21		7,820		7,781,511
U.S. Treasury Notes		2.750			09/15/21		12,825		12,759,873
U.S. Treasury Notes		2.875			10/15/21		7,760		7,747,269
U.S. Treasury Notes		2.875			10/31/23		53,175		52,898,739
U.S. Treasury Notes(a)		2.875			08/15/28		104,430		101,953,867
U.S. Treasury Notes		3.000			10/31/25		46,710		46,476,450
U.S. Treasury Strips Coupon(k)		1.881	(s)		05/15/31		13,800		9,127,044
U.S. Treasury Strips Coupon(k)		1.898	(s)		08/15/29		13,800		9,704,187
U.S. Treasury Strips Coupon(k)		1.969	(s)		02/15/32		40,000		25,774,441
U.S. Treasury Strips Coupon(k)		2.100	(s)		11/15/35		27,600		15,552,583
U.S. Treasury Strips Coupon(k)		2.143	(s)		11/15/28		17,440		12,586,891
U.S. Treasury Strips Coupon(k)		2.174	(s)		05/15/29		42,370		30,036,162

See Notes to Financial Statements.

PGIM Total Return Bond Fund 111

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Strips Coupon(k)		2.264	%(s)		08/15/40		27,600	$	13,070,932
U.S. Treasury Strips Coupon(k)		2.618	(s)		11/15/26		42,700		33,110,141
TOTAL U.S. TREASURY OBLIGATIONS (cost $1,126,002,082)									1,081,633,127
						Shares
COMMON STOCK    0.0%
Oil, Gas & Consumable Fuels
Frontera Energy Corp. (Colombia)* (cost $2,959,837)							146,034		1,902,823
PREFERRED STOCKS    0.0%
Banks    0.0%
Citigroup Capital XIII 8.890% (Capital Security, fixed to floating preferred)							22,000		582,340
Capital Markets    0.0%
State Street Corp. 5.350%							315,000		7,982,100
TOTAL PREFERRED STOCKS (cost $8,425,000)									8,564,440
TOTAL LONG-TERM INVESTMENTS (cost $35,533,967,487)									34,497,026,618
SHORT-TERM INVESTMENTS    6.3%
AFFILIATED MUTUAL FUNDS    6.1%
PGIM Core Short-Term Bond Fund(w)							48,541,639		449,495,573
PGIM Core Ultra Short Bond Fund(w)							56,953,507		56,953,507
PGIM Institutional Money Market Fund (cost $1,634,048,918; includes $1,631,192,388 of cash collateral for securities on loan)(b)(w)							1,634,049,951		1,634,049,951
TOTAL AFFILIATED MUTUAL FUNDS (cost $2,141,488,115)									2,140,499,031

See Notes to Financial Statements.

112

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL PAPER    0.2%
Ford Motor Credit Co. LLC 144A (cost $77,716,326)		3.201	%(n)		04/09/19		78,800	$	77,687,344
OPTIONS PURCHASED*~    0.0% (cost $7,693,633)									12,707,429
TOTAL SHORT-TERM INVESTMENTS (cost $2,226,898,074)									2,230,893,804
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    103.8% (cost $37,760,865,561)									36,727,920,422
OPTIONS WRITTEN*~    (0.0)% (premiums received $16,966,955)									(19,712,960	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    103.8% (cost $37,743,898,606)									36,708,207,462
Liabilities in excess of other assets(z)    (3.8)%									(1,330,336,173	)
NET ASSETS    100.0%								$	35,377,871,289

The following abbreviations are used in the annual report:

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

A—Annual payment frequency for swaps

ABS—Asset-Backed Security

Aces—Alternative Credit Enhancements Securities

AID—Agency for International Development

ARM—Adjustable Rate Mortgage

BABs—Build America Bonds

BROIS—Brazil Overnight Index Swap

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CMBX—Commercial Mortgage-Backed Index

CMM—Constant Maturity Mortgage

CMS—Constant Maturity Swap

CMT—Constant Maturity Treasury

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

GMAC—General Motors Acceptance Corporation

GMTN—Global Medium Term Note

GO—General Obligation

See Notes to Financial Statements.

PGIM Total Return Bond Fund 113

Schedule of Investments (continued)

as of October 31, 2018

ICE—Intercontinental Exchange

IO—Interest Only (Principal amount represents notional)

iTraxx—International Credit Derivative Index

JIBAR—Johannesburg Interbank Agreed Rate

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

NSA—Non-Seasonally Adjusted

OJSC—Open Joint-Stock Company

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trusts

REMICS—Real Estate Mortgage Investment Conduit Security

S—Semiannual payment frequency for swaps

SLM—Student Loan Mortgage

STACR—Structured Agency Credit Risk

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

USOIS—United States Overnight Index Swap

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

See Notes to Financial Statements.

114

ZAR—South African Rand

* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $213,356,426 and 0.6% 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 $1,598,603,635; cash collateral of $1,631,192,388 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2018.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2018. 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.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(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.

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

(p) Interest rate not available as of October 31, 2018.

(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.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Short-Term Bond Fund, PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

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

Unfunded loan commitment outstanding at October 31, 2018

Borrower	Principal Amount (000)		Current Value		Unrealized Appreciation		Unrealized Depreciation
Nidda Healthcare Holding AG (Germany), Facility CGBP, 4.500%, Maturity Date 8/21/24 (cost $22,350,026)	GBP	16,427	$	21,049,984	$	—	$	(1,300,042	)

Options Purchased:

OTC Traded

Description	Call/Put	Counterparty	Expiration Date		Strike	Contracts		Notional Amount (000)#		Value
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21	0.11%		—		447,480	$	420,318
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/13/21	0.11%		—		452,765		425,353
2- Year 10 CMS Curve CAP	Call	Bank of America		08/16/21	0.15%		—		1,158,610		1,068,181
2- Year 10 CMS Curve CAP	Call	Bank of America		08/20/21	0.15%		—		2,256,255		6,477,031
2- Year 10 CMS Curve CAP	Call	Bank of America		09/13/21	0.14%		—		2,288,000		2,462,368
Total OTC Traded (cost $6,770,921)										$	10,853,251

See Notes to Financial Statements.

PGIM Total Return Bond Fund 115

Schedule of Investments (continued)

as of October 31, 2018

Options Purchased (continued):

OTC Swaptions

Description

Call/Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.31.V1, 12/20/23

Call

Bank of America

03/20/19

$

107.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

163,100

$

152,706

CDX.NA.HY.31.V1, 12/20/23

Call

Deutsche Bank AG

03/20/19

$

107.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

195,040

182,610

CDX.NA.HY.31.V1, 12/20/23

Call

Bank of America

03/20/19

$

106.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

164,500

372,018

10- Year Interest Rate Swap, 01/11/29

Put

Morgan Stanley

01/09/19

0.61

%

6 Month JPY LIBOR(S)

0.61%(S)

JPY

10,000,000

21,827

10- Year Interest Rate Swap, 11/19/37

Put

Morgan Stanley

11/17/27

1.25

%

6 Month JPY LIBOR(S)

1.25%(S)

JPY

4,350,000

1,125,017

Total OTC Swaptions (cost $ 922,712)

$

1,854,178

Total Options Purchased (cost $ 7,693,633)

$

12,707,429

Options Written:

OTC Traded

Description	Call/Put	Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#		Value
Azerbaijan Contingent CAP^	Call	Deutsche Bank AG		12/22/32		3.41	%		—		448,300	$	(841,200	)
FNMA TBA 4.00%	Put	JPMorgan Chase		12/06/18	$	99.50			—		1,000		(2,539	)
Hellenic Republic, 3.75%, 01/30/28^	Put	Deutsche Bank AG		09/10/20		87.00			—	EUR	68,000		(420,036	)
Lebanese Republic, 8.25%, 04/12/21^	Put	Deutsche Bank AG		04/08/19	$	66.00			—		36,280		(42,283	)
Lebanese Republic, 8.25%, 04/12/21^	Put	Deutsche Bank AG		01/29/21	$	76.00			—		50,000		(2,639,337	)
Portugal, 5.125%, 10/15/2024^	Put	Deutsche Bank AG		01/25/19	$	103.80			—		100,000		(500,290	)
Total OTC Traded (premiums received $5,039,735)												$	(4,445,685	)

See Notes to Financial Statements.

116

Options Written (continued):

OTC Swaptions

Description	Call/Put	Counterparty	Expiration Date		Strike			Receive	Pay	Notional Amount (000)#		Value
10- Year Interest Rate Swap, 01/11/29	Put	Morgan Stanley		01/09/19		0.86	%	0.86%(S)	6 Month JPY LIBOR(S)	JPY	10,000,000	$	(5,646	)
10- Year Interest Rate Swap, 11/19/37	Put	Morgan Stanley		11/17/27		1.25	%	1.25%(S)	6 Month JPY LIBOR(S)	JPY	4,350,000		(1,125,017	)
CDX.NA.HY.31.V1, 12/20/23	Put	Bank of America		11/21/18	$	104.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		250,000		(590,998	)
CDX.NA.HY.31.V1, 12/20/23	Put	BNP Paribas		11/21/18	$	101.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		330,840		(195,609	)
CDX.NA.HY.31.V1, 12/20/23	Put	Credit Suisse International		11/21/18	$	100.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		55,160		(25,887	)
CDX.NA.HY.31.V1, 12/20/23	Put	Citibank NA		01/16/19	$	94.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		330,840		(276,733	)
CDX.NA.HY.31.V1, 12/20/23	Put	BNP Paribas		01/16/19	$	96.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		250,000		(420,036	)
CDX.NA.HY.31.V1, 12/20/23	Put	BNP Paribas		01/16/19	$	97.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		160,250		(325,428	)
CDX.NA.HY.31.V1, 12/20/23	Put	BNP Paribas		01/16/19	$	101.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		160,250		(733,766	)
CDX.NA.HY.31.V1, 12/20/23	Put	Deutsche Bank AG		01/16/19	$	98.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		108,000		(266,024	)
CDX.NA.HY.31.V1, 12/20/23	Put	Goldman Sachs International		02/20/19	$	102.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		73,140		(667,159	)
CDX.NA.HY.31.V1, 12/20/23	Put	Goldman Sachs International		03/20/19	$	99.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		179,980		(1,276,813	)
CDX.NA.HY.31.V1, 12/20/23	Put	Barclays Bank PLC		03/20/19	$	100.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		182,880		(1,531,108	)
CDX.NA.HY.31.V1, 12/20/23	Put	Deutsche Bank AG		03/20/19	$	98.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		195,040		(1,173,942	)
CDX.NA.HY.31.V1, 12/20/23	Put	Bank of America		03/20/19	$	98.00		5.00%(Q)	CDX.NA.HY. 31.V1(Q)		163,100		(981,695	)
iTraxx.EUR.30.V1, 12/20/23^	Put	Goldman Sachs International		09/18/19		200.00		1.00%(Q)	iTraxx.EUR. 30.V1(Q)	EUR	1,000,000		(2,372,873	)
iTraxx.XO.29.V1, 06/20/23	Put	Bank of America		12/19/18		375.00		5.00%(Q)	iTraxx.XO. 29.V1(Q)	EUR	200,000		(339,191	)
iTraxx.XO.30.V1, 12/20/23	Put	Citibank NA		03/20/19		400.00		5.00%(Q)	iTraxx.XO. 30.V1(Q)	EUR	198,500		(1,474,105	)

See Notes to Financial Statements.

PGIM Total Return Bond Fund 117

Schedule of Investments (continued)

as of October 31, 2018

Options Written (continued):

OTC Swaptions

Description

Call/Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

iTraxx.XO.30.V1, 12/20/23

Put

Citibank NA

03/20/19

400.00

5.00%(Q)

iTraxx.XO. 30.V1(Q)

EUR

200,000

$

(1,485,245

)

Total OTC Swaptions (premiums received $11,927,220)

$

(15,267,275

)

Total Options Written (premiums received $16,966,955)

$

(19,712,960

)

Futures contracts outstanding at October 31, 2018:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	6,840	90 Day Euro Dollar		Dec. 2020	$	1,655,194,500	$	(4,562,027	)
	124,897	5 Year U.S. Treasury Notes		Dec. 2018		14,036,276,133		(106,192,928	)
	89,291	10 Year U.S. Treasury Notes		Dec. 2018		10,575,402,812		(73,059,129	)
	8,520	20 Year U.S. Treasury Bonds		Dec. 2018		1,176,825,000		(19,766,756	)
	20,286	30 Year U.S. Ultra Treasury Bonds		Dec. 2018		3,027,051,562		(206,112,352	)
								(409,693,192	)
		Short Positions:
	6,840	90 Day Euro Dollar		Dec. 2021		1,655,793,000		3,103,648
	33,519	2 Year U.S. Treasury Notes		Dec. 2018		7,060,986,844		8,762,705
	2,283	5 Year Euro-Bobl		Dec. 2018		339,880,982		266,300
	530	10 Year Euro-Bund		Dec. 2018		96,204,284		(840,911	)
	2,969	Euro Schatz. DUA Index		Dec. 2018		376,551,751		(36,352	)
								11,255,390
							$	(398,437,802	)

Forward foreign currency exchange contracts outstanding at October 31, 2018:

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/18/19	Morgan Stanley	AUD	31,644	$	22,516,001	$	22,430,938	$	—	$	(85,063	)
Expiring 01/18/19	Toronto Dominion	AUD	38,598		27,561,000		27,359,999		—		(201,001	)
Expiring 01/18/19	Toronto Dominion	AUD	31,894		22,780,000		22,608,072		—		(171,928	)

See Notes to Financial Statements.

118

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 01/18/19	Toronto Dominion	AUD	20,233	$	14,423,000	$	14,342,157	$	—	$	(80,843	)
Expiring 01/18/19	Toronto Dominion	AUD	10,376		7,362,000		7,355,156		—		(6,844	)
Brazilian Real,
Expiring 12/04/18	Barclays Bank PLC	BRL	32,174		8,717,000		8,617,137		—		(99,863	)
Expiring 12/04/18	JPMorgan Chase	BRL	50,505		13,562,000		13,526,497		—		(35,503	)
Expiring 12/14/18	Citibank NA	BRL	55,403		13,221,000		14,827,054		1,606,054		—
Expiring 02/25/19	Citibank NA	BRL	112,709		33,365,601		29,985,960		—		(3,379,641	)
British Pound,
Expiring 01/25/19	Toronto Dominion	GBP	15,291		19,674,001		19,637,543		—		(36,458	)
Expiring 01/25/19	Toronto Dominion	GBP	13,041		16,739,000		16,748,112		9,112		—
Expiring 01/25/19	Toronto Dominion	GBP	6,203		8,048,000		7,966,643		—		(81,357	)
Canadian Dollar,
Expiring 01/18/19	Citibank NA	CAD	60,030		46,090,700		45,676,406		—		(414,294	)
Expiring 01/18/19	Goldman Sachs International	CAD	74,015		56,584,300		56,317,435		—		(266,865	)
Expiring 01/18/19	Morgan Stanley	CAD	52,047		39,986,389		39,602,624		—		(383,765	)
Expiring 01/18/19	Toronto Dominion	CAD	27,811		21,260,000		21,161,302		—		(98,698	)
Expiring 01/18/19	Toronto Dominion	CAD	26,969		20,600,000		20,520,730		—		(79,270	)
Expiring 01/18/19	Toronto Dominion	CAD	24,105		18,447,000		18,341,121		—		(105,879	)
Expiring 01/18/19	Toronto Dominion	CAD	19,732		15,096,000		15,014,087		—		(81,913	)
Expiring 01/18/19	Toronto Dominion	CAD	16,831		12,838,000		12,806,778		—		(31,222	)
Chilean Peso,
Expiring 12/19/18	JPMorgan Chase	CLP	17,510,994		26,221,050		25,178,656		—		(1,042,394	)

See Notes to Financial Statements.

PGIM Total Return Bond Fund 119

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 12/19/18	Morgan Stanley	CLP	11,218,803	$	16,082,000	$	16,131,259	$	49,259	$	—
Expiring 12/19/18	Morgan Stanley	CLP	5,392,076		8,012,000		7,753,142		—		(258,858	)
Expiring 12/19/18	Morgan Stanley	CLP	5,225,611		7,911,000		7,513,786		—		(397,214	)
Expiring 12/19/18	Morgan Stanley	CLP	3,645,680		5,473,172		5,242,039		—		(231,133	)
Expiring 12/19/18	UBS AG	CLP	14,908,437		21,685,000		21,436,499		—		(248,501	)
Expiring 12/19/18	UBS AG	CLP	11,795,933		17,643,000		16,961,101		—		(681,899	)
Colombian Peso,
Expiring 12/14/18	Citibank NA	COP	75,399,407		23,868,125		23,374,344		—		(493,781	)
Expiring 12/14/18	JPMorgan Chase	COP	71,209,904		22,257,477		22,075,569		—		(181,908	)
Czech Koruna,
Expiring 01/25/19	JPMorgan Chase	CZK	195,981		8,780,000		8,627,769		—		(152,231	)
Expiring 01/25/19	UBS AG	CZK	463,442		20,754,000		20,402,308		—		(351,692	)
Euro,
Expiring 01/25/19	Toronto Dominion	EUR	13,164		15,000,000		15,033,929		33,929		—
Expiring 02/25/19	Citibank NA	EUR	6,575		7,788,745		7,529,422		—		(259,323	)
Indian Rupee,
Expiring 01/11/19	Citibank NA	INR	8,557,212		113,868,421		114,722,124		853,703		—
Expiring 01/11/19	Citibank NA	INR	1,281,206		17,133,000		17,176,464		43,464		—
Expiring 01/11/19	Goldman Sachs International	INR	2,852,404		38,077,746		38,240,708		162,962		—
Expiring 01/11/19	Goldman Sachs International	INR	2,728,699		36,629,291		36,582,260		—		(47,031	)
Expiring 01/11/19	JPMorgan Chase	INR	10,611,730		142,458,447		142,265,985		—		(192,462	)
Indonesian Rupiah,
Expiring 12/14/18	Citibank NA	IDR	303,864,153		19,797,000		19,869,677		72,677		—
Expiring 12/19/18	Barclays Bank PLC	IDR	1,895,231,450		124,315,786		123,836,318		—		(479,468	)

See Notes to Financial Statements.

120

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 12/19/18	Barclays Bank PLC	IDR	1,338,521,683	$	88,432,986	$	87,460,345	$	—	$	(972,641	)
Expiring 12/19/18	Barclays Bank PLC	IDR	370,930,298		24,209,000		24,236,957		27,957		—
Expiring 12/19/18	Barclays Bank PLC	IDR	264,485,903		17,273,000		17,281,773		8,773		—
Expiring 12/19/18	Citibank NA	IDR	196,480,141		12,841,000		12,838,209		—		(2,791	)
Expiring 12/19/18	JPMorgan Chase	IDR	1,102,767,635		72,626,473		72,055,940		—		(570,533	)
Expiring 12/19/18	JPMorgan Chase	IDR	251,860,738		16,510,045		16,456,832		—		(53,213	)
Expiring 12/19/18	Morgan Stanley	IDR	340,625,100		21,990,000		22,256,785		266,785		—
Expiring 12/19/18	Morgan Stanley	IDR	140,499,720		9,171,000		9,180,392		9,392		—
Expiring 12/19/18	UBS AG	IDR	187,388,168		12,254,000		12,244,130		—		(9,870	)
Israeli Shekel,
Expiring 01/28/19	Barclays Bank PLC	ILS	26,140		7,080,100		7,079,159		—		(941	)
Japanese Yen,
Expiring 01/25/19	Toronto Dominion	JPY	4,024,331		36,043,000		35,947,040		—		(95,960	)
Expiring 01/25/19	Toronto Dominion	JPY	1,405,818		12,561,000		12,557,364		—		(3,636	)
Mexican Peso,
Expiring 12/19/18	Deutsche Bank AG	MXN	169,409		8,823,000		8,270,630		—		(552,370	)
Expiring 12/19/18	JPMorgan Chase	MXN	167,517		8,773,000		8,178,252		—		(594,748	)
Expiring 12/19/18	UBS AG	MXN	166,044		8,633,000		8,106,353		—		(526,647	)
Expiring 01/29/19	UBS AG	MXN	430,334		21,772,000		20,866,472		—		(905,528	)
Expiring 01/29/19	UBS AG	MXN	392,178		19,828,000		19,016,305		—		(811,695	)
New Taiwanese Dollar,
Expiring 01/11/19	Citibank NA	TWD	946,175		30,810,000		30,764,297		—		(45,703	)
Expiring 01/11/19	JPMorgan Chase	TWD	975,754		31,768,000		31,726,040		—		(41,960	)
Expiring 01/11/19	JPMorgan Chase	TWD	954,160		30,855,000		31,023,921		168,921		—
Expiring 01/11/19	Morgan Stanley	TWD	1,177,495		38,098,000		38,285,516		187,516		—

See Notes to Financial Statements.

PGIM Total Return Bond Fund 121

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Zealand Dollar,
Expiring 01/18/19	Hong Kong & Shanghai Bank	NZD	16,129	$	10,506,133	$	10,534,718	$	28,585	$	—
Expiring 01/18/19	Toronto Dominion	NZD	31,342		20,596,000		20,471,489		—		(124,511	)
Expiring 01/18/19	Toronto Dominion	NZD	22,708		14,987,000		14,832,071		—		(154,929	)
Expiring 01/18/19	Toronto Dominion	NZD	19,338		12,766,000		12,630,624		—		(135,376	)
Expiring 01/18/19	Toronto Dominion	NZD	15,827		10,411,000		10,337,584		—		(73,416	)
Expiring 01/18/19	Toronto Dominion	NZD	15,425		10,049,000		10,075,274		26,274		—
Norwegian Krone,
Expiring 01/25/19	Bank of America	NOK	549,885		66,917,123		65,506,865		—		(1,410,258	)
Peruvian Nuevo Sol,
Expiring 12/19/18	Barclays Bank PLC	PEN	37,279		11,168,000		11,035,651		—		(132,349	)
Expiring 12/19/18	BNP Paribas	PEN	318,364		96,255,122		94,245,346		—		(2,009,776	)
Expiring 12/19/18	BNP Paribas	PEN	273,997		82,032,430		81,111,280		—		(921,150	)
Expiring 12/19/18	BNP Paribas	PEN	45,292		13,526,000		13,407,750		—		(118,250	)
Expiring 12/19/18	Citibank NA	PEN	182,594		54,841,211		54,053,307		—		(787,904	)
Expiring 12/19/18	JPMorgan Chase	PEN	93,454		28,156,375		27,665,167		—		(491,208	)
Expiring 12/19/18	JPMorgan Chase	PEN	93,106		28,093,174		27,562,318		—		(530,856	)
Expiring 12/19/18	JPMorgan Chase	PEN	45,230		13,489,000		13,389,442		—		(99,558	)
Philippine Peso,
Expiring 12/14/18	Barclays Bank PLC	PHP	2,122,235		38,867,000		39,545,553		678,553		—
Expiring 12/14/18	Barclays Bank PLC	PHP	1,647,108		30,200,000		30,692,070		492,070		—
Expiring 12/14/18	Barclays Bank PLC	PHP	1,501,379		27,571,000		27,976,565		405,565		—

See Notes to Financial Statements.

122

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 12/14/18	Barclays Bank PLC	PHP	1,496,530	$	27,414,000	$	27,886,218	$	472,218	$	—
Expiring 12/14/18	Barclays Bank PLC	PHP	1,432,141		26,176,000		26,686,399		510,399		—
Expiring 12/14/18	Citibank NA	PHP	1,214,026		22,399,000		22,622,054		223,054		—
Expiring 12/14/18	Citibank NA	PHP	1,149,844		21,071,000		21,426,104		355,104		—
Expiring 12/14/18	JPMorgan Chase	PHP	1,929,435		35,526,000		35,952,924		426,924		—
Expiring 12/14/18	JPMorgan Chase	PHP	1,572,534		29,121,000		29,302,465		181,465		—
Expiring 12/14/18	JPMorgan Chase	PHP	1,185,015		21,622,000		22,081,475		459,475		—
Expiring 12/14/18	JPMorgan Chase	PHP	378,240		7,080,100		7,048,095		—		(32,005	)
Expiring 12/14/18	Morgan Stanley	PHP	1,969,792		35,932,000		36,704,941		772,941		—
Expiring 12/14/18	Morgan Stanley	PHP	1,619,801		29,824,000		30,183,236		359,236		—
Expiring 12/14/18	Morgan Stanley	PHP	1,567,156		28,771,000		29,202,259		431,259		—
Polish Zloty,
Expiring 01/25/19	JPMorgan Chase	PLN	36,668		9,725,000		9,580,939		—		(144,061	)
Expiring 01/25/19	Toronto Dominion	PLN	30,600		8,207,000		7,995,416		—		(211,584	)
Russian Ruble,
Expiring 12/19/18	Barclays Bank PLC	RUB	1,362,089		20,287,000		20,548,946		261,946		—
Expiring 12/19/18	Barclays Bank PLC	RUB	847,039		12,924,000		12,778,719		—		(145,281	)
Expiring 12/19/18	Barclays Bank PLC	RUB	841,273		12,754,000		12,691,731		—		(62,269	)
Expiring 12/19/18	Barclays Bank PLC	RUB	616,659		9,353,000		9,303,131		—		(49,869	)
Expiring 12/19/18	Barclays Bank PLC	RUB	588,783		8,896,000		8,882,576		—		(13,424	)
Singapore Dollar,
Expiring 11/09/18	Bank of America	SGD	22,093		16,234,000		15,953,219		—		(280,781	)

See Notes to Financial Statements.

PGIM Total Return Bond Fund 123

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 11/09/18	Bank of America	SGD	12,741	$	9,269,000	$	9,200,371	$	—	$	(68,629	)
Expiring 11/09/18	Citibank NA	SGD	22,705		16,592,000		16,394,523		—		(197,477	)
Expiring 11/09/18	Citibank NA	SGD	17,608		12,860,000		12,714,323		—		(145,677	)
Expiring 11/09/18	Citibank NA	SGD	14,674		10,645,000		10,596,053		—		(48,947	)
Expiring 11/09/18	Citibank NA	SGD	14,290		10,465,000		10,318,177		—		(146,823	)
Expiring 11/09/18	Deutsche Bank AG	SGD	52,659		38,440,000		38,024,290		—		(415,710	)
Expiring 11/09/18	Deutsche Bank AG	SGD	29,758		21,801,000		21,487,987		—		(313,013	)
Expiring 11/09/18	Deutsche Bank AG	SGD	13,164		9,550,000		9,505,350		—		(44,650	)
Expiring 11/09/18	Goldman Sachs International	SGD	12,741		9,267,001		9,200,046		—		(66,955	)
Expiring 11/09/18	JPMorgan Chase	SGD	21,363		15,699,000		15,425,817		—		(273,183	)
Expiring 11/09/18	JPMorgan Chase	SGD	21,235		15,605,000		15,333,633		—		(271,367	)
Expiring 11/09/18	JPMorgan Chase	SGD	13,250		9,683,000		9,567,257		—		(115,743	)
Expiring 11/09/18	Morgan Stanley	SGD	17,776		12,986,000		12,835,426		—		(150,574	)
Expiring 11/09/18	Morgan Stanley	SGD	13,419		9,844,000		9,689,704		—		(154,296	)
Expiring 11/09/18	UBS AG	SGD	22,978		16,846,000		16,591,783		—		(254,217	)
Expiring 11/09/18	UBS AG	SGD	19,727		14,450,000		14,244,461		—		(205,539	)
Expiring 11/09/18	UBS AG	SGD	13,807		10,131,000		9,969,726		—		(161,274	)
South African Rand,
Expiring 12/07/18	Deutsche Bank AG	ZAR	123,096		8,379,000		8,305,200		—		(73,800	)
Expiring 12/07/18	JPMorgan Chase	ZAR	159,797		10,969,000		10,781,420		—		(187,580	)
Expiring 12/07/18	JPMorgan Chase	ZAR	131,266		9,016,000		8,856,410		—		(159,590	)
Expiring 12/07/18	Morgan Stanley	ZAR	147,809		9,864,000		9,972,550		108,550		—

See Notes to Financial Statements.

124

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 12/07/18	Toronto Dominion	ZAR	143,357	$	9,533,000	$	9,672,222	$	139,222	$	—
Expiring 12/07/18	UBS AG	ZAR	308,488		21,607,000		20,813,452		—		(793,548	)
Expiring 12/07/18	UBS AG	ZAR	227,399		15,836,000		15,342,429		—		(493,571	)
Expiring 12/07/18	UBS AG	ZAR	168,037		11,692,000		11,337,342		—		(354,658	)
Expiring 12/07/18	UBS AG	ZAR	132,936		9,224,000		8,969,097		—		(254,903	)
South Korean Won,
Expiring 01/16/19	JPMorgan Chase	KRW	43,650,580		38,687,034		38,411,769		—		(275,265	)
Swiss Franc,
Expiring 01/25/19	Goldman Sachs International	CHF	16,800		17,012,000		16,836,499		—		(175,501	)
Expiring 01/25/19	Toronto Dominion	CHF	11,821		11,990,000		11,846,313		—		(143,687	)
Thai Baht,
Expiring 11/09/18	Citibank NA	THB	1,572,563		48,712,557		47,447,898		—		(1,264,659	)
Expiring 11/09/18	Citibank NA	THB	859,957		26,375,000		25,946,905		—		(428,095	)
Expiring 11/09/18	Citibank NA	THB	818,342		25,329,000		24,691,287		—		(637,713	)
Expiring 11/09/18	Citibank NA	THB	745,922		22,794,000		22,506,215		—		(287,785	)
Expiring 11/09/18	Citibank NA	THB	695,224		20,996,000		20,976,523		—		(19,477	)
Expiring 11/09/18	Citibank NA	THB	668,443		20,608,000		20,168,489		—		(439,511	)
Expiring 11/09/18	Citibank NA	THB	663,482		20,285,000		20,018,793		—		(266,207	)
Expiring 11/09/18	Citibank NA	THB	578,498		17,888,000		17,454,632		—		(433,368	)
Expiring 11/09/18	Citibank NA	THB	536,829		16,497,000		16,197,380		—		(299,620	)
Expiring 11/09/18	Citibank NA	THB	526,095		16,090,000		15,873,505		—		(216,495	)
Expiring 11/09/18	Citibank NA	THB	475,731		14,535,000		14,353,901		—		(181,099	)
Expiring 11/09/18	Citibank NA	THB	432,589		13,081,000		13,052,209		—		(28,791	)
Expiring 11/09/18	Citibank NA	THB	420,159		13,029,000		12,677,183		—		(351,817	)

See Notes to Financial Statements.

PGIM Total Return Bond Fund 125

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 11/09/18	Citibank NA	THB	405,378	$	12,589,000	$	12,231,212	$	—	$	(357,788	)
Expiring 11/09/18	Citibank NA	THB	404,848		12,297,000		12,215,208		—		(81,792	)
Expiring 11/09/18	Citibank NA	THB	377,562		11,548,000		11,391,922		—		(156,078	)
Expiring 11/09/18	Citibank NA	THB	370,263		11,215,000		11,171,705		—		(43,295	)
Expiring 11/09/18	Deutsche Bank AG	THB	817,331		25,168,000		24,660,777		—		(507,223	)
Turkish Lira,
Expiring 12/07/18	Barclays Bank PLC	TRY	86,576		13,240,000		15,131,879		1,891,879		—
Expiring 12/07/18	Barclays Bank PLC	TRY	71,366		12,362,000		12,473,371		111,371		—
Expiring 12/07/18	Barclays Bank PLC	TRY	59,055		9,249,000		10,321,652		1,072,652		—
Expiring 12/07/18	BNP Paribas	TRY	46,655		8,030,000		8,154,436		124,436		—
Expiring 12/07/18	Deutsche Bank AG	TRY	58,087		9,372,000		10,152,532		780,532		—
Expiring 12/07/18	JPMorgan Chase	TRY	152,477		24,389,111		26,650,051		2,260,940		—
Expiring 12/07/18	JPMorgan Chase	TRY	58,796		9,916,001		10,276,413		360,412		—
Expiring 12/07/18	Morgan Stanley	TRY	94,037		14,570,000		16,435,828		1,865,828		—
Expiring 12/07/18	Morgan Stanley	TRY	65,942		10,767,000		11,525,390		758,390		—
Expiring 12/07/18	Toronto Dominion	TRY	71,115		11,173,000		12,429,516		1,256,516		—
Expiring 12/07/18	UBS AG	TRY	76,883		13,201,000		13,437,601		236,601		—
				$	3,519,973,228	$	3,504,803,786		20,552,901		(35,722,343	)

See Notes to Financial Statements.

126

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/18/19	Bank of America	AUD	34,133	$	24,173,459	$	24,195,352	$	—	$	(21,893	)
Expiring 01/18/19	Hong Kong & Shanghai Bank	AUD	70,529		50,159,386		49,994,679		164,707		—
Expiring 01/18/19	Morgan Stanley	AUD	21,262		15,063,000		15,071,783		—		(8,783	)
Expiring 01/18/19	Toronto Dominion	AUD	24,760		17,491,000		17,551,177		—		(60,177	)
Expiring 01/18/19	Toronto Dominion	AUD	13,962		9,885,000		9,897,265		—		(12,265	)
Brazilian Real,
Expiring 12/04/18	Barclays Bank PLC	BRL	42,118		11,326,000		11,280,273		45,727		—
Expiring 12/04/18	Citibank NA	BRL	47,441		12,584,000		12,705,889		—		(121,889	)
Expiring 12/04/18	Goldman Sachs International	BRL	61,884		16,635,362		16,573,992		61,370		—
Expiring 12/04/18	Goldman Sachs International	BRL	48,701		11,990,394		13,043,472		—		(1,053,078	)
Expiring 12/04/18	JPMorgan Chase	BRL	111,134		29,754,724		29,764,490		—		(9,766	)
Expiring 12/04/18	JPMorgan Chase	BRL	53,281		14,215,810		14,269,972		—		(54,162	)
Expiring 12/04/18	UBS AG	BRL	34,229		9,104,000		9,167,458		—		(63,458	)
Expiring 02/25/19	Citibank NA	BRL	30,603		7,787,823		8,141,856		—		(354,033	)
British Pound,
Expiring 01/25/19	Goldman Sachs International	GBP	241,853		314,201,467		310,606,742		3,594,725		—
Canadian Dollar,
Expiring 01/18/19	Goldman Sachs International	CAD	62,632		48,250,905		47,656,203		594,702		—
Expiring 01/18/19	Toronto Dominion	CAD	20,032		15,462,000		15,241,898		220,102		—
Expiring 01/18/19	Toronto Dominion	CAD	9,929		7,651,000		7,555,081		95,919		—
Chilean Peso,
Expiring 12/19/18	Barclays Bank PLC	CLP	7,699,600		11,379,000		11,071,078		307,922		—

See Notes to Financial Statements.

PGIM Total Return Bond Fund 127

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Chilean Peso (cont’d.),
Expiring 12/19/18	Barclays Bank PLC	CLP	7,684,296	$	11,248,000	$	11,049,073	$	198,927	$	—
Expiring 12/19/18	Barclays Bank PLC	CLP	6,450,112		9,460,000		9,274,467		185,533		—
Expiring 12/19/18	BNP Paribas	CLP	130,124,567		193,401,753		187,103,123		6,298,630		—
Chinese Renminbi,
Expiring 01/28/19	Deutsche Bank AG	CNH	337,500		48,366,000		48,160,962		205,038		—
Expiring 01/28/19	Deutsche Bank AG	CNH	149,700		21,468,000		21,362,041		105,959		—
Expiring 01/28/19	Morgan Stanley	CNH	2,120,684		304,049,402		302,619,737		1,429,665		—
Colombian Peso,
Expiring 12/14/18	Barclays Bank PLC	COP	28,085,486		9,301,000		8,706,697		594,303		—
Expiring 12/14/18	Barclays Bank PLC	COP	25,570,295		8,500,000		7,926,970		573,030		—
Expiring 12/14/18	Citibank NA	COP	22,562,082		7,426,000		6,994,403		431,597		—
Expiring 12/14/18	Goldman Sachs International	COP	243,393,482		78,658,657		75,453,683		3,204,974		—
Expiring 12/14/18	Morgan Stanley	COP	48,341,795		15,725,000		14,986,295		738,705		—
Expiring 12/14/18	Morgan Stanley	COP	39,243,212		13,096,000		12,165,670		930,330		—
Expiring 12/14/18	Morgan Stanley	COP	25,582,420		8,471,000		7,930,729		540,271		—
Czech Koruna,
Expiring 01/25/19	Citibank NA	CZK	2,331,710		103,636,152		102,649,869		986,283		—
Expiring 01/25/19	Deutsche Bank AG	CZK	2,331,710		104,257,089		102,649,870		1,607,219		—
Expiring 01/25/19	Goldman Sachs International	CZK	189,681		8,347,000		8,350,423		—		(3,423	)
Euro,
Expiring 12/19/18	Barclays Bank PLC	EUR	1,552,564		1,776,551,927		1,766,542,637		10,009,290		—
Expiring 12/19/18	Toronto Dominion	EUR	1,552,564		1,775,151,514		1,766,542,636		8,608,878		—
Expiring 01/25/19	Toronto Dominion	EUR	14,128		16,181,000		16,134,569		46,431		—

See Notes to Financial Statements.

128

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 01/25/19	Toronto Dominion	EUR	9,922	$	11,329,000	$	11,331,822	$	—	$	(2,822	)
Expiring 01/25/19	Toronto Dominion	EUR	9,259		10,697,000		10,574,816		122,184		—
Expiring 01/25/19	Toronto Dominion	EUR	9,232		10,599,000		10,543,786		55,214		—
Expiring 01/25/19	Toronto Dominion	EUR	8,813		10,101,000		10,065,327		35,673		—
Expiring 01/25/19	UBS AG	EUR	6,188		7,081,500		7,066,591		14,909		—
Expiring 02/25/19	Citibank NA	EUR	26,300		33,365,442		30,117,688		3,247,754		—
Hungarian Forint,
Expiring 01/25/19	JPMorgan Chase	HUF	23,630,540		85,201,153		83,066,664		2,134,489		—
Expiring 01/25/19	Toronto Dominion	HUF	32,144,695		115,259,817		112,995,836		2,263,981		—
Expiring 01/25/19	Toronto Dominion	HUF	15,832,462		56,865,471		55,654,665		1,210,806		—
Expiring 01/25/19	UBS AG	HUF	3,057,951		10,805,000		10,749,386		55,614		—
Indian Rupee,
Expiring 01/11/19	Barclays Bank PLC	INR	972,746		13,064,000		13,041,096		22,904		—
Expiring 01/11/19	JPMorgan Chase	INR	2,195,311		29,588,000		29,431,405		156,595		—
Expiring 01/11/19	JPMorgan Chase	INR	1,729,371		23,145,000		23,184,788		—		(39,788	)
Expiring 01/11/19	JPMorgan Chase	INR	1,170,918		15,804,000		15,697,898		106,102		—
Expiring 01/11/19	JPMorgan Chase	INR	591,602		7,994,000		7,931,308		62,692		—
Expiring 01/11/19	JPMorgan Chase	INR	529,018		7,080,100		7,092,271		—		(12,171	)
Expiring 01/11/19	Morgan Stanley	INR	1,138,985		15,384,000		15,269,787		114,213		—
Indonesian Rupiah,
Expiring 12/19/18	Barclays Bank PLC	IDR	605,097,149		39,429,000		39,537,653		—		(108,653	)
Expiring 12/19/18	Barclays Bank PLC	IDR	591,748,997		39,177,000		38,665,471		511,529		—
Expiring 12/19/18	Barclays Bank PLC	IDR	565,012,918		37,234,000		36,918,509		315,491		—
Expiring 12/19/18	Barclays Bank PLC	IDR	374,755,208		24,278,000		24,486,880		—		(208,880	)

See Notes to Financial Statements.

PGIM Total Return Bond Fund 129

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 12/19/18	Barclays Bank PLC	IDR	316,037,213	$	20,587,000	$	20,650,188	$	—	$	(63,188	)
Expiring 12/19/18	Barclays Bank PLC	IDR	171,540,192		11,184,000		11,208,608		—		(24,608	)
Expiring 12/19/18	Citibank NA	IDR	153,978,735		10,041,000		10,061,125		—		(20,125	)
Expiring 12/19/18	JPMorgan Chase	IDR	713,162,954		47,096,000		46,598,780		497,220		—
Expiring 12/19/18	JPMorgan Chase	IDR	677,044,506		44,944,000		44,238,765		705,235		—
Expiring 12/19/18	JPMorgan Chase	IDR	645,137,586		42,474,000		42,153,935		320,065		—
Expiring 12/19/18	JPMorgan Chase	IDR	639,781,864		42,359,000		41,803,986		555,014		—
Expiring 12/19/18	JPMorgan Chase	IDR	448,356,894		29,807,000		29,296,088		510,912		—
Expiring 12/19/18	JPMorgan Chase	IDR	335,461,750		22,150,000		21,919,406		230,594		—
Expiring 12/19/18	JPMorgan Chase	IDR	275,509,815		17,931,000		18,002,087		—		(71,087	)
Expiring 12/19/18	JPMorgan Chase	IDR	263,748,282		17,171,481		17,233,576		—		(62,095	)
Expiring 12/19/18	JPMorgan Chase	IDR	232,802,740		15,100,000		15,211,564		—		(111,564	)
Expiring 12/19/18	JPMorgan Chase	IDR	175,668,150		11,629,801		11,478,332		151,469		—
Expiring 12/19/18	Morgan Stanley	IDR	368,377,640		24,291,305		24,070,163		221,142		—
Israeli Shekel,
Expiring 01/28/19	Citibank NA	ILS	306,323		83,637,649		82,958,335		679,314		—
Mexican Peso,
Expiring 12/19/18	Citibank NA	MXN	170,984		8,697,000		8,347,533		349,467		—
Expiring 12/19/18	Citibank NA	MXN	68,133		3,535,000		3,326,282		208,718		—
Expiring 12/19/18	JPMorgan Chase	MXN	217,436		11,324,214		10,615,359		708,855		—
Expiring 12/19/18	JPMorgan Chase	MXN	192,599		10,071,000		9,402,797		668,203		—
Expiring 12/19/18	UBS AG	MXN	1,952,591		103,079,922		95,326,609		7,753,313		—
Expiring 01/29/19	UBS AG	MXN	386,791		19,767,000		18,755,083		1,011,917		—
New Taiwanese Dollar,
Expiring 01/11/19	JPMorgan Chase	TWD	635,363		20,630,000		20,658,425		—		(28,425	)

See Notes to Financial Statements.

130

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
New Taiwanese Dollar (cont’d.),
Expiring 01/11/19	JPMorgan Chase	TWD	305,492	$	9,925,000	$	9,932,867	$	—	$	(7,867	)
Expiring 01/11/19	Morgan Stanley	TWD	539,225		17,513,000		17,532,575		—		(19,575	)
Expiring 01/11/19	UBS AG	TWD	1,814,253		59,620,548		58,989,320		631,228		—
New Zealand Dollar,
Expiring 01/18/19	Toronto Dominion	NZD	28,909		18,916,000		18,882,619		33,381		—
Expiring 01/18/19	Toronto Dominion	NZD	21,808		14,220,000		14,244,105		—		(24,105	)
Expiring 01/18/19	Toronto Dominion	NZD	13,591		8,881,000		8,877,104		3,896		—
Norwegian Krone,
Expiring 01/25/19	Toronto Dominion	NOK	86,604		10,481,000		10,316,937		164,063		—
Peruvian Nuevo Sol,
Expiring 12/19/18	Barclays Bank PLC	PEN	32,780		9,713,000		9,703,994		9,006		—
Expiring 12/19/18	JPMorgan Chase	PEN	71,201		21,396,000		21,077,519		318,481		—
Expiring 12/19/18	JPMorgan Chase	PEN	52,734		15,815,000		15,610,726		204,274		—
Expiring 12/19/18	JPMorgan Chase	PEN	37,383		11,250,000		11,066,391		183,609		—
Expiring 12/19/18	JPMorgan Chase	PEN	33,345		10,043,000		9,871,063		171,937		—
Expiring 12/19/18	Morgan Stanley	PEN	47,218		14,233,000		13,977,954		255,046		—
Philippine Peso,
Expiring 12/14/18	Barclays Bank PLC	PHP	1,538,497		28,385,550		28,668,219		—		(282,669	)
Expiring 12/14/18	Barclays Bank PLC	PHP	424,754		7,887,000		7,914,837		—		(27,837	)
Expiring 12/14/18	Citibank NA	PHP	1,456,679		26,706,000		27,143,628		—		(437,628	)
Expiring 12/14/18	Citibank NA	PHP	798,349		14,746,000		14,876,357		—		(130,357	)
Expiring 12/14/18	JPMorgan Chase	PHP	1,518,426		28,088,000		28,294,222		—		(206,222	)
Expiring 12/14/18	JPMorgan Chase	PHP	1,457,810		26,974,000		27,164,704		—		(190,704	)
Expiring 12/14/18	JPMorgan Chase	PHP	1,420,035		25,959,000		26,460,815		—		(501,815	)

See Notes to Financial Statements.

PGIM Total Return Bond Fund 131

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 12/14/18	JPMorgan Chase	PHP	823,623	$	15,327,500	$	15,347,325	$	—	$	(19,825	)
Expiring 12/14/18	JPMorgan Chase	PHP	565,342		10,479,000		10,534,536		—		(55,536	)
Expiring 12/14/18	Morgan Stanley	PHP	1,975,062		36,183,242		36,803,142		—		(619,900	)
Polish Zloty,
Expiring 01/25/19	Goldman Sachs International	PLN	700,675		187,722,700		183,079,435		4,643,265		—
Russian Ruble,
Expiring 12/19/18	JPMorgan Chase	RUB	3,691,630		54,955,421		55,693,195		—		(737,774	)
Expiring 12/19/18	JPMorgan Chase	RUB	897,892		13,303,381		13,545,901		—		(242,520	)
Singapore Dollar,
Expiring 11/09/18	Citibank NA	SGD	50,328		36,826,432		36,340,766		485,666		—
Expiring 11/09/18	Citibank NA	SGD	39,278		28,780,006		28,362,010		417,996		—
Expiring 11/09/18	Deutsche Bank AG	SGD	35,087		25,470,000		25,335,636		134,364		—
Expiring 11/09/18	Deutsche Bank AG	SGD	25,659		18,520,000		18,528,146		—		(8,146	)
Expiring 11/09/18	Deutsche Bank AG	SGD	24,128		17,458,000		17,422,553		35,447		—
Expiring 11/09/18	Deutsche Bank AG	SGD	13,596		9,819,000		9,817,554		1,446		—
Expiring 11/09/18	Deutsche Bank AG	SGD	11,350		8,200,000		8,195,708		4,292		—
Expiring 11/09/18	Goldman Sachs International	SGD	17,329		12,610,000		12,512,965		97,035		—
Expiring 11/09/18	Goldman Sachs International	SGD	11,903		8,639,000		8,595,203		43,797		—
Expiring 11/09/18	JPMorgan Chase	SGD	27,553		20,108,000		19,895,667		212,333		—
Expiring 11/09/18	JPMorgan Chase	SGD	25,351		18,421,000		18,305,081		115,919		—
Expiring 11/09/18	JPMorgan Chase	SGD	17,245		12,483,000		12,452,354		30,646		—
Expiring 11/09/18	Morgan Stanley	SGD	33,588		24,651,100		24,253,111		397,989		—

See Notes to Financial Statements.

132

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 11/09/18	Toronto Dominion	SGD	12,465	$	9,056,000	$	9,000,817	$	55,183	$	—
Expiring 11/09/18	UBS AG	SGD	47,716		34,521,000		34,454,672		66,328		—
South African Rand,
Expiring 11/09/18	Citibank NA	ZAR	431,626		30,007,586		29,224,707		782,879		—
Expiring 12/07/18	Barclays Bank PLC	ZAR	1,098,940		71,862,791		74,144,740		—		(2,281,949	)
Expiring 12/07/18	Barclays Bank PLC	ZAR	1,098,940		71,862,791		74,144,740		—		(2,281,949	)
Expiring 12/07/18	Citibank NA	ZAR	348,170		24,391,072		23,490,815		900,257		—
Expiring 12/07/18	Citibank NA	ZAR	266,759		18,534,097		17,998,074		536,023		—
Expiring 12/07/18	Citibank NA	ZAR	217,725		15,000,000		14,689,756		310,244		—
Expiring 12/07/18	Citibank NA	ZAR	115,680		7,954,347		7,804,855		149,492		—
Expiring 12/07/18	Goldman Sachs International	ZAR	249,083		16,100,000		16,805,466		—		(705,466	)
Expiring 12/07/18	JPMorgan Chase	ZAR	325,035		20,875,000		21,929,904		—		(1,054,904	)
Expiring 12/07/18	JPMorgan Chase	ZAR	292,983		19,495,807		19,767,361		—		(271,554	)
Expiring 12/07/18	Toronto Dominion	ZAR	136,562		8,903,000		9,213,710		—		(310,710	)
South Korean Won,
Expiring 01/16/19	Barclays Bank PLC	KRW	55,938,383		49,241,101		49,224,826		16,275		—
Expiring 01/16/19	Barclays Bank PLC	KRW	27,374,338		24,389,111		24,088,952		300,159		—
Expiring 01/16/19	Barclays Bank PLC	KRW	10,575,955		9,309,000		9,306,661		2,339		—
Expiring 01/16/19	Goldman Sachs International	KRW	27,767,956		24,593,000		24,435,330		157,670		—
Expiring 01/16/19	JPMorgan Chase	KRW	14,968,663		13,161,000		13,172,169		—		(11,169	)
Expiring 01/16/19	JPMorgan Chase	KRW	14,295,714		12,539,000		12,579,985		—		(40,985	)
Expiring 01/16/19	JPMorgan Chase	KRW	12,274,790		10,944,000		10,801,607		142,393		—
Expiring 01/16/19	JPMorgan Chase	KRW	10,676,883		9,467,000		9,395,475		71,525		—
Expiring 01/16/19	JPMorgan Chase	KRW	9,463,216		8,357,000		8,327,469		29,531		—

See Notes to Financial Statements.

PGIM Total Return Bond Fund 133

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South Korean Won (cont’d.),
Expiring 01/16/19	Morgan Stanley	KRW	32,478,412	$	28,633,000	$	28,580,450	$	52,550	$	—
Expiring 01/16/19	Morgan Stanley	KRW	13,793,235		12,132,000		12,137,812		—		(5,812	)
Swedish Krona,
Expiring 01/25/19	Goldman Sachs International	SEK	618,537		69,373,863		68,181,085		1,192,778		—
Expiring 01/25/19	Toronto Dominion	SEK	106,960		11,799,000		11,790,099		8,901		—
Swiss Franc,
Expiring 01/25/19	BNP Paribas	CHF	193,860		196,143,048		194,282,532		1,860,516		—
Expiring 01/25/19	Toronto Dominion	CHF	193,860		196,331,760		194,282,532		2,049,228		—
Expiring 01/25/19	Toronto Dominion	CHF	21,218		21,392,000		21,263,735		128,265		—
Expiring 01/25/19	Toronto Dominion	CHF	12,641		12,676,000		12,668,786		7,214		—
Thai Baht,
Expiring 11/09/18	Citibank NA	THB	667,090		20,517,000		20,127,654		389,346		—
Expiring 11/09/18	Citibank NA	THB	555,182		16,739,000		16,751,149		—		(12,149	)
Expiring 11/09/18	Citibank NA	THB	431,086		13,010,000		13,006,881		3,119		—
Expiring 11/09/18	Citibank NA	THB	332,211		9,988,000		10,023,577		—		(35,577	)
Expiring 11/09/18	Citibank NA	THB	297,858		9,177,000		8,987,067		189,933		—
Expiring 11/09/18	Citibank NA	THB	283,535		8,517,000		8,554,918		—		(37,918	)
Expiring 11/09/18	Citibank NA	THB	262,355		7,962,000		7,915,864		46,136		—
Expiring 11/09/18	UBS AG	THB	710,872		21,357,779		21,448,676		—		(90,897	)
Turkish Lira,
Expiring 12/07/18	JPMorgan Chase	TRY	165,033		28,363,500		28,844,591		—		(481,091	)
				$	8,496,783,212	$	8,425,608,930		84,825,225		(13,650,943	)
								$	105,378,126	$	(49,373,286	)

See Notes to Financial Statements.

134

Cross currency exchange contracts outstanding at October 31, 2018:

Settlement

Type

Notional Amount (000)

In Exchange For (000)

Unrealized Appreciation

Unrealized Depreciation

Counterparty

OTC Cross Currency Exchange Contract:

01/25/19

Buy

CHF

26,340

EUR

23,123

$

—

$

(11,131

)

Toronto Dominion

Credit default swap agreements outstanding at October 31, 2018:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1)*:
Federation of Malaysia		12/20/21		1.000%(Q)		4,000	$	(44,860	)	$	6,333	$	(51,193	)	Deutsche Bank AG
Federation of Russia		12/20/21		1.000%(Q)		11,000		24,348			17,417		6,931		Deutsche Bank AG
People’s Republic of China		12/20/21		1.000%(Q)		9,000		(168,738	)		14,250		(182,988	)	Deutsche Bank AG
Republic of Argentina		12/20/21		1.000%(Q)		3,000		393,035			4,667		388,368		Deutsche Bank AG
Republic of Brazil		12/20/21		1.000%(Q)		15,000		180,852			23,750		157,102		Deutsche Bank AG
Republic of Chile		12/20/21		1.000%(Q)		3,000		(66,680	)		4,750		(71,430	)	Deutsche Bank AG
Republic of Colombia		12/20/21		1.000%(Q)		3,000		(20,549	)		4,750		(25,299	)	Deutsche Bank AG
Republic of Indonesia		12/20/21		1.000%(Q)		4,000		(563	)		6,333		(6,896	)	Deutsche Bank AG
Republic of Mexico		12/20/21		1.000%(Q)		11,000		(17,111	)		17,417		(34,528	)	Deutsche Bank AG
Republic of Panama		12/20/21		1.000%(Q)		3,000		(60,728	)		4,750		(65,478	)	Deutsche Bank AG
Republic of Peru		12/20/21		1.000%(Q)		3,000		(52,246	)		4,750		(56,996	)	Deutsche Bank AG
Republic of Philippines		12/20/21		1.000%(Q)		3,000		(40,095	)		4,750		(44,845	)	Deutsche Bank AG
Republic of South Africa		12/20/21		1.000%(Q)		10,000		247,957			15,833		232,124		Deutsche Bank AG
Republic of Turkey		12/20/21		1.000%(Q)		15,000		1,058,613			23,750		1,034,863		Deutsche Bank AG
							$	1,433,235		$	153,500	$	1,279,735

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)*:
CDX.EM.26.V1		12/20/21		1.000%(Q)		97,000		1.526	%	$	(1,382,376	)	$	(299,083	)	$	(1,083,293	)	Deutsche Bank AG

* The Fund entered into multiple credit default swap agreements in a package trade consisting of two parts. The fund sold protection on an Emerging Market CDX Index and bought protection on the countries which comprise the index. The up-front premium is attached to the index of the trade. Each swap is priced individually. If the packaged deal is closed out early, all of the component swaps terminate.

See Notes to Financial Statements.

PGIM Total Return Bond Fund 135

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:
Banc of America Commercial Mortgage Trust		11/29/18		1.250%(M)		678		6.794	%	$	752	$	—	$	752	Goldman Sachs International
Banc of America Commercial Mortgage Trust		11/29/18		1.250%(M)		377		6.780	%		418		—		418	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		11/30/18		1.250%(M)		10,824		*			11,629		—		11,629	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		11/30/18		1.250%(M)		6,263		*			6,730		—		6,730	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		11/30/18		1.250%(M)		3,392		*			3,644		—		3,644	Goldman Sachs International
Chase Mortgage		11/30/18		1.250%(M)		13,117		*			14,092		—		14,092	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/29/18		1.250%(M)		5,431		*			6,023		—		6,023	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/29/18		1.250%(M)		2,066		*			2,292		—		2,292	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/29/18		1.250%(M)		1,878		*			2,083		—		2,083	Goldman Sachs International
Citigroup Commercial Mortgage Trust		11/29/18		1.250%(M)		438		*			486		—		486	Goldman Sachs International
Citigroup Mortgage Loan Trust		11/30/18		1.250%(M)		3,313		*			3,559		—		3,559	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		2,921		4.550	%		3,240		—		3,240	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		2,725		19.740	%		3,022		—		3,022	Goldman Sachs International

See Notes to Financial Statements.

136

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
COMM Mortgage Trust		11/29/18		1.250%(M)		2,612		*		$	2,897	$	—	$	2,897	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		2,380		*			2,640		—		2,640	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		2,171		*			2,408		—		2,408	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		1,413		*			1,567		—		1,567	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		993		*			1,101		—		1,101	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		978		7.460	%		1,085		—		1,085	Goldman Sachs International
COMM Mortgage Trust		11/29/18		1.250%(M)		738		*			818		—		818	Goldman Sachs International
Countrywide Alternative Loan Trust		11/30/18		1.250%(M)		7,524		*			8,084		—		8,084	Goldman Sachs International
Countrywide Prime Mortgage		11/30/18		1.250%(M)		2,730		*			2,933		—		2,933	Goldman Sachs International
Deutsche Bank Alta Mortgages		11/30/18		1.250%(M)		10,654		*			11,448		—		11,448	Goldman Sachs International
Deutsche Bank Alta Mortgages		11/30/18		1.250%(M)		5,632		*			6,052		—		6,052	Goldman Sachs International
Equity One Home Equity		11/30/18		1.250%(M)		8,958		*			9,625		—		9,625	Goldman Sachs International
First Franklin Home Equity		11/30/18		1.250%(M)		3,661		*			3,933		—		3,933	Goldman Sachs International

See Notes to Financial Statements.

PGIM Total Return Bond Fund 137

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
First Franklin Home Equity		11/30/18		1.250%(M)		1,320		*		$	1,418	$	—	$	1,418	Goldman Sachs International
GMAC Home Equity		11/30/18		1.250%(M)		1,375		*			1,477		—		1,477	Goldman Sachs International
GS Mortgage Securities Trust		11/29/18		1.250%(M)		3,227		0.620	%		3,579		—		3,579	Goldman Sachs International
GS Mortgage Securities Trust		11/29/18		1.250%(M)		1,646		*			1,826		—		1,826	Goldman Sachs International
GS Mortgage Securities Trust		11/29/18		1.250%(M)		1,578		*			1,750		—		1,750	Goldman Sachs International
GS Mortgage Securities Trust		11/29/18		1.250%(M)		1,316		*			1,460		—		1,460	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		11/29/18		1.250%(M)		3,872		*			4,295		—		4,295	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		11/29/18		1.250%(M)		3,055		*			3,388		—		3,388	Goldman Sachs International
JPMBB Commercial Mortgage Securities Trust		11/29/18		1.250%(M)		431		*			478		—		478	Goldman Sachs International
Lehman Home Equity		11/30/18		1.250%(M)		9,801		*			10,531		—		10,531	Goldman Sachs International
Lehman Home Equity		11/30/18		1.250%(M)		1,523		*			1,636		—		1,636	Goldman Sachs International
Morgan Stanley BAML Trust		11/29/18		1.250%(M)		2,568		7.460	%		2,848		—		2,848	Goldman Sachs International
Morgan Stanley BAML Trust		11/29/18		1.250%(M)		1,773		10.400	%		1,967		—		1,967	Goldman Sachs International

See Notes to Financial Statements.

138

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Morgan Stanley BAML Trust		11/29/18		1.250%(M)		1,652		*		$	1,832	$	—	$	1,832	Goldman Sachs International
Morgan Stanley BAML Trust		11/29/18		1.250%(M)		1,323		*			1,467		—		1,467	Goldman Sachs International
Morgan Stanley BAML Trust		11/29/18		1.250%(M)		544		2.593	%		604		—		604	Goldman Sachs International
Morgan Stanley Home Equity		11/30/18		1.250%(M)		4,032		*			4,332		—		4,332	Goldman Sachs International
New Century Home Equity		11/30/18		1.250%(M)		9,669		*			10,388		—		10,388	Goldman Sachs International
New Century Home Equity		11/30/18		1.250%(M)		4,405		*			4,733		—		4,733	Goldman Sachs International
New Century Home Equity		11/30/18		1.250%(M)		1,795		*			1,928		—		1,928	Goldman Sachs International
RAAC Series		11/30/18		1.250%(M)		1,026		*			1,102		—		1,102	Goldman Sachs International
Residential Asset Securities Corp.		11/30/18		1.250%(M)		1,251		*			1,344		—		1,344	Goldman Sachs International
Structured Agency Credit Risk		11/30/18		1.250%(M)		4,123		*			4,430		—		4,430	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		6,009		*			6,665		—		6,665	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		776		*			861		—		861	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		738		6.780	%		819		—		819	Goldman Sachs International

See Notes to Financial Statements.

PGIM Total Return Bond Fund 139

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		641		8.493	%	$	711	$	—	$	711	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		424		4.670	%		470		—		470	Goldman Sachs International
Wells Fargo Commercial Mortgage Trust		11/29/18		1.250%(M)		349		6.780	%		387		—		387	Goldman Sachs International
										$	191,287	$	—	$	191,287

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Value at Trade Date			Value at October 31, 2018		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
American International Group, Inc.		12/20/20		1.000%(Q)		25,530		0.303	%	$	369,163		$	401,068	$	31,905
Anadarko Petroleum Corp.		06/20/21		1.000%(Q)		23,015		0.385	%		(1,735,106	)		387,427		2,122,533
AT&T, Inc.		06/20/21		1.000%(Q)		53,920		0.456	%		388,605			821,831		433,226
Barrick Gold Corp.		06/20/21		1.000%(Q)		20,265		0.264	%		(526,871	)		416,074		942,945
Devon Energy Corp.		06/20/20		1.000%(Q)		5,785		0.157	%		(477,430	)		89,775		567,205
Eastman Chemical Co.		06/20/21		1.000%(Q)		34,085		0.350	%		327,901			614,575		286,674
Ford Motor Co.		06/20/21		5.000%(Q)		84,000		0.944	%		14,612,255			9,295,132		(5,317,123	)
General Motors Co.		06/20/19		5.000%(Q)		25,315		0.159	%		2,849,717			932,107		(1,917,610	)
										$	15,808,234		$	12,957,989	$	(2,850,245	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):
Hellenic Republic		12/20/18		1.000%(Q)		10,000	$	(2,463	)	$	19,955	$	(22,418	)	Citibank NA
Hellenic Republic		12/20/18		1.000%(Q)		10,000		(2,463	)		36,533		(38,996	)	Barclays Bank PLC
Hellenic Republic		06/20/19		1.000%(Q)		68,000		276,737			850,000		(573,263	)	Barclays Bank PLC

See Notes to Financial Statements.

140

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1)(cont’d.):
Hellenic Republic		06/20/19		1.000%(Q)		20,000	$	81,393		$	128,491		$	(47,098	)	Bank of America
Hellenic Republic		06/20/23		1.000%(Q)		5,000		466,168			472,463			(6,295	)	Bank of America
Kingdom of Spain		03/20/23		1.000%(Q)	EUR	20,000		(444,862	)		(678,776	)		233,914		Deutsche Bank AG
Kingdom of Spain		06/20/23		1.000%(Q)		63,700		(1,366,918	)		(1,576,250	)		209,332		Bank of America
Petroleos Mexicanos		06/20/21		1.000%(Q)		13,500		216,016			136,097			79,919		Citibank NA
Petroleos Mexicanos		12/20/22		1.000%(Q)		17,000		772,792			635,179			137,613		Citibank NA
Republic of Argentina		12/20/19		5.000%(Q)		15,000		(100,992	)		(1,151,683	)		1,050,691		Barclays Bank PLC
Republic of Argentina		09/20/20		5.000%(Q)		1,000		(8,703	)		30,974			(39,677	)	Barclays Bank PLC
Republic of Italy		06/20/19		1.000%(Q)		63,920		(214,110	)		(45,504	)		(168,606	)	Deutsche Bank AG
Republic of Italy		06/20/19		1.000%(Q)	EUR	45,550		(86,211	)		(102,446	)		16,235		Barclays Bank PLC
Republic of Italy		06/20/19		1.000%(Q)		25,000		(83,741	)		(25,898	)		(57,843	)	Deutsche Bank AG
Republic of Italy		12/20/21		1.000%(Q)		50,000		435,599			1,084,472			(648,873	)	Hong Kong & Shanghai Bank
Republic of Italy		06/20/23		1.000%(Q)		39,900		884,003			613,190			270,813		Bank of America
Republic of Italy		06/20/23		1.000%(Q)		19,290		427,379			431,529			(4,150	)	Bank of America
Republic of Italy		06/20/28		1.000%(Q)		33,730		4,373,577			3,418,432			955,145		Goldman Sachs International
Republic of Italy		12/20/36		1.000%(Q)	EUR	39,000		3,728,673			3,111,116			617,557		Deutsche Bank AG
Republic of Portugal		09/20/23		1.000%(Q)		8,500		(122,464	)		(76,698	)		(45,766	)	Deutsche Bank AG
Republic of South Africa		12/20/21		1.000%(Q)		10,000		247,957			179,436			68,521		Citibank NA
United Mexican States		06/20/23		1.000%(Q)		19,685		248,122			122,462			125,660		Citibank NA
United Mexican States		06/20/23		1.000%(Q)		19,445		245,096			306,578			(61,482	)	Citibank NA
United Mexican States		06/20/23		1.000%(Q)		6,615		83,379			38,711			44,668		Citibank NA
United Mexican States		06/20/23		1.000%(Q)		6,450		81,300			113,881			(32,581	)	Citibank NA
United Mexican States		06/20/23		1.000%(Q)		6,435		81,111			104,322			(23,211	)	Citibank NA
United Mexican States		06/20/23		1.000%(Q)		3,210		40,461			19,958			20,503		Citibank NA
							$	10,256,836		$	8,196,524		$	2,060,312

See Notes to Financial Statements.

PGIM Total Return Bond Fund 141

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Arab Republic of Egypt		06/20/19		1.000%(Q)		3,460		1.882	%	$	(15,225	)	$	(9,949	)	$	(5,276	)	Citibank NA
Arab Republic of Egypt		06/20/20		1.000%(Q)		49,000		2.483	%		(1,087,773	)		(1,222,098	)		134,325		Deutsche Bank AG
Hellenic Republic		12/20/18		1.000%(Q)		10,000		1.690	%		2,274			(62,261	)		64,535		Barclays Bank PLC
Hellenic Republic		03/20/19		1.000%(Q)		8,000		1.743	%		(13,491	)		(250,000	)		236,509		Citibank NA
Hellenic Republic		06/20/22		1.000%(Q)		2,470		3.398	%		(189,114	)		(426,350	)		237,236		Citibank NA
Hellenic Republic		06/20/22		1.000%(Q)		5,580		3.398	%		(427,228	)		(990,450	)		563,222		Goldman Sachs International
Hellenic Republic		12/20/22		1.000%(Q)		4,900		3.541	%		(443,934	)		(485,860	)		41,926		Citibank NA
Hellenic Republic		06/20/23		1.000%(Q)		15,000		3.710	%		(1,593,349	)		(1,748,579	)		155,230		Bank of America
Hellenic Republic		06/20/23		1.000%(Q)		15,000		3.710	%		(1,593,349	)		(1,773,132	)		179,783		Bank of America
Hellenic Republic		06/20/23		1.000%(Q)		5,000		3.710	%		(531,116	)		(534,371	)		3,255		Bank of America
Hellenic Republic		06/20/24		1.000%(Q)		13,130		3.942	%		(1,766,710	)		(2,839,362	)		1,072,652		Barclays Bank PLC
Hellenic Republic		06/20/24		1.000%(Q)		20,000		3.942	%		(2,691,105	)		(4,525,000	)		1,833,895		Citibank NA
Husky Energy, Inc.		06/20/20		1.000%(Q)		13,690		0.351	%		158,873			(563,759	)		722,632		Morgan Stanley
Kingdom of Spain		06/20/19		1.000%(Q)		169,000		0.288	%		961,242			1,389,783			(428,541	)	Goldman Sachs International
Kingdom of Spain		06/20/19		1.000%(Q)		58,400		0.288	%		481,413			190,323			291,090		Morgan Stanley
Kingdom of Spain		06/20/23		1.000%(Q)		63,700		0.773	%		690,830			964,954			(274,124	)	Bank of America
Kingdom of Spain		06/20/23		1.000%(Q)		25,000		0.773	%		271,126			377,690			(106,564	)	Bank of America
Kingdom of Spain		06/20/23		1.000%(Q)		5,000		0.773	%		54,225			72,258			(18,033	)	Bank of America

See Notes to Financial Statements.

142

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.):
Kingdom of Spain		06/20/23		1.000%(Q)		22,910		0.773	%	$	248,460		$	249,127		$	(667	)	Citibank NA
Kingdom of Spain		06/20/23		1.000%(Q)		45,800		0.773	%		496,704			530,152			(33,448	)	Goldman Sachs International
Petroleos Mexicanos		12/20/18		1.000%(Q)		10,780		0.781	%		15,827			5,701			10,126		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		16,410		2.465	%		(972,903	)		(907,194	)		(65,709	)	Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		16,205		2.465	%		(960,749	)		(1,075,384	)		114,635		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		5,515		2.465	%		(326,969	)		(306,324	)		(20,645	)	Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		5,365		2.465	%		(318,076	)		(364,852	)		46,776		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		5,360		2.465	%		(317,779	)		(357,907	)		40,128		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		2,730		2.465	%		(161,854	)		(150,839	)		(11,015	)	Citibank NA
Petroleos Mexicanos		12/20/23		1.000%(Q)		12,000		2.641	%		(870,657	)		(1,063,674	)		193,017		Barclays Bank PLC
Petroleos Mexicanos		06/20/25		1.000%(Q)		7,000		3.050	%		(778,575	)		(679,613	)		(98,962	)	Citibank NA
Petroleos Mexicanos		12/20/28		1.000%(Q)		10,000		3.544	%		(1,844,033	)		(1,717,153	)		(126,880	)	Citibank NA
Republic of Brazil		12/20/18		1.000%(Q)		86,700		0.569	%		374,266			(144,539	)		518,805		BNP Paribas
Republic of Brazil		12/20/18		1.000%(Q)		30,000		0.569	%		52,837			26,807			26,030		BNP Paribas
Republic of Brazil		03/20/19		1.000%(Q)		15,000		0.630	%		38,868			5,751			33,117		Hong Kong & Shanghai Bank
Republic of Bulgaria		06/20/20		1.000%(Q)		5,000		0.265	%		64,988			60,401			4,587		Citibank NA
Republic of Colombia		12/20/26		1.000%(Q)		22,275		1.802	%		(1,184,400	)		(2,031,230	)		846,830		Citibank NA
Republic of Hungary		06/20/20		1.000%(Q)		50,000		0.260	%		654,207			776,955			(122,748	)	Citibank NA
Republic of Indonesia		12/20/21		1.000%(Q)		49,750		1.035	%		7,007			(1,167,237	)		1,174,244		Citibank NA

See Notes to Financial Statements.

PGIM Total Return Bond Fund 143

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.):
Republic of Italy		12/20/18		1.000%(Q)		10,000		0.562	%	$	17,711		$	71,446		$	(53,735	)	JPMorgan Chase
Republic of Italy		09/20/20		1.000%(Q)		29,050		2.043	%		(513,904	)		134,779			(648,683	)	JPMorgan Chase
Republic of Italy		06/20/21		1.000%(Q)		53,750		2.254	%		(1,592,824	)		(1,110,033	)		(482,791	)	Goldman Sachs International
Republic of Italy		06/20/21		1.000%(Q)		25,000		2.254	%		(740,849	)		(331,366	)		(409,483	)	JPMorgan Chase
Republic of Italy		12/20/21		1.000%(Q)		63,920		2.343	%		(2,388,847	)		(2,374,941	)		(13,906	)	Bank of America
Republic of Italy		12/20/21		1.000%(Q)		50,000		2.343	%		(1,868,623	)		(1,381,930	)		(486,693	)	Hong Kong & Shanghai Bank
Republic of Italy		06/20/23		1.000%(Q)		39,900		2.605	%		(2,519,269	)		(2,103,439	)		(415,830	)	Bank of America
Republic of Italy		06/20/23		1.000%(Q)		19,290		2.605	%		(1,217,963	)		(1,160,831	)		(57,132	)	Bank of America
Republic of Italy		06/20/23		1.000%(Q)		53,910		2.605	%		(3,403,855	)		(2,550,523	)		(853,332	)	Goldman Sachs International
Republic of Italy		06/20/28		1.000%(Q)	EUR	60,000		1.498	%		(2,815,033	)		(2,271,066	)		(543,967	)	Deutsche Bank AG
Republic of Panama		06/20/22		1.000%(Q)		4,800		0.443	%		97,839			41,586			56,253		Citibank NA
Republic of Portugal		09/20/21		1.000%(Q)		13,500		0.480	%		209,935			168,758			41,177		Deutsche Bank AG
Republic of Portugal		06/20/23		1.000%(Q)		11,080		0.927	%		47,136			9,736			37,400		Bank of America
Republic of Portugal		06/20/23		1.000%(Q)		10,000		0.927	%		42,542			13,176			29,366		Bank of America
Republic of Portugal		06/20/23		1.000%(Q)		18,000		0.927	%		76,575			—			76,575		Barclays Bank PLC
Republic of Portugal		12/20/23		1.000%(Q)		14,320		0.993	%		21,231			6,633			14,598		JPMorgan Chase
Republic of Serbia		06/20/21		1.000%(Q)		16,000		0.608	%		178,151			237,787			(59,636	)	BNP Paribas
Republic of South Africa		06/20/19		1.000%(Q)		50,000		1.131	%		16,896			180,474			(163,578	)	BNP Paribas

See Notes to Financial Statements.

144

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2)(cont’d.):
Republic of Trinidad and Tobago		03/20/20		1.000%(Q)		5,000		1.079	%	$	471		$	(53,064	)	$	53,535		Citibank NA
Republic of Turkey		12/20/18		1.000%(Q)		35,800		2.996	%		(56,667	)		(572,737	)		516,070		Citibank NA
Republic of Uruguay		06/20/21		1.000%(Q)		750		1.717	%		(12,530	)		(10,543	)		(1,987	)	Citibank NA
Russian Federation		12/20/26		1.000%(Q)		16,000		1.857	%		(901,921	)		(1,472,990	)		571,069		Citibank NA
State of Illinois		06/20/21		1.000%(Q)		5,000		1.020	%		3,282			(27,003	)		30,285		Citibank NA
United Mexican States		12/20/18		1.000%(Q)		25,000		0.581	%		43,629			159,133			(115,504	)	Citibank NA
										$	(30,792,129	)	$	(35,144,173	)	$	4,352,044

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date		Value at October 31, 2018		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices—Buy Protection(1):
CDX.NA.IG.30.V1		06/20/28		1.000%(Q)		213,094	$	628,468	$	1,613,616	$	985,148
CDX.NA.IG.31.V1		12/20/28		1.000%(Q)		747,760		4,423,272		7,730,592		3,307,320
							$	5,051,740	$	9,344,208	$	4,292,468

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on credit indices—Buy Protection(1):

CMBX.NA.10.AAA

11/17/59

0.500%(M)

131,000

$

362,505

$

1,504,884

$

(1,142,379

)

Deutsche Bank AG

See Notes to Financial Statements.

PGIM Total Return Bond Fund 145

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)			Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):
CDX.EM.23.V3		06/20/20		1.000%(Q)		7,360		1.122	%	$	(5,763	)	$	80,960		$	(86,723	)	Citibank NA
CDX.EM.24.V3		12/20/20		1.000%(Q)		18,400		1.191	%		(50,720	)		184,000			(234,720	)	Citibank NA
CDX.EM.26.V2		12/20/21		1.000%(Q)		9,215		1.526	%		(131,326	)		63,583			(194,909	)	Citibank NA
CDX.EM.26.V2		12/20/21		1.000%(Q)		24,250		1.526	%		(345,594	)		82,450			(428,044	)	Citibank NA
CMBX.NA.6.AA		05/11/63		1.500%(M)		13,500		*			113,863			(8,438	)		122,301		Goldman Sachs International
CMBX.NA.6.AA		05/11/63		1.500%(M)		16,000		*			134,949			(58,296	)		193,245		Deutsche Bank AG
CMBX.NA.6.AA		05/11/63		1.500%(M)		18,000		*			151,818			(25,500	)		177,318		Goldman Sachs International
CMBX.NA.6.AA		05/11/63		1.500%(M)		27,000		*			227,727			315,790			(88,063	)	Deutsche Bank AG
CMBX.NA.6.AA		05/11/63		1.500%(M)		44,500		*			375,327			(2,723,918	)		3,099,245		Credit Suisse International
CMBX.NA.6.AA		05/11/63		1.500%(M)		50,000		*			421,716			(24,746	)		446,462		Goldman Sachs International
										$	891,997		$	(2,114,115	)	$	3,006,112

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.

See Notes to Financial Statements.

146

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Currency swap agreements outstanding at October 31, 2018:

Notional Amount (000)#

Fund Receives

Notional Amount ( 000)#

Fund Pays

Counterparty

Termination Date

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

OTC Currency Swap Agreement:

97,726

3 Month LIBOR plus 70.50 bps(Q)

JPY 11,000,000

3 Month JPY LIBOR(Q)

Citibank NA

06/27/30

$

688,519

$

—

$

688,519

Forward rate agreement outstanding at October 31, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
	OTC Forward Rate Agreement:
	5,094,600		11/13/18		—(3)	—(3)	$	(7,503,116	)	$	—	$	(7,503,116	)	Citigroup Global Markets
	3,871,600		11/26/18		—(4)	—(4)		197,385			—		197,385		Citigroup Global Markets
							$	(7,305,731	)	$	—	$	(7,305,731	)

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

(3) The Fund pays or receives payments based on CMM102 minus 7 year CMT minus 1.193% upon termination.

(4) The Fund pays or receives payments based on CMM102 minus 7 year CMT minus 1.360% upon termination.

See Notes to Financial Statements.

PGIM Total Return Bond Fund 147

Schedule of Investments (continued)

as of October 31, 2018

Inflation swap agreements outstanding at October 31, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Inflation Swap Agreement:
	88,880		10/25/27		2.160%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)	$	2,066	$	(1,192,004	)	$	(1,194,070	)

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

Interest rate swap agreements outstanding at October 31, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements:
BRL	174,548		01/02/25		9.400%(T)	1 Day BROIS(2)(T)	$	—		$	97,755		$	97,755
BRL	280,683		01/02/25		9.685%(T)	1 Day BROIS(2)(T)		—			1,399,778			1,399,778
BRL	270,521		01/02/25		9.775%(T)	1 Day BROIS(2)(T)		—			1,758,548			1,758,548
BRL	176,125		01/02/25		9.920%(T)	1 Day BROIS(2)(T)		—			2,930,673			2,930,673
BRL	172,067		01/02/25		10.040%(T)	1 Day BROIS(2)(T)		—			3,352,725			3,352,725
BRL	216,629		01/02/25		12.050%(T)	1 Day BROIS(2)(T)		—			9,362,308			9,362,308
BRL	188,874		01/04/27		12.095%(T)	1 Day BROIS(2)(T)		—			9,790,438			9,790,438
EUR	166,280		05/11/19		(0.144)%(A)	6 Month EURIBOR(1)(S)		(137,541	)		(230,511	)		(92,970	)
EUR	1,018,685		05/11/20		(0.054)%(A)	6 Month EURIBOR(1)(S)		(1,454,147	)		(3,534,348	)		(2,080,201	)
EUR	55,010		05/11/21		0.100%(A)	6 Month EURIBOR(1)(S)		(134,504	)		(333,288	)		(198,784	)
EUR	284,870		05/11/22		0.156%(A)	6 Month EURIBOR(1)(S)		(379,387	)		(1,040,579	)		(661,192	)
EUR	368,055		05/11/23		0.650%(A)	6 Month EURIBOR(1)(S)		(6,895,554	)		(8,833,937	)		(1,938,383	)
EUR	77,135		05/11/24		0.396%(A)	6 Month EURIBOR(1)(S)		467,097			(133,787	)		(600,884	)
EUR	3,500		05/11/25		0.650%(A)	6 Month EURIBOR(1)(S)		8,820			(39,937	)		(48,757	)
EUR	77,600		05/11/26		0.750%(A)	6 Month EURIBOR(1)(S)		(113,247	)		(831,988	)		(718,741	)
EUR	115,405		05/11/27		0.736%(A)	6 Month EURIBOR(1)(S)		3,109,651			109,684			(2,999,967	)

See Notes to Financial Statements.

148

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	209,410		05/11/28		0.750%(A)	6 Month EURIBOR(1)(S)	$	7,501,914		$	2,351,801		$	(5,150,113	)
EUR	25,040		02/15/30		1.124%(A)	6 Month EURIBOR(1)(S)		(5,987	)		(412,020	)		(406,033	)
EUR	29,390		05/11/30		0.850%(A)	6 Month EURIBOR(1)(S)		1,087,333			696,788			(390,545	)
EUR	30,000		05/11/32		1.100%(A)	6 Month EURIBOR(1)(S)		583,585			311,315			(272,270	)
EUR	25,200		05/11/33		1.000%(A)	6 Month EURIBOR(1)(S)		901,583			909,845			8,262
EUR	44,755		05/11/34		1.000%(A)	6 Month EURIBOR(1)(S)		3,056,209			2,074,904			(981,305	)
EUR	27,040		05/11/35		1.050%(A)	6 Month EURIBOR(1)(S)		1,963,021			1,276,076			(686,945	)
EUR	6,910		05/11/36		1.050%(A)	6 Month EURIBOR(1)(S)		565,965			387,563			(178,402	)
EUR	48,000		05/11/37		1.253%(A)	6 Month EURIBOR(1)(S)		1,823,030			1,165,534			(657,496	)
EUR	149,500		10/25/37		2.085%(A)	3 Month EURIBOR(2)(Q)		—			1,198,963			1,198,963
EUR	149,500		10/25/37		2.114%(A)	6 Month EURIBOR(1)(S)		—			(1,077,932	)		(1,077,932	)
EUR	10,000		05/11/38		1.350%(A)	6 Month EURIBOR(1)(S)		234,791			101,715			(133,076	)
EUR	17,905		05/11/42		1.350%(A)	6 Month EURIBOR(1)(S)		785,416			437,213			(348,203	)
EUR	30,015		01/26/48		1.853%(A)	3 Month EURIBOR(2)(Q)		—			254,129			254,129
EUR	30,015		01/26/48		1.863%(A)	6 Month EURIBOR(1)(S)		—			(221,315	)		(221,315	)
EUR	114,800		03/19/48		1.650%(A)	3 Month EURIBOR(2)(Q)		—			(29,819	)		(29,819	)
EUR	114,800		03/19/48		1.658%(A)	6 Month EURIBOR(1)(S)		—			89,555			89,555
GBP	26,120		05/08/21		0.716%(S)	6 Month GBP LIBOR(1)(S)		311,296			403,317			92,021
	932,595		11/17/18		1.080%(T)	1 Day USOIS(1)(T)		2,248			6,155,499			6,153,251
	1,402,075		11/18/18		0.911%(A)	1 Day USOIS(1)(A)		(77,008	)		11,625,005			11,702,013
	2,555,020		02/15/19		1.820%(T)	1 Day USOIS(1)(T)		—			3,963,273			3,963,273

See Notes to Financial Statements.

PGIM Total Return Bond Fund 149

Schedule of Investments (continued)

as of October 31, 2018

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate	Floating Rate	Value at Trade Date			Value at October 31, 2018		Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	845,800		03/24/19	1.331%(A)	1 Day USOIS(1)(A)	$	—		$	6,331,406	$	6,331,406
	263,553		03/31/19	1.431%(A)	1 Day USOIS(1)(A)		—			1,732,514		1,732,514
	316,490		03/31/19	1.431%(A)	1 Day USOIS(1)(A)		—			2,082,874		2,082,874
	460,261		06/30/19	1.486%(A)	1 Day USOIS(1)(A)		(263,700	)		3,754,396		4,018,096
	637,545		06/30/19	1.502%(A)	1 Day USOIS(1)(A)		(312,393	)		5,099,792		5,412,185
	55,015		07/14/19	1.428%(A)	1 Day USOIS(1)(A)		—			500,698		500,698
	1,171,070		09/08/19	1.290%(A)	1 Day USOIS(1)(A)		—			13,687,819		13,687,819
	1,323,545		09/30/19	1.707%(A)	1 Day USOIS(1)(A)		372,736			10,716,119		10,343,383
	3,407,930		12/31/19	1.840%(A)	1 Day USOIS(1)(A)		7,875,563			31,175,195		23,299,632
	1,381,520		12/31/19	1.950%(A)	1 Day USOIS(1)(A)		407,820			10,008,281		9,600,461
	944,465		12/31/19	2.040%(A)	1 Day USOIS(1)(A)		10,437			5,340,191		5,329,754
	2,515,745		12/31/19	2.107%(A)	1 Day USOIS(1)(A)		343,025			11,415,896		11,072,871
	767,395		03/08/20	2.157%(A)	1 Day USOIS(1)(A)		—			3,571,598		3,571,598
	1,257,000		03/31/20	2.295%(A)	1 Day USOIS(1)(A)		325,527			5,197,368		4,871,841
	2,501,805		03/31/20	2.369%(A)	1 Day USOIS(1)(A)		(1,451,829	)		7,204,372		8,656,201
	841,340		04/24/20	2.311%(A)	1 Day USOIS(1)(A)		—			2,746,637		2,746,637
	152,825		07/17/20	1.521%(A)	1 Day USOIS(1)(A)		—			3,261,244		3,261,244
	227,370		05/31/22	2.353%(A)	1 Day USOIS(1)(A)		—			2,912,809		2,912,809
	85,960		08/31/22	2.550%(A)	1 Day USOIS(1)(A)		16,817			647,448		630,631
	180,090		08/31/22	2.552%(A)	1 Day USOIS(1)(A)		—			1,342,591		1,342,591
	182,270		02/15/24	2.115%(S)	3 Month LIBOR(1)(Q)		444,268			9,231,047		8,786,779

See Notes to Financial Statements.

150

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018		Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	388,689		02/15/24		2.151%(S)	3 Month LIBOR(1)(Q)	$	(427,122	)	$	18,973,946	$	19,401,068
	123,815		02/15/24		2.167%(S)	3 Month LIBOR(1)(Q)		(1,134,529	)		5,942,939		7,077,468
	442,345		02/15/24		2.183%(S)	3 Month LIBOR(1)(Q)		(644,185	)		20,853,696		21,497,881
	83,575		05/15/24		1.808%(A)	1 Day USOIS(1)(A)		—			4,276,277		4,276,277
	273,750		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			14,316,533		14,316,533
	2,331,945		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)		8,126,176			121,740,589		113,614,413
	688,685		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		2,292,198			35,740,964		33,448,766
	1,100,520		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		3,579,254			43,203,683		39,624,429
	262,260		02/28/25		2.454%(A)	1 Day USOIS(1)(A)		245,632			4,858,239		4,612,607
	179,410		02/28/25		3.019%(S)	3 Month LIBOR(1)(Q)		—			1,153,347		1,153,347
	1,344,704		05/31/25		2.998%(S)	3 Month LIBOR(1)(Q)		(931,186	)		11,663,070		12,594,256
	95,750		07/31/25		2.802%(A)	1 Day USOIS(1)(A)		—			107,638		107,638
	877,140		07/31/25		3.105%(S)	3 Month LIBOR(1)(Q)		363,747			3,619,809		3,256,062
	720,810		07/31/25		3.109%(S)	3 Month LIBOR(1)(Q)		402,530			2,785,087		2,382,557
	382,908		02/15/27		1.824%(A)	1 Day USOIS(1)(A)		5,004,603			28,604,974		23,600,371
	149,250		02/15/27		1.899%(A)	1 Day USOIS(1)(A)		185,091			10,246,430		10,061,339
	52,350		02/15/27		1.965%(A)	1 Day USOIS(1)(A)		—			3,313,941		3,313,941
	179,280		02/15/27		2.068%(A)	1 Day USOIS(1)(A)		(121,574	)		9,850,446		9,972,020
	104,510		05/08/27		2.309%(S)	3 Month LIBOR(1)(Q)		—			6,376,887		6,376,887
	76,725		05/15/27		1.823%(A)	1 Day USOIS(1)(A)		—			5,953,502		5,953,502
	54,940		05/15/27		2.295%(S)	3 Month LIBOR(1)(Q)		—			3,416,462		3,416,462

See Notes to Financial Statements.

PGIM Total Return Bond Fund 151

Schedule of Investments (continued)

as of October 31, 2018

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	74,040		05/21/28		2.421%(S)	3 Month LIBOR(1)(Q)	$	(18,613	)	$	4,430,685		$	4,449,298
	113,825		03/16/38		2.987%(S)	3 Month LIBOR(2)(Q)		—			(5,229,302	)		(5,229,302	)
	44,800		02/15/42		1.369%(A)	1 Day USOIS(1)(A)		961			11,921,286			11,920,325
	18,765		11/15/43		2.659%(S)	3 Month LIBOR(1)(Q)		—			1,998,615			1,998,615
	27,780		09/27/46		1.380%(A)	1 Day USOIS(1)(A)		654			8,136,152			8,135,498
	85,405		03/16/48		2.970%(S)	3 Month LIBOR(1)(Q)		—			5,362,763			5,362,763
	22,125		04/09/48		2.545%(S)	3 Month LIBOR(1)(Q)		—			3,253,524			3,253,524
	20,450		05/08/48		2.627%(S)	3 Month LIBOR(1)(Q)		—			2,542,645			2,542,645
ZAR	3,508,200		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		(161,476	)		(7,477,294	)		(7,315,818	)
ZAR	1,165,000		08/14/28		8.350%(Q)	3 Month JIBAR(2)(Q)		—			(1,395,722	)		(1,395,722	)
							$	37,735,016		$	563,987,049		$	526,252,033

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciaton (Depreciation)			Counterparty
	OTC Interest Rate Swap Agreements:
ZAR	166,800		09/22/42		8.020%(Q)	3 Month JIBAR(2)(Q)	$	(979,204	)	$	—		$	(979,204	)	Deutsche Bank AG
ZAR	259,070		10/09/42		8.320%(Q)	3 Month JIBAR(2)(Q)		(1,010,608	)		(1,365	)		(1,009,243	)	Deutsche Bank AG
ZAR	161,920		10/10/42		8.280%(Q)	3 Month JIBAR(2)(Q)		(675,982	)		(5,370	)		(670,612	)	BNP Paribas
ZAR	256,475		10/19/42		8.320%(Q)	3 Month JIBAR(2)(Q)		(1,006,382	)		—			(1,006,382	)	Deutsche Bank AG
ZAR	162,000		10/20/42		8.330%(Q)	3 Month JIBAR(2)(Q)		(620,607	)		—			(620,607	)	BNP Paribas
ZAR	328,000		11/28/42		8.585%(Q)	3 Month JIBAR(2)(Q)		(646,332	)		—			(646,332	)	Deutsche Bank AG
ZAR	156,655		09/22/47		7.890%(Q)	3 Month JIBAR(1)(Q)		971,444			—			971,444		Deutsche Bank AG
ZAR	245,000		10/09/47		8.200%(Q)	3 Month JIBAR(1)(Q)		989,260			1,174			988,086		Deutsche Bank AG

See Notes to Financial Statements.

152

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciaton (Depreciation)			Counterparty
	OTC Interest Rate Swap Agreements (cont’d.):
ZAR	149,775		10/10/47		8.160%(Q)	3 Month JIBAR(1)(Q)	$	648,032		$	4,895		$	643,137		BNP Paribas
ZAR	242,720		10/19/47		8.200%(Q)	3 Month JIBAR(1)(Q)		984,527			—			984,527		Deutsche Bank AG
ZAR	150,000		10/20/47		8.210%(Q)	3 Month JIBAR(1)(Q)		593,877			—			593,877		BNP Paribas
ZAR	311,000		11/28/47		8.470%(Q)	3 Month JIBAR(1)(Q)		612,998			—			612,998		Deutsche Bank AG
							$	(138,977	)	$	(666	)	$	(138,311	)

(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, 2018:

Reference Entity	Financing Rate	Counterparty	Termination Date		Long (Short) Notional Amount (000)#(2)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)(1)
OTC Total Return Swap Agreements:
IOS. FN30.450.10(M)	1 Month LIBOR(M)	Credit Suisse International		1/12/41		30,857	$	49,716	$	(94,227	)	$	143,943
IOS. FN30.500.10(M)	1 Month LIBOR(M)	JPMorgan Securities LLC		1/12/41		1,603		4,492		(5,051	)		9,543
							$	54,208	$	(99,278	)	$	153,486

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

(2) 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.

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Forward Rate Agreements	$	—	$	—		$	197,385	$	(7,503,116	)
OTC Swap Agreements	$	19,918,425	$	(47,720,832	)	$	25,486,804	$	(16,119,292	)

See Notes to Financial Statements.

PGIM Total Return Bond Fund 153

Schedule of Investments (continued)

as of October 31, 2018

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

Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets	$	—	$	513,444,077
JPMorgan Securities LLC		30,332,389		245,048,961
Total	$	30,332,389	$	758,493,038

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, 2018 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Asset-Backed Securities
Automobiles	$	—	$	84,370,670		$	—
Collateralized Loan Obligations		—		7,570,063,619			—
Consumer Loans		—		635,532,903			—
Credit Card		—		90,758,266			—
Home Equity Loans		—		198,135,340			—
Residential Mortgage-Backed Securities		—		876,944,618			206,974,364
Small Business Loan		—		31,516			—
Student Loans		—		331,994,833			—
Bank Loans		—		234,758,769			18,587,250
Commercial Mortgage-Backed Securities		—		4,221,095,424			—
Convertible Bond		—		3,442,149			—
Corporate Bonds		—		12,274,557,509			1,725,275
Municipal Bonds		—		281,214,638			—
Residential Mortgage-Backed Securities		—		1,146,937,448			—
Sovereign Bonds		—		4,613,726,706			—
U.S. Government Agency Obligations		—		614,074,931			—
U.S. Treasury Obligations		—		1,081,633,127			—
Common Stock		1,902,823		—			—
Preferred Stocks		8,564,440		—			—
Affiliated Mutual Funds		2,140,499,031		—			—
Commercial Paper		—		77,687,344			—
Options Purchased		—		12,707,429			—
Options Written		—		(12,896,941	)		(6,816,019	)

See Notes to Financial Statements.

154

	Level 1			Level 2			Level 3
Other Financial Instruments*
Unfunded Loan Commitment	$	—		$	(1,300,042	)	$	—
Futures Contracts		(398,437,802	)		—			—
OTC Forward Foreign Currency Exchange Contracts		—			56,004,840			—
OTC Cross Currency Exchange Contract		—			(11,131	)		—
OTC Packaged Credit Default Swap Agreements		—			50,859			—
Centrally Cleared Credit Default Swap Agreements		—			1,442,223			—
OTC Credit Default Swap Agreements		—			(19,280,791	)		191,287
OTC Currency Swap Agreement		—			688,519			—
OTC Forward Rate Agreements		—			—			(7,305,731	)
Centrally Cleared Inflation Swap Agreement		—			(1,194,070	)		—
Centrally Cleared Interest Rate Swap Agreements		—			526,252,033			—
OTC Interest Rate Swap Agreements		—			(138,977	)		—
OTC Total Return Swap Agreements		—			54,208			—
Total	$	1,752,528,492		$	34,899,337,969		$	213,356,426

* Other financial instruments are derivatives, with the exception of unfunded loan commitments and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts and unfunded loan commitments are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value.

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

	Asset-Backed Securities— Collateralized Loan Obligations			Asset-Backed Securities— Residential Mortgage-Backed Securities			Bank Loans		Commercial Mortgage- Backed Securities			Corporate Bonds
Balance as of 10/31/17	$	238,730,715		$	43,400,000		$	—	$	70,698,054		$	3,213,668
Realized gain (loss)		—			35,026			—		—			(10,348	)
Change in unrealized appreciation (depreciation)		—			—			—		—			(110,555	)
Purchases/Exchanges/Issuances		—			218,614,684			18,587,250		—			—
Sales/Paydowns		—			(55,075,346	)		—		—			(132,019	)
Accrued discount/premium		—			—			—		—			—
Transfers into of Level 3		—			—			—		—			1,978,197
Transfers out of Level 3		(238,730,715	)		—			—		(70,698,054	)		(3,213,668	)
Balance as of 10/31/18	$	—		$	206,974,364		$	18,587,250	$	—		$	1,725,275
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—		$	—		$	—	$	—		$	(110,555	)

See Notes to Financial Statements.

PGIM Total Return Bond Fund 155

Schedule of Investments (continued)

as of October 31, 2018

	Residential Mortgage- Backed Securities			Options Written			Credit Default Swap Agreements			Forward Rate Agreements
Balance as of 10/31/17	$	248,087,917		$	—		$	467,053		$	—
Realized gain (loss)		—			—			490,412			—
Change in unrealized appreciation (depreciation)		275,044			(628,075	)		(275,766	)		(7,305,731	)
Purchases/Exchanges/Issuances		—			(6,187,944	)		—			—
Sales/Paydowns		(105,260,000	)		—			(490,412	)		—
Accrued discount/premium		—			—			—			—
Transfers into of Level 3		—			—			—			—
Transfers out of Level 3		(143,102,961	)		—			—			—
Balance as of 10/31/18	$	—		$	(6,816,019	)	$	191,287		$	(7,305,731	)
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	275,044		$	(628,075	)	$	191,287		$	(7,305,731	)

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by Board, which contain unobservable inputs as follows:

Level 3 Securities	Fair Value as of October 31, 2018			Valuation Methodology		Unobservable Inputs
Asset-Backed Securities Residential Mortgage-Backed Securities	$	206,974,364			Market Approach		Single Broker Indicative Quote
Bank Loans		18,587,250			Market Approach		Single Broker Indicative Quote
Corporate Bonds		1,725,275			Market Approach		Single Broker Indicative Quote
Options Written		(5,974,819	)		Market Approach		Single Broker Indicative Quote
Options Written		(841,200	)		Model Pricing		Market Spreads & Recovery Rate
Credit Default Swap Agreements		191,287			Market Approach		Single Broker Indicative Quote
Forward Rate Agreements		(7,305,731	)		Market Approach		Single Broker Indicative Quote
	$	213,356,426

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. Securities transferred levels as follows:

Investments in Securities	Amount Transferred		Level Transfer		Logic
Asset-Backed Securities Collateral Loan Obligations	$	238,730,715		L3 to L2		Single Broker Indicative Quote to Evaluated Bid
Commercial Mortgage-Backed Securities	$	70,698,054		L3 to L2		Single Broker Indicative Quote to Evaluated Bid

See Notes to Financial Statements.

156

Investments in Securities	Amount Transferred		Level Transfer		Logic
Corporate Bonds	$	$3,213,668		L3 to L2		Single Broker Indicative Quote to Evaluated Bid
Residential Mortgage-Backed Securities	$	143,102,961		L3 to L2		Single Broker Indicative Quote to Evaluated Bid
Corporate Bonds	$	1,978,197		L2 to L3		Evaluated Bid to Single Broker Indicative Quote

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, 2018 were as follows (unaudited):

Collateralized Loan Obligations	21.4	%
Sovereign Bonds	13.0
Commercial Mortgage-Backed Securities	11.9
Banks	9.2
Residential Mortgage-Backed Securities	6.4
Affiliated Mutual Funds (4.6% represents investments purchased with collateral from securities on loan)	6.1
U.S. Treasury Obligations	3.1
Electric	2.9
Oil & Gas	2.0
Consumer Loans	1.8
U.S. Government Agency Obligations	1.7
Pharmaceuticals	1.5
Media	1.5
Healthcare-Services	1.4
Software	1.2
Telecommunications	1.2
Multi-National	1.2
Pipelines	1.1
Foods	1.0
Student Loans	0.9
Auto Manufacturers	0.9
Insurance	0.9
Diversified Financial Services	0.8
Municipal Bonds	0.8
Chemicals	0.8
Commercial Services	0.7
Home Equity Loans	0.6
Real Estate Investment Trusts (REITs)	0.5
Airlines	0.5
Aerospace & Defense	0.4
Semiconductors	0.4
Home Builders	0.4
Computers	0.4	%
Retail	0.4
Healthcare-Products	0.4
Entertainment	0.3
Lodging	0.3
Agriculture	0.3
Building Materials	0.3
Credit Card	0.3
Automobiles	0.2
Household Products/Wares	0.2
Commercial Paper	0.2
Biotechnology	0.2
Auto Parts & Equipment	0.2
Transportation	0.2
Apparel	0.2
Packaging & Containers	0.2
Gas	0.2
Technology	0.2
Beverages	0.2
Trucking & Leasing	0.1
Mining	0.1
Miscellaneous Manufacturing	0.1
Housewares	0.1
Forest Products & Paper	0.1
Real Estate	0.1
Electronics	0.1
Oil, Gas & Coal	0.0	*
Textiles	0.0	*
Engineering & Construction	0.0	*
Machinery-Diversified	0.0	*
Capital Goods	0.0	*
Options Purchased	0.0	*
Consumer Services	0.0	*
Internet	0.0	*

See Notes to Financial Statements.

PGIM Total Return Bond Fund 157

Schedule of Investments (continued)

as of October 31, 2018

Industry Classification (cont’d.)
Office/Business Equipment	0.0	*%
Capital Markets	0.0	*
Water	0.0	*
Iron/Steel	0.0	*
Investment Companies	0.0	*
Savings & Loans	0.0	*
Oil & Gas Services	0.0	*
Oil, Gas & Consumable Fuels	0.0	*
Healthcare & Pharmaceuticals	0.0	*
Small Business Loan	0.0	*
	103.8
Options Written	(0.0	)*
Liabilities in excess of other assets	(3.8	)
	100.0	%

* Less than +/- 0.05%

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

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk, foreign exchange contracts risk and interest rate contracts risk. 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, 2018 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker—variation margin swaps	$	8,676,956	*	Due from/to broker— variation margin swaps	$	7,234,733	*
Credit contracts	Premiums paid for OTC swap agreements		19,912,356		Premiums received for OTC swap agreements		47,614,819
Credit contracts	Unaffiliated investments		707,334		Options written outstanding, at value		14,136,612
Credit contracts	Unrealized appreciation on OTC swap agreements		19,850,730		Unrealized depreciation on OTC swap agreements		11,186,912
Foreign exchange contracts	—		—		Unrealized depreciation on OTC cross currency exchange contracts		11,131

See Notes to Financial Statements.

158

	Asset Derivatives					Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location		Fair Value			Statement of Assets and Liabilities Location		Fair Value
Foreign exchange contracts		Unrealized appreciation on OTC forward foreign currency exchange contracts	$	105,378,126			Unrealized depreciation on OTC forward foreign currency exchange contracts	$	49,373,286
Interest rate contracts		Due from/to broker— variation margin futures		12,132,653	*		Due from/to broker— variation margin futures		410,570,455	*
Interest rate contracts		Due from/to broker— variation margin swaps		560,066,208	*		Due from/to broker— variation margin swaps		35,008,245	*
Interest rate contracts		Premiums paid for OTC swap agreements		6,069			Premiums received for OTC swap agreements		106,013
Interest rate contracts		Unaffiliated investments		12,000,095			Options written outstanding, at value		5,576,348
Interest rate contracts		Unrealized appreciation on OTC forward rate agreements		197,385			Unrealized depreciation on OTC forward rate agreements		7,503,116
Interest rate contracts		Unrealized appreciation on OTC swap agreements		5,636,074			Unrealized depreciation on OTC swap agreements		4,932,380
			$	744,563,986				$	593,254,050

* 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, 2018 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures			Forward & Cross Currency Exchange Contracts		Forward Rate Agreements			Swaps
Credit contracts	$	(3,759,965	)	$	20,160,624	$	—		$	—	$	—		$	15,283,695
Foreign exchange contracts		(3,115,152	)		4,477,797		—			140,888,229		—			—
Interest rate contracts		(24,571,001	)		20,319,433		(534,144,414	)		—		(6,369,530	)		92,166,008
Total	$	(31,446,118	)	$	44,957,854	$	(534,144,414	)	$	140,888,229	$	(6,369,530	)	$	107,449,703

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

See Notes to Financial Statements.

PGIM Total Return Bond Fund 159

Schedule of Investments (continued)

as of October 31, 2018

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written			Futures			Forward & Cross Currency Exchange Contracts		Forward Rate Agreements			Swaps
Credit contracts	$	(18,066	)	$	(3,468,036	)	$	—		$	—	$	—		$	(3,495,858	)
Foreign exchange contracts		518,951			(2,033,063	)		—			54,741,479		—			—
Interest rate contracts		15,117,691			(8,460,830	)		(315,399,273	)		—		(7,305,731	)		453,621,958
Total	$	15,618,576		$	(13,961,929	)	$	(315,399,273	)	$	54,741,479	$	(7,305,731	)	$	450,126,100

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

For the year ended October 31, 2018, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	15,975,704	$	6,762,380,802	$	23,403,414,804	$	6,570,725,393	$	2,237,822,922

Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(4)		Forward Rate Agreements(2)		Inflation Swap Agreements(2)		Interest Rate Swap Agreements(2)
$	4,923,695,600	$	123,249,551	$	2,567,560,000	$	476,446,702	$	42,547,890,578

Credit Default Swap Agreements— Buy Protection(2)		Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)		Total Return Swap Agreements(2)
$	826,452,785	$	1,705,548,200	$	446,358,000	$	57,493,800

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

See Notes to Financial Statements.

160

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)			Net Amount
Securities on Loan	$	1,598,603,635	$	(1,598,603,635	)	$	—

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/ (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount
Bank of America	$	14,500,970	$	(15,908,120	)	$	(1,407,150	)	$	1,407,150		$	—
Barclays Bank PLC		23,262,701		(14,638,308	)		8,624,393			—			8,624,393
BNP Paribas		10,515,394		(6,388,357	)		4,127,037			(2,952,232	)		1,174,805
Citibank NA		23,628,262		(34,046,420	)		(10,418,158	)		10,418,158			—
Citigroup Global Markets		197,385		(7,503,116	)		(7,305,731	)		7,305,731			—
Credit Suisse International		3,243,188		(2,844,032	)		399,156			(389,341	)		9,815
Deutsche Bank AG		14,908,790		(19,787,539	)		(4,878,749	)		4,878,749			—
Goldman Sachs International		21,547,380		(13,142,966	)		8,404,414			—			8,404,414
Hong Kong & Shanghai Bank		1,316,632		(2,517,496	)		(1,200,864	)		1,200,864			—
JPMorgan Chase		12,373,686		(11,102,198	)		1,271,488			(1,271,488	)		—
JPMorgan Securities LLC		9,543		(5,051	)		4,492			—			4,492
Morgan Stanley		11,839,956		(4,009,395	)		7,830,561			(7,210,000	)		620,561
Toronto Dominion		16,574,372		(2,339,722	)		14,234,650			(11,560,000	)		2,674,650
UBS AG		9,769,910		(6,207,897	)		3,562,013			(3,443,691	)		118,322
	$	163,688,169	$	(140,440,617	)	$	23,247,552		$	(1,616,100	)	$	21,631,452

(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 Total Return Bond Fund 161

Statement of Assets & Liabilities

as of October 31, 2018

Assets
Investments at value, including securities on loan of $1,598,603,635:
Unaffiliated investments (cost $35,619,377,446)	$	34,587,421,391
Affiliated investments (cost $2,141,488,115)		2,140,499,031
Cash		11,642,911
Foreign currency, at value (cost $59,303,823)		59,027,919
Cash segregated for counterparty—OTC		10,608,000
Dividends and interest receivable		259,598,210
Unrealized appreciation on OTC forward foreign currency exchange contracts		105,378,126
Receivable for Fund shares sold		69,510,797
Receivable for investments sold		53,791,186
Due from broker—variation margin swaps		36,180,795
Deposit with broker for centrally cleared/exchange-traded derivatives		30,332,389
Unrealized appreciation on OTC swap agreements		25,486,804
Premiums paid for OTC swap agreements		19,918,425
Unrealized appreciation on OTC forward rate agreements		197,385
Prepaid expenses		256,877
Total Assets		37,409,850,246
Liabilities
Payable to broker for collateral for securities on loan		1,631,192,388
Payable for Fund shares reacquired		103,651,564
Due to broker—variation margin futures		84,148,704
Unrealized depreciation on OTC forward foreign currency exchange contracts		49,373,286
Premiums received for OTC swap agreements		47,720,832
Payable for investments purchased		44,209,085
Options written outstanding, at value (proceeds received $16,966,955)		19,712,960
Unrealized depreciation on OTC swap agreements		16,119,292
Management fee payable		10,764,954
Accrued expenses and other liabilities		8,477,914
Unrealized depreciation on OTC forward rate agreements		7,503,116
Dividends payable		5,922,271
Distribution fee payable		1,523,568
Unrealized depreciation on unfunded loan commitment		1,300,042
Affiliated transfer agent fee payable		344,329
Unrealized depreciation on OTC cross currency exchange contracts		11,131
Affiliated shareholder servicing fee payable		3,521
Total Liabilities		2,031,978,957
Net Assets	$	35,377,871,289
Net assets were comprised of:
Common stock, at par	$	2,558,001
Paid-in capital in excess of par		36,766,471,651
Total distributable earnings (loss)		(1,391,158,363	)
Net assets, October 31, 2018	$	35,377,871,289

See Notes to Financial Statements.

162

Class A
Net asset value and redemption price per share, ($3,733,255,324 ÷ 269,270,537 shares of common stock issued and outstanding)	$	13.86
Maximum sales charge (4.50% of offering price)		0.65
Maximum offering price to public	$	14.51
Class B
Net asset value, offering price and redemption price per share, ($17,610,189 ÷ 1,270,557 shares of common stock issued and outstanding)	$	13.86
Class C
Net asset value, offering price and redemption price per share, ($535,827,120 ÷ 38,691,335 shares of common stock issued and outstanding)	$	13.85
Class R
Net asset value, offering price and redemption price per share, ($584,288,486 ÷ 42,065,814 shares of common stock issued and outstanding)	$	13.89
Class Z
Net asset value, offering price and redemption price per share, ($16,338,121,516 ÷ 1,182,550,855 shares of common stock issued and outstanding)	$	13.82
Class R2
Net asset value, offering price and redemption price per share, ($21,575,305 ÷ 1,560,071 shares of common stock issued and outstanding)	$	13.83
Class R4
Net asset value, offering price and redemption price per share, ($2,627,767 ÷ 189,964 shares of common stock issued and outstanding)	$	13.83
Class R6
Net asset value, offering price and redemption price per share, ($14,144,565,582 ÷ 1,022,402,043 shares of common stock issued and outstanding)	$	13.83

See Notes to Financial Statements.

PGIM Total Return Bond Fund 163

Statement of Operations

Year Ended October 31, 2018

Net Investment Income (Loss)
Income
Interest income	$	1,096,257,742
Affiliated dividend income		22,867,614
Income from securities lending, net (including affiliated income of $2,333,230)		3,797,863
Unaffiliated dividend income		467,672
Total income		1,123,390,891
Expenses
Management fee		126,530,828
Distribution fee(a)		19,892,456
Shareholder servicing fees(a)		5,266
Transfer agent’s fees and expenses (including affiliated expense of $2,435,811)(a)		25,121,788
Custodian and accounting fees		2,491,710
Shareholders’ reports		2,033,356
SEC registration fees		1,169,650
Registration fees(a)		901,747
Directors’ fees		557,901
Legal fees and expenses		192,054
Audit fee		63,073
Miscellaneous		369,401
Total expenses		179,329,230
Less: Fee waiver and/or expense reimbursement(a)		(5,068,545	)
Distribution fee waiver(a)		(1,637,982	)
Net expenses		172,622,703
Net investment income (loss)		950,768,188
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $1,690,975)		(134,714,121	)
Futures transactions		(534,144,414	)
Forward rate agreement transactions		(6,369,530	)
Forward and cross currency contract transactions		140,888,229
Options written transactions		44,957,854
Swap agreement transactions		107,449,703
Foreign currency transactions		(7,672,369	)
		(389,604,648	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $305,919)		(1,338,693,903	)
Futures		(315,399,273	)
Forward rate agreements		(7,305,731	)
Forward and cross currency contracts		54,741,479
Options written		(13,961,929	)
Swap agreements		450,126,100
Foreign currencies		(2,041,885	)
Unfunded loan commitment		(1,300,042	)
		(1,173,835,184	)
Net gain (loss) on investment and foreign currency transactions		(1,563,439,832	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(612,671,644	)

See Notes to Financial Statements.

164

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

	Class A			Class B			Class C		Class R			Class Z			Class R2			Class R4			Class R6
Distribution fee		9,109,208			233,227			5,799,190		4,739,027			—			11,804			—			—
Shareholder servicing fees		—			—			—		—			—			4,722			544			—
Transfer agent’s fees and expenses		5,387,444			43,762			524,609		928,962			18,197,107			141			259			39,504
Registration fees		88,410			30,440			43,561		30,438			369,871			19,450			19,240			300,337
Fee waiver and/or expense reimbursement		(1,727,781	)		(50,136	)		—		(302,419	)		(2,956,603	)		(12,881	)		(18,725	)		—
Distribution fee waiver		—			(58,307	)		—		(1,579,675	)		—			—			—			—

See Notes to Financial Statements.

PGIM Total Return Bond Fund 165

Statements of Changes in Net Assets

	Year Ended October 31,
	2018			2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	950,768,188		$	623,797,050
Net realized gain (loss) on investment and foreign currency transactions		(389,604,648	)		(127,881,715	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(1,173,835,184	)		377,596,500
Net increase (decrease) in net assets resulting from operations		(612,671,644	)		873,511,835
Dividends and Distributions
Distributions from distributable earnings*
Class A		(108,908,130	)		—
Class B		(572,678	)		—
Class C		(12,972,002	)		—
Class R		(17,176,176	)		—
Class Z		(501,586,321	)		—
Class R2		(148,239	)		—
Class R4		(18,431	)		—
Class R6		(416,889,204	)		—
		(1,058,271,181	)		—
Tax return of capital distributions
Class A		—			(4,310,220	)
Class B		—			(36,167	)
Class C		—			(511,078	)
Class R		—			(740,274	)
Class Z		—			(15,183,463	)
Class R6		—			(10,448,885	)
		—			(31,230,087	)
Dividends from net investment income
Class A					(86,680,198	)
Class B					(726,775	)
Class C					(10,268,883	)
Class R					(14,889,266	)
Class Z					(305,508,633	)
Class R6					(210,500,776	)
		*			(628,574,531	)
Distributions from net realized gains
Class A					(37,939,705	)
Class B					(399,289	)
Class C					(5,837,601	)
Class R					(6,212,593	)
Class Z					(109,618,452	)
Class R6					(37,568,046	)
		*			(197,575,686	)

See Notes to Financial Statements.

166

	Year Ended October 31,
	2018			2017
Fund share transactions (Net of share conversions)
Net proceeds from shares sold	$	15,523,390,822		$	14,245,133,207
Net asset value of shares issued in reinvestment of dividends and distributions		986,787,034			793,374,269
Cost of shares reacquired		(7,963,074,425	)		(5,647,846,943	)
Net increase (decrease) in net assets from Fund share transactions		8,547,103,431			9,390,660,533
Total increase (decrease)		6,876,160,606			9,406,792,064
Net Assets:
Beginning of year		28,501,710,683			19,094,918,619
End of year(a)	$	35,377,871,289		$	28,501,710,683
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	(1,737,072	)

* For the year ended October 31, 2018, the Fund has adopted amendments to Regulation S-X (refer to Note 9).

See Notes to Financial Statements.

PGIM Total Return Bond Fund 167

Notes to Financial Statements

Prudential Investment Portfolios, Inc. 17 (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company was incorporated in Maryland on September 1, 1994 and currently consists of two funds: PGIM Short Duration Multi-Sector Fund and PGIM Total Return Bond Fund, each of which are diversified funds. These financial statements relate only to the PGIM Total Return Bond Fund (the “Fund”). Effective June 11, 2018, the names of the Fund and the other funds which comprise the Company were changed by replacing “Prudential” with “PGIM” and each fund’s Class Q shares were renamed Class R6 shares.

The investment objective of the Fund is total return.

1. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, a Valuation Committee has been established as two persons, being one or more officers of the Company, including: the Company’s Treasurer (or the Treasurer’s direct reports); and the Company’s Chief or Deputy Chief Compliance Officer (or Vice-President-level direct reports of the Chief or Deputy Chief Compliance Officer). Under the current valuation procedures, the Valuation Committee of the Board is responsible for supervising the valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign

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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 Measurements and Disclosures.

Derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

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

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

Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC 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

PGIM Total Return Bond Fund 169

Notes to Financial Statements (continued)

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 OTC 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 OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC 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.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

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

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

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that,

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because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s subadviser under the guidelines adopted by the Board of the Company. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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

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

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

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

PGIM Total Return Bond Fund 171

Notes to Financial Statements (continued)

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

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

172

realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused 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

PGIM Total Return Bond Fund 173

Notes to Financial Statements (continued)

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

Bank Loans: The Fund invests in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund may acquire interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

Forward Rate Agreements: Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

Swap Agreements: The Fund may enter into credit default, interest rate and other types of swap agreements. 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 counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Any upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a

174

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 and to increase exposure to prevailing market rates by receiving floating rate payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

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

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

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

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a

PGIM Total Return Bond Fund 175

Notes to Financial Statements (continued)

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 fixed amount. The Fund is subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. The Fund entered into total return swaps to manage its exposure to a security or an index. The Fund’s maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund’s favor, from the point of entering into the contract.

Master Netting Arrangements: The 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 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.

176

During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

The Company, 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.

As of October 31, 2018, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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

PGIM Total Return Bond Fund 177

Notes to Financial Statements (continued)

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

Payment-In-Kind: The Fund invests in the open market or receive pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

Mortgage Dollar Rolls: The Fund entered into mortgage dollar rolls in which the Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enters into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Fund forgoes

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

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Fund expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

PGIM Total Return Bond Fund 179

Notes to Financial Statements (continued)

2. Agreements

The Company, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund’s custodian and the Fund’s transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Fund. PGIM Investments pays for the services of PGIM, Inc., the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.440% of the Fund’s average daily net assets up to $1 billion, 0.420% of such assets from $1 billion to $3 billion, 0.400% of such assets from $3 billion to $5 billion, 0.390% of such assets from $5 billion to $10 billion and 0.380% of such assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.390% for the year ended October 31, 2018.

PGIM Investments has contractually agreed, through February 29, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.76% of average daily net assets for Class A shares, 1.26% of average daily net assets for Class B shares, 1.51% of average daily net assets for Class C shares, 1.01% of average daily net assets for Class R shares, 0.51% of average daily net assets for Class Z shares, 0.91% of average daily net assets for Class R2 shares, 0.66% of average daily net assets for Class R4 shares, and 0.51% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges

180

on short sales. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

Where applicable, PGIM Investments voluntarily agreed through October 31, 2018, to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Effective November 1, 2018 this voluntary agreement became part of the Fund’s contractual waiver agreement through February 29, 2020 and is subject to recoupment by the Manager within the same fiscal year during which such wavier/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Company, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, Class C, Class R and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 or Class R6 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.25%, 1%, 1%, 0.75% and 0.25% of the average daily net assets of the Class A, Class B, Class C, Class R and Class R2 shares, respectively. PIMS has contractually agreed through February 29, 2020 to limit such fees to 0.75% and 0.50% of the average daily net assets of the Class B and Class R shares, respectively.

The Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, as compensation for services rendered to the shareholders of such Class R2 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.

PIMS has advised the Fund that it received $2,742,263 in front-end sales charges resulting from sales of Class A shares during the year ended October 31, 2018. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PGIM Total Return Bond Fund 181

Notes to Financial Statements (continued)

PIMS has advised the Fund that for the year ended October 31, 2018, it received $11,268, $22,394 and $100,579 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended October 31, 2018, no such transactions were entered into by the Fund.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (formerly known as Prudential Core Ultra Short Bond Fund) (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (formerly known as Prudential Institutional Money Market Fund) (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended October 31, 2018, PGIM, Inc. was compensated $1,079,633 by PGIM Investments for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. The Fund also invests in the PGIM Core Short-Term Bond Fund (formerly known as Prudential Core Short-Term Bond Fund), pursuant to an exemptive order received from the Securities and Exchange Commission (“SEC”), a series of Prudential Investment Portfolios 2 (together with PGIM Core Ultra Short Bond Fund, the “Core Funds”), registered under the 1940 Act and managed by PGIM Investments. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

182

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2018, were $18,715,205,242 and $9,950,600,476, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2018, is presented as follows:

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
	PGIM Core Short-Term Bond Fund*
$	305,284,886	$	166,080,118	$	20,000,000	$	(262,013	)	$	(1,607,418	)	$	449,495,573		48,541,639	$	11,512,342
	PGIM Core Ultra Short Bond Fund*
	357,412,094		9,397,419,749		9,697,878,336		—			—			56,953,507		56,953,507		11,355,272
	PGIM Institutional Money Market Fund*
	918,395,349		6,139,975,861		5,424,193,796		(43,906	)		(83,557	)		1,634,049,951		1,634,049,951		2,333,230	**
$	1,581,092,329	$	15,703,475,728	$	15,142,072,132	$	(305,919	)	$	(1,690,975	)	$	2,140,499,031			$	25,200,844

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

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

5. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date.

For the year ended October 31, 2018, the tax character of dividends paid by the Fund was $1,058,271,181 of ordinary income. For the year ended October 31, 2017, the tax character of dividends paid by the Fund was $732,888,110 of ordinary income, $93,262,107 of long-term capital gains and $31,230,087 of tax return of capital.

As of October 31, 2018, the accumulated undistributed earnings on a tax basis was $231,230,722 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2018 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$37,512,245,647	$639,771,492	$(1,286,794,252)	$(647,022,760)

PGIM Total Return Bond Fund 183

Notes to Financial Statements (continued)

The difference between book basis and tax basis is primarily attributable to the difference in the treatment of market discount, amortization of premiums, deferred losses on wash sales, straddles, futures contracts and other book to tax differences.

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2018 of approximately $969,444,000 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.

Management 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. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 4.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

The Company is authorized to issue 8.9 billion shares of common stock divided into two funds, with a par value of $0.001 per share. There are 8.245 billion shares authorized for the Fund, divided into nine classes, designated Class A, Class B, Class C, Class R, Class Z, Class R2, Class R4, Class R6 and Class T common stock, each of which consists of

184

900 million, 5 million, 140 million, 200 million, 3,000 million, 265 million, 265 million, 3,000 million and 470 million authorized shares, respectively. The Fund currently does not have any Class T shares outstanding.

As of October 31, 2018, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 703 Class R2 shares, 704 Class R4 shares and 5,666,044 Class R6 shares of the Fund. At reporting period end, four shareholders of record held 43% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

Transactions in shares of common stock were as follows:    

Class A	Shares			Amount
Year ended October 31, 2018:
Shares sold		85,070,401		$	1,211,882,350
Shares issued in reinvestment of dividends and distributions		7,215,163			102,481,839
Shares reacquired		(56,343,422	)		(801,992,658	)
Net increase (decrease) in shares outstanding before conversion		35,942,142			512,371,531
Shares issued upon conversion from other share class(es)		2,290,633			32,486,807
Shares reacquired upon conversion into other share class(es)		(14,828,386	)		(212,960,391	)
Net increase (decrease) in shares outstanding		23,404,389		$	331,897,947
Year ended October 31, 2017:
Shares sold		99,295,824		$	1,426,222,527
Shares issued in reinvestment of dividends and distributions		8,374,517			119,687,186
Shares reacquired		(69,345,067	)		(993,195,445	)
Net increase (decrease) in shares outstanding before conversion		38,325,274			552,714,268
Shares issued upon conversion from other share class(es)		1,297,005			18,668,377
Shares reacquired upon conversion into other share class(es)		(49,973,980	)		(711,887,653	)
Net increase (decrease) in shares outstanding		(10,351,701	)	$	(140,505,008	)
Class B
Year ended October 31, 2018:
Shares sold		77,697		$	1,109,665
Shares issued in reinvestment of dividends and distributions		34,028			484,107
Shares reacquired		(484,674	)		(6,894,741	)
Net increase (decrease) in shares outstanding before conversion		(372,949	)		(5,300,969	)
Shares reacquired upon conversion into other share class(es)		(405,191	)		(5,782,742	)
Net increase (decrease) in shares outstanding		(778,140	)	$	(11,083,711	)
Year ended October 31, 2017:
Shares sold		112,632		$	1,625,417
Shares issued in reinvestment of dividends and distributions		67,786			966,330
Shares reacquired		(585,918	)		(8,407,187	)
Net increase (decrease) in shares outstanding before conversion		(405,500	)		(5,815,440	)
Shares reacquired upon conversion into other share class(es)		(396,728	)		(5,710,615	)
Net increase (decrease) in shares outstanding		(802,228	)	$	(11,526,055	)

PGIM Total Return Bond Fund 185

Notes to Financial Statements (continued)

Class C	Shares			Amount
Year ended October 31, 2018:
Shares sold		9,743,241		$	139,433,709
Shares issued in reinvestment of dividends and distributions		813,031			11,537,097
Shares reacquired		(9,069,065	)		(128,589,159	)
Net increase (decrease) in shares outstanding before conversion		1,487,207			22,381,647
Shares issued upon conversion from other share class(es)		1,017			14,453
Shares reacquired upon conversion into other share class(es)		(2,147,208	)		(30,416,070	)
Net increase (decrease) in shares outstanding		(658,984	)	$	(8,019,970	)
Year ended October 31, 2017:
Shares sold		10,778,341		$	155,149,573
Shares issued in reinvestment of dividends and distributions		987,856			14,081,347
Shares reacquired		(9,208,053	)		(131,983,417	)
Net increase (decrease) in shares outstanding before conversion		2,558,144			37,247,503
Shares reacquired upon conversion into other share class(es)		(3,062,739	)		(44,048,562	)
Net increase (decrease) in shares outstanding		(504,595	)	$	(6,801,059	)
Class R
Year ended October 31, 2018:
Shares sold		6,536,160		$	93,502,584
Shares issued in reinvestment of dividends and distributions		1,185,546			16,882,990
Shares reacquired		(11,178,301	)		(159,440,219	)
Net increase (decrease) in shares outstanding before conversion		(3,456,595	)		(49,054,645	)
Shares reacquired upon conversion into other share class(es)		(22,236	)		(316,032	)
Net increase (decrease) in shares outstanding		(3,478,831	)	$	(49,370,677	)
Year ended October 31, 2017:
Shares sold		11,455,945		$	164,198,804
Shares issued in reinvestment of dividends and distributions		1,495,417			21,416,814
Shares reacquired		(9,036,713	)		(130,093,585	)
Net increase (decrease) in shares outstanding before conversion		3,914,649			55,522,033
Shares reacquired upon conversion into other share class(es)		(6,834	)		(98,572	)
Net increase (decrease) in shares outstanding		3,907,815		$	55,423,461

186

Class Z	Shares			Amount
Year ended October 31, 2018:
Shares sold		566,516,089		$	8,056,837,644
Shares issued in reinvestment of dividends and distributions		32,281,647			456,694,053
Shares reacquired		(317,816,450	)		(4,492,439,420	)
Net increase (decrease) in shares outstanding before conversion		280,981,286			4,021,092,277
Shares issued upon conversion from other share class(es)		16,977,035			242,588,924
Shares reacquired upon conversion into other share class(es)		(15,177,989	)		(216,791,597	)
Net increase (decrease) in shares outstanding		282,780,332		$	4,046,889,604
Year ended October 31, 2017:
Shares sold		501,885,534		$	7,194,701,786
Shares issued in reinvestment of dividends and distributions		27,397,983			390,829,384
Shares reacquired		(223,454,719	)		(3,194,811,688	)
Net increase (decrease) in shares outstanding before conversion		305,828,798			4,390,719,482
Shares issued upon conversion from other share class(es)		52,777,377			749,219,922
Shares reacquired upon conversion into other share class(es)		(178,009,606	)		(2,532,552,821	)
Net increase (decrease) in shares outstanding		180,596,569		$	2,607,386,583
Class R2
Period ended October 31, 2018*:
Shares sold		1,633,771		$	23,005,795
Shares issued in reinvestment of dividends and distributions		10,629			148,239
Shares reacquired		(84,329	)		(1,183,700	)
Net increase (decrease) in shares outstanding		1,560,071		$	21,970,334
Class R4
Period ended October 31, 2018*:
Shares sold		200,238		$	2,811,912
Shares issued in reinvestment of dividends and distributions		1,058			14,766
Shares reacquired		(11,332	)		(158,222	)
Net increase (decrease) in shares outstanding		189,964		$	2,668,456
Class R6
Year ended October 31, 2018:
Shares sold		422,185,083		$	5,994,807,163
Shares issued in reinvestment of dividends and distributions		28,141,260			398,543,943
Shares reacquired		(167,444,826	)		(2,372,376,306	)
Net increase (decrease) in shares outstanding before conversion		282,881,517			4,020,974,800
Shares issued upon conversion from other share class(es)		13,698,646			196,107,239
Shares reacquired upon conversion into other share class(es)		(347,417	)		(4,930,591	)
Net increase (decrease) in shares outstanding		296,232,746		$	4,212,151,448
Year ended October 31, 2017:
Shares sold		369,225,496		$	5,303,235,100
Shares issued in reinvestment of dividends and distributions		17,156,572			246,393,208
Shares reacquired		(82,789,735	)		(1,189,355,621	)
Net increase (decrease) in shares outstanding before conversion		303,592,333			4,360,272,687
Shares issued upon conversion from other share class(es)		177,347,827			2,526,620,782
Shares reacquired upon conversion into other share class(es)		(14,516	)		(210,858	)
Net increase (decrease) in shares outstanding		480,925,644		$	6,886,682,611

* Commencement of offering was December 27, 2017.

PGIM Total Return Bond Fund 187

Notes to Financial Statements (continued)

7. Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under both SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Fund did not utilize the SCA during the reporting period ended October 31, 2018.

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Bond Obligations Risk: The Fund’s holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed-income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same level and therefore would earn less income.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze

188

and manage derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. 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 OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

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

Interest Rate Risk: The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk. The Fund may face a heightened level of interest rate risk as a result of the US Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments 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. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Mortgage-Backed and Other Asset-Backed Securities Risk: Mortgage-related securities are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. Asset-backed

PGIM Total Return Bond Fund 189

Notes to Financial Statements (continued)

securities are another type of pass-through instruments that pays interest based upon the cash flow of an underlying pool of assets, such as automobile loans or credit card receivables. Asset-backed securities can also be collateralized by a portfolio of corporate bonds including junk bonds or other securities. The values of mortgage-backed and asset-backed securities vary with changes in interest rates and are particularly sensitive to prepayments (the risk is that the underlying debt instruments may be partially or wholly prepaid during periods of falling interest rates, which could require the Fund to reinvest in lower yielding debt instruments) or extensions (the risk is that rising interest rates may cause the underlying debt instruments to be repaid more slowly by the debtor, causing the value of the securities to fall). Asset-backed securities are also subject to liquidity risk.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Fund’s financial statements.

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

190

Financial Highlights

Class A Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$14.58			$14.66			$14.26			$14.48			$14.22
Income (loss) from investment operations:
Net investment income (loss)		0.38			0.36			0.37			0.35			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.68	)		0.09			0.41			(0.14	)		0.36
Total from investment operations		(0.30	)		0.45			0.78			0.21			0.75
Less Dividends and Distributions:
Dividends from net investment income		(0.42	)		(0.36	)		(0.38	)		(0.41	)		(0.49	)
Tax return of capital distributions		-			(0.02	)		-			-			-
Distributions from net realized gains		-			(0.15	)		-	(b)		(0.02	)		-
Total dividends and distributions		(0.42	)		(0.53	)		(0.38	)		(0.43	)		(0.49	)
Net asset value, end of year		$13.86			$14.58			$14.66			$14.26			$14.48
Total Return(c):		(2.06)%			3.22%			5.58%			1.45%			5.37%
Ratios/Supplemental Data:
Net assets, end of year (000)		$3,733,255			$3,585,778			$3,756,821			$2,925,814			$1,524,896
Average net assets (000)		$3,643,673			$3,394,567			$3,281,321			$2,425,719			$1,251,861
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.76%			0.76%			0.79%			0.84%			0.83%
Expenses before waivers and/or expense reimbursement		0.81%			0.80%	(f)		0.82%			0.88%			0.93%
Net investment income (loss)		2.66%			2.52%			2.55%			2.41%			2.76%
Portfolio turnover rate(g)		56%			95%			102%			114%			95%

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

(b) Less than $0.005 per share.

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

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

(e) The distributor of the Fund had contractually agreed to limit its distribution and service (12b-1) fees to 0.25% of the average daily net assets through March 8, 2015. Effective March 9, 2015, the contractual distribution and service (12b-1) fees were reduced from 0.30% to 0.25% of the average daily net assets.

(f) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

PGIM Total Return Bond Fund 191

Financial Highlights (continued)

Class B Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$14.58			$14.66			$14.26			$14.48			$14.22
Income (loss) from investment operations:
Net investment income (loss)		0.30			0.29			0.30			0.28			0.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.67	)		0.09			0.41			(0.15	)		0.35
Total from investment operations		(0.37	)		0.38			0.71			0.13			0.68
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.30	)		(0.31	)		(0.33	)		(0.42	)
Tax return of capital distributions		-			(0.01	)		-			-			-
Distributions from net realized gains		-			(0.15	)		-	(b)		(0.02	)		-
Total dividends and distributions		(0.35	)		(0.46	)		(0.31	)		(0.35	)		(0.42	)
Net asset value, end of year		$13.86			$14.58			$14.66			$14.26			$14.48
Total Return(c):		(2.55)%			2.71%			5.06%			0.94%			4.84%
Ratios/Supplemental Data:
Net assets, end of year (000)		$17,610			$29,874			$41,798			$46,569			$54,377
Average net assets (000)		$23,323			$34,930			$44,541			$50,410			$57,968
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.26%			1.26%			1.29%			1.34%			1.33%
Expenses before waivers and/or expense reimbursement		1.72%			1.61%	(e)		1.57%			1.62%			1.63%
Net investment income (loss)		2.13%			2.02%			2.05%			1.95%			2.28%
Portfolio turnover rate(f)		56%			95%			102%			114%			95%

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

(b) Less than $0.005 per share.

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

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

192

Class C Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$14.57			$14.65			$14.24			$14.47			$14.21
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.25			0.26			0.24			0.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.67	)		0.09			0.43			(0.15	)		0.35
Total from investment operations		(0.40	)		0.34			0.69			0.09			0.64
Less Dividends and Distributions:
Dividends from net investment income		(0.32	)		(0.26	)		(0.28	)		(0.30	)		(0.38	)
Tax return of capital distributions		-			(0.01	)		-			-			-
Distributions from net realized gains		-			(0.15	)		-	(b)		(0.02	)		-
Total dividends and distributions		(0.32	)		(0.42	)		(0.28	)		(0.32	)		(0.38	)
Net asset value, end of year		$13.85			$14.57			$14.65			$14.24			$14.47
Total Return(c):		(2.79)%			2.45%			4.87%			0.62%			4.58%
Ratios/Supplemental Data:
Net assets, end of year (000)		$535,827			$573,277			$583,752			$416,364			$294,271
Average net assets (000)		$579,915			$559,226			$495,322			$360,622			$252,677
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.51%			1.51%			1.54%			1.59%			1.58%
Expenses before waivers and/or expense reimbursement		1.51%			1.54%	(e)		1.57%			1.62%			1.63%
Net investment income (loss)		1.91%			1.77%			1.80%			1.66%			2.02%
Portfolio turnover rate(f)		56%			95%			102%			114%			95%

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

(b) Less than $0.005 per share.

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

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

PGIM Total Return Bond Fund 193

Financial Highlights (continued)

Class R Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$14.61			$14.69			$14.28			$14.51			$14.24
Income (loss) from investment operations:
Net investment income (loss)		0.34			0.33			0.33			0.30			0.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.67	)		0.09			0.43			(0.14	)		0.36
Total from investment operations		(0.33	)		0.42			0.76			0.16			0.72
Less Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.33	)		(0.35	)		(0.37	)		(0.45	)
Tax return of capital distributions		-			(0.02	)		-			-			-
Distributions from net realized gains		-			(0.15	)		-	(b)		(0.02	)		-
Total dividends and distributions		(0.39	)		(0.50	)		(0.35	)		(0.39	)		(0.45	)
Net asset value, end of year		$13.89			$14.61			$14.69			$14.28			$14.51
Total Return(c):		(2.30)%			2.96%			5.38%			1.14%			5.17%
Ratios/Supplemental Data:
Net assets, end of year (000)		$584,288			$665,420			$611,599			$525,824			$108,373
Average net assets (000)		$631,868			$645,580			$573,999			$336,289			$83,878
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.01%			1.01%			1.04%			1.09%			1.08%
Expenses before waivers and/or expense reimbursement		1.31%			1.30%	(e)		1.32%			1.37%			1.38%
Net investment income (loss)		2.39%			2.26%			2.30%			2.09%			2.48%
Portfolio turnover rate(f)		56%			95%			102%			114%			95%

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

(b) Less than $0.005 per share.

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

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

194

Class Z Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$14.53			$14.61			$14.21			$14.43			$14.17
Income (loss) from investment operations:
Net investment income (loss)		0.41			0.40			0.40			0.38			0.42
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.66	)		0.09			0.42			(0.14	)		0.36
Total from investment operations		(0.25	)		0.49			0.82			0.24			0.78
Less Dividends and Distributions:
Dividends from net investment income		(0.46	)		(0.40	)		(0.42	)		(0.44	)		(0.52	)
Tax return of capital distributions		-			(0.02	)		-			-			-
Distributions from net realized gains		-			(0.15	)		-	(b)		(0.02	)		-
Total dividends and distributions		(0.46	)		(0.57	)		(0.42	)		(0.46	)		(0.52	)
Net asset value, end of year		$13.82			$14.53			$14.61			$14.21			$14.43
Total Return(c):		(1.75)%			3.49%			5.86%			1.71%			5.65%
Ratios/Supplemental Data:
Net assets, end of year (000)		$16,338,122			$13,078,005			$10,510,479			$5,492,574			$2,324,324
Average net assets (000)		$15,388,327			$10,926,746			$7,230,649			$4,306,353			$1,456,467
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.51%			0.51%			0.54%			0.59%			0.58%
Expenses before waivers and/or expense reimbursement		0.53%			0.55%	(e)		0.57%			0.62%			0.63%
Net investment income (loss)		2.93%			2.78%			2.81%			2.66%			2.99%
Portfolio turnover rate(f)		56%			95%			102%			114%			95%

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

(b) Less than $0.005 per share.

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

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

PGIM Total Return Bond Fund 195

Financial Highlights (continued)

Class R2 Shares
	December 27, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$14.58
Income (loss) from investment operations:
Net investment income (loss)		0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.72	)
Total from investment operations		(0.40	)
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)
Net asset value, end of period		$13.83
Total Return(c):		(2.79)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$21,575
Average net assets (000)		$5,595
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.91%	(e)
Expenses before waivers and/or expense reimbursement		1.18%	(e)
Net investment income (loss)		2.76%	(e)
Portfolio turnover rate(f)		56%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

196

Class R4 Shares
	December 27, 2017(a) through October 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$14.58
Income (loss) from investment operations:
Net investment income (loss)		0.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.72	)
Total from investment operations		(0.37	)
Less Dividends and Distributions:
Dividends from net investment income		(0.38	)
Net asset value, end of period		$13.83
Total Return(c):		(2.59)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,628
Average net assets (000)		$644
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.66%	(e)
Expenses before waivers and/or expense reimbursement		4.10%	(e)
Net investment income (loss)		3.01%	(e)
Portfolio turnover rate(f)		56%

(a) Commencement of offering.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Total Return Bond Fund 197

Financial Highlights (continued)

Class R6 Shares
	Year Ended October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$14.55			$14.64			$14.23			$14.46			$14.20
Income (loss) from investment operations:
Net investment income (loss)		0.43			0.41			0.42			0.39			0.43
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.68	)		0.08			0.42			(0.14	)		0.37
Total from investment operations		(0.25	)		0.49			0.84			0.25			0.80
Less Dividends and Distributions:
Dividends from net investment income		(0.47	)		(0.41	)		(0.43	)		(0.46	)		(0.54	)
Tax return of capital distributions		-			(0.02	)		-			-			-
Distributions from net realized gains		-			(0.15	)		-	(b)		(0.02	)		-
Total dividends and distributions		(0.47	)		(0.58	)		(0.43	)		(0.48	)		(0.54	)
Net asset value, end of year		$13.83			$14.55			$14.64			$14.23			$14.46
Total Return(c):		(1.72)%			3.51%			6.02%			1.76%			5.74%
Ratios/Supplemental Data:
Net assets, end of year (000)		$14,144,566			$10,569,356			$3,590,469			$2,233,740			$210,717
Average net assets (000)		$12,419,952			$7,326,262			$2,835,235			$1,575,749			$78,632
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.41%			0.42%			0.44%			0.46%			0.49%
Expenses before waivers and/or expense reimbursement		0.41%			0.42%	(e)		0.45%			0.49%			0.51%
Net investment income (loss)		3.03%			2.86%			2.91%			2.76%			3.06%
Portfolio turnover rate(f)		56%			95%			102%			114%			95%

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

(b) Less than $0.005 per share.

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

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

198

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

Prudential Investment Portfolios, Inc. 17:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Total Return Bond Fund (formerly Prudential Total Return Bond Fund) (the “Fund”), a series of Prudential Investment Portfolios, Inc. 17, including the schedule of investments, as of October 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodians, transfer agents and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 18, 2018

PGIM Total Return Bond Fund 199

Tax Information (unaudited)

For the year ended October 31, 2018, the Fund reports the maximum amount allowable but not less than 58.06% as interest related dividends in accordance with Section 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2019, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of dividends and distributions received by you in calendar year 2018.

We are required by Massachusetts, Missouri and Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders providing the Mutual Fund meets certain requirements mandated by the respective state’s taxing authorities. We are pleased to report that 3.07% of the dividends paid by the Fund qualifies for such deduction.

Please consult your tax adviser or state/local authorities to properly report this information on your tax return. If you have any questions concerning the amounts listed above, please call your financial adviser.

200

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS  (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding (60) Board Member Portfolios Overseen: 93	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon (66) Board Member Portfolios Overseen: 93	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive  Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company;  President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008
Linda W. Bynoe (66) Board Member Portfolios Overseen: 93	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co.  (broker-dealer).	Director of Anixter International, Inc. (communication  products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005

PGIM Total Return Bond Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Barry H. Evans (58) Board Member Portfolios Overseen: 92	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (since 2011); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein (62) Board Member & Independent Chair Portfolios Overseen: 93	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick (56) Board Member Portfolios Overseen: 92	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Corporate Capital Trust (since April 2017) (a business development company); Independent Director, Kabbage, Inc. (since July 2018) (financial services).	Since September 2017
Michael S. Hyland, CFA (73) Board Member Portfolios Overseen: 93	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Richard A. Redeker (75) Board Member Portfolios Overseen: 93	Retired Mutual Fund Senior Executive (50 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.	Since October 1993

PGIM Total Return Bond Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Brian K. Reid (56)# Board Member Portfolios Overseen: 92	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

# Mr. Reid joined the Board effective as of March 1, 2018.

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker (56) Board Member & President Portfolios Overseen: 93	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

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Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin (45) Board Member & Vice President Portfolios Overseen:93	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010
Grace C. Torres* (59) Board Member Portfolios Overseen: 92	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

PGIM Total Return Bond Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (63) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012
Chad A. Earnst (43) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global Short Duration High Yield Income Fund, Inc., PGIM Short Duration High Yield Fund, Inc. and PGIM Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since September 2014
Dino Capasso (44) Deputy Chief Compliance Officer	Vice President and Deputy Chief Compliance Officer (June 2017-Present) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French (56) Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

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Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Jonathan D. Shain (60) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo (44) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Charles H. Smith (45) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007 – December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998 —January 2007).	Since January 2017
Brian D. Nee (52) Treasurer and Principal Financial and Accounting Officer	Vice President and Head of Finance of PGIM Investments LLC (since August 2015) and PGIM Global Partners (since February 2017); formerly, Vice President, Treasurer’s Department of Prudential (September 2007-August 2015).	Since July 2018
Peter Parrella (60) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since June 2007
Lana Lomuti (51) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Linda McMullin (57) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since April 2014
Kelly A. Coyne (50) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

PGIM Total Return Bond Fund

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Short Duration High Yield Fund, Inc., PGIM Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Total Return Bond Fund¹ (the “Fund”) consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). 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 Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”), the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit, and the Fund’s sub-subadvisory agreement with PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 7, 2018 and on June 19-21, 2018 and approved the renewal of the agreements through July 31, 2019, 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 Directors 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 Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings,

¹  PGIM Total Return Bond Fund is a series of Prudential Investment Portfolios, Inc. 17.

PGIM Total Return Bond Fund

Approval of Advisory Agreements (continued)

presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7, 2018 and on June 19-21, 2018.

The Directors 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 Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ 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 considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser and sub-subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. 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 Directors 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

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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 noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments.

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

Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

PGIM Total Return Bond Fund

Approval of Advisory Agreements (continued)

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

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, and PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific 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, 2017.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended October 31, 2018. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not 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.

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

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

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps the Fund’s annual operating expenses at 0.76% for Class A shares, 1.26% for Class B shares, 1.51% for Class C shares, 1.01% for Class R shares, 0.51% for Class Z shares, 0.91% for Class R2 shares, 0.66% for Class R4 shares, and 0.51% for Class R6 shares through February 29, 2020.

• 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 approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Total Return Bond Fund

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

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Brian D. Nee, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Andrew R. French, Secretary • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Vice President and Deputy Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Total Return Bond Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED
BY ANY BANK OR ANY BANK AFFILIATE

PGIM TOTAL RETURN BOND FUND

SHARE CLASS	A	B	C	R	Z	R2	R4	R6*
NASDAQ	PDBAX	PRDBX	PDBCX	DTBRX	PDBZX	PDBRX	PDBSX	PTRQX
CUSIP	74440B108	74440B207	74440B306	74440B801	74440B405	74440B819	74440B793	74440B884

*Formerly known as Class Q shares.

MF166E

PGIM SHORT DURATION MULTI-SECTOR BOND FUND

(Formerly known as Prudential Short Duration Multi-Sector Bond Fund)

ANNUAL REPORT

OCTOBER 31, 2018

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

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

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

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

Objective: Total return

Highlights (unaudited)

• The Fund outperformed the Bloomberg Barclays US Government/Credit 1-3 Year Index over the reporting period, highlighted by strong security selection. Yield curve positioning and sector allocation also added value. Duration positioning and currency selection hurt performance.

• Security selection was the largest positive contributor to Fund performance, led by positioning in US Treasury securities, collateralized loan obligations, sovereign bonds, high yield corporate bonds, interest rate swaps, and non-agency mortgage-backed securities.

• The Fund was hurt by its strategy to manage duration, which is a measure of the interest rate sensitivity of a bond portfolio or debt securities that is expressed as a number of years. The Fund’s long duration positioning detracted as US rates were higher during the period.

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The views expressed in this report and information about the Fund’s portfolio holdings are for the period covered by this report and are subject to change thereafter.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies. ^© 2018 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, see Class C Shares Automatically Convert to Class A Shares in How to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have

PGIM Short Duration Multi-Sector Bond Fund 3

transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (see Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the

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Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth on Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

LR1094

- Not part of the Annual Report -

PGIM Short Duration Multi-Sector Bond Fund 5

Table of Contents

Letter from the President	7
Your Fund’s Performance	8
Growth of a $10,000 Investment	9
Strategy and Performance Overview	12
Fees and Expenses	16
Holdings and Financial Statements	19

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Letter from the President

Dear Shareholder:

We hope you find the annual report for PGIM Short Duration Multi-Sector Bond Fund informative and useful. The report covers performance for the 12-month period that ended October 31, 2018.

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds were renamed PGIM Funds. This renaming is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

During the reporting period, the global economy continued to grow, and central banks gradually tightened monetary policy. In the US, the economy expanded and employment increased. In September, the Federal Reserve hiked interest rates for the eighth time since 2015, based on confidence in the economy.

Equity returns on the whole were strong, due to optimistic earnings expectations and investor sentiment. Global equities, including emerging markets, generally posted positive returns. However, they trailed the performance of US equities, which rose on higher corporate profits, new regulatory policies, and tax reform benefits. Volatility spiked briefly early in the period on inflation concerns, rising interest rates, and a potential global trade war, and again late in the period on worries that profit growth might slow in 2019.

The overall bond market declined modestly during the period, as measured by the Bloomberg Barclays US Aggregate Bond Index. The best performance came from higher-yielding, economically sensitive sectors, such as high yield bonds and bank loans, which posted small gains. US investment-grade corporate bonds and US Treasury bonds both finished the period with negative returns. A major trend during the period was the flattening of the US Treasury yield curve, which increased the yield on fixed income investments with shorter maturities and made them more attractive to investors.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Short Duration Multi-Sector Bond Fund

December 14, 2018

*The Prudential Day One Funds did not change their names.

PGIM Short Duration Multi-Sector Bond Fund 7

Your Fund’s Performance (unaudited)

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

	Average Annual Total Returns as of 10/31/18 (with sales charges)
	One Year (%)	Since Inception (%)
Class A	–2.78		1.02 (12/23/13)
Class C	–1.38		0.95 (12/23/13)
Class Z	0.69		2.03 (12/23/13)
Class R6*	0.78		2.00 (12/23/13)
Bloomberg Barclays US Government/Credit 1-3 Year Index
	0.34		0.84
Lipper Short-Intermediate Investment-Grade Debt Funds Average
	–0.43		1.17
	Average Annual Total Returns as of 10/31/18 (without sales charges)
	One Year (%)	Since Inception (%)
Class A	0.48		1.71 (12/23/13)
Class C	–0.40		0.95 (12/23/13)
Class Z	0.69		2.03 (12/23/13)
Class R6*	0.78		2.00 (12/23/13)
Bloomberg Barclays US Government/Credit 1-3 Year Index
	0.34		0.84
Lipper Short-Intermediate Investment-Grade Debt Funds Average
	–0.43		1.17

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Growth of a $10,000 Investment (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Bloomberg Barclays US Government/Credit 1-3 Year Index by portraying the initial account values at the commencement of operations of Class Z shares (December 23, 2013) and the account values at the end of the current fiscal year (October 31, 2018), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the Fund’s returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: PGIM Investments LLC and Lipper Inc.

*Formerly known as Class Q shares.

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

PGIM Short Duration Multi-Sector Bond Fund 9

Your Fund’s Performance (continued)

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.

	Class A	Class C	Class Z	Class R6*
Maximum initial sales charge	3.25% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

*Formerly known as Class Q shares.

Benchmark Definitions

Bloomberg Barclays US Government/Credit 1-3 Year Index—The Bloomberg Barclays US Government/Credit 1-3 Year Index is an unmanaged index considered representative of the performance of short-term US corporate bonds and US government bonds with maturities from one to three years.

Lipper Short-Intermediate Investment-Grade Debt Funds Average—The Lipper Short-Intermediate Investment-Grade Debt Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Short-Intermediate Investment-Grade Debt Funds universe for the periods noted. The Lipper Average consists of funds that invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of one to five years.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses of a mutual fund, but not sales charges or taxes.

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Distributions and Yields as of 10/31/2018
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.26	2.76	2.62
Class C	0.18	2.05	1.65
Class Z	0.29	3.14	2.84
Class R6***	0.29	3.25	3.08

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements).

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.

***Formerly known as Class Q shares.

Credit Quality expressed as a percentage of total investments as of 10/31/18 (%)
AAA	48.5
AA	7.3
A	9.4
BBB	10.8
BB	10.2
B	4.0
CCC	0.5
Not Rated	4.4
Cash/Cash Equivalents	4.7
Total Investments	100.0

Source: PGIM Fixed Income

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by a NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

PGIM Short Duration Multi-Sector Bond Fund 11

Strategy and Performance Overview (unaudited)

How did the Fund perform?

The PGIM Short Duration Multi-Sector Bond Fund’s Class Z shares returned 0.69% in the 12-month reporting period that ended October 31, 2018, outperforming the 0.34% return of the Bloomberg Barclays US Government/Credit 1-3 Year Index (the Index) and the

–0.43% return of the Lipper Short-Intermediate Investment-Grade Debt Funds Average.

What were market conditions?

• At the beginning of the reporting period, positive economic momentum continued across the G3. (The G3, or Group of Three, refers to the US, Japan, and the European Union.) The US economy grew at an annualized 3.3% rate in the third quarter of 2017, following a similarly robust 3.1% pace in the second quarter. In the European Union, real gross domestic product (GDP) growth, at 2.4% in the third quarter, was broad based across countries. (Real GDP is a measurement of economic output adjusted for inflation.) Japan outpaced its potential growth rate by a wide margin, as its real GDP rose 2.5% in the third quarter after 2.9% growth in the second quarter. Consumer spending moderated across the G3, though remained at a solid pace. Business investment notably picked up, supporting market expectations that solid economic momentum was likely to carry into 2018.

• Stock and credit markets continued flying high with little volatility at the start of 2018 on optimism regarding the economic outlook. Their smooth flight soon hit an air pocket, however, on concerns about the US budget deficit’s potential to destabilize markets by pushing up Treasury yields and pushing down the dollar. Later in the first quarter, the markets floundered amid rising concerns of trade wars, troubles among technology companies, and—closer to the credit markets—concerns about merger-and-acquisition (M&A) activity, which had been running high. Stocks moved in a wide range during the first quarter, and at one point were nearly 10% off their highs. At quarter end, Treasury yields were higher, credit spreads (yield differentials between corporate bonds and Treasury securities of the same maturity) were wider, and stocks were little changed.

• The markets struggled in the second quarter as fears about trade and political issues, which had emerged early in the year, were realized to varying degrees. Meanwhile, the long shadow of quantitative monetary policy tightening stretched across the markets. The trade conflicts were awkward at the meeting of the G20, but then became real as US barbs were met with tit-for-tat measures that were at risk of intensifying. (The G20 is a leading forum of the world’s major economies that seeks to develop global policies to address pressing challenges.) The results of Italy’s elections, which took place in the first quarter, sparked market fears during the second quarter as renegade parties entered a coalition with a platform that appeared to jeopardize Italy’s finances and its relationship with Europe. Meanwhile, emerging market developments, including elections in Turkey

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and Mexico, raised concerns about the potential rise in policy heterodoxy. Over the first half of 2018, these concerns fueled spread widening, which appeared to get slightly ahead of fundamentals.

• Despite a third-quarter 2018 bounce in the fixed income spread sectors, it wasn’t enough to undo the damage from the first half of the year. On the rates side, yields either moved sideways or higher—significantly so in some cases. In currencies, the US dollar was the biggest beneficiary of the anxious market backdrop. And across markets, idiosyncratic fundamental vulnerabilities and policy missteps brought stiff punishment from the markets. While the markets have been volatile, the underlying causes have been more or less constant with minor variations. To set the stage, after a decade of balance sheet expansion, the G3 central banks were finally—at least in aggregate—turning off the liquidity spigot. The Federal Reserve (the Fed) was in the lead, hiking short-term interest rates and continuing to trim its balance sheet at an accelerating pace. The European Central Bank was in the final months of its asset purchase program, which was expected to increase market anxiety about the timing and pace of eventual rate hikes. Meanwhile, the Bank of Japan (BoJ) sent mixed messages. With the Japanese economy taking longer to hit the BoJ’s 2% inflation target, policymakers tried to improve their long-term policy effectiveness by taking certain steps, such as reducing bond purchase amounts and widening the target range for the 10-year Japanese government bond yield, with the intent of reducing the BoJ’s power over the fixed income market and the steepening of the yield curve.

• Against a backdrop of increased equity market volatility, economic data releases in October 2018 suggested the US economy was continuing to grow at a solidly above-trend pace. Third-quarter real GDP growth slowed only modestly to an annualized 3.5% pace, following a robust 4.2% gain in the second quarter, while economic data releases in the fourth quarter suggested the strength was enduring. That said, the sources of strength in the third quarter narrowed to the household and government sectors. Growth in consumer spending, already strong in the second quarter, accelerated slightly to a 4.0% pace in the third quarter. Moreover, government spending added 0.6% to US GDP growth, reflecting a pickup in spending at the federal, state, and local levels. Business investment faltered, however, decelerating from a 10% overall pace in the first half of 2018 to just 0.8% in the third quarter. Meanwhile, residential investment declined another 4.0% in real terms; it has now fallen in seven out of the last 10 quarters.

What worked?

• The Fund outperformed the Index over the reporting period, highlighted by strong security selection. Yield curve positioning and sector allocation also added value. Duration positioning and currency selection hurt performance.

PGIM Short Duration Multi-Sector Bond Fund 13

Strategy and Performance Overview (continued)

• Security selection was the largest contributor to performance, led by positioning in US Treasury securities, collateralized loan obligations (CLOs), sovereign bonds, high yield corporate bonds, interest rate swaps, and non-agency mortgage-backed securities.

• Corporate positioning in the foreign non-corporate and retailers & restaurants sectors added value. Within foreign non-corporate bonds, overweight positions in Greece, Portugal, and Banco do Brasil were positive. Among retailers & restaurants, contributors included overweights in Rite Aid and HT Intermediate Holdings.

• Sector allocation was also a contributor over the period, highlighted by overweights in high yield bonds and commercial mortgage-backed securities (CMBS).

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

What didn’t work?

• Within corporate bonds, security selection in the building materials & home construction and banking sectors detracted from performance. Detractors in building materials & home construction included overweights in Vulcan Materials, Beazer Homes USA, and William Lyon Homes. Within banking, overweights in Citigroup, Intesa Sanpaolo, and Barclays were negative.

• The Fund was also hurt by its strategy to manage duration, which is a measure of the interest rate sensitivity of a bond portfolio or debt securities that is expressed as a number of years. The Fund’s long duration positioning detracted as US rates were higher during the period. The Fund’s active duration positioning ranged from 0.2 to 0.7 years long, with its period-end positioning at the shorter end of the range at +0.4 years.

• The Fund occasionally has modest notional exposure to non-US dollar currencies across a diversified basket of currencies in faster-growing emerging and developed markets countries. During the period, the Fund’s currency positioning hurt performance, with overweights in the Indian rupee and Russian ruble and an underweight in the South African rand the largest detractors.

Did the Fund use derivatives, and how did they affect performance?

• The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used interest rate futures, options, and swaps to help manage duration positioning and yield curve exposure. Futures and swaps added to performance during the period, while options modestly detracted. In addition, the Fund traded foreign exchange derivatives, which had a negative impact on performance during the period.

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Current outlook

• Given ongoing US economic strength, the Fed is expected to raise short-term interest rates at its policy meeting on December 19, which PGIM Fixed Income believes will be followed by additional hikes around March and June 2019. At that point, the federal funds rate would be at 2.9%—roughly in line with Fed officials’ median estimate of the long-run neutral policy rate (although their estimates range from 2.5% to 3.5%). If 1) the fiscal stimulus shows signs of waning by the second half of next year, 2) congressional gridlock following the mid-term elections rules out further fiscal stimulus, and 3) inflation on average remains contained, as PGIM Fixed Income anticipates, the Fed is likely to become more cautious by the second half of next year. Meanwhile, banks’ reserve balances at the Fed continue to shrink as quantitative tightening proceeds. PGIM Fixed Income anticipates further updates from the Fed over the next several meetings about its thinking regarding the likely terminal size of its balance sheet.

• At the end of the period, PGIM Fixed Income maintained a positive view of fundamentals in the credit sectors, with the Fund positioned in spread sectors such as high yield corporate bonds, emerging markets debt, and structured products (CMBS, CLOs, asset-backed securities).

• In investment-grade corporate bonds, as the US economy enters the later stage of the credit cycle, PGIM Fixed Income continues to favor better-quality financials and electric utilities over industrials that are subject to event risk. Within industrials, the focus is on select issuers where an “event” has passed, as higher-quality issuers continue to add debt and M&A remains a concern.

• Because of a combination of solid fundamentals (strong earnings and low defaults) and favorable technicals (limited net supply and persistent institutional demand from Asia), PGIM Fixed Income holds a modestly positive view on US high yield bonds in the near term. However, concerns over current valuations, risk appetite on recent lower-quality M&A transactions that is reminiscent of 2007, as well as broader concerns about trade wars and the timing of the next US recession merit longer-term caution.

• PGIM Fixed Income expects CMBS issuance to be heavy for the remainder of 2018 and continues to find value in high-quality securities of new issue conduit deals. In asset-backed securities, a fundamentally driven, up-in-quality focus is being maintained. PGIM Fixed Income favors select securitizations from originators of unsecured consumer loans, subprime auto loans, and private refinance student loans that practice strong underwriting and display robust structural features.

• Government-related sectors, including Treasuries and agency mortgage-backed securities, remain significant Fund underweights as PGIM Fixed Income finds more compelling value in the aforementioned sectors. The Fund also occasionally has a modest notional exposure to non-US dollar currencies across a diversified basket of currencies in faster-growing emerging and developed countries with current positioning featuring an overweight to the US dollar.

PGIM Short Duration Multi-Sector Bond Fund 15

Fees and Expenses (unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended October 31, 2018. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

16 Visit our website at pgiminvestments.com

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PGIM Short Duration Multi-Sector  Bond Fund		Beginning Account Value May 1, 2018		Ending Account Value October 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,005.00		0.84	%	$	4.25
	Hypothetical	$	1,000.00	$	1,020.97		0.84	%	$	4.28
Class C	Actual	$	1,000.00	$	1,000.10		1.60	%	$	8.07
	Hypothetical	$	1,000.00	$	1,017.14		1.60	%	$	8.13
Class Z	Actual	$	1,000.00	$	1,005.70		0.50	%	$	2.53
	Hypothetical	$	1,000.00	$	1,022.68		0.50	%	$	2.55
Class R6**	Actual	$	1,000.00	$	1,006.20		0.39	%	$	1.97
	Hypothetical	$	1,000.00	$	1,023.24		0.39	%	$	1.99

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended October 31, 2018, and divided by the 365 days in the Fund’s fiscal year ended October 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**Formerly known as Class Q shares.

PGIM Short Duration Multi-Sector Bond Fund 17

Schedule of Investments

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    93.1%
ASSET-BACKED SECURITIES    27.9%
Automobiles    0.6%
Avis Budget Rental Car Funding AESOP LLC,
Series 2014-01A, Class A, 144A		2.460	%		07/20/20		3,400	$	3,390,195
Series 2016-01A, Class A, 144A		2.990			06/20/22		200		196,665
Drive Auto Receivables Trust, Series 2018-01, Class B		2.880			02/15/22		700		698,890
Exeter Automobile Receivables Trust, Series 2017-03A, Class A, 144A		2.050			12/15/21		155		154,556
OneMain Direct Auto Receivables Trust,
Series 2017-01A, Class A, 144A		2.160			10/15/20		330		328,974
Series 2017-01A, Class B, 144A		2.880			06/15/21		300		298,191
Series 2017-02A, Class E, 144A		4.740			11/14/25		800		791,437
									5,858,908
Collateralized Loan Obligations    21.1%
ALM Ltd. (Cayman Islands), Series 2013-08A, Class A1R, 144A, 3 Month LIBOR + 1.490%		3.926	(c)		10/15/28		250		250,060
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2015-06A, Class AR, 144A, 3 Month LIBOR + 1.270%		3.706	(c)		07/15/30		1,500		1,502,113
Armada Euro CLO (Ireland),
Series 2018-02A, Class A1, 144A, 3 Month EURIBOR + 0.760%		0.760	(c)		11/15/31	EUR	1,500		1,678,872
Series 2018-02A, Class A3, 144A		1.500			11/15/31	EUR	500		565,927
ArrowMark Colorado Holdings (Cayman Islands), Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.716	(c)		07/15/29		250		250,305
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 0.830%		3.142	(c)		11/17/27		500		498,203
Series 2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260%		3.696	(c)		07/16/29		750		750,715
Series 2017-08A, Class A, 144A, 3 Month LIBOR + 1.300%		3.736	(c)		01/16/30		750		749,510
Aurium CLO DAC (Ireland),
Series 4A, Class A1, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		01/16/31	EUR	3,000		3,358,375

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 19

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Aurium CLO DAC (Ireland), (cont’d.)
Series 4A, Class A2, 144A		1.620	%		01/16/31	EUR	500	$	566,925
Bain Capital Euro CLO DAC (Ireland), Series 2018-01A, Class A, 144A, 3 Month EURIBOR + 0.780%		0.780	(c)		04/20/32	EUR	1,500		1,686,732
Battalion CLO Ltd. (Cayman Islands),
Series 2015-08A, Class A1R, 144A, 3 Month LIBOR + 1.340%		3.673	(c)		07/18/30		750		751,939
Series 2016-10A, Class A1, 144A, 3 Month LIBOR + 1.550%		4.037	(c)		01/24/29		250		250,494
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2013-IIA, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.686	(c)		07/15/29		750		751,004
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.686	(c)		10/15/30		1,250		1,251,828
BlueMountain CLO Ltd. (Cayman Islands), Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.330%		3.766	(c)		04/13/27		750		750,314
Brookside Mill CLO Ltd. (Cayman Islands), Series 2013-01A, Class BR, 144A, 3 Month LIBOR + 1.350%		3.799	(c)		01/17/28		1,000		992,819
Burnham Park CLO Ltd. (Cayman Islands), Series 2016-01A, Class A, 144A, 3 Month LIBOR + 1.430%		3.899	(c)		10/20/29		500		502,802
Canyon Capital CLO Ltd. (Cayman Islands), Series 2015-01A, Class AS, 144A, 3 Month LIBOR + 1.250%		3.686	(c)		04/15/29		250		250,540
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 0.970%		3.419	(c)		04/17/31		2,500		2,502,411
Series 2014-03RA, Class A1A, 144A, 3 Month LIBOR + 1.050%		3.138	(c)		07/27/31		3,750		3,737,105
Carlyle Global Markets Strategies Euro CLO Ltd. (Ireland), Series 2014-02A, Class A2BR, 144A		2.250			08/15/27	EUR	1,100		1,245,920
Carlyle US CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1B, 144A, 3 Month LIBOR + 1.230%		3.699	(c)		04/20/31		250		250,285
Series 2017-02A, Class A1B, 144A, 3 Month LIBOR + 1.220%		3.689	(c)		07/20/31		500		501,038

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Carlyle US CLO Ltd. (Cayman Islands), (cont’d.)
Series 2017-04A, Class A1, 144A, 3 Month LIBOR + 1.180%		3.616	%(c)		01/15/30		1,250	$	1,252,067
Catamaran CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1AR, 144A, 3 Month LIBOR + 1.260%		3.729	(c)		04/22/30		2,500		2,496,448
Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.400%		3.845	(c)		10/18/26		250		250,118
CIFC Funding Ltd. (Cayman Islands),
Series 2013-03RA, Class A1, 144A, 3 Month LIBOR + 0.980%		3.330	(c)		04/24/31		2,000		1,985,710
Series 2014-02RA, Class A1, 144A, 3 Month LIBOR + 1.050%		3.537	(c)		04/24/30		5,000		4,989,501
Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200%		3.627	(c)		10/17/31		9,750		9,756,454
Series 2015-01A, Class ARR, 144A, 3 Month LIBOR + 1.110%		3.579	(c)		01/22/31		1,000		998,072
Series 2015-03A, Class AR, 144A, 3 Month LIBOR + 0.870%		3.320	(c)		04/19/29		2,500		2,489,286
CVC Cordatus Loan Fund (Ireland), Series 3A, Class A2RR, 144A		1.750			08/15/32	EUR	2,300		2,619,191
CVC Cordatus Loan Fund X DAC (Ireland), Series 10A, Class A1, 144A		0.720			01/27/31	EUR	1,000		1,121,298
ECP CLO Ltd. (Cayman Islands), Series 2014-06A, Class A1A, 144A, 3 Month LIBOR + 1.450%		3.886	(c)		07/15/26		232		232,123
Elevation CLO Ltd. (Cayman Islands),
Series 2014-02A, Class A1R, 144A, 3 Month LIBOR + 1.230%		3.666	(c)		10/15/29		500		500,666
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220%		3.656	(c)		07/15/30		750		750,406
Ellington CLO Ltd. (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.700%		4.014	(c)		02/15/29		4,000		4,008,046
Flagship CLO Ltd. (Cayman Islands), Series 2014-08A, Class ARR, 144A, 3 Month LIBOR + 0.850%		3.286	(c)		01/16/26		2,500		2,493,173
Flatiron CLO Ltd. (Cayman Islands), Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 0.890%		3.326	(c)		04/15/27		1,600		1,596,313

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 21

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Galaxy CLO Ltd. (Cayman Islands), Series 2018-29A, Class A, 144A, 3 Month LIBOR + 0.790%		3.104	%(c)		11/15/26		4,500	$	4,483,185
Greenwood Park CLO Ltd. (Cayman Islands), Series 2018-01A, Class A2, 144A, 3 Month LIBOR + 1.010%		3.446	(c)		04/15/31		2,500		2,492,643
Greywolf CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.180%		3.528	(c)		10/20/31		5,000		4,988,129
Hayfin Emerald CLO DAC (Ireland), Series 1A, Class A2, 144A, 3 Month EURIBOR + 1.090%		1.090	(c)		09/06/31	EUR	2,000		2,267,686
Highbridge Loan Management Ltd. (Cayman Islands), Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000%		3.341	(c)		02/05/31		250		248,633
ICG US CLO Ltd. (Cayman Islands),
Series 2014-03A, Class A1RR, 144A, 3 Month LIBOR + 1.030%		3.520	(c)		04/25/31		3,500		3,479,474
Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.280%		3.757	(c)		10/23/29		1,250		1,252,384
Jamestown CLO Ltd. (Cayman Islands), Series 2016-09A, Class A1B, 144A, 3 Month LIBOR + 1.500%		3.969	(c)		10/20/28		750		750,265
Jubilee CLO BV (Netherlands),
Series 2016-17A, Class A2R, 144A, 3 Month EURIBOR + 1.150% (Cap 2.200%, Floor 1.150%)		1.150	(c)		04/15/31	EUR	3,700		4,203,150
Series 2017-19A, Class A1, 144A, 3 Month EURIBOR + 0.800%		0.800	(c)		07/15/30	EUR	950		1,067,707
KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180%		3.616	(c)		01/15/31		1,250		1,249,983
Series 18, Class A, 144A, 3 Month LIBOR + 1.270%		3.715	(c)		07/18/30		750		750,935
KVK CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.614	(c)		05/15/26		701		701,622

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
KVK CLO Ltd. (Cayman Islands), (cont’d.)
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.930%		3.261	%(c)		05/20/29		4,000	$	3,992,517
Mariner CLO Ltd. (Cayman Islands), Series 2018-05A, Class A, 144A, 3 Month LIBOR + 1.110%		3.600	(c)		04/25/31		4,000		3,985,324
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120%		3.589	(c)		04/21/31		1,350		1,346,108
Series 2018-08A, Class A1, 144A, 3 Month LIBOR + 1.150%		3.472	(c)		02/20/31		1,500		1,497,553
Series 2018-08A, Class B, 144A, 3 Month LIBOR + 1.650%		3.972	(c)		02/20/31		1,500		1,493,655
Mill Creek CLO Ltd. (Cayman Islands), Series 2016-01A, Class A, 144A, 3 Month LIBOR + 1.750%		4.219	(c)		04/20/28		250		251,609
Mountain View CLO LLC (Cayman Islands), Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.210%		3.646	(c)		01/16/31		1,000		1,000,390
Mountain View CLO Ltd. (Cayman Islands), Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120%		3.556	(c)		07/15/31		5,000		4,984,638
OCP CLO Ltd. (Cayman Islands),
Series 2014-05A, Class A1R, 144A, 3 Month LIBOR + 1.080%		3.588	(c)		04/26/31		5,000		4,976,450
Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260%		3.696	(c)		07/15/30		750		751,140
OZLM Funding Ltd. (Cayman Islands), Series 2013-04A, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.719	(c)		10/22/30		2,250		2,255,554
OZLM Ltd. (Cayman Islands),
Series 2014-09A, Class A1AR, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)		3.749	(c)		10/20/31		8,000		8,000,000
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250%		3.770	(c)		10/30/30		1,000		1,001,703
Series 2016-15A, Class A1, 144A, 3 Month LIBOR + 1.490%		3.959	(c)		01/20/29		1,250		1,252,187
OZLME Designated Activity Co. (Netherlands), Series 3A, Class A1, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		08/24/30	EUR	2,000		2,245,716

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 23

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-1A, Class A1R2, 144A, 3 Month LIBOR + 1.130%		3.579	%(c)		01/17/31		1,500	$	1,498,771
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.300%		3.612	(c)		05/21/29		1,250		1,252,102
Series 2015-02A, Class A1AR, 144A, 3 Month LIBOR + 1.270%		3.739	(c)		07/20/30		1,500		1,502,331
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.220%		3.539	(c)		11/14/29		1,000		1,001,144
Series 2018-01A, Class A1A, 144A, 3 Month LIBOR + 1.280%		3.688	(c)		10/20/31		9,000		9,000,000
Regatta Funding LP (Cayman Islands), Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 1.540%		3.976	(c)		01/15/29		500		500,867
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1, 144A, 3 Month LIBOR + 1.520%		3.858	(c)		12/20/28		500		500,563
Series 2017-01A, Class A, 144A, 3 Month LIBOR + 1.250%		3.699	(c)		10/17/30		500		500,753
Romark CLO Ltd. (Cayman Islands), Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175%		3.431	(c)		07/25/31		500		499,361
Shackleton CLO Ltd. (Cayman Islands),
Series 2014-05RA, Class A, 144A, 3 Month LIBOR + 1.100%		3.463	(c)		05/07/31		3,000		2,991,756
Series 2015-07RA, Class A1, 144A, 3 Month LIBOR + 1.170%		3.509	(c)		07/15/31		3,750		3,746,319
Series 2017-11A, Class A, 144A, 3 Month LIBOR + 1.270%		3.584	(c)		08/15/30		500		500,696
Silver Creek CLO Ltd. (Cayman Islands), Series 2014-01A, Class AR, 144A, 3 Month LIBOR + 1.240%		3.709	(c)		07/20/30		500		500,694
Sound Point CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070%		3.578	(c)		01/26/31		1,500		1,495,635
Series 2014-03RA, Class A1, 144A, 3 Month LIBOR + 1.250%		3.658	(c)		10/23/31		7,250		7,250,000
Series 2015-02A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.349	(c)		07/20/27		250		249,308

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Sound Point CLO Ltd. (Cayman Islands), (cont’d.)
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.280%		3.770	%(c)		07/25/30		1,000	$	1,001,649
Series 2017-03A, Class A1A, 144A, 3 Month LIBOR + 1.220%		3.689	(c)		10/20/30		1,250		1,251,584
St Paul’s CLO DAC (Netherlands), Series 7A, Class B2R, 144A		2.400			04/30/30	EUR	1,000		1,140,022
Telos CLO Ltd. (Cayman Islands),
Series 2013-03A, Class AR, 144A, 3 Month LIBOR + 1.300%		3.749	(c)		07/17/26		250		250,469
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240%		3.689	(c)		01/17/30		1,500		1,495,537
TICP CLO Ltd. (Cayman Islands),
Series 2016-06A, Class A, 144A, 3 Month LIBOR + 1.550%		3.986	(c)		01/15/29		500		500,887
Series 2017-07A, Class AS, 144A, 3 Month LIBOR + 1.230%		3.666	(c)		07/15/29		750		750,846
Trinitas CLO Ltd. (Cayman Islands),
Series 2015-03A, Class BR, 144A, 3 Month LIBOR + 1.400%		3.836	(c)		07/15/27		2,000		1,986,095
Series 2016-05A, Class A, 144A, 3 Month LIBOR + 1.700%		4.190	(c)		10/25/28		500		500,179
Series 2017-06A, Class A, 144A, 3 Month LIBOR + 1.320%		3.810	(c)		07/25/29		750		751,558
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.210%		3.700	(c)		01/25/31		1,000		1,000,623
Series 2017-07A, Class B, 144A, 3 Month LIBOR + 1.600%		4.090	(c)		01/25/31		750		747,295
Tryon Park CLO Ltd. (Cayman Islands), Series 2013-01A, Class A2R, 144A, 3 Month LIBOR + 1.500%		3.936	(c)		04/15/29		1,500		1,496,707
Venture CDO Ltd. (Cayman Islands), Series 2017-28AR, Class A1, 144A, 3 Month LIBOR + 1.240%		3.709	(c)		10/21/29		500		500,674
Venture CLO Ltd. (Cayman Islands), Series 2015-21A, Class AR, 144A, 3 Month LIBOR + 0.880%		3.316	(c)		07/15/27		250		249,339
Voya CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210%		3.646	(c)		10/15/30		2,250		2,252,350
Series 2013-02A, Class A1R, 144A, 3 Month LIBOR + 0.970%		3.460	(c)		04/25/31		1,500		1,491,589

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 25

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Voya CLO Ltd. (Cayman Islands), (cont’d.)
Series 2016-01A, Class A1R, 144A, 3 Month LIBOR + 1.070%		3.539	%(c)		01/20/31		1,500	$	1,498,859
Voya Euro CLO Designated Activity Co. (Ireland), Series 01A, Class A, 144A, 3 Month EURIBOR + 0.750%		0.750	(c)		10/15/30	EUR	2,500		2,805,558
Wellfleet CLO Ltd. (Cayman Islands),
Series 2016-02A, Class A1, 144A, 3 Month LIBOR + 1.650%		4.119	(c)		10/20/28		500		500,155
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.320%		3.789	(c)		04/20/29		500		500,927
Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.250%		3.719	(c)		10/20/29		1,000		1,001,659
Series 2017-03A, Class A1, 144A, 3 Month LIBOR + 1.150%		3.599	(c)		01/17/31		1,000		997,385
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.100%		3.470	(c)		07/17/31		5,000		4,974,959
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.200%		3.638	(c)		10/20/31		3,000		2,997,432
York CLO Ltd. (Cayman Islands), Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150%		3.619	(c)		01/22/31		750		748,487
Zais CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370%		3.806	(c)		07/15/29		1,000		1,002,330
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290%		3.726	(c)		04/15/30		750		754,054
Series 2018-02A, Class A, 144A, 3 Month LIBOR + 1.200%		3.720	(c)		07/20/31		5,000		4,995,539
									203,240,495
Consumer Loans    1.4%
Lendmark Funding Trust,
Series 2017-01A, Class A, 144A		2.830			12/22/25		200		197,368
Series 2017-02A, Class C, 144A		4.330			05/20/26		1,000		988,564
Series 2018-01A, Class A, 144A		3.810			12/21/26		1,800		1,788,830
Series 2018-02A, Class A, 144A		4.230			04/20/27		1,100		1,099,861
OneMain Financial Issuance Trust,
Series 2015-01A, Class A, 144A		3.190			03/18/26		154		154,471
Series 2015-02A, Class C, 144A		4.320			07/18/25		200		200,568
Series 2016-01A, Class A, 144A		3.660			02/20/29		300		300,687
Series 2017-01A, Class B, 144A		2.790			09/14/32		100		96,696

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans (cont’d.)
OneMain Financial Issuance Trust, (cont’d.)
Series 2017-01A, Class C, 144A		3.350	%		09/14/32		100	$	97,557
Series 2018-01A, Class A, 144A		3.300			03/14/29		500		495,845
Oportun Funding LLC,
Series 2016-C, Class A, 144A		3.280			11/08/21		300		299,983
Series 2017-A, Class A, 144A		3.230			06/08/23		500		492,703
Series 2017-B, Class A, 144A		3.220			10/10/23		800		787,427
Series 2018-A, Class A, 144A		3.610			03/08/24		540		532,868
Series 2018-B, Class A, 144A		3.910			07/08/24		850		845,802
Series 2018-B, Class B, 144A		4.500			07/08/24		250		249,338
Series 2018-C, Class A, 144A		4.100			10/08/24		1,100		1,099,513
Series 2018-C, Class B, 144A		4.590			10/08/24		500		504,739
PNMAC FMSR Issuer Trust, Series 2018-FT01, Class A, 144A, 1 Month LIBOR + 2.350%		4.631	(c)		04/25/23		1,420		1,430,226
PNMAC GMSR Issuer Trust,
Series 2018-GT01, Class A, 144A, 1 Month LIBOR + 2.850%		5.131	(c)		02/25/23		440		444,699
Series 2018-GT02, Class A, 144A, 1 Month LIBOR + 2.650%		4.931	(c)		08/25/25		800		805,591
SpringCastle America Funding LLC, Series 2016-AA, Class A, 144A		3.050			04/25/29		252		249,502
Springleaf Funding Trust, Series 2015-AA, Class A, 144A		3.160			11/15/24		185		184,934
									13,347,772
Credit Card    0.2%
Citibank Credit Card Issuance Trust, Series 2018-A07, Class A7		3.960			10/13/30		2,200		2,213,616
Home Equity Loans    0.7%
ABFC Trust, Series 2003-AHL01, Class A1		4.184			03/25/33		78		77,027
ACE Securities Corp. Home Equity Loan Trust, Series 2003-OP01, Class M1, 1 Month LIBOR + 1.050%		3.331	(c)		12/25/33		193		191,626
Asset Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE07, Class M1, 1 Month LIBOR + 0.975%		3.255	(c)		12/15/33		141		141,302

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 27

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Home Equity Loans (cont’d.)
Bear Stearns Asset-Backed Securities I Trust, Series 2004-HE06, Class M1, 1 Month LIBOR + 0.855%		3.136	%(c)		08/25/34		318	$	309,780
Bear Stearns Asset-Backed Securities Trust, Series 2003-02, Class A3, 1 Month LIBOR + 1.500%		3.781	(c)		03/25/43		313		309,383
Chase Funding Loan Acquisition Trust, Series 2004-OPT01, Class M1, 1 Month LIBOR + 0.855%		3.136	(c)		06/25/34		1,008		984,320
Home Equity Asset Trust, Series 2003-08, Class M1, 1 Month LIBOR + 1.080%		3.361	(c)		04/25/34		514		517,798
Morgan Stanley ABS Capital I, Inc. Trust,
Series 2003-HE03, Class A3, 1 Month LIBOR + 1.040%		3.321	(c)		10/25/33		1,054		1,034,533
Series 2003-NC10, Class M1, 1 Month LIBOR + 1.020%		3.301	(c)		10/25/33		216		213,983
New Residential Mortgage Loan Trust, Series 2018-01A, Class A1A, 144A		4.000	(cc)		12/25/57		691		691,976
Option One Mortgage Acceptance Corp., Asset-Backed Certificates, Series 2003-06, Class A2, 1 Month LIBOR + 0.660%		2.941	(c)		11/25/33		1,110		1,088,727
RAMP Trust, Series 2005-EFC3, Class M5, 1 Month LIBOR + 0.640%		2.921	(c)		08/25/35		1,400		1,413,408
									6,973,863
Residential Mortgage-Backed Securities    3.1%
CIT Mortgage Loan Trust, Series 2007-01, Class 1A, 144A, 1 Month LIBOR + 1.350%		3.631	(c)		10/25/37		762		769,719
Countrywide Asset-Backed Certificates, Series 2003-BC02, Class 2A1, 1 Month LIBOR + 0.600%		2.881	(c)		06/25/33		121		115,412
Credit Suisse Mortgage Trust,
Series 2016-RPL01, Class A1, 144A, 1 Month LIBOR + 3.150%		5.406	(c)		12/26/46		464		471,879
Series 2018-03R, Class 1A1, 144A, 1 Month LIBOR + 1.200%		3.474	(c)		12/25/46		1,280		1,283,994

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Credit Suisse Mortgage Trust, (cont’d.)
Series 2018-RPL08, Class A1, 144A		4.125	%		07/25/58		1,895	$	1,881,184
CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-04, Class 1A, 1 Month LIBOR + 0.420%		2.701	(c)		08/25/34		1,045		978,757
Fremont Home Loan Trust, Series 2004-02, Class M1, 1 Month LIBOR + 0.855%		3.136	(c)		07/25/34		615		627,492
GSAMP Trust, Series 2007-HE01, Class A1, 1 Month LIBOR + 0.140%		2.421	(c)		03/25/47		582		549,930
Legacy Mortgage Asset Trust, Series 2017-RPL01, Class A, 144A, 1 Month LIBOR + 1.750%		3.992	(c)		01/28/70		288		293,982
LSFVT, Series 2018-01, 1 Month LIBOR + 2.000%^		3.982	(c)		04/01/21		4,478		4,464,713
Mill City Mortgage Loan Trust, Series 2018-01, Class A1, 144A		3.250	(cc)		05/25/62		1,829		1,803,137
Structured Asset Investment Loan Trust,
Series 2003-BC02, Class A3, 1 Month LIBOR + 0.700%		2.981	(c)		04/25/33		158		154,526
Series 2003-BC09, Class 3A3, 1 Month LIBOR + 0.700%		2.981	(c)		08/25/33		94		93,980
Series 2004-08, Class A8, 1 Month LIBOR + 1.000%		3.281	(c)		09/25/34		1,342		1,341,066
TFS (Spain), Series 2018-03, Class A1, 1 Month EURIBOR + 2.900%		2.900	(c)		03/16/23	EUR	3,114		3,527,210
Towd Point Mortgage Funding PLC (United Kingdom), Series 2016-VA1, Class A1, 144A, 3 Month LIBOR + 1.200%		2.005	(c)		02/20/54	GBP	222		284,855
Towd Point Mortgage Trust,
Series 2017-04, Class A1, 144A		2.750	(cc)		06/25/57		875		847,506
Series 2017-06, Class A1, 144A		2.750	(cc)		10/25/57		1,102		1,070,583
Series 2018-02, Class A1, 144A		3.250	(cc)		03/25/58		3,020		2,970,204
Series 2018-03, Class A1, 144A		3.750	(cc)		05/25/58		3,596		3,578,032
Series 2018-05, Class A1, 144A		3.250	(cc)		07/25/58		892		867,625
Series 2018-06, Class A1A, 144A		3.750	(cc)		03/25/58		2,110		2,103,050
									30,078,836

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 29

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Student Loans    0.8%
Earnest Student Loan Program LLC, Series 2016-D, Class A1, 144A, 1 Month LIBOR + 1.400%		3.681	%(c)		01/25/41		30	$	30,594
Laurel Road Prime Student Loan Trust,
Series 2018-A, Class A, 144A		3.723	(cc)		02/25/43		1,440		1,984,355
Series 2018-C, Class A, 144A		4.491	(cc)		08/25/43		2,860		2,895,930
SLM Student Loan Trust, Series 2004-02X, Class A6, 3 Month EURIBOR + 0.550%		0.233	(c)		07/25/39	EUR	2,100		2,290,881
									7,201,760
TOTAL ASSET-BACKED SECURITIES (cost $270,506,160)									268,915,250
BANK LOANS    0.3%
Technology
Dell International LLC, Replacement Term A-3 Loan, 1 Month LIBOR + 1.500%		3.810	(c)		12/31/18		2,352		2,349,128
McAfee LLC,
Retired Closing Date Term Loan, 1 Month LIBOR + 4.500%		6.790	(c)		09/30/24		459		459,625
Second Lien Initial Loan, 1 Month LIBOR + 8.500%		10.790	(c)		09/29/25		150		151,625
TOTAL BANK LOANS (cost $2,953,998)									2,960,378
COMMERCIAL MORTGAGE-BACKED SECURITIES    11.5%
BANK,
Series 2017-BNK05, Class A4		3.131			06/15/60		1,000		937,123
Series 2017-BNK06, Class A4		3.254			07/15/60		800		757,152
Series 2017-BNK08, Class A3		3.229			11/15/50		675		635,017
Series 2018-BN10, Class A4		3.428			02/15/61		4,800		4,576,701
BBCCRE Trust, Series 2015-GTP, Class A, 144A		3.966			08/10/33		300		299,622
BBCMS Mortgage Trust, Series 2018-TALL, Class D, 144A, 1 Month LIBOR + 1.449%		3.728	(c)		03/15/37		4,500		4,492,928
BENCHMARK Mortgage Trust, Series 2018-B06, Class A3		3.995			10/10/51		5,000		4,978,607

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
BX Commercial Mortgage Trust,
Series 2018-IND, Class F, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 1.800%)		4.080	%(c)		11/15/35		200	$	199,937
Series 2018-IND, Class G, 144A, 1 Month LIBOR + 2.050% (Cap N/A, Floor 2.050%)		4.330	(c)		11/15/35		1,100		1,100,000
CD Commercial Mortgage Trust,
Series 2017-CD04, Class A3		3.248			05/10/50		600		569,742
Series 2017-CD05, Class A3		3.171			08/15/50		800		751,981
Series 2017-CD06, Class A4		3.190			11/13/50		1,650		1,549,138
CFCRE Commercial Mortgage Trust,
Series 2016-C04, Class A4		3.283			05/10/58		600		574,079
Series 2016-C07, Class A2		3.585			12/10/54		1,800		1,755,017
Citigroup Commercial Mortgage Trust,
Series 2014-GC21, Class A4		3.575			05/10/47		159		159,481
Series 2016-C02, Class A3		2.575			08/10/49		6,200		5,669,662
Series 2016-C03, Class A3		2.896			11/15/49		700		649,128
Series 2016-GC37, Class A4		3.314			04/10/49		600		576,829
Series 2017-C04, Class A3		3.209			10/12/50		1,150		1,081,864
Series 2017-P07, Class XC, IO		0.326	(cc)		04/14/50		16,000		347,683
Series 2017-P08, Class A3		3.203			09/15/50		1,600		1,504,685
Series 2018-B02, Class A3		3.744			03/10/51		2,900		2,843,808
CityLine Commercial Mortgage Trust,
Series 2016-CLNE, Class B, 144A		2.778	(cc)		11/10/31		300		280,888
Series 2016-CLNE, Class C, 144A		2.778	(cc)		11/10/31		100		92,225
COMM Mortgage Trust, Series 2012-CR01, Class XA, IO		1.869	(cc)		05/15/45		1,063		57,672
Commercial Mortgage Trust,
Series 2012-CR04, Class A2		1.801			10/15/45		5,289		5,086,890
Series 2013-CR10, Class A2		2.972			08/10/46		13		12,478
Series 2014-CR15, Class XB, IO, 144A		0.024	(cc)		02/10/47		157,461		166,814
Series 2014-UBS05, Class A4		3.838			09/10/47		400		400,852
Series 2015-CR26, Class A4		3.630			10/10/48		50		49,237
Series 2015-LC21, Class A4		3.708			07/10/48		90		89,190
Series 2015-PC01, Class A5		3.902			07/10/50		1,490		1,487,332
Series 2016-COR01, Class A3		2.826			10/10/49		700		647,868
Series 2016-DC02, Class A5		3.765			02/10/49		275		271,315
Series 2017-COR02, Class A2		3.239			09/10/50		1,725		1,625,289
Credit Suisse Mortgage Trust,
Series 2016-NXSR, Class A4		3.795	(cc)		12/15/49		150		147,089
Series 2017-LSTK, Class B, 144A		3.030			04/05/33		500		490,375
Series 2017-LSTK, Class C, 144A		3.229			04/05/33		300		294,114
CSAIL Commercial Mortgage Trust,
Series 2015-C03, Class A4		3.718			08/15/48		1,700		1,682,477
Series 2018-CX12, Class A3		3.959			08/15/51		1,900		1,874,548

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 31

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
DBJPM Mortgage Trust,
Series 2016-C03, Class A4		2.632	%		08/10/49		400	$	366,761
Series 2017-C06, Class A4		3.071			06/10/50		600		559,861
DBWF Mortgage Trust, Series 2016-85T, Class D, 144A		3.808	(cc)		12/10/36		200		185,730
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class C, 144A		3.555	(cc)		09/10/35		250		239,412
Fannie Mae-Aces, Series 2015-M07, Class AB2		2.502			12/25/24		887		847,669
FHLMC Multifamily Structured Pass-Through Certificates,
Series K006, Class AX1, IO		0.944	(cc)		01/25/20		7,603		64,927
Series K007, Class X1, IO		1.035	(cc)		04/25/20		5,685		65,171
Series K008, Class X1, IO		1.518	(cc)		06/25/20		1,139		21,431
Series K018, Class X1, IO		1.352	(cc)		01/25/22		2,911		99,342
Series K020, Class X1, IO		1.412	(cc)		05/25/22		1,805		74,048
Series K025, Class X1, IO		0.856	(cc)		10/25/22		6,498		184,201
Series K069, Class X1, IO		0.369	(cc)		09/25/27		6,997		202,436
Series K725, Class X1, IO		0.711	(cc)		01/25/24		44,298		1,417,359
Series Q001, Class XA, IO		2.273	(cc)		02/25/32		15,670		2,245,885
GS Mortgage Securities Trust,
Series 2014-GC20, Class XB, IO		0.431	(cc)		04/10/47		15,000		344,041
Series 2017-GS06, Class A2		3.164			05/10/50		700		659,746
Series 2017-GS07, Class A3		3.167			08/10/50		1,180		1,104,215
Series 2017-GS08, Class A3		3.205			11/10/50		1,400		1,317,011
IMT Trust,
Series 2017-APTS, Class AFX, 144A		3.478			06/15/34		240		236,174
Series 2017-APTS, Class XFLC, IO, 144A		—	(p)		06/15/34		205,315		452
JPMBB Commercial Mortgage Securities Trust,
Series 2014-C25, Class A5		3.672			11/15/47		1,400		1,387,714
Series 2015-C29, Class A4		3.611			05/15/48		1,890		1,860,773
Series 2015-C29, Class XA, IO		0.825	(cc)		05/15/48		19,006		578,985
Series 2015-C31, Class A3		3.801			08/15/48		1,475		1,466,743
Series 2016-C01, Class A5		3.576			03/15/49		600		585,998
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C05, Class A4		3.414			03/15/50		350		336,814
Series 2017-C07, Class A4		3.147			10/15/50		1,100		1,030,329
Series 2018-C08, Class A3		3.944			06/15/51		4,000		3,961,094
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2018-AON, Class E, 144A		4.613	(cc)		07/05/31		3,900		3,887,697
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C20, Class A3		2.988			02/15/48		1,025		978,105
Series 2016-C29, Class A3		3.058			05/15/49		2,750		2,603,365
Series 2016-C30, Class A4		2.600			09/15/49		5,400		4,931,336

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Bank of America Merrill Lynch Trust, (cont’d.)
Series 2016-C30, Class A5		2.860	%		09/15/49		350	$	324,322
Series 2017-C33, Class A4		3.337			05/15/50		1,200		1,143,519
Morgan Stanley Capital I Trust,
Series 2015-UBS08, Class A3		3.540			12/15/48		4,550		4,460,426
Series 2015-UBS08, Class A4		3.809			12/15/48		1,770		1,761,201
Series 2017-H01, Class A4		3.259			06/15/50		600		568,445
Series 2017-HR02, Class A3		3.330			12/15/50		2,000		1,892,291
UBS Commercial Mortgage Trust,
Series 2017-C02, Class A3		3.225			08/15/50		1,100		1,038,895
Series 2017-C07, Class A3		3.418			12/15/50		2,100		2,001,600
Series 2018-C08, Class A3		3.720			02/15/51		2,700		2,631,453
Series 2018-C10, Class A3		4.048			05/15/51		1,400		1,399,833
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC24, Class A3		2.684			10/15/49		1,500		1,376,543
Series 2017-C39, Class A4		3.157			09/15/50		1,400		1,311,861
Series 2017-C40, Class A3		3.317			10/15/50		350		331,444
Series 2017-RB01, Class A4		3.374			03/15/50		875		836,982
Series 2018-C43, Class XB, IO		0.369	(cc)		03/15/51		51,500		1,662,126
Series 2018-C46, Class XB, IO		0.372	(cc)		08/15/51		104,789		3,337,184
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $114,255,130)									110,689,787
CONVERTIBLE BOND    0.1%
Investment Companies
Aabar Investments PJSC (United Arab Emirates), Sr. Unsec’d. Notes, EMTN (cost $996,730)		0.500			03/27/20	EUR	900		938,768
CORPORATE BONDS    28.0%
Aerospace & Defense    0.1%
General Dynamics Corp., Gtd. Notes		3.000			05/11/21		1,255		1,246,152
Agriculture    0.1%
BAT Capital Corp. (United Kingdom), Gtd. Notes, 144A		2.297			08/14/20		1,220		1,193,897
Philip Morris International, Inc., Sr. Unsec’d. Notes		4.125			05/17/21		100		101,640
									1,295,537

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 33

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Airlines    0.2%
American Airlines 2013-2 Class A Pass-Through Trust, Pass-Through Certificates		4.950	%		07/15/24		133	$	136,167
Delta Air Lines 2010-2 Class A Pass-Through Trust, Pass-Through Certificates		4.950			11/23/20		75		75,512
Delta Air Lines, Inc., Sr. Unsec’d. Notes		3.400			04/19/21		1,725		1,707,873
United Airlines 2014-1 Class A Pass-Through Trust, Pass-Through Certificates		4.000			10/11/27		129		128,663
									2,048,215
Auto Manufacturers    0.4%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		2.835	(c)		04/12/21		230		229,795
Gtd. Notes, 144A		3.100			04/12/21		305		301,813
Daimler Finance North America LLC (Germany),
Gtd. Notes, 144A		2.200			05/05/20		210		206,155
Gtd. Notes, 144A		3.100			05/04/20		550		546,852
Gtd. Notes, 144A		3.350			05/04/21		915		908,284
General Motors Co., Sr. Unsec’d. Notes		6.600			04/01/36		70		71,634
General Motors Financial Co., Inc.,
Gtd. Notes, 3 Month LIBOR + 0.850%		3.258	(c)		04/09/21		720		719,950
Gtd. Notes		3.500			07/10/19		295		295,790
Gtd. Notes(a)		3.550			04/09/21		545		540,090
Jaguar Land Rover Automotive PLC (United Kingdom), Gtd. Notes, 144A		4.250			11/15/19		200		199,250
									4,019,613
Banks    7.5%
Agence Francaise de Developpement (France), Sr. Unsec’d. Notes		1.625			01/21/20		1,000		982,676
Banco de Credito del Peru (Peru), Sr. Unsec’d. Notes, 144A		2.250			10/25/19		200		197,630
Banco do Brasil SA (Brazil), Gtd. Notes		3.875			10/10/22		3,440		3,262,874
Banco Nacional de Costa Rica (Costa Rica),
Sr. Unsec’d. Notes		4.875			11/01/18		1,200		1,200,000
Sr. Unsec’d. Notes		5.875			04/25/21		2,150		2,058,646

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Banco Santander SA (Spain),
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.120%		3.545	%(c)		04/12/23		200	$	200,536
Sr. Unsec’d. Notes		3.848			04/12/23		600		580,629
Bank Nederlandse Gemeenten NV (Netherlands),
Sr. Unsec’d. Notes, 144A, MTN		1.750			10/05/20		200		195,159
Sr. Unsec’d. Notes, 144A, MTN		2.375			02/01/22		800		780,253
Bank of America Corp.,
Jr. Sub. Notes, Series DD		6.300			12/29/49		40		42,150
Sr. Unsec’d. Notes		3.004			12/20/23		447		430,103
Sr. Unsec’d. Notes, GMTN		3.300			01/11/23		125		122,202
Sr. Unsec’d. Notes, GMTN		3.593			07/21/28		530		498,142
Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.870%		3.266	(c)		04/01/19		250		250,731
Sr. Unsec’d. Notes, MTN		3.499			05/17/22		2,465		2,453,349
Sr. Unsec’d. Notes, MTN		3.824			01/20/28		675		645,756
Sr. Unsec’d. Notes, MTN		4.125			01/22/24		250		251,452
Sr. Unsec’d. Notes, MTN		4.271			07/23/29		350		345,047
Sr. Unsec’d. Notes, Series L, MTN		2.600			01/15/19		76		75,963
Sub. Notes, Series L, MTN		3.950			04/21/25		300		290,939
Bank of Baroda (India), Sr. Unsec’d. Notes, 144A		4.875			07/23/19		1,400		1,409,673
Bank of Montreal (Canada),
Sr. Unsec’d. Notes, Series D, MTN, 3 Month LIBOR + 0.460%		2.896	(c)		04/13/21		400		401,239
Sr. Unsec’d. Notes, Series D, MTN		3.100			04/13/21		415		412,369
Bank of New York Mellon Corp. (The), Jr. Sub. Notes, Series F		4.625			12/29/49		125		117,969
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		4.375			01/12/26		200		191,671
Sr. Unsec’d. Notes, MTN		4.338			05/16/24		1,400		1,372,958
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A		3.375			01/09/25		695		649,653
Sr. Unsec’d. Notes, 144A, MTN		3.500			03/01/23		350		339,537
Branch Banking & Trust Co., Sr. Unsec’d. Notes		2.850			04/01/21		550		543,361
Caixa Economica Federal (Brazil), Sub. Notes		7.250			07/23/24		815		821,113
Capital One Financial Corp., Sr. Unsec’d. Notes		3.450			04/30/21		3,445		3,429,931
Citibank NA, Sr. Unsec’d. Notes		3.050			05/01/20		3,700		3,685,663

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 35

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Citigroup, Inc.,
Jr. Sub. Notes, Series Q		5.950	%		12/29/49		235	$	238,819
Jr. Sub. Notes, Series R		6.125			12/29/49		105		107,363
Sr. Unsec’d. Notes		3.520			10/27/28		990		917,200
Sr. Unsec’d. Notes		4.075			04/23/29		2,110		2,032,985
Sub. Notes		4.400			06/10/25		210		207,982
Sub. Notes		4.600			03/09/26		165		163,721
Sub. Notes		4.750			05/18/46		455		424,313
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		3.450			04/16/21		250		248,173
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes		3.150			01/22/21		470		458,291
Sr. Unsec’d. Notes, 3 Month LIBOR + 1.290%		3.766	(c)		02/04/21		1,150		1,147,123
Sr. Unsec’d. Notes		4.250			02/04/21		1,075		1,070,821
Sr. Unsec’d. Notes, GMTN		3.375			05/12/21		315		306,752
Development Bank of Japan, Inc. (Japan),
Gov’t. Gtd. Notes, 144A, MTN		2.125			09/01/22		200		190,919
Gov’t. Gtd. Notes, 144A, MTN		3.125			09/06/23		1,200		1,186,166
Dexia Credit Local SA (France),
Gov’t. Liquid Gtd. Notes		1.875			01/29/20		500		492,937
Gov’t. Liquid Gtd. Notes		2.250			02/18/20		250		247,206
Gov’t. Liquid Gtd. Notes, 144A		1.875			09/15/21		500		480,953
Gov’t. Liquid Gtd. Notes, 144A, MTN		3.250			09/26/23		750		745,393
Gov’t. Liquid Gtd. Notes, EMTN		2.250			01/30/19		3,000		2,996,932
Fifth Third Bank, Sr. Unsec’d. Notes		2.375			04/25/19		200		199,458
Goldman Sachs Group, Inc. (The),
Jr. Sub. Notes, Series M		5.375			12/29/49		175		176,313
Sr. Unsec’d. Notes		3.500			01/23/25		515		492,964
Sr. Unsec’d. Notes		3.850			01/26/27		800		766,560
Sr. Unsec’d. Notes		4.223			05/01/29		2,490		2,414,239
Sr. Unsec’d. Notes, GMTN		2.905			07/24/23		1,400		1,346,388
Sr. Unsec’d. Notes, Series D, MTN		6.000			06/15/20		755		785,105
Sub. Notes		5.150			05/22/45		125		122,398
HSBC Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600%		2.922	(c)		05/18/21		1,125		1,126,246
Sr. Unsec’d. Notes		5.100			04/05/21		125		129,284
Intesa Sanpaolo SpA (Italy), Sr. Unsec’d. Notes, 144A		3.875			07/14/27		200		165,204
JPMorgan Chase & Co., Jr. Sub. Notes, Ser. X		6.100			12/29/49		125		127,069

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
JPMorgan Chase & Co., (cont’d.)
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		5.990	%(c)		12/31/49		143	$	143,766
Sr. Unsec’d. Notes		3.509			01/23/29		375		350,523
Sr. Unsec’d. Notes		3.625			05/13/24		350		344,599
Sr. Unsec’d. Notes		3.964			11/15/48		845		740,439
Sr. Unsec’d. Notes		4.005			04/23/29		1,550		1,502,862
Sub. Notes(a)		4.250			10/01/27		215		211,222
JPMorgan Chase Bank NA, Sr. Unsec’d. Notes		3.086			04/26/21		3,000		2,988,390
KeyCorp, Sr. Unsec’d. Notes, MTN		5.100			03/24/21		400		414,013
Lloyds Bank PLC (United Kingdom), Gtd. Notes, 144A, MTN		5.800			01/13/20		375		385,694
Lloyds Banking Group PLC (United Kingdom), Sr. Unsec’d. Notes		4.375			03/22/28		675		645,004
Manufacturers & Traders Trust Co., Sr. Unsec’d. Notes		2.300			01/30/19		350		349,503
Mitsubishi UFJ Financial Group, Inc. (Japan), Sr. Unsec’d. Notes		3.761			07/26/23		1,930		1,919,969
Morgan Stanley,
Jr. Sub. Notes, Series H		5.450			12/31/49		75		75,666
Sr. Unsec’d. Notes, GMTN		3.750			02/25/23		390		387,127
Sr. Unsec’d. Notes, GMTN(a)		3.772			01/24/29		1,030		975,980
Sr. Unsec’d. Notes, MTN		3.591			07/22/28		640		599,369
Sub. Notes, GMTN		4.350			09/08/26		490		477,186
MUFG Bank Ltd. (Japan), Sr. Unsec’d. Notes, 144A		2.300			03/10/19		310		309,301
PNC Bank NA, Sub. Notes		4.200			11/01/25		350		352,209
Royal Bank of Canada (Canada),
Sr. Unsec’d. Notes, GMTN, 3 Month LIBOR + 0.390%		2.910	(c)		04/30/21		1,440		1,442,055
Sr. Unsec’d. Notes, GMTN		3.200			04/30/21		3,870		3,853,855
Santander UK PLC (United Kingdom), Sr. Unsec’d. Notes		2.375			03/16/20		240		237,034
Skandinaviska Enskilda Banken AB (Sweden), Sr. Unsec’d. Notes, 144A, MTN		2.375			03/25/19		325		324,158
State Bank of India (India), Sr. Unsec’d. Notes, EMTN, 3 Month LIBOR + 0.950%		3.358	(c)		04/06/20		1,000		1,001,800
Sumitomo Mitsui Banking Corp. (Japan), Bank Gtd. Notes, 3 Month LIBOR + 0.350%		2.799	(c)		01/17/20		1,325		1,326,255

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 37

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
U.S. Bancorp, Sr. Unsec’d. Notes, MTN, 3 Month LIBOR + 0.400%		2.890	%(c)		04/25/19		500	$	500,340
UBS Group Funding Switzerland AG (Switzerland), Gtd. Notes, 144A		3.000			04/15/21		390		383,824
Wells Fargo & Co., Sr. Unsec’d. Notes		2.500			03/04/21		75		73,091
									72,069,885
Beverages    0.1%
Central American Bottling Corp. (Guatemala), Gtd. Notes, 144A		5.750			01/31/27		200		197,102
Keurig Dr. Pepper, Inc., Gtd. Notes, 144A		3.551			05/25/21		615		612,092
									809,194
Biotechnology    0.0%
Amgen, Inc., Sr. Unsec’d. Notes		3.875			11/15/21		250		252,425
Building Materials    0.4%
Griffon Corp., Gtd. Notes		5.250			03/01/22		1,500		1,406,250
Martin Marietta Materials, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.500%		2.838	(c)		12/20/19		1,015		1,017,336
U.S. Concrete, Inc., Gtd. Notes		6.375			06/01/24		1,000		931,250
Vulcan Materials Co., Sr. Unsec’d. Notes, 144A		4.700			03/01/48		995		858,519
									4,213,355
Chemicals    0.5%
CNAC HK Finbridge Co. Ltd. (China),
Gtd. Notes		3.500			07/19/22		2,200		2,122,881
Gtd. Notes		4.125			03/14/21		1,000		996,181
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		4.125			11/15/21		100		101,511
Sr. Unsec’d. Notes		4.250			11/15/20		93		94,199
LyondellBasell Industries NV, Sr. Unsec’d. Notes		6.000			11/15/21		350		369,071

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Mexichem SAB de CV (Mexico), Gtd. Notes, 144A		4.875	%		09/19/22		290	$	288,513
Sasol Financing International Ltd. (South Africa), Gtd. Notes		4.500			11/14/22		600		582,774
SASOL Financing USA LLC (South Africa), Gtd. Notes		5.875			03/27/24		500		503,691
Sherwin-Williams Co. (The), Sr. Unsec’d. Notes		3.450			08/01/25		85		80,854
									5,139,675
Commercial Services    0.9%
ERAC USA Finance LLC, Gtd. Notes, 144A		2.800			11/01/18		100		100,000
Nexi Capital SpA (Italy), Sec’d. Notes, 144A		4.125			11/01/23	EUR	1,350		1,530,742
Nielsen Finance LLC/Nielsen Finance Co., Gtd. Notes, 144A		5.000			04/15/22		3,000		2,921,250
SNCF Reseau EPIC (France),
Sr. Unsec’d. Notes, EMTN		1.375			10/11/19		1,000		984,950
Sr. Unsec’d. Notes, EMTN		2.000			10/13/20		2,000		1,954,880
University of Notre Dame du Lac, Unsec’d. Notes		3.394			02/15/48		400		356,754
Western Union Co. (The), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.800%		3.110	(c)		05/22/19		780		781,714
									8,630,290
Computers    0.4%
Dell International LLC/EMC Corp.,
Gtd. Notes, 144A		5.875			06/15/21		2,686		2,722,990
Sr. Sec’d. Notes, 144A		3.480			06/01/19		100		100,125
EMC Corp., Sr. Unsec’d. Notes		2.650			06/01/20		300		291,866
Hewlett Packard Enterprise Co., Sr. Unsec’d. Notes, 144A		2.100			10/04/19		650		643,704
									3,758,685
Distribution/Wholesale    0.1%
Global Partners LP/GLP Finance Corp., Gtd. Notes		6.250			07/15/22		1,325		1,301,813

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 39

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services    1.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), Gtd. Notes		3.750	%		05/15/19		150	$	150,293
American Express Co., Sr. Unsec’d. Notes		3.375			05/17/21		3,280		3,271,914
BOC Aviation Ltd. (Singapore), Sr. Unsec’d. Notes, EMTN		2.375			09/15/21		1,303		1,242,854
CDP Financial, Inc. (Canada),
Gtd. Notes, 144A		3.150			07/24/24		1,000		984,919
Gtd. Notes, 144A		4.400			11/25/19		3,925		3,981,098
CPPIB Capital, Inc. (Canada),
Gtd. Notes, 144A, MTN		2.750			11/02/27		750		704,411
Gtd. Notes, 144A, MTN		3.125			09/25/23		1,500		1,490,537
Discover Financial Services, Sr. Unsec’d. Notes		5.200			04/27/22		400		413,095
Jefferies Financial Group, Inc., Sr. Unsec’d. Notes		5.500			10/18/23		100		103,429
Nationstar Mortgage Holdings, Inc., Gtd. Notes, 144A		8.125			07/15/23		1,075		1,093,813
Navient Solutions LLC, Sr. Unsec’d. Notes		3.339	(s)		10/03/22		785		688,824
Nomura Holdings, Inc. (Japan), Sr. Unsec’d. Notes, GMTN		2.750			03/19/19		100		99,959
Ontario Teachers’ Finance Trust (Canada),
Local Gov’t. Gtd. Notes, 144A		2.125			09/19/22		250		238,670
Local Gov’t. Gtd. Notes, 144A		2.750			04/16/21		250		247,019
Private Export Funding Corp., Sr. Unsec’d. Notes, 144A		2.650			02/16/21		200		198,124
									14,908,959
Electric    1.6%
AES Panama SRL (Panama), Sr. Unsec’d. Notes, 144A		6.000			06/25/22		825		846,871
Calpine Corp.,
Sr. Sec’d. Notes, 144A		6.000			01/15/22		1,321		1,327,605
Sr. Unsec’d. Notes(a)		5.500			02/01/24		1,000		907,500
Commonwealth Edison Co., First Mortgage		2.150			01/15/19		25		24,972
Consolidated Edison Co. of New York, Inc., Sr. Unsec’d. Notes, Series C		4.300			12/01/56		25		22,927

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Electricite de France SA (France), Sr. Unsec’d. Notes, 144A		2.150	%		01/22/19		50	$	49,882
Enel Americas SA (Chile), Sr. Unsec’d. Notes		4.000			10/25/26		30		28,004
Enel Finance International NV (Italy),
Gtd. Notes, 144A		2.875			05/25/22		515		485,111
Gtd. Notes, 144A		3.500			04/06/28		265		222,691
Eskom Holdings SOC Ltd. (South Africa), Gov’t. Gtd. Notes, 144A, MTN		6.350			08/10/28		425		409,509
FirstEnergy Corp., Sr. Unsec’d. Notes, Series B		3.900			07/15/27		505		482,249
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		4.350			01/15/25		125		125,445
Hydro-Quebec (Canada),
Local Gov’t. Gtd. Notes		8.050			07/07/24		500		609,491
Local Gov’t. Gtd. Notes		8.400			01/15/22		1,000		1,139,606
Local Gov’t. Gtd. Notes		9.400			02/01/21		450		508,315
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A		9.375			01/28/20		1,265		1,346,909
Sr. Sec’d. Notes, 144A, GMTN		4.250			08/14/28		320		303,213
Monongahela Power Co., First Mortgage, 144A		4.100			04/15/24		425		431,299
Nova Scotia Power Finance Corp. (Canada), Gov’t. Gtd. Notes		9.400			04/01/21		1,400		1,590,778
Progress Energy, Inc., Sr. Unsec’d. Notes		4.400			01/15/21		300		305,141
Sempra Energy, Sr. Unsec’d. Notes		4.000			02/01/48		580		504,453
Vistra Energy Corp.,
Gtd. Notes		5.875			06/01/23		169		171,535
Gtd. Notes		7.375			11/01/22		2,030		2,106,125
Vistra Operations Co. LLC, Gtd. Notes, 144A		5.500			09/01/26		975		960,375
									14,910,006
Engineering & Construction    0.0%
GMR Hyderabad International Airport Ltd. (India), Sr. Sec’d. Notes, 144A		4.250			10/27/27		200		165,729

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 41

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Entertainment    0.6%
CPUK Finance Ltd. (United Kingdom), Sec’d. Notes, 144A		4.250	%		02/28/47	GBP	100	$	128,295
Eldorado Resorts, Inc., Gtd. Notes		7.000			08/01/23		1,000		1,050,000
National CineMedia LLC, Sr. Sec’d. Notes		6.000			04/15/22		1,500		1,515,000
Scientific Games International, Inc.,
Gtd. Notes		6.250			09/01/20		500		486,250
Gtd. Notes		6.625			05/15/21		1,250		1,209,375
Gtd. Notes		10.000			12/01/22		1,500		1,567,500
									5,956,420
Environmental Control    0.0%
Clean Harbors, Inc., Gtd. Notes		5.125			06/01/21		250		250,000
Foods    0.3%
B&G Foods, Inc., Gtd. Notes		4.625			06/01/21		1,250		1,242,188
General Mills, Inc., Sr. Unsec’d. Notes		3.200			04/16/21		650		645,316
Picard Groupe SAS (France), Sr. Sec’d. Notes, 144A, 3 Month EURIBOR + 3.000% (Cap N/A, Floor 3.000%)		3.000	(c)		11/30/23	EUR	425		475,356
									2,362,860
Forest Products & Paper    0.0%
Georgia-Pacific LLC, Gtd. Notes, 144A		5.400			11/01/20		200		207,259
International Paper Co., Sr. Unsec’d. Notes		4.400			08/15/47		125		107,480
									314,739
Healthcare-Products    0.4%
Abbott Laboratories, Sr. Unsec’d. Notes		2.900			11/30/21		380		373,407

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Products (cont’d.)
Becton Dickinson & Co., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.875%		3.261	%(c)		12/29/20		2,370	$	2,371,893
Medtronic, Inc., Gtd. Notes		2.500			03/15/20		645		639,133
									3,384,433
Healthcare-Services    0.6%
Advocate Health & Hospitals Corp., Sr. Unsec’d. Notes		3.829			08/15/28		1,175		1,173,349
CHS/Community Health Systems, Inc.,
Sec’d. Notes, 144A(a)		8.125			06/30/24		100		79,000
Sr. Sec’d. Notes(a)		5.125			08/01/21		350		331,625
Cigna Corp., Sr. Unsec’d. Notes		4.500			03/15/21		100		101,876
Halfmoon Parent, Inc., Sr. Sec’d. Notes, 144A		4.375			10/15/28		1,630		1,594,204
HCA, Inc.,
Gtd. Notes		5.375			02/01/25		425		427,656
Gtd. Notes		7.500			02/15/22		200		217,000
Indiana University Health, Inc. Obligated Group, Sec’d. Notes		3.970			11/01/48		800		751,904
Tenet Healthcare Corp.,
Sr. Sec’d. Notes		4.625			07/15/24		700		674,695
Sr. Unsec’d. Notes		6.750			02/01/20		225		231,188
									5,582,497
Holding Companies-Diversified    0.0%
Hutchison Whampoa International Ltd. (Hong Kong), Gtd. Notes, 144A		5.750			09/11/19		350		357,534
Home Builders    1.9%
Beazer Homes USA, Inc., Gtd. Notes		8.750			03/15/22		3,250		3,274,375
Brookfield Residential Properties, Inc. (Canada), Gtd. Notes, 144A		6.500			12/15/20		250		250,000
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (Canada), Gtd. Notes, 144A		6.125			07/01/22		300		292,500
KB Home, Gtd. Notes		7.000			12/15/21		325		337,188

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 43

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Home Builders (cont’d.)
Lennar Corp., Gtd. Notes		4.125	%		01/15/22		400	$	390,520
M/I Homes, Inc., Gtd. Notes		6.750			01/15/21		875		877,188
Mattamy Group Corp. (Canada), Sr. Unsec’d. Notes, 144A		6.875			12/15/23		1,500		1,460,625
Meritage Homes Corp.,
Gtd. Notes		6.000			06/01/25		750		729,375
Gtd. Notes		7.000			04/01/22		500		514,850
New Home Co., Inc. (The), Gtd. Notes		7.250			04/01/22		1,600		1,584,000
PulteGroup, Inc., Gtd. Notes		4.250			03/01/21		350		349,160
Taylor Morrison Communities, Inc., Gtd. Notes		6.625			05/15/22		750		753,750
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., Gtd. Notes, 144A		5.250			04/15/21		3,250		3,237,812
TRI Pointe Group, Inc., Gtd. Notes		4.875			07/01/21		350		346,500
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., Gtd. Notes		4.375			06/15/19		650		650,000
William Lyon Homes, Inc.,
Gtd. Notes		5.875			01/31/25		500		440,625
Gtd. Notes		6.000			09/01/23		450		410,625
Gtd. Notes		7.000			08/15/22		2,000		1,997,500
									17,896,593
Home Furnishings    0.0%
Whirlpool Corp.,
Sr. Unsec’d. Notes		2.400			03/01/19		150		149,694
Sr. Unsec’d. Notes		4.700			06/01/22		100		102,528
									252,222
Housewares    0.1%
Newell Brands, Inc.,
Sr. Unsec’d. Notes		2.600			03/29/19		143		142,619
Sr. Unsec’d. Notes		4.000			06/15/22		100		99,028
Sr. Unsec’d. Notes		5.500			04/01/46		350		301,725
									543,372

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance    0.2%
Arch Capital Finance LLC, Gtd. Notes		4.011	%		12/15/26		135	$	132,039
AXIS Specialty Finance LLC, Gtd. Notes		5.875			06/01/20		250		257,953
Lincoln National Corp., Sr. Unsec’d. Notes		6.250			02/15/20		600		620,794
Markel Corp., Sr. Unsec’d. Notes		4.900			07/01/22		250		256,861
XLIT Ltd. (Bermuda), Gtd. Notes		2.300			12/15/18		400		399,718
									1,667,365
Internet    0.0%
Netflix, Inc., Sr. Unsec’d. Notes		3.625			05/15/27	EUR	100		112,274
Tencent Holdings Ltd. (China), Sr. Unsec’d. Notes, 144A, MTN		3.375			05/02/19		250		250,301
									362,575
Iron/Steel    0.2%
ABJA Investment Co. Pte Ltd. (India), Gtd. Notes		4.850			01/31/20		2,200		2,197,866
Vale Overseas Ltd. (Brazil), Gtd. Notes		6.250			08/10/26		28		29,926
									2,227,792
Lodging    0.8%
Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., Sr. Sec’d. Notes, 144A		6.750			11/15/21		3,000		3,078,750
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.000			03/01/19		200		200,057
Sr. Unsec’d. Notes		3.250			09/15/22		100		97,739
MGM Resorts International, Gtd. Notes		6.000			03/15/23		2,000		2,030,000
Sands China Ltd. (Macau), Sr. Unsec’d. Notes, 144A		5.125			08/08/25		300		294,160

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 45

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Lodging (cont’d.)
Studio City Co., Ltd. (Hong Kong),
Sr. Sec’d. Notes		5.875	%		11/30/19		2,200	$	2,219,250
Sr. Sec’d. Notes, 144A		7.250			11/30/21		200		205,000
									8,124,956
Machinery-Diversified    0.0%
CNH Industrial Capital LLC,
Gtd. Notes		4.375			11/06/20		200		202,125
Gtd. Notes		4.875			04/01/21		75		76,624
Xylem, Inc., Sr. Unsec’d. Notes		4.875			10/01/21		100		103,025
									381,774
Media    1.4%
Altice US Finance I Corp., Sr. Sec’d. Notes, 144A		5.375			07/15/23		1,425		1,424,729
CCO Holdings LLC/CCO Holdings Capital Corp.,
Sr. Unsec’d. Notes		5.250			03/15/21		1,200		1,206,000
Sr. Unsec’d. Notes		5.250			09/30/22		913		917,565
Sr. Unsec’d. Notes, 144A		5.125			05/01/23		2,500		2,487,500
Cequel Communications Holdings I LLC/Cequel Capital Corp., Sr. Unsec’d. Notes, 144A		5.125			12/15/21		2,550		2,543,064
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		5.375			05/01/47		85		76,504
Sr. Sec’d. Notes		6.384			10/23/35		60		61,963
Sr. Sec’d. Notes		6.484			10/23/45		70		71,061
Sr. Sec’d. Notes		6.834			10/23/55		20		20,839
Clear Channel Worldwide Holdings, Inc., Gtd. Notes, Ser. B		7.625			03/15/20		409		408,489
Comcast Corp.,
Gtd. Notes		4.150			10/15/28		980		971,948
Gtd. Notes		4.250			10/15/30		335		330,413
Discovery Communications LLC, Gtd. Notes		5.000			09/20/37		190		177,336
DISH DBS Corp., Gtd. Notes		5.125			05/01/20		1,500		1,503,750
Mediacom Broadband LLC/Mediacom Broadband Corp., Sr. Unsec’d. Notes		5.500			04/15/21		300		301,275

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Univision Communications, Inc., Sr. Sec’d. Notes, 144A		6.750	%		09/15/22		324	$	330,480
Warner Media LLC, Gtd. Notes		3.800			02/15/27		140		131,179
									12,964,095
Mining    0.2%
Teck Resources Ltd. (Canada), Gtd. Notes, 144A		8.500			06/01/24		2,000		2,170,000
Miscellaneous Manufacturing    0.0%
Textron, Inc., Sr. Unsec’d. Notes		3.650			03/01/21		25		24,942
Multi-National    1.6%
Asian Development Bank (Supranational Bank),
Sr. Unsec’d. Notes		5.820			06/16/28		3,000		3,525,347
Sr. Unsec’d. Notes		6.375			10/01/28		1,080		1,318,440
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes		2.125			09/27/21		865		830,932
Sr. Unsec’d. Notes		2.750			01/06/23		800		770,592
Sr. Unsec’d. Notes		4.375			06/15/22		1,100		1,126,147
Inter-American Development Bank (Supranational Bank),
Notes		6.800			10/15/25		500		587,319
Sr. Unsec’d. Notes		7.000			06/15/25		600		716,368
Unsec’d. Notes		6.950			08/01/26		500		606,440
Unsec’d. Notes, MTN		6.750			07/15/27		1,895		2,307,856
North American Development Bank (Supranational Bank),
Sr. Unsec’d. Notes		2.400			10/26/22		2,000		1,926,636
Sr. Unsec’d. Notes		4.375			02/11/20		1,600		1,626,965
									15,343,042
Office Furnishings    0.0%
Steelcase, Inc., Sr. Unsec’d. Notes		6.375			02/15/21		100		104,587

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 47

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Office/Business Equipment    0.1%
Pitney Bowes, Inc., Sr. Unsec’d. Notes		3.875	%		09/15/20		515	$	507,919
Oil & Gas    1.5%
Anadarko Finance Co., Gtd. Notes, Series B		7.500			05/01/31		250		299,189
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		5.400			06/15/47		1,337		1,253,347
CNOOC Finance Ltd. (China), Gtd. Notes		3.000			05/09/23		200		190,942
CNX Resources Corp., Gtd. Notes		5.875			04/15/22		1,550		1,521,914
Concho Resources, Inc., Gtd. Notes		4.875			10/01/47		350		330,820
Helmerich & Payne International Drilling Co., Gtd. Notes		4.650			03/15/25		300		303,658
Husky Energy, Inc. (Canada), Sr. Unsec’d. Notes		6.150			06/15/19		350		356,915
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A		3.875			04/19/22		200		198,058
Sr. Unsec’d. Notes, 144A		4.750			04/19/27		200		195,552
Noble Energy, Inc., Sr. Unsec’d. Notes		4.150			12/15/21		150		151,079
Pertamina Persero PT (Indonesia), Sr. Unsec’d. Notes		4.875			05/03/22		400		405,599
Petrobras Global Finance BV (Brazil),
Gtd. Notes		4.375			05/20/23		600		578,700
Gtd. Notes		5.299			01/27/25		175		166,906
Gtd. Notes		5.750			02/01/29		300		276,855
Gtd. Notes		6.125			01/17/22		2,164		2,242,445
Gtd. Notes		7.375			01/17/27		50		51,818
Gtd. Notes		8.375			05/23/21		65		70,736
Petroleos Mexicanos (Mexico),
Gtd. Notes		5.375			03/13/22		2,988		2,982,323
Gtd. Notes		6.500			03/13/27		175		169,400
Gtd. Notes, 144A		5.350			02/12/28		200		178,180
Gtd. Notes, EMTN		2.500			08/21/21	EUR	1,100		1,254,546
Gtd. Notes, EMTN		2.750			04/21/27	EUR	200		198,496
Gtd. Notes, EMTN		4.875			02/21/28	EUR	100		114,397
Sinopec Group Overseas Development 2014 Ltd. (China), Gtd. Notes		2.750			04/10/19		500		498,921

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Sinopec Group Overseas Development 2017 Ltd. (China), Gtd. Notes, 144A		2.250	%		09/13/20		780	$	761,755
YPF SA (Argentina), Sr. Unsec’d. Notes, 144A		8.500			03/23/21		120		121,140
									14,873,691
Packaging & Containers    0.3%
Horizon Parent Holdings Sarl (France), Sr. Sec’d. Notes, 144A, Cash coupon 8.250% or PIK 9.00%		8.250			02/15/22	EUR	100		117,172
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
Sr. Sec’d. Notes		5.750			10/15/20		1,987		1,986,671
Sr. Sec’d. Notes, 144A(a)		5.125			07/15/23		1,125		1,099,687
									3,203,530
Pharmaceuticals    0.6%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.600			05/14/25		95		90,740
Sr. Unsec’d. Notes		4.500			05/14/35		150		138,343
Allergan Funding SCS, Gtd. Notes		4.550			03/15/35		165		155,422
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.630%		3.003	(c)		06/25/21		665		665,250
Gtd. Notes, 144A		3.500			06/25/21		300		298,094
Cardinal Health, Inc., Sr. Unsec’d. Notes		2.616			06/15/22		1,215		1,161,427
CVS Health Corp., Sr. Unsec’d. Notes		5.125			07/20/45		70		68,662
Mylan, Inc., Gtd. Notes, 144A(a)		4.550			04/15/28		1,025		948,455
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes		2.400			09/23/21		1,405		1,349,858
Gtd. Notes		3.200			09/23/26		925		838,260
									5,714,511
Pipelines    0.5%
Energy Transfer Operating LP, Gtd. Notes		5.300			04/15/47		110		98,894

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 49

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
EnLink Midstream Partners LP, Sr. Unsec’d. Notes		2.700	%		04/01/19		50	$	49,684
Enterprise Products Operating LLC, Gtd. Notes		3.900			02/15/24		250		249,606
Kinder Morgan Energy Partners LP,
Gtd. Notes		3.950			09/01/22		372		372,606
Gtd. Notes		6.500			04/01/20		50		52,094
MPLX LP, Sr. Unsec’d. Notes		5.200			03/01/47		20		18,916
NGPL PipeCo LLC, Sr. Unsec’d. Notes, 144A		4.375			08/15/22		125		123,437
ONEOK, Inc., Gtd. Notes		4.950			07/13/47		385		363,941
Plains All American Pipeline LP/PAA Finance Corp., Sr. Unsec’d. Notes		2.850			01/31/23		350		329,642
Rockies Express Pipeline LLC, Sr. Unsec’d. Notes, 144A		5.625			04/15/20		825		842,902
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Gtd. Notes, 144A		5.500			09/15/24		575		578,594
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		4.000			09/15/25		225		217,462
Sr. Unsec’d. Notes		4.500			11/15/23		670		679,372
Sr. Unsec’d. Notes		6.300			04/15/40		850		902,984
									4,880,134
Real Estate Investment Trusts (REITs)    0.3%
FelCor Lodging LP, Gtd. Notes		6.000			06/01/25		500		517,500
GLP Capital LP/GLP Financing II, Inc., Gtd. Notes		4.875			11/01/20		175		176,969
HCP, Inc., Sr. Unsec’d. Notes		3.750			02/01/19		100		100,008
Healthcare Trust of America Holdings LP, Gtd. Notes		2.950			07/01/22		555		535,760
Sabra Health Care LP/Sabra Capital Corp.,
Gtd. Notes		5.375			06/01/23		100		99,500
Gtd. Notes		5.500			02/01/21		800		810,500
Weyerhaeuser Co., Sr. Unsec’d. Notes		7.375			10/01/19		100		103,665
									2,343,902

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail    0.3%
Dollar Tree, Inc., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.700%		3.149	%(c)		04/17/20		500	$	500,407
Golden Nugget, Inc., Sr. Unsec’d. Notes, 144A		6.750			10/15/24		250		249,375
Hot Topic, Inc., Sr. Sec’d. Notes, 144A		9.250			06/15/21		275		271,563
L Brands, Inc.,
Gtd. Notes(a)		5.625			02/15/22		519		524,190
Gtd. Notes		6.625			04/01/21		400		417,000
Gtd. Notes		7.000			05/01/20		250		260,000
PetSmart, Inc., Sr. Sec’d. Notes, 144A		5.875			06/01/25		50		39,000
Rite Aid Corp., Gtd. Notes, 144A		6.125			04/01/23		500		424,688
Sally Holdings LLC/Sally Capital, Inc., Gtd. Notes(a)		5.625			12/01/25		250		232,175
									2,918,398
Semiconductors    0.1%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes		3.875			01/15/27		340		312,201
Maxim Integrated Products, Inc., Sr. Unsec’d. Notes		2.500			11/15/18		100		99,955
									412,156
Software    0.8%
First Data Corp., Gtd. Notes, 144A		7.000			12/01/23		4,500		4,666,500
Fiserv, Inc., Sr. Unsec’d. Notes		3.850			06/01/25		275		271,171
Infor US, Inc., Gtd. Notes		6.500			05/15/22		2,500		2,493,750
Microsoft Corp.,
Sr. Unsec’d. Notes		3.750			02/12/45		175		162,446
Sr. Unsec’d. Notes		4.450			11/03/45		24		24,785
Nuance Communications, Inc., Gtd. Notes, 144A		5.375			08/15/20		120		120,075
									7,738,727

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 51

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications    1.2%
America Movil SAB de CV (Mexico), Gtd. Notes		5.000	%		03/30/20		100	$	102,010
Bharti Airtel International Netherlands BV (India), Gtd. Notes, 144A		5.125			03/11/23		200		193,997
CenturyLink, Inc.,
Sr. Unsec’d. Notes, Ser. S		6.450			06/15/21		500		511,250
Sr. Unsec’d. Notes, Ser. V		5.625			04/01/20		2,150		2,176,875
CommScope, Inc., Gtd. Notes, 144A		5.000			06/15/21		875		872,156
Level 3 Financing, Inc., Gtd. Notes		6.125			01/15/21		400		401,000
Qwest Corp., Sr. Unsec’d. Notes		6.750			12/01/21		50		52,184
Sprint Communications, Inc., Gtd. Notes, 144A		7.000			03/01/20		5,200		5,388,500
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Sr. Sec’d. Notes, 144A		3.360			03/20/23		300		297,000
Telecom Italia SpA (Italy), Sr. Unsec’d. Notes, EMTN		6.375			06/24/19	GBP	200		262,092
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		3.500			11/01/21		595		595,144
Sr. Unsec’d. Notes		4.500			08/10/33		250		242,967
Wind Tre SpA (Italy), Sr. Sec’d. Notes, 144A		2.625			01/20/23	EUR	350		368,486
									11,463,661
Transportation    0.0%
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes		3.450			09/15/21		100		100,412
XPO Logistics, Inc., Gtd. Notes, 144A		6.500			06/15/22		196		200,900
									301,312
Trucking & Leasing    0.1%
Avolon Holdings Funding Ltd. (Ireland), Gtd. Notes, 144A(a)		5.500			01/15/23		1,150		1,144,250
TOTAL CORPORATE BONDS (cost $275,416,995)									270,543,522

See Notes to Financial Statements.

52

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS    0.2%
California    0.0%
University of California,
Taxable, Revenue Bonds, Series AP		3.931	%		05/15/45		25	$	23,579
Taxable, Revenue Bonds, Series J		4.131			05/15/45		25		24,225
									47,804
Illinois    0.2%
State of Illinois,
GO Unlimited, Series A		5.000			10/01/22		635		659,175
GO Unlimited, Series D		5.000			11/01/22		985		1,022,893
									1,682,068
New Jersey    0.0%
New Jersey State Turnpike Authority, BABs, Revenue Bonds, Series F		7.414			01/01/40		100		139,398
Virginia    0.0%
University of Virginia, Taxable, Revenue Bonds, Series C		4.179			09/01/2117		125		115,161
TOTAL MUNICIPAL BONDS (cost $2,039,331)									1,984,431
RESIDENTIAL MORTGAGE-BACKED SECURITIES    3.3%
Bellemeade Re Ltd.,
Series 2017-01, Class M1, 144A, 1 Month LIBOR + 1.700%		3.981	(c)		10/25/27		175		176,078
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600%		3.881	(c)		04/25/28		600		603,130
Series 2018-02A, Class M1A, 144A, 1 Month LIBOR + 0.950%		3.231	(c)		08/25/28		750		750,920
Series 2018-02A, Class M1B, 144A, 1 Month LIBOR + 1.350%		3.631	(c)		08/25/28		300		300,939
Series 2018-02A, Class M1C, 144A, 1 Month LIBOR + 1.600%		3.881	(c)		08/25/28		300		302,052
Series 2018-03A, Class M1A, 144A, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		3.480	(c)		10/25/27		580		579,637
Series 2018-03A, Class M1B, 144A, 1 Month LIBOR + 1.850% (Cap N/A, Floor 1.850%)		4.130	(c)		10/25/27		870		869,997
CIM Trust,
Series 2017-02, Class A1, 144A, 1 Month LIBOR + 2.000%		4.256	(c)		12/25/57		556		556,110

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 53

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
CIM Trust, (cont’d.)
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000%		4.256	%(c)		01/25/57		1,159	$	1,180,879
Series 2017-06, Class A1, 144A		3.015	(cc)		06/25/57		376		360,952
Series 2017-08, Class A1, 144A		3.000	(cc)		12/25/65		907		884,567
Citigroup Mortgage Loan Trust, Series 2011-12, Class 3A2, 144A		4.099	(cc)		09/25/47		67		63,647
Fannie Mae Connecticut Avenue Securities,
Series 2016-C03, Class 2M1, 1 Month LIBOR + 2.200%		4.481	(c)		10/25/28		10		9,743
Series 2016-C04, Class 1M1, 1 Month LIBOR + 1.450%		3.731	(c)		01/25/29		58		58,403
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA01, Class M3, 1 Month LIBOR + 3.300%		5.581	(c)		10/25/27		570		637,557
Gosforth Funding PLC, Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 0.450%		2.714	(c)		08/25/60		1,600		1,600,573
Government National Mortgage Assoc., Series 2016-164, Class IG, IO		4.000			12/20/46		5,357		1,043,953
GSMSC Resecuritization Trust,
Series 2015-03R, Class 1A1, 144A, 1 Month LIBOR + 0.140%		2.421	(c)		01/26/37		145		142,969
Series 2015-03R, Class 1A2, 144A, 1 Month LIBOR + 0.140%		2.421	(c)		01/26/37		125		119,657
Home Re Ltd., Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.600%		3.830	(c)		10/25/28		490		489,978
IndyMac INDX Mortgage Loan Trust, Series 2006-AR19, Class 5A2		3.942	(cc)		08/25/36		296		277,695
JPMorgan Mortgage Trust, Series 2018-7FRB, Class A2, 144A, 1 Month LIBOR + 0.750%		2.966	(c)		04/25/46		682		683,097
LSTAR Securities Investment Ltd.,
Series 2017-05, Class A, 144A, 1 Month LIBOR + 2.000%		4.256	(c)		05/01/22		254		253,654
Series 2017-08, Class A, 144A, 1 Month LIBOR + 1.650%		3.906	(c)		11/01/22		291		292,897
Series 2017-09, Class A, 144A, 1 Month LIBOR + 1.550%		3.806	(c)		12/01/22		109		108,406
LSTAR Securities Investment Trust,
Series 2017-06, Class A, 144A, 1 Month LIBOR + 1.750%		4.006	(c)		09/01/22		284		286,024

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
LSTAR Securities Investment Trust, (cont’d.)
Series 2018-02, Class A1, 144A, 1 Month LIBOR + 1.500%		3.756	%(c)		04/01/23		1,665	$	1,666,283
MetLife Securitization Trust, Series 2018-01A, Class A, 144A		3.750	(cc)		03/25/57		783		777,149
New Residential Mortgage Loan Trust,
Series 2018-02A, Class A1, 144A		4.500	(cc)		02/25/58		1,538		1,562,907
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		3.031	(c)		01/25/48		1,462		1,461,675
Series 2018-RPL1, Class A1, 144A		3.500	(cc)		12/25/57		7,611		7,461,708
Oaktown Re Ltd., Series 2018-01A, Class M1, 144A, 1 Month LIBOR + 1.550%		3.831	(c)		07/25/28		400		400,483
Permanent Master Issuer PLC, Series 2018-01A, Class 1A1, 144A, 3 Month LIBOR + 0.380%		2.816	(c)		07/15/58		2,300		2,298,484
Radnor RE Ltd.,
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400%		3.681	(c)		03/25/28		630		630,998
Series 2018-01, Class M2, 144A, 1 Month LIBOR + 2.700%		4.981	(c)		03/25/28		330		334,506
Ripon Mortgages PLC, Series 1X, Class A2, 3 Month GBP LIBOR + 0.800%		1.605	(c)		08/20/56	GBP	1,381		1,762,424
STACR Trust, Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750%		2.884	(c)		09/25/48		940		941,243
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-18, Class 3A1		4.199	(cc)		12/25/34		295		294,411
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $32,448,115)									32,225,785
SOVEREIGN BONDS    10.8%
Argentine Republic Government International Bond (Argentina),
Sr. Unsec’d. Notes		4.625			01/11/23		650		549,250
Sr. Unsec’d. Notes		6.875			04/22/21		1,550		1,482,575
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	351		358,915
Sr. Unsec’d. Notes		7.820			12/31/33	EUR	235		239,874
Sr. Unsec’d. Notes		8.280			12/31/33		231		198,371
Brazil Minas SPE via State of Minas Gerais (Brazil),
Gov’t. Gtd. Notes		5.333			02/15/28		450		435,938
Gov’t. Gtd. Notes, 144A		5.333			02/15/28		200		193,750

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 55

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes		7.375	%		03/18/19		188	$	190,916
Sr. Unsec’d. Notes		11.750			02/25/20		1,000		1,105,500
Costa Rica Government International Bond (Costa Rica), Bonds		4.370			05/22/19		600		596,259
Croatia Government International Bond (Croatia),
Sr. Unsec’d. Notes		6.375			03/24/21		200		209,905
Sr. Unsec’d. Notes		6.625			07/14/20		2,000		2,087,372
Sr. Unsec’d. Notes		6.750			11/05/19		1,000		1,030,450
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes		7.500			05/06/21		1,100		1,138,500
Sr. Unsec’d. Notes, 144A		6.000			07/19/28		400		396,500
Sr. Unsec’d. Notes, 144A		7.500			05/06/21		150		155,250
Egypt Government International Bond (Egypt), Sr. Unsec’d. Notes, 144A, MTN		4.750			04/16/26	EUR	690		731,493
El Salvador Government International Bond (El Salvador), Sr. Unsec’d. Notes, 144A		7.375			12/01/19		2,150		2,146,775
Finnvera OYJ (Finland), Gov’t. Gtd. Notes, EMTN		2.375			06/04/25		600		561,186
Hellenic Republic Government Bond (Greece),
Bonds		3.000	(cc)		02/24/23	EUR	1,695		1,902,774
Bonds		3.000	(cc)		02/24/24	EUR	2,227		2,482,192
Bonds		3.000	(cc)		02/24/26	EUR	70		76,507
Bonds		3.000	(cc)		02/24/27	EUR	300		323,790
Bonds		3.000	(cc)		02/24/28	EUR	170		181,240
Bonds		3.000	(cc)		02/24/29	EUR	400		421,457
Bonds		3.000	(cc)		02/24/30	EUR	100		103,718
Bonds		3.000	(cc)		02/24/31	EUR	120		122,955
Bonds		3.000	(cc)		02/24/32	EUR	100		100,976
Bonds		3.000	(cc)		02/24/33	EUR	1,830		1,817,640
Bonds		3.000	(cc)		02/24/34	EUR	150		146,455
Bonds		3.000	(cc)		02/24/35	EUR	280		268,926
Bonds		3.500			01/30/23	EUR	2,915		3,326,420
Bonds		4.200			01/30/42	EUR	195		191,711
Hellenic Republic Government International Bond (Greece), Sr. Unsec’d. Notes		5.200			07/17/34	EUR	470		530,852
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes		5.375			02/21/23		120		126,069
Sr. Unsec’d. Notes		5.750			11/22/23		200		214,250

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Hungary Government International Bond (Hungary), (cont’d.)
Sr. Unsec’d. Notes		6.250	%		01/29/20		3,000	$	3,097,500
Sr. Unsec’d. Notes		6.375			03/29/21		5,200		5,504,200
Iceland Government International Bond (Iceland), Sr. Unsec’d. Notes, EMTN		0.500			12/20/22	EUR	1,000		1,143,310
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		3.375			07/30/25	EUR	250		299,811
Sr. Unsec’d. Notes, 144A		3.375			07/30/25	EUR	400		479,697
Sr. Unsec’d. Notes, 144A, MTN		2.150			07/18/24	EUR	250		283,506
Sr. Unsec’d. Notes, 144A, MTN		5.875			01/15/24		1,000		1,051,904
Sr. Unsec’d. Notes, EMTN		2.875			07/08/21	EUR	800		952,508
Sr. Unsec’d. Notes, EMTN		3.750			06/14/28	EUR	100		122,075
Iraq International Bond (Iraq),
Sr. Unsec’d. Notes, 144A		6.752			03/09/23		200		194,692
Unsec’d. Notes, 144A		5.800			01/15/28		300		274,796
Japan Bank for International Cooperation (Japan),
Gov’t. Gtd. Notes		1.500			07/21/21		600		572,205
Gov’t. Gtd. Notes		1.750			11/13/18		400		399,876
Gov’t. Gtd. Notes		1.750			05/29/19		400		397,356
Gov’t. Gtd. Notes		1.875			04/20/21		1,000		967,007
Gov’t. Gtd. Notes		2.125			07/21/20		200		196,481
Gov’t. Gtd. Notes		2.500			06/01/22		1,000		970,658
Gov’t. Gtd. Notes		3.375			10/31/23		800		798,234
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A		3.375			09/27/23		600		596,841
Sr. Unsec’d. Notes, 144A, MTN		2.000			09/08/20		200		195,246
Sr. Unsec’d. Notes, 144A, MTN		2.125			04/13/21		600		581,553
Sr. Unsec’d. Notes, 144A, MTN		2.625			04/20/22		200		194,311
Sr. Unsec’d. Notes, 144A, MTN		3.250			04/24/23		400		395,930
Sr. Unsec’d. Notes, EMTN		2.125			04/13/21		200		193,851
Sr. Unsec’d. Notes, EMTN		2.625			04/20/22		400		388,622
Japan International Cooperation Agency (Japan), Gov’t. Gtd. Notes		1.875			11/13/19		1,200		1,184,041
Kommunalbanken AS (Norway), Sr. Unsec’d. Notes, EMTN		1.500			10/22/19		1,500		1,480,314
Lithuania Government International Bond (Lithuania),
Sr. Unsec’d. Notes		6.125			03/09/21		600		635,114
Sr. Unsec’d. Notes		6.625			02/01/22		5,400		5,893,020
Portugal Government International Bond (Portugal), Sr. Unsec’d. Notes, EMTN		5.125			10/15/24		13,575		14,101,439

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 57

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Portugal Obrigacoes do Tesouro OT (Portugal),
Sr. Unsec’d. Notes, 144A		3.875	%		02/15/30	EUR	940	$	1,249,302
Province of Alberta (Canada),
Sr. Unsec’d. Notes		2.200			07/26/22		250		240,356
Sr. Unsec’d. Notes		3.300			03/15/28		1,800		1,753,223
Province of British Columbia (Canada), Sr. Unsec’d. Notes		6.500			01/15/26		800		941,924
Province of Manitoba (Canada),
Sr. Unsec’d. Notes		2.050			11/30/20		1,000		978,070
Sr. Unsec’d. Notes		2.125			05/04/22		325		311,860
Province of Nova Scotia (Canada),
Debentures		8.250			07/30/22		1,011		1,174,153
Debentures		8.750			04/01/22		1,000		1,164,750
Sr. Unsec’d. Notes		9.500			02/01/19		1,000		1,016,481
Province of Ontario (Canada),
Sr. Unsec’d. Notes		1.625			01/18/19		1,000		998,040
Sr. Unsec’d. Notes		2.250			05/18/22		935		901,657
Sr. Unsec’d. Notes		2.500			09/10/21		330		323,323
Sr. Unsec’d. Notes		3.400			10/17/23		1,115		1,117,056
Province of Quebec (Canada),
Debentures		7.125			02/09/24		663		775,406
Debentures		7.500			07/15/23		384		448,408
Sr. Unsec’d. Notes		2.750			04/12/27		170		160,399
Unsec’d. Notes, MTN		7.485			03/02/26		1,015		1,246,468
Province of Saskatchewan (Canada), Debentures		8.500			07/15/22		810		945,748
Provincia de Buenos Aires (Argentina),
Sr. Unsec’d. Notes, 144A		6.500			02/15/23		200		171,000
Sr. Unsec’d. Notes, 144A		9.950			06/09/21		1,750		1,710,100
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes		6.875			09/27/23		1,220		1,308,753
Sr. Unsec’d. Notes, EMTN, EURIBOR ICE SWAP 11:00 Fft 10Y Index + 0.000% (Cap 7.000%, Floor 2.000%)		2.000	(c)		06/15/20	EUR	500		572,008
Sr. Unsec’d. Notes, EMTN		3.444			12/31/24	EUR	1,516		1,775,491
Sr. Unsec’d. Notes, MTN		5.375			06/15/33		705		706,448
Republic of Poland Government International Bond (Poland),
Sr. Unsec’d. Notes		5.000			03/23/22		500		522,995
Sr. Unsec’d. Notes, EMTN		4.200			04/15/20	EUR	1,000		1,202,098
Republic of South Africa Government International Bond (South Africa),
Sr. Unsec’d. Notes		5.875			09/16/25		455		448,703

See Notes to Financial Statements.

58

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Republic of South Africa Government International Bond (South Africa), (cont’d.)
Sr. Unsec’d. Notes		6.875	%		05/27/19		600	$	608,706
Saudi Government International Bond (Saudi Arabia), Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		375		368,223
Senegal Government International Bond (Senegal),
Sr. Unsec’d. Notes, 144A		4.750			03/13/28	EUR	240		253,377
Serbia International Bond (Serbia), Unsec’d. Notes		5.875			12/03/18		1,500		1,502,565
Slovenia Government International Bond (Slovenia), Sr. Unsec’d. Notes		5.250			02/18/24		200		214,538
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes		2.000			05/17/21		2,400		2,318,834
Sr. Unsec’d. Notes		2.125			05/20/19		2,200		2,191,180
Sr. Unsec’d. Notes		2.500			06/08/22		1,000		968,118
Sr. Unsec’d. Notes, 144A		2.500			06/08/22		200		193,624
Sr. Unsec’d. Notes, 144A		3.250			06/01/23		400		396,890
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		5.625			03/30/21		230		224,237
Ukraine Government International Bond (Ukraine), Sr. Unsec’d. Notes		7.750			09/01/22		950		920,892
Uruguay Government International Bond (Uruguay), Sr. Unsec’d. Notes		4.975			04/20/55		170		157,675
TOTAL SOVEREIGN BONDS (cost $106,800,157)									104,175,888
U.S. GOVERNMENT AGENCY OBLIGATIONS    1.0%
Federal Home Loan Mortgage Corp., MTN		3.155	(s)		12/11/25		3,000		2,356,618
Federal Home Loan Mortgage Corp., MTN		3.325	(s)		06/03/24		580		482,174
Federal Home Loan Mortgage Corp.(k)		6.750			03/15/31		600		794,428
Federal National Mortgage Assoc.		1.875			09/24/26		1,500		1,351,969
Federal National Mortgage Assoc.		2.000			10/05/22		690		663,521
Federal National Mortgage Assoc.(k)		6.625			11/15/30		605		788,296
Federal National Mortgage Assoc.(k)		7.125			01/15/30		580		777,669
Freddie Mac Strips Coupon		0.000	(s)		09/15/23		615		523,974
Freddie Mac Strips Coupon		3.330	(s)		07/15/24		563		465,756
Israel Government USAID Bond, Gov’t. Gtd. Notes		2.790	(s)		03/15/22		1,000		900,474
New Valley Generation V, Pass-Through Certificates		4.929			01/15/21		282		288,430
Residual Funding Corp. Strip Principal, Bonds		1.901	(s)		10/15/20		155		146,418
Tennessee Valley Authority Generic Strip, Bonds		3.261	(s)		01/15/24		500		418,728
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $10,192,187)									9,958,455

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 59

Schedule of Investments (continued)

as of October 31, 2018

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS    10.0%
U.S. Treasury Bonds		2.875	%		11/15/46		1,135	$	1,026,510
U.S. Treasury Bonds		3.000			05/15/47		980		907,687
U.S. Treasury Bonds(h)		3.000			02/15/48		570		527,094
U.S. Treasury Bonds		3.125			05/15/48		4,015		3,807,663
U.S. Treasury Bonds		3.625			08/15/43		855		887,029
U.S. Treasury Notes		1.250			06/30/19		905		897,046
U.S. Treasury Notes		1.375			09/30/19		11,345		11,210,721
U.S. Treasury Notes		1.500			02/28/23		9,225		8,672,581
U.S. Treasury Notes		1.625			07/31/20		1,240		1,213,747
U.S. Treasury Notes(h)		1.750			05/15/23		7,630		7,233,002
U.S. Treasury Notes		1.875			01/31/22		4,310		4,167,231
U.S. Treasury Notes		1.875			02/28/22		4,430		4,279,449
U.S. Treasury Notes		1.875			04/30/22		2,355		2,270,551
U.S. Treasury Notes		2.000			11/30/20		480		471,413
U.S. Treasury Notes		2.125			08/15/21		9,040		8,845,428
U.S. Treasury Notes(k)		2.125			09/30/21		12,010		11,738,368
U.S. Treasury Notes		2.125			05/15/25		1,495		1,411,374
U.S. Treasury Notes		2.250			11/15/24		3,590		3,432,236
U.S. Treasury Notes		2.375			08/15/24		3,425		3,304,456
U.S. Treasury Notes		2.500			05/31/20		255		253,645
U.S. Treasury Notes		2.500			06/30/20		2,195		2,182,224
U.S. Treasury Notes		2.500			05/15/24		11,125		10,828,623
U.S. Treasury Notes		2.625			08/31/20		1,245		1,239,650
U.S. Treasury Notes		2.625			07/15/21		1,905		1,890,117
U.S. Treasury Notes		2.750			09/30/20		240		239,438
U.S. Treasury Notes		2.750			08/15/21		275		273,647
U.S. Treasury Notes		2.875			10/15/21		435		434,286
U.S. Treasury Notes		2.875			10/31/23		1,470		1,462,363
U.S. Treasury Notes		2.875			08/15/28		890		868,897
U.S. Treasury Strips Coupon(h)		2.763	(s)		08/15/29		100		70,320
U.S. Treasury Strips Coupon		2.857	(s)		05/15/31		100		66,138
U.S. Treasury Strips Coupon		3.019	(s)		11/15/35		200		112,700
U.S. Treasury Strips Coupon		3.177	(s)		08/15/40		200		94,717
TOTAL U.S. TREASURY OBLIGATIONS (cost $98,189,583)									96,320,351
						Shares
COMMON STOCK    0.0%
Oil, Gas & Consumable Fuels
Frontera Energy Corp. (Colombia)* (cost $23,457)							1,338		17,461

See Notes to Financial Statements.

60

Description						Shares		Value
PREFERRED STOCK    0.0%
Capital Markets
State Street Corp. 5.350% (cost $125,000)							5,000	$	126,700
TOTAL LONG-TERM INVESTMENTS (cost $913,946,843)									898,856,776
SHORT-TERM INVESTMENTS    7.8%
AFFILIATED MUTUAL FUNDS    7.3%
PGIM Core Ultra Short Bond Fund(w)							64,549,037		64,549,037
PGIM Institutional Money Market Fund (cost $6,482,021; includes $6,466,530 of cash collateral for securities on loan)(b)(w)							6,482,267		6,482,267
TOTAL AFFILIATED MUTUAL FUNDS (cost $71,031,058)									71,031,304
	Interest Rate			Maturity Date		Principal Amount (000)#
COMMERCIAL PAPER    0.5%
Ford Motor Credit Co. LLC 144A (cost $4,458,912)		3.201	%(s)		04/09/19		4,520		4,456,178
OPTIONS PURCHASED*~    0.0% (cost $162,285)									247,668
TOTAL SHORT-TERM INVESTMENTS (cost $75,652,255)									75,735,150
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    100.9% (cost $989,599,098)									974,591,926
OPTIONS WRITTEN*~    (0.0)% (premiums received $245,779)									(217,213	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    100.9% (cost $989,353,319)									974,374,713
Liabilities in excess of other assets(z)    (0.9)%									(8,460,739	)
NET ASSETS    100.0%								$	965,913,974

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 61

Schedule of Investments (continued)

as of October 31, 2018

The following abbreviations are used in the annual report:

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

A—Annual payment frequency for swaps

ABS—Asset-Backed Security

Aces—Alternative Credit Enhancements Securities

BABs—Build America Bonds

BROIS—Brazil Overnight Index Swap

CDO—Collateralized Debt Obligation

CDS—Credit Default Swap

CDX—Credit Derivative Index

CLO—Collateralized Loan Obligation

CMBX—Commercial Mortgage-Backed Index

CMS—Constant Maturity Swap

EMTN—Euro Medium Term Note

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMAC—General Motors Acceptance Corporation

GMTN—Global Medium Term Note

GO—General Obligation

ICE—Intercontinental Exchange

IO—Interest Only (Principal amount represents notional)

JIBAR—Johannesburg Interbank Agreed Rate

LIBOR—London Interbank Offered Rate

M—Monthly payment frequency for swaps

MTN—Medium Term Note

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trusts

S—Semiannual payment frequency for swaps

SLM—Student Loan Mortgage

STACR—Structured Agency Credit Risk

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

USAID—United States Agency for International Development

USOIS—United States Overnight Index Swap

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

ILS—Israeli Shekel

See Notes to Financial Statements.

62

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

^ Indicates a Level 3 security. The aggregate value of Level 3 securities is $4,449,220 and 0.5% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $6,342,688; cash collateral of $6,466,530 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31, 2018.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of October 31, 2018. 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.

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

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

(p) Interest rate not available as of October 31, 2018.

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

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

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

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike		Contracts		Notional Amount (000)#		Value
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11%		—		9,885	$	9,285
2-Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/13/21		0.11%		—		9,610		9,028
2-Year 10 CMS Curve CAP	Call	Bank of America		08/16/21		0.15%		—		24,030		22,155
2-Year 10 CMS Curve CAP	Call	Bank of America		08/20/21		0.15%		—		47,700		136,932
2-Year 10 CMS Curve CAP	Call	Bank of America		09/13/21		0.14%		—		48,400		52,089
Total OTC Traded (cost $143,217)											$	229,489

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 63

Schedule of Investments (continued)

as of October 31, 2018

Options Purchased (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.31.V1, 12/20/23

Call

Bank of America

03/20/19

$

107.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

3,400

$

3,183

CDX.NA.HY.31.V1, 12/20/23

Call

Deutsche Bank AG

03/20/19

$

107.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

5,800

5,430

CDX.NA.HY.31.V1, 12/20/23

Call

Bank of America

03/20/19

$

106.50

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

4,230

9,566

Total OTC Swaptions (cost $19,068)

$

18,179

Total Options Purchased (cost $162,285)

$

247,668

Options Written:

OTC Traded

Description

Call/ Put

Counterparty

Expiration Date

Strike

Contracts

Notional Amount (000)#

Value

Hellenic Republic, 3.75%, 01/30/28^ (premiums received $11,604)

Put

Deutsche Bank AG

09/10/20

87.00

—

EUR    2,000

$

(12,354

)

OTC Swaptions

Description	Call/ Put	Counterparty	Expiration Date		Strike		Receive	Pay	Notional Amount (000)#		Value
CDX.NA.HY.31.V1, 12/20/23	Put	BNP Paribas		11/21/18	$	101.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		8,165	$	(4,828	)
CDX.NA.HY.31.V1, 12/20/23	Put	Credit Suisse International		11/21/18	$	100.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		33,990		(15,952	)
CDX.NA.HY.31.V1, 12/20/23	Put	Citibank NA		01/16/19	$	94.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		8,165		(6,830	)
CDX.NA.HY.31.V1, 12/20/23	Put	BNP Paribas		01/16/19	$	97.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		4,210		(8,549	)
CDX.NA.HY.31.V1, 12/20/23	Put	BNP Paribas		01/16/19	$	101.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		4,210		(19,277	)
CDX.NA.HY.31.V1, 12/20/23	Put	Deutsche Bank AG		01/16/19	$	98.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		1,680		(4,138	)
CDX.NA.HY.31.V1, 12/20/23	Put	Goldman Sachs International		02/20/19	$	102.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		1,120		(10,216	)
CDX.NA.HY.31.V1, 12/20/23	Put	Goldman Sachs International		03/20/19	$	99.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		2,800		(19,864	)
CDX.NA.HY.31.V1, 12/20/23	Put	Barclays Bank PLC		03/20/19	$	100.00	5.00%(Q)	CDX.NA.HY. 31.V1(Q)		2,800		(23,442	)

See Notes to Financial Statements.

64

Options Written (continued):

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

CDX.NA.HY.31.V1, 12/20/23

Put

Deutsche Bank AG

03/20/19

$98.00

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

5,800

$

(34,910

)

CDX.NA.HY.31.V1, 12/20/23

Put

Bank of America

03/20/19

$98.00

5.00%(Q)

CDX.NA.HY. 31.V1(Q)

3,400

(20,465

)

iTraxx.XO.30.V1, 12/20/23

Put

Citibank NA

03/20/19

400.00

5.00%(Q)

iTraxx.XO. 30.V1(Q)

EUR

4,900

(36,388

)

Total OTC Swaptions (premiums received $234,175)

$

(204,859

)

Total Options Written (premiums received $245,779)

$

(217,213

)

Futures contracts outstanding at October 31, 2018:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	Long Positions:
	94	90 Day Euro Dollar		Dec. 2020	$	22,746,825	$	(64,150	)
	582	2 Year U.S. Treasury Notes		Dec. 2018		122,601,937		(403,687	)
	1,969	5 Year U.S. Treasury Notes		Dec. 2018		221,281,759		(1,268,013	)
	894	10 Year U.S. Treasury Notes		Dec. 2018		105,883,125		(175,437	)
	65	30 Year U.S. Ultra Treasury Bonds		Dec. 2018		9,699,219		(355,813	)
								(2,267,100	)
	Short Positions:
	94	90 Day Euro Dollar		Dec. 2021		22,755,050		44,175
	56	5 Year Euro-Bobl		Dec. 2018		8,336,985		5,708
	130	20 Year U.S. Treasury Bonds		Dec. 2018		17,956,250		811,594
	80	Euro Schatz		Dec. 2018		10,146,224		(906	)
								860,571
							$	(1,406,529	)

Forward foreign currency exchange contracts outstanding at October 31, 2018:

Purchase Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/18/19	Morgan Stanley		AUD	441	$	314,000	$	312,811	$	—	$	(1,189	)
Expiring 01/18/19	Toronto Dominion		AUD	543		388,000		385,167		—		(2,833	)
Expiring 01/18/19	Toronto Dominion		AUD	448		320,000		317,582		—		(2,418	)

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 65

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Australian Dollar (cont’d.),
Expiring 01/18/19	Toronto Dominion	AUD	283	$	202,000	$	200,866	$	—	$	(1,134	)
Brazilian Real,
Expiring 12/04/18	JPMorgan Chase	BRL	1,195		321,000		320,159		—		(841	)
Expiring 12/04/18	Morgan Stanley	BRL	2,914		717,604		780,378		62,774		—
Expiring 12/14/18	Citibank NA	BRL	687		164,000		183,922		19,922		—
Expiring 02/25/19	Citibank NA	BRL	857		253,700		228,000		—		(25,700	)
British Pound,
Expiring 01/25/19	Toronto Dominion	GBP	309		398,000		397,262		—		(738	)
Expiring 01/25/19	Toronto Dominion	GBP	189		242,000		242,132		132		—
Canadian Dollar,
Expiring 01/18/19	Citibank NA	CAD	862		661,900		655,952		—		(5,948	)
Expiring 01/18/19	Citibank NA	CAD	558		428,939		424,541		—		(4,398	)
Expiring 01/18/19	Goldman Sachs International	CAD	1,230		940,100		935,668		—		(4,432	)
Expiring 01/18/19	Toronto Dominion	CAD	535		409,000		407,102		—		(1,898	)
Expiring 01/18/19	Toronto Dominion	CAD	385		294,000		292,869		—		(1,131	)
Expiring 01/18/19	Toronto Dominion	CAD	342		262,000		260,497		—		(1,503	)
Expiring 01/18/19	Toronto Dominion	CAD	243		185,000		184,550		—		(450	)
Chilean Peso,
Expiring 12/19/18	Citibank NA	CLP	213,203		310,000		306,559		—		(3,441	)
Expiring 12/19/18	JPMorgan Chase	CLP	176,505		264,300		253,793		—		(10,507	)
Expiring 12/19/18	Morgan Stanley	CLP	162,541		233,000		233,714		714		—
Expiring 12/19/18	Morgan Stanley	CLP	85,958		129,047		123,597		—		(5,450	)
Expiring 12/19/18	UBS AG	CLP	160,462		240,000		230,724		—		(9,276	)
Colombian Peso,
Expiring 12/14/18	Citibank NA	COP	893,207		282,750		276,901		—		(5,849	)
Expiring 12/14/18	JPMorgan Chase	COP	808,209		252,615		250,551		—		(2,064	)
Czech Koruna,
Expiring 01/25/19	UBS AG	CZK	6,543		293,000		288,035		—		(4,965	)
Euro,
Expiring 02/25/19	Citibank NA	EUR	50		59,230		57,257		—		(1,973	)
Indian Rupee,
Expiring 01/11/19	Citibank NA	INR	14,657		196,000		196,497		497		—
Expiring 01/11/19	Goldman Sachs International	INR	37,455		499,998		502,136		2,138		—
Expiring 01/11/19	Goldman Sachs International	INR	35,807		480,659		480,040		—		(619	)
Expiring 01/11/19	JPMorgan Chase	INR	139,406		1,871,478		1,868,944		—		(2,534	)
Expiring 01/11/19	JPMorgan Chase	INR	112,365		1,493,712		1,506,408		12,696		—
Expiring 01/11/19	JPMorgan Chase	INR	11,911		159,000		159,682		682		—
Indonesian Rupiah,
Expiring 12/14/18	Citibank NA	IDR	2,210,256		144,000		144,528		528		—

See Notes to Financial Statements.

66

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Indonesian Rupiah (cont’d.),
Expiring 12/19/18	Barclays Bank PLC	IDR	24,472,903	$	1,605,275	$	1,599,078	$	—	$	(6,197	)
Expiring 12/19/18	Barclays Bank PLC	IDR	17,284,174		1,141,925		1,129,361		—		(12,564	)
Expiring 12/19/18	Barclays Bank PLC	IDR	5,316,734		347,000		347,399		399		—
Expiring 12/19/18	Barclays Bank PLC	IDR	3,812,713		249,000		249,126		126		—
Expiring 12/19/18	Citibank NA	IDR	2,815,384		184,000		183,959		—		(41	)
Expiring 12/19/18	JPMorgan Chase	IDR	14,239,910		937,817		930,447		—		(7,370	)
Expiring 12/19/18	JPMorgan Chase	IDR	3,252,248		213,192		212,504		—		(688	)
Expiring 12/19/18	Morgan Stanley	IDR	4,739,940		306,000		309,711		3,711		—
Expiring 12/19/18	UBS AG	IDR	2,645,516		173,000		172,860		—		(140	)
Japanese Yen,
Expiring 01/25/19	Toronto Dominion	JPY	57,725		517,000		515,623		—		(1,377	)
Expiring 01/25/19	Toronto Dominion	JPY	20,145		180,000		179,948		—		(52	)
Mexican Peso,
Expiring 12/19/18	Toronto Dominion	MXN	3,359		174,000		163,977		—		(10,023	)
Expiring 12/19/18	UBS AG	MXN	3,751		195,000		183,103		—		(11,897	)
Expiring 01/29/19	UBS AG	MXN	3,103		157,000		150,470		—		(6,530	)
Expiring 01/29/19	UBS AG	MXN	2,828		143,000		137,146		—		(5,854	)
New Taiwanese Dollar,
Expiring 01/11/19	Citibank NA	TWD	13,205		430,000		429,361		—		(639	)
Expiring 01/11/19	JPMorgan Chase	TWD	13,760		448,000		447,407		—		(593	)
Expiring 01/11/19	JPMorgan Chase	TWD	13,297		430,000		432,353		2,353		—
Expiring 01/11/19	Morgan Stanley	TWD	16,443		532,000		534,617		2,617		—
New Zealand Dollar,
Expiring 01/18/19	Bank of America	NZD	204		132,580		132,979		399		—
Expiring 01/18/19	Toronto Dominion	NZD	441		290,000		288,244		—		(1,756	)
Expiring 01/18/19	Toronto Dominion	NZD	321		212,000		209,806		—		(2,194	)
Expiring 01/18/19	Toronto Dominion	NZD	271		179,000		177,100		—		(1,900	)
Expiring 01/18/19	Toronto Dominion	NZD	222		146,000		144,969		—		(1,031	)
Expiring 01/18/19	Toronto Dominion	NZD	215		140,000		140,365		365		—
Norwegian Krone,
Expiring 01/25/19	Bank of America	NOK	7,333		892,383		873,577		—		(18,806	)
Peruvian Nuevo Sol,
Expiring 12/19/18	Barclays Bank PLC	PEN	521		156,000		154,151		—		(1,849	)
Expiring 12/19/18	BNP Paribas	PEN	4,420		1,323,400		1,308,539		—		(14,861	)
Expiring 12/19/18	BNP Paribas	PEN	4,025		1,216,852		1,191,444		—		(25,408	)
Expiring 12/19/18	BNP Paribas	PEN	599		179,000		177,435		—		(1,565	)
Expiring 12/19/18	Citibank NA	PEN	2,308		693,299		683,339		—		(9,960	)
Expiring 12/19/18	JPMorgan Chase	PEN	1,181		355,951		349,741		—		(6,210	)
Expiring 12/19/18	JPMorgan Chase	PEN	1,177		355,152		348,441		—		(6,711	)
Expiring 12/19/18	JPMorgan Chase	PEN	654		195,000		193,561		—		(1,439	)
Philippine Peso,
Expiring 12/14/18	Barclays Bank PLC	PHP	29,431		539,000		548,409		9,409		—

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 67

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Philippine Peso (cont’d.),
Expiring 12/14/18	Barclays Bank PLC	PHP	22,634	$	415,000	$	421,761	$	6,761	$	—
Expiring 12/14/18	Barclays Bank PLC	PHP	20,035		367,000		373,321		6,321		—
Expiring 12/14/18	Barclays Bank PLC	PHP	19,822		364,000		369,354		5,354		—
Expiring 12/14/18	Barclays Bank PLC	PHP	18,657		341,000		347,648		6,648		—
Expiring 12/14/18	Citibank NA	PHP	20,433		377,000		380,754		3,754		—
Expiring 12/14/18	Citibank NA	PHP	15,934		292,000		296,920		4,920		—
Expiring 12/14/18	JPMorgan Chase	PHP	26,015		479,000		484,756		5,756		—
Expiring 12/14/18	JPMorgan Chase	PHP	22,086		409,000		411,548		2,548		—
Expiring 12/14/18	JPMorgan Chase	PHP	16,113		294,000		300,247		6,247		—
Expiring 12/14/18	JPMorgan Chase	PHP	5,118		95,800		95,367		—		(433	)
Expiring 12/14/18	Morgan Stanley	PHP	27,191		496,000		506,669		10,669		—
Expiring 12/14/18	Morgan Stanley	PHP	22,051		406,000		410,890		4,890		—
Expiring 12/14/18	Morgan Stanley	PHP	21,842		401,000		407,010		6,010		—
Polish Zloty,
Expiring 01/25/19	JPMorgan Chase	PLN	965		256,000		252,208		—		(3,792	)
Russian Ruble,
Expiring 12/19/18	Barclays Bank PLC	RUB	26,789		399,000		404,151		5,151		—
Expiring 12/19/18	Barclays Bank PLC	RUB	11,994		183,000		180,942		—		(2,058	)
Expiring 12/19/18	Barclays Bank PLC	RUB	11,873		180,000		179,121		—		(879	)
Expiring 12/19/18	Citibank NA	RUB	8,920		135,000		134,567		—		(433	)
Singapore Dollar,
Expiring 11/09/18	Bank of America	SGD	283		208,000		204,402		—		(3,598	)
Expiring 11/09/18	Citibank NA	SGD	294		215,000		212,441		—		(2,559	)
Expiring 11/09/18	Citibank NA	SGD	208		151,000		150,306		—		(694	)
Expiring 11/09/18	Citibank NA	SGD	184		135,000		133,106		—		(1,894	)
Expiring 11/09/18	Citibank NA	SGD	183		134,000		132,482		—		(1,518	)
Expiring 11/09/18	JPMorgan Chase	SGD	365		265,000		263,766		—		(1,234	)
Expiring 11/09/18	JPMorgan Chase	SGD	268		197,000		193,572		—		(3,428	)
Expiring 11/09/18	JPMorgan Chase	SGD	265		195,000		191,609		—		(3,391	)
Expiring 11/09/18	Morgan Stanley	SGD	240		175,000		172,971		—		(2,029	)
Expiring 11/09/18	Morgan Stanley	SGD	173		127,000		125,009		—		(1,991	)
Expiring 11/09/18	Toronto Dominion	SGD	405		297,000		292,769		—		(4,231	)
Expiring 11/09/18	UBS AG	SGD	721		526,000		520,344		—		(5,656	)
Expiring 11/09/18	UBS AG	SGD	312		229,000		225,544		—		(3,456	)
Expiring 11/09/18	UBS AG	SGD	250		183,000		180,397		—		(2,603	)
Expiring 11/09/18	UBS AG	SGD	205		149,000		147,766		—		(1,234	)
Expiring 11/09/18	UBS AG	SGD	187		137,000		134,819		—		(2,181	)
South African Rand,
Expiring 12/07/18	JPMorgan Chase	ZAR	2,156		148,000		145,469		—		(2,531	)
Expiring 12/07/18	Morgan Stanley	ZAR	2,038		136,000		137,496		1,496		—
Expiring 12/07/18	UBS AG	ZAR	5,083		354,000		342,966		—		(11,034	)
Expiring 12/07/18	UBS AG	ZAR	4,326		303,000		291,871		—		(11,129	)

See Notes to Financial Statements.

68

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Purchase Contracts	Counterparty		Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
South African Rand (cont’d.),
Expiring 12/07/18		UBS AG	ZAR	3,702	$	252,000	$	249,772	$	—	$	(2,228	)
Expiring 12/07/18		UBS AG	ZAR	2,285		159,000		154,177		—		(4,823	)
South Korean Won,
Expiring 01/16/19		JPMorgan Chase	KRW	605,181		536,365		532,548		—		(3,817	)
Swiss Franc,
Expiring 01/25/19		Goldman Sachs International	CHF	239		242,000		239,503		—		(2,497	)
Expiring 01/25/19		Toronto Dominion	CHF	167		169,000		166,974		—		(2,026	)
Thai Baht,
Expiring 11/09/18		Citibank NA	THB	21,091		653,328		636,366		—		(16,962	)
Expiring 11/09/18		Citibank NA	THB	12,730		389,000		384,089		—		(4,911	)
Expiring 11/09/18		Citibank NA	THB	12,031		369,000		363,011		—		(5,989	)
Expiring 11/09/18		Citibank NA	THB	11,433		352,000		344,948		—		(7,052	)
Expiring 11/09/18		Citibank NA	THB	11,146		345,000		336,314		—		(8,686	)
Expiring 11/09/18		Citibank NA	THB	9,374		289,000		282,836		—		(6,164	)
Expiring 11/09/18		Citibank NA	THB	9,191		281,000		277,312		—		(3,688	)
Expiring 11/09/18		Citibank NA	THB	7,826		242,000		236,137		—		(5,863	)
Expiring 11/09/18		Citibank NA	THB	6,801		209,000		205,204		—		(3,796	)
Expiring 11/09/18		Citibank NA	THB	6,291		190,000		189,824		—		(176	)
Expiring 11/09/18		Citibank NA	THB	6,251		191,000		188,620		—		(2,380	)
Expiring 11/09/18		Citibank NA	THB	5,740		178,001		173,195		—		(4,806	)
Expiring 11/09/18		Citibank NA	THB	5,696		173,000		171,849		—		(1,151	)
Expiring 11/09/18		Citibank NA	THB	5,539		172,000		167,112		—		(4,888	)
Expiring 11/09/18		Citibank NA	THB	5,490		166,000		165,635		—		(365	)
Expiring 11/09/18		Citibank NA	THB	5,264		161,000		158,824		—		(2,176	)
Expiring 11/09/18		Citibank NA	THB	5,117		155,000		154,402		—		(598	)
Turkish Lira,
Expiring 12/07/18		Barclays Bank PLC	TRY	1,171		179,000		204,566		25,566		—
Expiring 12/07/18		Barclays Bank PLC	TRY	999		173,000		174,549		1,549		—
Expiring 12/07/18		JPMorgan Chase	TRY	2,092		334,658		365,661		31,003		—
Expiring 12/07/18		JPMorgan Chase	TRY	830		140,000		145,080		5,080		—
Expiring 12/07/18		Morgan Stanley	TRY	1,278		198,000		223,343		25,343		—
Expiring 12/07/18		Morgan Stanley	TRY	913		149,000		159,486		10,486		—
Expiring 12/07/18		Toronto Dominion	TRY	993		156,000		173,534		17,534		—
Expiring 12/07/18		UBS AG	TRY	1,599		258,000		279,447		21,447		—
Expiring 12/07/18		UBS AG	TRY	1,089		187,000		190,341		3,341		—
					$	46,581,010	$	46,490,372	$	337,336	$	(427,974	)

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 69

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Australian Dollar,
Expiring 01/18/19	Bank of America	AUD	486	$	343,845	$	344,154	$	—	$	(309	)
Expiring 01/18/19	Morgan Stanley	AUD	981		699,614		695,555		4,059		—
Expiring 01/18/19	Morgan Stanley	AUD	305		216,000		216,124		—		(124	)
Expiring 01/18/19	Toronto Dominion	AUD	351		248,000		248,851		—		(851	)
Expiring 01/18/19	Toronto Dominion	AUD	199		141,000		141,174		—		(174	)
Brazilian Real,
Expiring 12/04/18	Barclays Bank PLC	BRL	591		159,000		158,358		642		—
Expiring 12/04/18	Citibank NA	BRL	1,139		301,999		304,925		—		(2,926	)
Expiring 12/04/18	Goldman Sachs International	BRL	880		236,486		235,613		873		—
Expiring 12/04/18	JPMorgan Chase	BRL	3,485		929,900		933,442		—		(3,542	)
Expiring 12/04/18	JPMorgan Chase	BRL	1,419		379,905		380,029		—		(124	)
Expiring 02/25/19	Citibank NA	BRL	233		59,294		61,989		—		(2,695	)
British Pound,
Expiring 01/25/19	Goldman Sachs International	GBP	3,285		4,268,045		4,219,215		48,830		—
Canadian Dollar,
Expiring 01/18/19	Goldman Sachs International	CAD	892		687,543		679,070		8,473		—
Expiring 01/18/19	Toronto Dominion	CAD	279		215,000		211,940		3,060		—
Chilean Peso,
Expiring 12/19/18	Barclays Bank PLC	CLP	124,093		182,000		178,431		3,569		—
Expiring 12/19/18	Barclays Bank PLC	CLP	108,264		160,000		155,670		4,330		—
Expiring 12/19/18	BNP Paribas	CLP	1,662,498		2,470,941		2,390,468		80,473		—
Chinese Renminbi,
Expiring 01/28/19	JPMorgan Chase	CNH	4,800		688,000		685,016		2,984		—
Expiring 01/28/19	Morgan Stanley	CNH	27,696		3,970,820		3,952,149		18,671		—
Expiring 01/28/19	Morgan Stanley	CNH	2,120		304,000		302,534		1,466		—
Colombian Peso,
Expiring 12/14/18	Citibank NA	COP	2,860,811		916,559		886,874		29,685		—
Expiring 12/14/18	Citibank NA	COP	665,378		219,000		206,272		12,728		—
Expiring 12/14/18	Morgan Stanley	COP	727,820		241,000		225,630		15,370		—
Expiring 12/14/18	Morgan Stanley	COP	636,359		207,000		197,276		9,724		—
Expiring 12/14/18	Morgan Stanley	COP	536,388		179,000		166,284		12,716		—
Czech Koruna,
Expiring 01/25/19	Citibank NA	CZK	33,012		1,467,283		1,453,319		13,964		—
Expiring 01/25/19	UBS AG	CZK	33,012		1,477,263		1,453,319		23,944		—
Euro,
Expiring 12/19/18	UBS AG	EUR	51,144		58,492,812		58,193,038		299,774		—
Expiring 01/25/19	Toronto Dominion	EUR	203		233,000		232,331		669		—
Expiring 01/25/19	Toronto Dominion	EUR	144		164,000		164,041		—		(41	)
Expiring 01/25/19	Toronto Dominion	EUR	132		152,000		150,264		1,736		—

See Notes to Financial Statements.

70

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 01/25/19	Toronto Dominion	EUR	132	$	152,000	$	151,208	$	792	$	—
Expiring 01/25/19	Toronto Dominion	EUR	126		144,000		143,491		509		—
Expiring 01/25/19	UBS AG	EUR	83		95,000		94,800		200		—
Expiring 02/25/19	Citibank NA	EUR	200		253,730		229,029		24,701		—
Hungarian Forint,
Expiring 01/25/19	JPMorgan Chase	HUF	278,612		1,004,549		979,382		25,167		—
Expiring 01/25/19	Toronto Dominion	HUF	378,996		1,358,950		1,332,256		26,694		—
Expiring 01/25/19	Toronto Dominion	HUF	186,670		670,462		656,186		14,276		—
Expiring 01/25/19	UBS AG	HUF	78,678		278,000		276,569		1,431		—
Indian Rupee,
Expiring 01/11/19	Barclays Bank PLC	INR	13,850		186,000		185,673		327		—
Expiring 01/11/19	JPMorgan Chase	INR	31,533		425,000		422,749		2,251		—
Expiring 01/11/19	JPMorgan Chase	INR	25,031		335,000		335,575		—		(575	)
Expiring 01/11/19	JPMorgan Chase	INR	16,818		227,000		225,475		1,525		—
Expiring 01/11/19	JPMorgan Chase	INR	7,158		95,800		95,964		—		(164	)
Expiring 01/11/19	Morgan Stanley	INR	24,728		334,000		331,519		2,481		—
Indonesian Rupiah,
Expiring 12/19/18	Barclays Bank PLC	IDR	8,486,615		553,000		554,522		—		(1,522	)
Expiring 12/19/18	Barclays Bank PLC	IDR	8,065,803		534,000		527,026		6,974		—
Expiring 12/19/18	Barclays Bank PLC	IDR	7,708,722		508,000		503,694		4,306		—
Expiring 12/19/18	Barclays Bank PLC	IDR	5,232,804		339,000		341,915		—		(2,915	)
Expiring 12/19/18	Barclays Bank PLC	IDR	4,421,174		288,000		288,883		—		(883	)
Expiring 12/19/18	Barclays Bank PLC	IDR	2,423,404		158,000		158,347		—		(347	)
Expiring 12/19/18	Citibank NA	IDR	2,177,570		142,000		142,284		—		(284	)
Expiring 12/19/18	JPMorgan Chase	IDR	9,661,075		638,000		631,262		6,738		—
Expiring 12/19/18	JPMorgan Chase	IDR	9,159,021		608,000		598,457		9,543		—
Expiring 12/19/18	JPMorgan Chase	IDR	8,748,864		576,000		571,657		4,343		—
Expiring 12/19/18	JPMorgan Chase	IDR	8,714,893		577,000		569,438		7,562		—
Expiring 12/19/18	JPMorgan Chase	IDR	6,046,884		402,000		395,108		6,892		—
Expiring 12/19/18	JPMorgan Chase	IDR	4,624,011		305,316		302,136		3,180		—
Expiring 12/19/18	JPMorgan Chase	IDR	3,918,075		255,000		256,010		—		(1,010	)
Expiring 12/19/18	JPMorgan Chase	IDR	3,604,669		234,684		235,532		—		(848	)
Expiring 12/19/18	JPMorgan Chase	IDR	3,268,489		212,000		213,566		—		(1,566	)
Expiring 12/19/18	Morgan Stanley	IDR	4,989,710		329,028		326,031		2,997		—
Israeli Shekel,
Expiring 01/28/19	Citibank NA	ILS	3,185		869,618		862,555		7,063		—
Mexican Peso,
Expiring 12/19/18	Citibank NA	MXN	3,333		172,918		162,707		10,211		—
Expiring 12/19/18	Citibank NA	MXN	2,669		134,000		130,308		3,692		—
Expiring 12/19/18	JPMorgan Chase	MXN	3,015		157,001		147,172		9,829		—
Expiring 12/19/18	JPMorgan Chase	MXN	2,582		135,000		126,042		8,958		—
Expiring 12/19/18	UBS AG	MXN	23,252		1,227,507		1,135,171		92,336		—

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 71

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Mexican Peso (cont’d.),
Expiring 01/29/19	UBS AG	MXN	2,798	$	143,000	$	135,680	$	7,320	$	—
New Taiwanese Dollar,
Expiring 01/11/19	JPMorgan Chase	TWD	9,024		293,000		293,403		—		(403	)
Expiring 01/11/19	JPMorgan Chase	TWD	4,371		142,000		142,112		—		(112	)
Expiring 01/11/19	Morgan Stanley	TWD	7,821		254,000		254,283		—		(283	)
Expiring 01/11/19	UBS AG	TWD	26,837		881,941		872,601		9,340		—
New Zealand Dollar,
Expiring 01/18/19	Toronto Dominion	NZD	413		270,000		269,521		479		—
Expiring 01/18/19	Toronto Dominion	NZD	311		203,000		203,342		—		(342	)
Norwegian Krone,
Expiring 01/25/19	Toronto Dominion	NOK	1,239		150,000		147,652		2,348		—
Peruvian Nuevo Sol,
Expiring 12/19/18	Barclays Bank PLC	PEN	476		141,000		140,869		131		—
Expiring 12/19/18	JPMorgan Chase	PEN	978		294,000		289,624		4,376		—
Expiring 12/19/18	JPMorgan Chase	PEN	730		219,000		216,171		2,829		—
Expiring 12/19/18	JPMorgan Chase	PEN	512		154,000		151,487		2,513		—
Expiring 12/19/18	JPMorgan Chase	PEN	455		137,000		134,655		2,345		—
Expiring 12/19/18	Morgan Stanley	PEN	644		194,000		190,524		3,476		—
Philippine Peso,
Expiring 12/14/18	Barclays Bank PLC	PHP	27,338		504,400		509,422		—		(5,022	)
Expiring 12/14/18	Citibank NA	PHP	19,745		362,000		367,932		—		(5,932	)
Expiring 12/14/18	Citibank NA	PHP	11,261		208,000		209,838		—		(1,838	)
Expiring 12/14/18	JPMorgan Chase	PHP	21,570		399,000		401,929		—		(2,929	)
Expiring 12/14/18	JPMorgan Chase	PHP	20,753		384,000		386,714		—		(2,714	)
Expiring 12/14/18	JPMorgan Chase	PHP	19,201		351,000		357,785		—		(6,785	)
Expiring 12/14/18	JPMorgan Chase	PHP	18,162		338,000		338,437		—		(437	)
Expiring 12/14/18	JPMorgan Chase	PHP	8,039		149,000		149,789		—		(789	)
Expiring 12/14/18	Morgan Stanley	PHP	13,572		248,645		252,904		—		(4,259	)
Polish Zloty,
Expiring 01/25/19	Goldman Sachs International	PLN	9,716		2,603,174		2,538,822		64,352		—
Russian Ruble,
Expiring 12/19/18	JPMorgan Chase	RUB	48,540		722,591		732,289		—		(9,698	)
Expiring 12/19/18	JPMorgan Chase	RUB	19,254		285,269		290,469		—		(5,200	)
Singapore Dollar,
Expiring 11/09/18	Bank of America	SGD	488		354,000		352,153		1,847		—
Expiring 11/09/18	Citibank NA	SGD	954		698,094		688,888		9,206		—
Expiring 11/09/18	Citibank NA	SGD	489		358,222		353,019		5,203		—
Expiring 11/09/18	Goldman Sachs International	SGD	390		284,000		281,815		2,185		—
Expiring 11/09/18	Goldman Sachs International	SGD	322		234,000		232,814		1,186		—

See Notes to Financial Statements.

72

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar (cont’d.),
Expiring 11/09/18	JPMorgan Chase	SGD	364	$	266,000	$	263,191	$	2,809	$	—
Expiring 11/09/18	JPMorgan Chase	SGD	361		261,000		260,954		46		—
Expiring 11/09/18	JPMorgan Chase	SGD	344		249,000		248,485		515		—
Expiring 11/09/18	JPMorgan Chase	SGD	239		173,000		172,575		425		—
Expiring 11/09/18	UBS AG	SGD	666		482,000		481,074		926		—
Expiring 11/09/18	UBS AG	SGD	356		257,000		257,091		—		(91	)
South African Rand,
Expiring 11/09/18	Citibank NA	ZAR	5,839		405,923		395,332		10,591		—
Expiring 12/07/18	Barclays Bank PLC	ZAR	13,093		856,187		883,372		—		(27,185	)
Expiring 12/07/18	Barclays Bank PLC	ZAR	13,093		856,187		883,372		—		(27,185	)
Expiring 12/07/18	Citibank NA	ZAR	4,746		332,511		320,237		12,274		—
Expiring 12/07/18	Citibank NA	ZAR	3,609		250,717		243,465		7,252		—
Expiring 12/07/18	Citibank NA	ZAR	2,356		162,310		158,953		3,357		—
Expiring 12/07/18	Citibank NA	ZAR	1,587		109,129		107,078		2,051		—
Expiring 12/07/18	Goldman Sachs International	ZAR	3,900		252,058		263,102		—		(11,044	)
Expiring 12/07/18	JPMorgan Chase	ZAR	3,830		254,885		258,435		—		(3,550	)
Expiring 12/07/18	JPMorgan Chase	ZAR	3,223		207,000		217,460		—		(10,460	)
South Korean Won,
Expiring 01/16/19	Barclays Bank PLC	KRW	742,913		653,967		653,750		217		—
Expiring 01/16/19	Barclays Bank PLC	KRW	375,620		334,658		330,539		4,119		—
Expiring 01/16/19	Goldman Sachs International	KRW	386,152		342,000		339,807		2,193		—
Expiring 01/16/19	JPMorgan Chase	KRW	355,711		312,000		313,020		—		(1,020	)
Expiring 01/16/19	JPMorgan Chase	KRW	214,959		189,000		189,160		—		(160	)
Expiring 01/16/19	JPMorgan Chase	KRW	172,726		154,000		151,996		2,004		—
Expiring 01/16/19	JPMorgan Chase	KRW	148,870		132,000		131,003		997		—
Expiring 01/16/19	Morgan Stanley	KRW	585,299		516,000		515,053		947		—
Expiring 01/16/19	Morgan Stanley	KRW	197,826		174,000		174,083		—		(83	)
Swedish Krona,
Expiring 01/25/19	Toronto Dominion	SEK	8,100		908,070		892,876		15,194		—
Expiring 01/25/19	Toronto Dominion	SEK	1,532		169,000		168,872		128		—
Swiss Franc,
Expiring 01/25/19	BNP Paribas	CHF	2,193		2,218,526		2,197,479		21,047		—
Expiring 01/25/19	Toronto Dominion	CHF	2,193		2,220,660		2,197,479		23,181		—
Expiring 01/25/19	Toronto Dominion	CHF	304		306,000		304,165		1,835		—
Expiring 01/25/19	Toronto Dominion	CHF	183		184,000		183,895		105		—
Thai Baht,
Expiring 11/09/18	Citibank NA	THB	10,448		315,000		315,229		—		(229	)
Expiring 11/09/18	Citibank NA	THB	8,941		275,000		269,781		5,219		—
Expiring 11/09/18	Citibank NA	THB	5,467		165,000		164,960		40		—
Expiring 11/09/18	Citibank NA	THB	4,158		125,000		125,445		—		(445	)

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 73

Schedule of Investments (continued)

as of October 31, 2018

Forward foreign currency exchange contracts outstanding at October 31, 2018 (continued):

Sale Contracts	Counterparty	Notional Amount (000)		Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Thai Baht (cont’d.),
Expiring 11/09/18	UBS AG		THB    8,668	$	260,416	$	261,524	$	—	$	(1,108	)
Turkish Lira,
Expiring 12/07/18	JPMorgan Chase		TRY    2,201		378,200		384,593		—		(6,393	)
				$	122,991,612	$	122,028,882		1,119,326		(156,596	)
								$	1,456,662	$	(584,570	)

Cross currency exchange contracts outstanding at October 31, 2018:

Settlement

Type

Notional Amount (000)

In Exchange For (000)

Unrealized Appreciation

Unrealized Depreciation

Counterparty

OTC Cross Currency Exchange Contract:

01/25/19

Buy

CHF

140

EUR

123

$

—

$

(59

)

Toronto Dominion

Credit default swap agreements outstanding at October 31, 2018:

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^:
Bear Stearns Asset-Backed Securities Trust		11/30/18		1.250%(M)		290	*	$	(292	)	$	—	$	(292	)	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		11/30/18		1.250%(M)		168	*		(169	)		—		(169	)	Goldman Sachs International
Bear Stearns Asset-Backed Securities Trust		11/30/18		1.250%(M)		91	*		(92	)		—		(92	)	Goldman Sachs International
Chase Mortgage		11/30/18		1.250%(M)		352	*		(354	)		—		(354	)	Goldman Sachs International
Citigroup Mortgage Loan Trust		11/30/18		1.250%(M)		89	*		(89	)		—		(89	)	Goldman Sachs International
Countrywide Alternative Loan Trust		11/30/18		1.250%(M)		202	*		(203	)		—		(203	)	Goldman Sachs International

See Notes to Financial Statements.

74

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)	Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
Countrywide Prime Mortgage		11/30/18		1.250%(M)		73	*	$	(73	)	$	—	$	(73	)	Goldman Sachs International
Deutsche Bank Alta Mortgages		11/30/18		1.250%(M)		286	*		(287	)		—		(287	)	Goldman Sachs International
Deutsche Bank Alta Mortgages		11/30/18		1.250%(M)		151	*		(152	)		—		(152	)	Goldman Sachs International
Equity One Home Equity		11/30/18		1.250%(M)		240	*		(242	)		—		(242	)	Goldman Sachs International
First Franklin Home Equity		11/30/18		1.250%(M)		98	*		(99	)		—		(99	)	Goldman Sachs International
First Franklin Home Equity		11/30/18		1.250%(M)		35	*		(36	)		—		(36	)	Goldman Sachs International
GMAC Home Equity		11/30/18		1.250%(M)		37	*		(37	)		—		(37	)	Goldman Sachs International
Lehman Home Equity		11/30/18		1.250%(M)		263	*		(264	)		—		(264	)	Goldman Sachs International
Lehman Home Equity		11/30/18		1.250%(M)		41	*		(41	)		—		(41	)	Goldman Sachs International
Morgan Stanley Home Equity		11/30/18		1.250%(M)		108	*		(108	)		—		(108	)	Goldman Sachs International
New Century Home Equity		11/30/18		1.250%(M)		259	*		(261	)		—		(261	)	Goldman Sachs International
New Century Home Equity		11/30/18		1.250%(M)		118	*		(119	)		—		(119	)	Goldman Sachs International
New Century Home Equity		11/30/18		1.250%(M)		48	*		(48	)		—		(48	)	Goldman Sachs International

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 75

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on asset-backed securities—Sell Protection(2)^ (cont’d.):
RAAC Series		11/30/18		1.250%(M)		28		*	$	(28	)	$	—	$	(28	)	Goldman Sachs International
Residential Asset Securities Corp.		11/30/18		1.250%(M)		34		*		(34	)		—		(34	)	Goldman Sachs International
Structured Agency Credit Risk		11/30/18		1.250%(M)		111		*		(111	)		—		(111	)	Goldman Sachs International
									$	(3,139	)	$	—	$	(3,139	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)	Value at Trade Date		Value at October 31, 2018		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues—Sell Protection(2):
General Motors Co.		06/20/19		5.000%(Q)		185	0.159%	$	20,697	$	6,812	$	(13,885	)

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Buy Protection(1):
Kingdom of Spain		06/20/23		1.000%(Q)		1,500	$	(32,188	)	$	(37,117	)	$	4,929		Bank of America
Republic of Italy		06/20/19		1.000%(Q)		1,640		(5,493	)		(1,076	)		(4,417	)	Deutsche Bank AG
Republic of Italy		06/20/23		1.000%(Q)		1,000		22,155			15,368			6,787		Bank of America
Republic of Italy		06/20/23		1.000%(Q)		730		16,173			16,371			(198	)	Bank of America
Republic of Italy		06/20/28		1.000%(Q)		800		103,732			81,166			22,566		Goldman Sachs International
United Mexican States		06/20/23		1.000%(Q)		450		5,672			2,824			2,848		Citibank NA
United Mexican States		06/20/23		1.000%(Q)		440		5,546			6,986			(1,440	)	Citibank NA
United Mexican States		06/20/23		1.000%(Q)		150		1,891			2,648			(757	)	Citibank NA
United Mexican States		06/20/23		1.000%(Q)		150		1,891			2,448			(557	)	Citibank NA
United Mexican States		06/20/23		1.000%(Q)		150		1,891			886			1,005		Citibank NA
United Mexican States		06/20/23		1.000%(Q)		75		946			470			476		Citibank NA
							$	122,216		$	90,974		$	31,242

See Notes to Financial Statements.

76

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)	Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2):
Hellenic Republic		06/20/22		1.000%(Q)		270	3.398%	$	(20,672	)	$	(46,605	)	$	25,933		Citibank NA
Hellenic Republic		06/20/22		1.000%(Q)		60	3.398%		(4,594	)		(10,657	)		6,063		Goldman Sachs International
Hellenic Republic		06/20/23		1.000%(Q)		455	3.710%		(48,331	)		(44,532	)		(3,799	)	Citibank NA
Hellenic Republic		06/20/24		1.000%(Q)		350	3.942%		(47,095	)		(75,726	)		28,631		Barclays Bank PLC
Hellenic Republic		12/20/24		1.000%(Q)		420	4.021%		(61,870	)		(96,658	)		34,788		Citibank NA
Kingdom of Spain		06/20/19		1.000%(Q)		1,000	0.288%		5,688			8,112			(2,424	)	Goldman Sachs International
Kingdom of Spain		06/20/19		1.000%(Q)		4,900	0.288%		27,871			27,947			(76	)	Morgan Stanley
Kingdom of Spain		06/20/23		1.000%(Q)		1,500	0.773%		16,268			22,723			(6,455	)	Bank of America
Kingdom of Spain		06/20/23		1.000%(Q)		690	0.773%		7,483			7,426			57		Citibank NA
Kingdom of Spain		06/20/23		1.000%(Q)		1,380	0.773%		14,966			15,821			(855	)	Goldman Sachs International
Petroleos Mexicanos		06/20/23		1.000%(Q)		65	2.465%		(3,854	)		(3,595	)		(259	)	Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		125	2.465%		(7,411	)		(8,515	)		1,104		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		125	2.465%		(7,411	)		(8,361	)		950		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		125	2.465%		(7,411	)		(6,950	)		(461	)	Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		365	2.465%		(21,640	)		(24,262	)		2,622		Citibank NA
Petroleos Mexicanos		06/20/23		1.000%(Q)		375	2.465%		(22,232	)		(20,752	)		(1,480	)	Citibank NA
Republic of Italy		06/20/20		1.000%(Q)		680	1.937%		(9,273	)		(9,834	)		561		Bank of America
Republic of Italy		06/20/21		1.000%(Q)		1,270	2.254%		(37,635	)		(26,369	)		(11,266	)	Goldman Sachs International
Republic of Italy		12/20/21		1.000%(Q)		1,640	2.343%		(61,291	)		(60,934	)		(357	)	Bank of America
Republic of Italy		06/20/23		1.000%(Q)		730	2.605%		(46,092	)		(43,970	)		(2,122	)	Bank of America
Republic of Italy		06/20/23		1.000%(Q)		1,000	2.605%		(63,139	)		(52,718	)		(10,421	)	Bank of America
Republic of Italy		06/20/23		1.000%(Q)		1,270	2.605%		(80,187	)		(60,226	)		(19,961	)	Goldman Sachs International

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 77

Schedule of Investments (continued)

as of October 31, 2018

Credit default swap agreements outstanding at October 31, 2018 (continued):

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)		Fair Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)			Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues—Sell Protection(2) (cont’d.):
Republic of Portugal		06/20/23		1.000%(Q)		2,000		0.927%	$	8,508		$	(222	)	$	8,730		Barclays Bank PLC
Republic of Portugal		12/20/23		1.000%(Q)		60		0.993%		89			(3	)		92		Morgan Stanley
Republic of Serbia		06/20/21		1.000%(Q)		2,000		0.608%		22,269			29,612			(7,343	)	BNP Paribas
Republic of Turkey		12/20/18		1.000%(Q)		1,300		2.996%		(2,057	)		(20,942	)		18,885		Citibank NA
									$	(449,053	)	$	(510,190	)	$	61,137

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Value at Trade Date		Value at October 31, 2018		Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreements on credit indices—Buy Protection(1):
CDX.NA.IG.30.V1		06/20/28		1.000%(Q)		5,474	$	16,055	$	41,451	$	25,396
CDX.NA.IG.31.V1		12/20/28		1.000%(Q)		16,005		94,675		165,466		70,791
							$	110,730	$	206,917	$	96,187

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on credit indices—Buy Protection(1):

CMBX.NA.10.AAA

11/17/59

0.500%(M)

2,000

$

5,535

$

22,950

$

(17,415

)

Deutsche Bank AG

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at October 31, 2018(4)		Fair Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on credit indices—Sell Protection(2):
CMBX.NA.6.AA		05/11/63		1.500%(M)		1,000		0.773%	$	8,435	$	(662	)	$	9,097	Goldman Sachs International
CMBX.NA.6.AA		05/11/63		1.500%(M)		1,000		0.773%		8,425		(9,794	)		18,219	Morgan Stanley
CMBX.NA.6.AA		05/11/63		1.500%(M)		500		0.773%		4,212		(30,606	)		34,818	Credit Suisse International
									$	21,072	$	(41,062	)	$	62,134

See Notes to Financial Statements.

78

Credit default swap agreements outstanding at October 31, 2018 (continued):

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

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

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

(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 79

Schedule of Investments (continued)

as of October 31, 2018

Currency swap agreements outstanding at October 31, 2018:

Notional Amount (000)#		Fund Receives	Notional Amount (000)#		Fund Pays	Counterparty	Termination Date		Fair Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
	OTC Currency Swap Agreements:
	1,069	3 Month LIBOR(Q)	EUR	1,000	(0.484%)(A)	JPMorgan Chase		01/31/21	$	(60,326	)	$	—	$	(60,326	)
	1,079	3 Month LIBOR(Q)	EUR	1,000	(0.216%)(A)	JPMorgan Chase		03/21/23		(40,761	)		—		(40,761	)
									$	(101,087	)	$	—	$	(101,087	)

Inflation swap agreements outstanding at October 31, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date		Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Inflation Swap Agreement:
	1,140		10/25/27		2.160%(T)	U.S. CPI Urban Consumers NSA Index(2)(T)	$	26	$	(15,289	)	$	(15,315	)

(1) The Fund pays the fixed rate and receives the floating rate.

(2) The Fund pays the floating rate and receives the fixed rate.

Interest rate swap agreements outstanding at October 31, 2018:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
BRL	9,949		01/02/25		9.400%(T)	1 Day BROIS(2)(T)	$	—		$	5,572		$	5,572
BRL	7,470		01/02/25		9.685%(T)	1 Day BROIS(2)(T)		—			37,255			37,255
BRL	1,734		01/02/25		9.920%(T)	1 Day BROIS(2)(T)		—			28,845			28,845
BRL	1,930		01/02/25		10.040%(T)	1 Day BROIS(2)(T)		—			37,606			37,606
BRL	2,250		01/02/25		12.050%(T)	1 Day BROIS(2)(T)		—			97,238			97,238
BRL	1,909		01/04/27		12.095%(T)	1 Day BROIS(2)(T)		—			98,934			98,934
EUR	240		05/11/19		(0.144)%(A)	6 Month EURIBOR(1)(S)		(432	)		(166	)		266
EUR	15,705		05/11/20		(0.054)%(A)	6 Month EURIBOR(1)(S)		(31,161	)		(35,932	)		(4,771	)
EUR	5,410		05/11/22		0.156%(A)	6 Month EURIBOR(1)(S)		1,281			(11,978	)		(13,259	)
EUR	13,165		05/11/23		0.650%(A)	6 Month EURIBOR(1)(S)		(231,508	)		(297,724	)		(66,216	)
EUR	210		05/11/24		0.396%(A)	6 Month EURIBOR(1)(S)		1,012			(66	)		(1,078	)
EUR	190		05/11/25		0.650%(A)	6 Month EURIBOR(1)(S)		193			(1,905	)		(2,098	)
EUR	4,515		05/11/28		0.750%(A)	6 Month EURIBOR(1)(S)		146,841			56,868			(89,973	)

See Notes to Financial Statements.

80

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciaton (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
EUR	770		02/15/30		1.124%(A)	6 Month EURIBOR(1)(S)	$	(185	)	$	(12,479	)	$	(12,294	)
EUR	320		05/11/30		0.850%(A)	6 Month EURIBOR(1)(S)		11,952			8,020			(3,932	)
EUR	1,570		05/11/33		1.000%(A)	6 Month EURIBOR(1)(S)		61,954			58,871			(3,083	)
EUR	50		05/11/37		1.253%(A)	6 Month EURIBOR(1)(S)		2,263			1,279			(984	)
EUR	1,900		10/25/37		2.085%(A)	3 Month EURIBOR(2)(Q)		—			15,238			15,238
EUR	1,900		10/25/37		2.114%(A)	6 Month EURIBOR(1)(S)		—			(13,699	)		(13,699	)
EUR	235		05/11/42		1.350%(A)	6 Month EURIBOR(1)(S)		8,333			4,118			(4,215	)
EUR	485		01/26/48		1.853%(A)	3 Month EURIBOR(2)(Q)		—			4,106			4,106
EUR	485		01/26/48		1.863%(A)	6 Month EURIBOR(1)(S)		—			(3,576	)		(3,576	)
EUR	2,010		03/19/48		1.650%(A)	3 Month EURIBOR(2)(Q)		—			(522	)		(522	)
EUR	2,010		03/19/48		1.658%(A)	6 Month EURIBOR(1)(S)		—			1,568			1,568
	7,540		11/17/18		1.080%(T)	1 Day USOIS(1)(T)		—			50,655			50,655
	11,330		11/18/18		0.911%(A)	1 Day USOIS(1)(A)		(650	)		95,053			95,703
	44,420		02/15/19		1.820%(T)	1 Day USOIS(1)(T)		—			70,970			70,970
	8,590		06/30/19		1.486%(A)	1 Day USOIS(1)(A)		(3,246	)		70,184			73,430
	8,820		06/30/19		1.502%(A)	1 Day USOIS(1)(A)		(6,162	)		70,544			76,706
	5,120		09/08/19		1.290%(A)	1 Day USOIS(1)(A)		—			59,940			59,940
	25,520		09/30/19		1.707%(A)	1 Day USOIS(1)(A)		7,213			206,406			199,193
	50,695		12/31/19		1.840%(A)	1 Day USOIS(1)(A)		46,098			465,713			419,615
	31,590		12/31/19		1.950%(A)	1 Day USOIS(1)(A)		9,413			230,081			220,668
	27,295		12/31/19		2.040%(A)	1 Day USOIS(1)(A)		304			156,154			155,850
	43,415		12/31/19		2.107%(A)	1 Day USOIS(1)(A)		(1,501	)		198,378			199,879
	13,460		03/08/20		2.157%(A)	1 Day USOIS(1)(A)		—			63,115			63,115
	52,310		03/31/20		2.295%(A)	1 Day USOIS(1)(A)		13,197			216,258			203,061
	16,400		04/24/20		2.311%(A)	1 Day USOIS(1)(A)		—			53,690			53,690
	1,795		09/27/21		2.330%(A)	1 Day USOIS(1)(A)		(499	)		21,670			22,169
	8,115		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			104,420			104,420
	11,430		08/31/22		2.550%(A)	1 Day USOIS(1)(A)		2,236			85,780			83,544
	10,635		08/31/22		2.552%(A)	1 Day USOIS(1)(A)		—			78,987			78,987
	305		09/27/22		2.360%(A)	1 Day USOIS(1)(A)		4			4,666			4,662
	29,580		11/30/22		2.614%(A)	1 Day USOIS(1)(A)		—			178,792			178,792
	2,065		02/15/24		2.115%(S)	3 Month LIBOR(1)(Q)		5,067			104,588			99,521

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 81

Schedule of Investments (continued)

as of October 31, 2018

Interest rate swap agreements outstanding at October 31, 2018 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at October 31, 2018			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	4,274		02/15/24		2.151%(S)	3 Month LIBOR(1)(Q)	$	(4,718	)	$	208,650		$	213,368
	5,330		02/15/24		2.167%(S)	3 Month LIBOR(1)(Q)		(29,054	)		255,848			284,902
	4,575		02/15/24		2.183%(S)	3 Month LIBOR(1)(Q)		(2,991	)		215,696			218,687
	1,095		05/15/24		1.808%(A)	1 Day USOIS(1)(A)		—			56,049			56,049
	340		05/15/24		1.956%(S)	3 Month LIBOR(1)(Q)		1,542			19,173			17,631
	3,730		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			195,083			195,083
	33,385		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)		107,281			1,742,988			1,635,707
	8,860		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		26,823			459,839			433,016
	23,220		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		80,062			911,560			831,498
	8,750		02/28/25		2.454%(A)	1 Day USOIS(1)(A)		11,864			162,669			150,805
	10,925		02/28/25		3.019%(S)	3 Month LIBOR(1)(Q)		—			70,232			70,232
	44,858		05/31/25		2.998%(S)	3 Month LIBOR(1)(Q)		(31,022	)		390,007			421,029
	6,550		07/31/25		2.802%(A)	1 Day USOIS(1)(A)		—			7,363			7,363
	29,470		07/31/25		3.105%(S)	3 Month LIBOR(1)(Q)		23,251			121,618			98,367
	38,138		07/31/25		3.109%(S)	3 Month LIBOR(1)(Q)		1,189			147,359			146,170
	3,429		02/15/27		1.824%(A)	1 Day USOIS(1)(A)		38,892			256,838			217,946
	3,145		02/15/27		1.899%(A)	1 Day USOIS(1)(A)		3,971			216,461			212,490
	1,190		02/15/27		1.965%(A)	1 Day USOIS(1)(A)		—			75,002			75,002
	2,100		02/15/27		2.068%(A)	1 Day USOIS(1)(A)		—			115,695			115,695
	1,000		05/08/27		2.309%(S)	3 Month LIBOR(1)(Q)		—			61,013			61,013
	915		05/15/27		2.295%(S)	3 Month LIBOR(1)(Q)		—			56,840			56,840
	1,625		03/16/38		2.987%(S)	3 Month LIBOR(2)(Q)		—			(74,661	)		(74,661	)
	305		02/15/42		1.369%(A)	1 Day USOIS(1)(A)		—			80,730			80,730
	290		11/15/43		2.659%(S)	3 Month LIBOR(1)(Q)		—			30,888			30,888
	205		09/27/46		1.380%(A)	1 Day USOIS(1)(A)		—			60,392			60,392
	1,220		03/16/48		2.970%(S)	3 Month LIBOR(1)(Q)		—			76,390			76,390
	205		04/09/48		2.545%(S)	3 Month LIBOR(1)(Q)		—			30,147			30,147
	190		05/08/48		2.627%(S)	3 Month LIBOR(1)(Q)		—			23,623			23,623
ZAR	80,200		07/16/28		8.170%(Q)	3 Month JIBAR(2)(Q)		(5,522	)		(171,045	)		(165,523	)
ZAR	15,000		08/14/28		8.350%(Q)	3 Month JIBAR(2)(Q)		(73	)		(17,717	)		(17,644	)
							$	263,512		$	8,448,245		$	8,184,733

(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, 2018:

Reference Entity

Financing Rate

Counterparty

Termination Date

Long (Short) Notional Amount (000)#(2)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)(1)

OTC Total Return Swap Agreement:

IOS. FN30.450.10(M)

1 Month LIBOR(M)

Credit Suisse International

1/12/41

347

$

560

$

(1,065

)

$

1,625

See Notes to Financial Statements.

82

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

(2) 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.

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreements	$	263,758	$	(702,151	)	$	230,786	$	(196,289	)

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

Cash and securities segregated as collateral to cover requirements for open centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets	$	1,073	$	12,344,455

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, 2018 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Asset-Backed Securities
Automobiles	$	—	$	5,858,908	$	—
Collateralized Loan Obligations		—		203,240,495		—
Consumer Loans		—		13,347,772		—
Credit Card		—		2,213,616		—
Home Equity Loans		—		6,973,863		—
Residential Mortgage-Backed Securities		—		25,614,123		4,464,713
Student Loans		—		7,201,760		—
Bank Loans		—		2,960,378		—
Commercial Mortgage-Backed Securities		—		110,689,787		—
Convertible Bond		—		938,768		—
Corporate Bonds		—		270,543,522		—
Municipal Bonds		—		1,984,431		—

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 83

Schedule of Investments (continued)

as of October 31, 2018

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Residential Mortgage-Backed Securities	$	—		$	32,225,785		$	—
Sovereign Bonds		—			104,175,888			—
U.S. Government Agency Obligations		—			9,958,455			—
U.S. Treasury Obligations		—			96,320,351			—
Common Stock		17,461						—
Preferred Stock		126,700						—
Affiliated Mutual Funds		71,031,304						—
Commercial Paper		—			4,456,178			—
Options Purchased		—			247,668			—
Options Written		—			(204,859	)		(12,354	)
Other Financial Instruments*
Futures Contracts		(1,406,529	)		—			—
OTC Forward Foreign Currency Exchange Contracts		—			872,092			—
OTC Cross Currency Exchange Contract		—			(59	)		—
Centrally Cleared Credit Default Swap Agreements		—			82,302			—
OTC Credit Default Swap Agreements		—			(300,230	)		(3,139	)
OTC Currency Swap Agreements		—			(101,087	)		—
Centrally Cleared Inflation Swap Agreement		—			(15,315	)		—
Centrally Cleared Interest Rate Swap Agreements		—			8,184,733			—
OTC Total Return Swap Agreement		—			560			—
Total	$	69,768,936		$	907,469,885		$	4,449,220

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

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

	Asset-Backed Securities— Collateralized Loan Obligations			Asset-Backed Securities— Residential Mortgage-Backed Securities			Commercial Mortgage-Backed Securities
Balance as of 10/31/17	$	1,750,000		$	500,000		$	681,731
Realized gain (loss)		—			211			—
Change in unrealized appreciation (depreciation)		—			(181,522	)		—
Purchases/Exchanges/Issuances		—			4,715,810			—
Sales/Paydowns		—			(571,664	)		—
Accrued discount/premium		—			1,878			—
Transfers into of Level 3		—			—			—
Transfers out of Level 3		(1,750,000	)		—			(681,731	)
Balance as of 10/31/18	$	—		$	4,464,713		$	—
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—		$	(181,522	)	$	—

See Notes to Financial Statements.

84

	Residential Mortgage-Backed Securities			Options Written			Credit Default Swap Agreements
Balance as of 10/31/17	$	1,796,044		$	—		$	3,349
Realized gain (loss)		—			—			3,267
Change in unrealized appreciation (depreciation)		—			(750	)		(6,488	)
Purchases/Exchanges/Issuances		—			—			—
Sales/Paydowns		—			(11,604	)		(3,267	)
Accrued discount/premium		—			—			—
Transfers into of Level 3		—			—			—
Transfers out of Level 3		(1,796,044	)		—			—
Balance as of 10/31/18	$	—		$	(12,354	)	$	(3,139	)
Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end	$	—		$	(750	)	$	(3,139	)

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by Board, which contain unobservable inputs as follows:

Level 3 Securities	Fair Value as of October 31, 2018			Valuation Methodology		Unobservable Inputs
Asset-Backed Securities—Residential Mortgage-Backed Securities	$	4,464,713			Market Approach		Single Broker Indicative Quote
Credit Default Swap Agreements		(3,139	)		Market Approach		Single Broker Indicative Quote
Options Written		(12,354	)		Market Approach		Single Broker Indicative Quote
	$	4,449,220

It is the Fund’s policy to recognize transfers in and transfers out at the fair value as of the beginning of period. Securities transferred levels as follows:

Investments in Securities	Amount Transferred		Level Transfer		Logic
Asset-Backed Securities—Collateralized Loan Obligations	$	1,750,000		L3 to L2	Single Broker Indicative Quote to Evaluated Bid
Commercial Mortgage-Backed Securities	$	681,731		L3 to L2	Cost to Evaluated Bid
Residential Mortgage-Backed Securities	$	1,796,044		L3 to L2	Single Broker Indicative Quote to Evaluated Bid

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of October 31, 2018 were as follows (unaudited):

Collateralized Loan Obligations	21.1	%
Commercial Mortgage-Backed Securities	11.5
Sovereign Bonds	10.8
U.S. Treasury Obligations	10.0	%
Banks	7.5

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 85

Schedule of Investments (continued)

as of October 31, 2018

Industry Classification (continued):

Affiliated Mutual Funds (0.7% represents investments purchased with collateral from securities on loan)	7.3	%
Residential Mortgage-Backed Securities	6.4
Home Builders	1.9
Multi-National	1.6
Electric	1.6
Diversified Financial Services	1.6
Oil & Gas	1.5
Consumer Loans	1.4
Media	1.4
Telecommunications	1.2
U.S. Government Agency Obligations	1.0
Commercial Services	0.9
Lodging	0.8
Software	0.8
Student Loans	0.8
Home Equity Loans	0.7
Entertainment	0.6
Automobiles	0.6
Pharmaceuticals	0.6
Healthcare-Services	0.6
Chemicals	0.5
Pipelines	0.5
Commercial Paper	0.5
Building Materials	0.4
Auto Manufacturers	0.4
Computers	0.4
Healthcare-Products	0.4
Packaging & Containers	0.3
Technology	0.3
Retail	0.3
Foods	0.3
Real Estate Investment Trusts (REITs)	0.3
Iron/Steel	0.2
Credit Card	0.2	%
Mining	0.2
Airlines	0.2
Municipal Bonds	0.2
Insurance	0.2
Distribution/Wholesale	0.1
Agriculture	0.1
Aerospace & Defense	0.1
Trucking & Leasing	0.1
Investment Companies	0.1
Beverages	0.1
Housewares	0.1
Office/Business Equipment	0.1
Semiconductors	0.1
Machinery-Diversified	0.0	*
Internet	0.0	*
Holding Companies-Diversified	0.0	*
Forest Products & Paper	0.0	*
Transportation	0.0	*
Biotechnology	0.0	*
Home Furnishings	0.0	*
Environmental Control	0.0	*
Options Purchased	0.0	*
Engineering & Construction	0.0	*
Capital Markets	0.0	*
Office Furnishings	0.0	*
Miscellaneous Manufacturing	0.0	*
Oil, Gas & Consumable Fuels	0.0	*
	100.9
Options Written	0.0	*
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 contracts risk, foreign exchange contracts risk and interest rate contracts risk. 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.

86

Fair values of derivative instruments as of October 31, 2018 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted for as hedging instruments, carried at fair  value	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Due from/to broker-variation margin swaps	$	96,187	*	Due from/to broker-variation margin swaps	$	13,885	*
Credit contracts	Premiums paid for OTC swap agreements		263,758		Premiums received for OTC swap agreements		701,086
Credit contracts	Unaffiliated investments		18,179		Options written outstanding, at value		204,859
Credit contracts	Unrealized appreciation on OTC swap agreements		229,161		Unrealized depreciation on OTC swap agreements		95,202
Foreign exchange contracts	—		—		Unrealized depreciation on OTC cross currency exchange contracts		59
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		1,456,662		Unrealized depreciation on OTC forward foreign currency exchange contracts		584,570
Interest rate contracts	Due from/to broker-variation margin futures		861,477	*	Due from/to broker-variation margin futures		2,268,006	*
Interest rate contracts	Due from/to broker-variation margin swaps		8,662,261	*	Due from/to broker-variation margin swaps		492,843	*
Interest rate contracts	—		—		Premiums received for OTC swap agreements		1,065
Interest rate contracts	Unaffiliated investments		229,489		Options written outstanding, at value		12,354
Interest rate contracts	Unrealized appreciation on OTC swap agreements		1,625		Unrealized depreciation on OTC swap agreements		101,087
		$	11,818,799			$	4,475,016

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

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 87

Schedule of Investments (continued)

as of October 31, 2018

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2018 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures			Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	(30,943	)	$	114,008	$	—		$	—	$	43,282
Foreign exchange contracts		(25,844	)		34,254		—			2,503,789		—
Interest rate contracts		(245,686	)		175,938		(4,009,464	)		—		501,169
Total	$	(302,473	)	$	324,200	$	(4,009,464	)	$	2,503,789	$	544,451

(1) Included in net realized gain (loss) on investment transactions in the Statement of Operations.

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written			Futures			Forward & Cross Currency Exchange Contracts		Swaps
Credit contracts	$	(889	)	$	29,316		$	—		$	—	$	144,402
Foreign exchange contracts		1,776			(13,566	)		—			591,951		—
Interest rate contracts		203,022			(94,922	)		(1,240,337	)		—		8,075,865
Total	$	203,909		$	(79,172	)	$	(1,240,337	)	$	591,951	$	8,220,267

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

For the year ended October 31, 2018, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)		Forward Foreign Currency Exchange Contracts— Purchased(3)
$	189,157	$	62,914,302	$	322,164,412	$	55,274,603	$	23,644,547

Forward Foreign Currency Exchange Contracts— Sold(3)		Cross Currency Exchange Contracts(4)		Interest Rate Swap Agreements(2)		Credit Default Swap Agreements— Buy Protection(2)
$	68,089,709	$	1,023,992	$	658,122,119	$	13,104,400

Credit Default Swap Agreements— Sell Protection(2)		Currency Swap Agreements(2)		Total Return Swap Agreements(2)		Inflation Swap Agreements(2)
$	15,156,800	$	5,440,800	$	379,000	$	5,659,274

See Notes to Financial Statements.

88

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	6,342,688	$	(6,342,688	)	$	—

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

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount
Bank of America	$	292,910	$	(267,304	)	$	25,606		$	—		$	25,606
Barclays Bank PLC		147,573		(187,996	)		(40,423	)		20,000			(20,423	)
BNP Paribas		131,132		(81,831	)		49,301			—			49,301
Citibank NA		299,214		(492,190	)		(192,976	)		192,976			—
Credit Suisse International		36,443		(47,623	)		(11,180	)		—			(11,180	)
Deutsche Bank AG		28,380		(74,310	)		(45,930	)		—			(45,930	)
Goldman Sachs International		273,055		(184,231	)		88,824			—			88,824
JPMorgan Chase		174,196		(217,149	)		(42,953	)		32,588			(10,365	)
Morgan Stanley		246,875		(25,281	)		221,594			—			221,594
Toronto Dominion		109,037		(38,162	)		70,875			—			70,875
UBS AG		460,059		(84,205	)		375,854			(315,597	)		60,257
	$	2,198,874	$	(1,700,282	)	$	498,592		$	(70,033	)	$	428,559

(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 Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 89

Statement of Assets and Liabilities

as of October 31, 2018

Assets
Investments at value, including securities on loan of $6,342,688:
Unaffiliated investments (cost $918,568,040)	$	903,560,622
Affiliated investments (cost $71,031,058)		71,031,304
Cash		294,060
Foreign currency, at value (cost $994,049)		978,693
Cash segregated for counterparty—OTC		20,000
Receivable for Fund shares sold		14,606,746
Dividends and interest receivable		6,540,789
Unrealized appreciation on OTC forward foreign currency exchange contracts		1,456,662
Receivable for investments sold		1,200,086
Due from broker—variation margin swaps		915,024
Premiums paid for OTC swap agreements		263,758
Unrealized appreciation on OTC swap agreements		230,786
Deposit with broker for centrally cleared/exchange-traded derivatives		1,073
Prepaid expenses		6,224
Total Assets		1,001,105,827
Liabilities
Payable for investments purchased		18,028,034
Payable for Fund shares reacquired		7,812,635
Payable to broker for collateral for securities on loan		6,466,530
Due to broker—variation margin futures		779,476
Premiums received for OTC swap agreements		702,151
Unrealized depreciation on OTC forward foreign currency exchange contracts		584,570
Accrued expenses and other liabilities		230,984
Options written outstanding, at value (proceeds received $245,779)		217,213
Unrealized depreciation on OTC swap agreements		196,289
Management fee payable		138,001
Distribution fee payable		29,353
Dividends payable		3,741
Affiliated transfer agent fee payable		2,817
Unrealized depreciation on OTC cross currency exchange contracts		59
Total Liabilities		35,191,853
Net Assets	$	965,913,974
Net assets were comprised of:
Common stock, at par	$	101,570
Paid-in capital in excess of par		982,129,177
Total distributable earnings (loss)		(16,316,773	)
Net assets, October 31, 2018	$	965,913,974

See Notes to Financial Statements.

90

Class A
Net asset value and redemption price per share, ($68,089,467 ÷ 7,170,354 shares of common stock issued and outstanding)	$	9.50
Maximum sales charge (3.25% of offering price)		0.32
Maximum offering price to public	$	9.82
Class C
Net asset value, offering price and redemption price per share, ($17,596,774 ÷ 1,852,045 shares of common stock issued and outstanding)	$	9.50
Class Z
Net asset value, offering price and redemption price per share, ($327,029,198 ÷ 34,317,708 shares of common stock issued and outstanding)	$	9.53
Class R6
Net asset value, offering price and redemption price per share, ($553,198,535 ÷ 58,230,321 shares of common stock issued and outstanding)	$	9.50

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 91

Statement of Operations

Year Ended October 31, 2018

Net Investment Income (Loss)
Income
Interest income	$	20,049,497
Affiliated dividend income		996,144
Income from securities lending, net (including affiliated income of $11,526)		24,537
Unaffiliated dividend income		6,686
Total income		21,076,864
Expenses
Management fee		2,668,765
Distribution fee(a)		273,708
Transfer agent’s fees and expenses (including affiliated expense of $25,494)(a)		319,373
Registration fees(a)		230,609
Custodian and accounting fees		217,774
Shareholders’ reports		118,321
Audit fee		63,666
Legal fees and expenses		26,483
Directors’ fees		23,629
Miscellaneous		117,542
Total expenses		4,059,870
Less: Fee waiver and/or expense reimbursement(a)		(721,599	)
Net expenses		3,338,271
Net investment income (loss)		17,738,593
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(303))		(2,897,318	)
Futures transactions		(4,009,464	)
Forward and cross currency contract transactions		2,503,789
Options written transactions		324,200
Swap agreement transactions		544,451
Foreign currency transactions		471,653
		(3,062,689	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $241)		(17,008,352	)
Futures		(1,240,337	)
Forward and cross currency contracts		591,951
Options written		(79,172	)
Swap agreements		8,220,267
Foreign currencies		(52,725	)
		(9,568,368	)
Net gain (loss) on investment and foreign currency transactions		(12,631,057	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	5,107,536

See Notes to Financial Statements.

92

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

	Class A			Class C			Class Z			Class R6
Distribution fee		129,893			143,815			—			—
Transfer agent’s fees and expenses		46,415			14,086			258,327			545
Registration fees		45,910			40,102			57,985			86,612
Fee waiver and/or expense reimbursement		(47,168	)		(38,102	)		(268,737	)		(367,592	)

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 93

Statements of Changes in Net Assets

	Year Ended October 31,
	2018			2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	17,738,593		$	5,383,111
Net realized gain (loss) on investment and foreign currency transactions		(3,062,689	)		(892,008	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(9,568,368	)		3,032,322
Net increase (decrease) in net assets resulting from operations		5,107,536			7,523,425
Dividends and Distributions
Distributions from distributable earnings*
Class A		(1,413,546	)		—
Class C		(276,679	)		—
Class Z		(6,544,416	)		—
Class R6		(12,043,746	)		—
		(20,278,387	)		—
Dividends from net investment income
Class A					(359,021	)
Class C					(148,013	)
Class Z					(961,250	)
Class R6					(4,593,672	)
		*			(6,061,956	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		757,668,330			299,247,403
Net asset value of shares issued in reinvestment of dividends and distributions		20,099,173			6,015,062
Cost of shares reacquired		(174,298,997	)		(73,525,777	)
Net increase (decrease) in net assets from Fund share transactions		603,468,506			231,736,688
Total increase (decrease)		588,297,655			233,198,157
Net Assets:
Beginning of year		377,616,319			144,418,162
End of year(a)	$	965,913,974		$	377,616,319
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	(83,512	)

* For the year ended October 31, 2018, the Fund has adopted amendments to Regulation S-X (refer to Note 9).

See Notes to Financial Statements.

94

Notes to Financial Statements

Prudential Investment Portfolios, Inc. 17 (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Company was incorporated in Maryland on September 1, 1994 and currently consists of two funds: PGIM Short Duration Multi-Sector Fund and PGIM Total Return Bond Fund, each of which are diversified funds. These financial statements relate only to the PGIM Short Duration Multi-Sector Bond Fund (the “Fund”). Effective June 11, 2018, the names of the Fund and the other funds which comprise the Company were changed by replacing “Prudential” with “PGIM” and each fund’s Class Q shares were renamed Class R6 shares.

The investment objective of the Fund is total return.

1. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, a Valuation Committee has been established as two persons, being one or more officers of the Company, including: the Company’s Treasurer (or the Treasurer’s direct reports); and the Company’s Chief or Deputy Chief Compliance Officer (or Vice-President-level direct reports of the Chief or Deputy Chief Compliance Officer). Under the current valuation procedures, the Valuation Committee of the Board is responsible for supervising the valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur

PGIM Short Duration Multi-Sector Bond Fund 95

Notes to Financial Statements (continued)

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 Measurements and Disclosures.

Derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

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

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

Bank loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Bank loans valued based on a single broker

96

quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

OTC 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 OTC 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 OTC derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain OTC 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.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

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

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

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted

PGIM Short Duration Multi-Sector Bond Fund 97

Notes to Financial Statements (continued)

as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s subadviser under the guidelines adopted by the Board of the Company. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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

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

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

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

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

98

investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

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

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

PGIM Short Duration Multi-Sector Bond Fund 99

Notes to Financial Statements (continued)

the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund

100

may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Bank Loans: The Fund invests in bank loans. Bank loans include fixed and floating rate loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the bank loan market. The Fund may acquire interests in loans directly (by way of assignment from the selling institution) or indirectly (by way of the purchase of a participation interest from the selling institution). Under a bank loan assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and becomes a lender under the loan agreement with the relevant borrower in connection with that loan. Under a bank loan participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

Forward Rate Agreements: Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

Swap Agreements: The Fund may enter into credit default, interest rate and other types of swap agreements. 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 counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation (depreciation) on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. Any upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a

PGIM Short Duration Multi-Sector Bond Fund 101

Notes to Financial Statements (continued)

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 and to increase exposure to prevailing market rates by receiving floating rate payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

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

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

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment 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

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potential amount will be partially offset by any recovery values of the respective referenced obligations, or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Currency Swaps: The Fund entered into currency swap agreements primarily to gain yield exposure on foreign bonds. Currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates.

Total Return Swaps: In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a fixed amount. The Fund is subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. The Fund entered into total return swaps to manage its exposure to a security or an index. The Fund’s maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund’s favor, from the point of entering into the contract.

Master Netting Arrangements: The 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 the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

PGIM Short Duration Multi-Sector Bond Fund 103

Notes to Financial Statements (continued)

The Company, 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.

As of October 31, 2018, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

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

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Payment-In-Kind: The Fund invests in the open market or receive pursuant to debt restructuring, securities that pay-in-kind (PIK) the interest due on such debt instruments. The PIK interest, computed at the contractual rate specified, is added to the existing principal balance of the debt when issued bonds have same terms as the bond or recorded as a separate bond when terms are different from the existing debt, and is recorded as interest income.

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

PGIM Short Duration Multi-Sector Bond Fund 105

Notes to Financial Statements (continued)

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Fund expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions of net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

2. Agreements

The Company, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund’s custodian and the Fund’s transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Fund. PGIM Investments pays for the

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services of PGIM, Inc., the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

Effective January 1, 2018, the management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.390% of the Fund’s average daily net assets up to $5 billion and 0.380% of the average daily net assets over $5 billion. Prior to January 1, 2018, the management fee paid to PGIM Investments was accrued daily and payable monthly at an annual rate of 0.500% of the Fund’s average daily net assets up to $5 billion, 0.475% on the average daily net assets of the next $5 billion and 0.465% of such assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.400% for the year ended October 31, 2018.

Effective January 1, 2018, PGIM Investments has contractually agreed, through February 28, 2019, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.85% of average daily net assets for Class A shares, 1.60% of average daily net assets for Class C shares, 0.50% of average daily net assets for Class Z shares, and 0.39% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. Effective November 1, 2018 this waiver agreement was extended through February 29, 2020.

Where applicable, PGIM Investments voluntarily agreed through October 31, 2018, to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Effective November 1, 2018 this voluntary agreement became part of the Fund’s contractual waiver agreement through February 29, 2020 and is subject to recoupment by the Manager within the same fiscal year during which such wavier/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. Prior to January 1, 2018, PGIM Investments had contractually agreed to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of each class of shares of the Fund to 0.60% of the Fund’s average daily net assets.

The Company, 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

PGIM Short Duration Multi-Sector Bond Fund 107

Notes to Financial Statements (continued)

distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.25% and 1% of the average daily net assets of the Class A and Class C shares, respectively.

PIMS has advised the Fund that it received $299,948 in front-end sales charges resulting from sales of Class A shares during the year ended October 31, 2018. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the year ended October 31, 2018, it received $5,825 and $4,499 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended October 31, 2018, no such transactions were entered into by the Fund.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting

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period ended October 31, 2018, PGIM, Inc. was compensated $4,337 by PGIM Investments for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended October 31, 2018, were $677,904,435 and $160,637,577, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended October 31, 2018, is presented as follows:

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Year		Shares, End of Year		Income
PGIM Core Ultra Short Bond Fund*
$	25,764,058	$	806,737,179	$	767,952,200	$	—	$	—		$	64,549,037		64,549,037	$	996,144
PGIM Institutional Money Market Fund*
	3,010,202		38,295,701		34,823,574		241		(303	)		6,482,267		6,482,267		11,526	**
$	28,774,260	$	845,032,880	$	802,775,774	$	241	$	(303	)	$	71,031,304			$	1,007,670

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

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

5. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date.

For the year ended October 31, 2018, the tax character of dividends paid by the Fund was $20,278,387 of ordinary income. For the year ended October 31, 2017, the tax character of dividends paid by the Fund was $6,061,956 of ordinary income.

As of October 31, 2018, the accumulated undistributed earnings on a tax basis was $3,751,522 of ordinary income.

PGIM Short Duration Multi-Sector Bond Fund 109

Notes to Financial Statements (continued)

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of October 31, 2018 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$991,272,427	$8,944,623	$(18,529,010)	$(9,584,387)

The differences between book basis and tax basis were primarily attributable to deferred losses on wash sales, bond premium amortization, futures and forward contracts and other cost basis differences between financial and tax accounting.

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2018 of approximately $10,474,000 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.

Management 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. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

The Company is authorized to issue 8.9 billion shares of common stock divided into two funds, with a par value of $0.001 per share. There are 650 million shares authorized for the

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Fund, divided into five classes, designated Class A, Class C, Class Z, Class T and Class R6 shares common stock, each of which consists of 100 million, 25 million, 300 million, 25 million and 200 million authorized shares, respectively. The Fund currently does not have any Class T shares outstanding.

As of October 31, 2018, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned and 6,645,790 Class R6 shares of the Fund. At reporting period end, three shareholders of record held 75% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Year ended October 31, 2018:
Shares sold		6,704,792		$	64,507,345
Shares issued in reinvestment of dividends and distributions		145,894			1,397,034
Shares reacquired		(1,802,128	)		(17,304,792	)
Net increase (decrease) in shares outstanding before conversion		5,048,558			48,599,587
Shares issued upon conversion from other share class(es)		59,558			570,581
Shares reacquired upon conversion into other share class(es)		(551,496	)		(5,252,634	)
Net increase (decrease) in shares outstanding		4,556,620		$	43,917,534
Year ended October 31, 2017:
Shares sold		2,168,056		$	20,978,874
Shares issued in reinvestment of dividends and distributions		35,915			347,368
Shares reacquired		(623,184	)		(6,013,961	)
Net increase (decrease) in shares outstanding before conversion		1,580,787			15,312,281
Shares issued upon conversion from other share class(es)		1,761			16,939
Shares reacquired upon conversion into other share class(es)		(123,000	)		(1,186,776	)
Net increase (decrease) in shares outstanding		1,459,548		$	14,142,444
Class C
Year ended October 31, 2018:
Shares sold		1,125,667		$	10,816,672
Shares issued in reinvestment of dividends and distributions		28,353			271,796
Shares reacquired		(354,916	)		(3,406,094	)
Net increase (decrease) in shares outstanding before conversion		799,104			7,682,374
Shares reacquired upon conversion into other share class(es)		(24,172	)		(230,893	)
Net increase (decrease) in shares outstanding		774,932		$	7,451,481
Year ended October 31, 2017:
Shares sold		558,208		$	5,403,309
Shares issued in reinvestment of dividends and distributions		15,212			147,116
Shares reacquired		(385,824	)		(3,727,647	)
Net increase (decrease) in shares outstanding before conversion		187,596			1,822,778
Shares reacquired upon conversion into other share class(es)		(1,760	)		(16,939	)
Net increase (decrease) in shares outstanding		185,836		$	1,805,839

PGIM Short Duration Multi-Sector Bond Fund 111

Notes to Financial Statements (continued)

Class Z	Shares			Amount
Year ended October 31, 2018:
Shares sold		34,421,478		$	331,789,361
Shares issued in reinvestment of dividends and distributions		665,072			6,387,140
Shares reacquired		(8,987,994	)		(86,323,467	)
Net increase (decrease) in shares outstanding before conversion		26,098,556			251,853,034
Shares issued upon conversion from other share class(es)		553,073			5,282,135
Shares reacquired upon conversion into other share class(es)		(63,549	)		(610,731	)
Net increase (decrease) in shares outstanding		26,588,080		$	256,524,438
Year ended October 31, 2017:
Shares sold		11,546,251		$	111,803,195
Shares issued in reinvestment of dividends and distributions		96,572			935,718
Shares reacquired		(1,798,858	)		(17,385,248	)
Net increase (decrease) in shares outstanding before conversion		9,843,965			95,353,665
Shares issued upon conversion from other share class(es)		146,198			1,410,635
Shares reacquired upon conversion into other share class(es)		(6,924,898	)		(66,686,763	)
Net increase (decrease) in shares outstanding		3,065,265		$	30,077,537
Class R6
Year ended October 31, 2018:
Shares sold		36,559,763		$	350,554,952
Shares issued in reinvestment of dividends and distributions		1,256,583			12,043,203
Shares reacquired		(7,019,242	)		(67,264,644	)
Net increase (decrease) in shares outstanding before conversion		30,797,104			295,333,511
Shares issued upon conversion from other share class(es)		33,081			318,725
Shares reacquired upon conversion into other share class(es)		(8,042	)		(77,183	)
Net increase (decrease) in shares outstanding		30,822,143		$	295,575,053
Year ended October 31, 2017:
Shares sold		16,642,260		$	161,062,025
Shares issued in reinvestment of dividends and distributions		473,448			4,584,860
Shares reacquired†		(4,806,928	)		(46,398,921	)
Net increase (decrease) in shares outstanding before conversion		12,308,780			119,247,964
Shares issued upon conversion from other share class(es)		6,955,945			66,987,682
Shares reacquired upon conversion into other share class(es)		(54,494	)		(524,778	)
Net increase (decrease) in shares outstanding		19,210,231		$	185,710,868

† Includes affiliated redemptions of 2,758,277 shares with a value of $26,556,384 for Class R6 shares.

7. Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the

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Board, is accrued daily and paid quarterly. Prior to October 4, 2018, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under both SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

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

The Fund did not utilize the SCA during the reporting period ended October 31, 2018.

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Bond Obligations Risk: The Fund’s holdings, share price, yield and total return may fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed-income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same level and therefore would earn less income.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. 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 OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

Foreign Securities Risk: The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in

PGIM Short Duration Multi-Sector Bond Fund 113

Notes to Financial Statements (continued)

which the Fund may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Interest Rate Risk: The value of an investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk. The Fund may face a heightened level of interest rate risk as a result of the US Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk: The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments 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. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Mortgage-Backed and Other Asset-Backed Securities Risk: Mortgage-related securities are usually pass-through instruments that pay investors a share of all interest and principal payments from an underlying pool of fixed or adjustable rate mortgages. Asset-backed securities are another type of pass-through instruments that pays interest based upon the cash flow of an underlying pool of assets, such as automobile loans or credit card receivables. Asset-backed securities can also be collateralized by a portfolio of corporate bonds including junk bonds or other securities. The values of mortgage-backed and asset-backed securities vary with changes in interest rates and are particularly sensitive to prepayments (the risk is that the underlying debt instruments may be partially or wholly prepaid during periods of falling interest rates, which could require the Fund to reinvest in lower yielding debt instruments) or extensions (the risk is that rising interest rates may cause

114

the underlying debt instruments to be repaid more slowly by the debtor, causing the value of the securities to fall). Asset-backed securities are also subject to liquidity risk.

US Government and Agency Securities Risk: US Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all US Government securities are insured or guaranteed by the full faith and credit of the US Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. In addition, the value of US Government securities may be affected by changes in the credit rating of the US Government.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Fund’s financial statements.

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

PGIM Short Duration Multi-Sector Bond Fund 115

Financial Highlights

Class A Shares
	Year Ended October 31,												December 23, 2013(a) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.72			$9.68			$9.65			$9.99			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.20			0.23			0.21			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.18	)		0.07			0.05			(0.14	)		(0.05	)
Total from investment operations		0.04			0.27			0.28			0.07			0.14
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.23	)		(0.23	)		(0.41	)		(0.15	)
Tax return of capital distributions		-			-			(0.02	)		-			-
Total dividends and distributions		(0.26	)		(0.23	)		(0.25	)		(0.41	)		(0.15	)
Net asset value, end of period		$9.50			$9.72			$9.68			$9.65			$9.99
Total Return(c):		0.38%			2.85%			3.00%			0.70%			1.41%
Ratios/Supplemental Data:
Net assets, end of period (000)		$68,089			$25,392			$11,175			$5,797			$1,004
Average net assets (000)		$51,957			$15,175			$8,868			$2,412			$295
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.82%			0.85%			0.85%			0.85%			0.90%	(f)
Expenses before waivers and/or expense reimbursement		0.91%			1.16%	(g)		1.26%			1.49%			1.62%	(f)
Net investment income (loss)		2.34%			2.08%			2.35%			2.18%			2.19%	(f)
Portfolio turnover rate(h)		70%			84%			66%			51%			222%

(a) Commencement of operations.

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

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

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

(e) The distributor of the Fund had contractually agreed to limit its distribution and service (12b-1) fees to 0.25% of the average daily net assets through March 8, 2015. Effective March 9, 2015, the contractual distribution and service (12b-1) fees were reduced from 0.30% to 0.25% of the average daily net assets.

(f) Annualized.

(g) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

116

Class C Shares
	Year Ended October 31,												December 23, 2013(a) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.72			$9.69			$9.65			$9.99			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.13			0.16			0.14			0.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.19	)		0.06			0.06			(0.15	)		(0.04	)
Total from investment operations		(0.04	)		0.19			0.22			(0.01	)		0.08
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.16	)		(0.16	)		(0.33	)		(0.09	)
Tax return of capital distributions		-			-			(0.02	)		-			-
Total dividends and distributions		(0.18	)		(0.16	)		(0.18	)		(0.33	)		(0.09	)
Net asset value, end of period		$9.50			$9.72			$9.69			$9.65			$9.99
Total Return(c):		(0.40	)%		1.98%			2.34%			(0.06	)%		0.79%
Ratios/Supplemental Data:
Net assets, end of period (000)		$17,597			$10,471			$8,634			$5,728			$605
Average net assets (000)		$14,381			$9,001			$7,900			$2,495			$166
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.60%			1.60%			1.60%			1.60%			1.65%	(e)
Expenses before waivers and/or expense reimbursement		1.86%			1.99%	(f)		2.02%			2.26%			2.33%	(e)
Net investment income (loss)		1.54%			1.36%			1.61%			1.42%			1.42%	(e)
Portfolio turnover rate(g)		70%			84%			66%			51%			222%

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 117

Financial Highlights (continued)

Class Z Shares
	Year Ended October 31,												December 23, 2013(a) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.75			$9.69			$9.65			$9.99			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.26			0.22			0.25			0.24			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.19	)		0.10			0.07			(0.15	)		(0.05	)
Total from investment operations		0.07			0.32			0.32			0.09			0.16
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.26	)		(0.25	)		(0.43	)		(0.17	)
Tax return of capital distributions		-			-			(0.03	)		-			-
Total dividends and distributions		(0.29	)		(0.26	)		(0.28	)		(0.43	)		(0.17	)
Net asset value, end of period		$9.53			$9.75			$9.69			$9.65			$9.99
Total Return(c):		0.69%			3.30%			3.36%			0.94%			1.60%
Ratios/Supplemental Data:
Net assets, end of period (000)		$327,029			$75,355			$45,189			$6,863			$2,268
Average net assets (000)		$212,606			$37,657			$14,060			$4,575			$1,074
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.51%			0.60%			0.60%			0.60%			0.65%	(e)
Expenses before waivers and/or expense reimbursement		0.63%			0.81%	(f)		1.02%			1.20%			1.29%	(e)
Net investment income (loss)		2.70%			2.26%			2.51%			2.48%			2.46%	(e)
Portfolio turnover rate(g)		70%			84%			66%			51%			222%

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

118

Class R6 Shares
	Year Ended October 31,												December 23, 2013(a) through October 31,
	2018			2017			2016			2015			2014
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.72			$9.69			$9.65			$9.99			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.26			0.23			0.25			0.25			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.19	)		0.06			0.07			(0.16	)		(0.03	)
Total from investment operations		0.07			0.29			0.32			0.09			0.16
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.26	)		(0.25	)		(0.43	)		(0.17	)
Tax return of capital distributions		-			-			(0.03	)		-			-
Total dividends and distributions		(0.29	)		(0.26	)		(0.28	)		(0.43	)		(0.17	)
Net asset value, end of period		$9.50			$9.72			$9.69			$9.65			$9.99
Total Return(c):		0.78%			3.00%			3.37%			0.95%			1.63%
Ratios/Supplemental Data:
Net assets, end of period (000)		$553,199			$266,398			$79,420			$87,644			$85,092
Average net assets (000)		$386,281			$175,232			$83,676			$87,488			$74,561
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.42%			0.60%			0.60%			0.60%			0.65%	(e)
Expenses before waivers and/or expense reimbursement		0.51%			0.70%	(f)		0.92%			0.97%			1.05%	(e)
Net investment income (loss)		2.74%			2.34%			2.62%			2.51%			2.20%	(e)
Portfolio turnover rate(g)		70%			84%			66%			51%			222%

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 119

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders

Prudential Investment Portfolios, Inc. 17:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Short Duration Multi-Sector Bond Fund (formerly Prudential Short Duration Multi-Sector Bond Fund) (the “Fund”), a series of Prudential Investment Portfolios, Inc. 17, including the schedule of investments, as of October 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2018, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodians, transfer agents and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

December 18, 2018

120

Federal Income Tax Information (unaudited)

For the year ended October 31, 2018, the Fund reports the maximum amount allowable but not less than 71.44% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2019, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of the dividends received by you in calendar year 2018.

PGIM Short Duration Multi-Sector Bond Fund 121

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS  (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding (60) Board Member Portfolios Overseen: 93	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon (66) Board Member Portfolios Overseen: 93	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive  Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company;  President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008
Linda W. Bynoe (66) Board Member Portfolios Overseen: 93	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co.  (broker-dealer).	Director of Anixter International, Inc. (communication  products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005

PGIM Short Duration Multi-Sector Bond Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Barry H. Evans (58) Board Member Portfolios Overseen: 92	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Director, Manulife Trust Company (since 2011); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein (62) Board Member & Independent Chair Portfolios Overseen: 93	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

Visit our website at pgiminvestments.com

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick (56) Board Member Portfolios Overseen: 92	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Corporate Capital Trust (since April 2017) (a business development company); Independent Director, Kabbage, Inc. (since July 2018) (financial services).	Since September 2017
Michael S. Hyland, CFA (73) Board Member Portfolios Overseen: 93	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Richard A. Redeker (75) Board Member Portfolios Overseen: 93	Retired Mutual Fund Senior Executive (50 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of independent mutual fund directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.	Since October 1993

PGIM Short Duration Multi-Sector Bond Fund

Independent Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Brian K. Reid (56)# Board Member Portfolios Overseen: 92	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

# Mr. Reid joined the Board effective as of March 1, 2018.

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker (56) Board Member & President Portfolios Overseen: 93	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

Visit our website at pgiminvestments.com

Interested Board Members
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin (45) Board Member & Vice President Portfolios Overseen:93	Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010
Grace C. Torres* (59) Board Member Portfolios Overseen: 92	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

* Note: Prior to her retirement in 2014, Ms. Torres was employed by PGIM Investments LLC. Due to her prior employment, she is considered to be an “interested person” under the 1940 Act. Ms. Torres is a Non-Management Interested Board Member.

PGIM Short Duration Multi-Sector Bond Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (63) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since June 2012
Chad A. Earnst (43) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of PGIM Investments LLC; Chief Compliance Officer (September 2014-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global Short Duration High Yield Income Fund, Inc., PGIM Short Duration High Yield Fund, Inc. and PGIM Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since September 2014
Dino Capasso (44) Deputy Chief Compliance Officer	Vice President and Deputy Chief Compliance Officer (June 2017-Present) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018
Andrew R. French (56) Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

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Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Jonathan D. Shain (60) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Claudia DiGiacomo (44) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Charles H. Smith (45) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007 – December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998 —January 2007).	Since January 2017
Brian D. Nee (52) Treasurer and Principal Financial and Accounting Officer	Vice President and Head of Finance of PGIM Investments LLC (since August 2015) and PGIM Global Partners (since February 2017); formerly, Vice President, Treasurer’s Department of Prudential (September 2007-August 2015).	Since July 2018
Peter Parrella (60) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since June 2007
Lana Lomuti (51) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Linda McMullin (57) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since April 2014
Kelly A. Coyne (50) Assistant Treasurer	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

PGIM Short Duration Multi-Sector Bond Fund

∎ “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Short Duration High Yield Fund, Inc., PGIM Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreements (unaudited)

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM Short Duration Multi-Sector Bond Fund¹ (the “Fund”) consists of twelve individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). 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 Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”), the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit, and the Fund’s sub-subadvisory agreement with PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 7, 2018 and on June 19-21, 2018 and approved the renewal of the agreements through July 31, 2019, 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 Directors 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 Directors did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout

¹  PGIM Short Duration Multi-Sector Bond Fund is a series of Prudential Investment Portfolios, Inc. 17.

PGIM Short Duration Multi-Sector Bond Fund

Approval of Advisory Agreements (continued)

the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7, 2018 and on June 19-21, 2018.

The Directors 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 Directors considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Directors’ 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 considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser and sub-subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. 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 Directors 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

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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 noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments.

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

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2017 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 several ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining

PGIM Short Duration Multi-Sector Bond Fund

Approval of Advisory Agreements (continued)

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, and PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one- and three-year periods ended December 31, 2017. The Board considered that the Fund commenced operations on December 23, 2013 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, 2017. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider expenses and fees, were objectively

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determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also may have provided supplemental Peer Universe or Peer Group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles, 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 gross performance comparisons (which do not 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.

Gross Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	1st Quartile	N/A	N/A
Actual Management Fees: 2nd Quartile
Net Total Expenses: 3rd 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, which (exclusive of certain fees and expenses) caps the Fund’s annual operating expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.39% for Class R6 shares, and 0.50% for Class Z shares through February 28, 2019.

• The Board also noted information provided by PGIM Investments which indicated that because the Fund’s expense cap had not been in effect for the full fiscal year, the Fund’s ranking for net total expenses did not reflect the full impact of the expense cap, and that if the expense cap had been in effect for the full fiscal year, the Fund would have ranked in the first quartile of its Peer Group.

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

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

*    *    *

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

PGIM Short Duration Multi-Sector Bond Fund

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

PROXY VOTING

The Board of Directors of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

DIRECTORS

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker •
Richard A. Redeker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Brian D. Nee, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Andrew R. French, Secretary • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Vice President and Deputy Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Short Duration Multi-Sector Bond Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Directors and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED

BY ANY BANK OR ANY BANK AFFILIATE

PGIM SHORT DURATION MULTI-SECTOR BOND FUND

SHARE CLASS	A	C	Z	R6*
NASDAQ	SDMAX	SDMCX	SDMZX	SDMQX
CUSIP	74440B876	74440B868	74440B843	74440B850

*Formerly known as Class Q shares.

MF219E    

Item 2 – Code of Ethics – – See Exhibit (a)

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

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the 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 Mr. Kevin J. Bannon, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended October 31, 2018 and October 31, 2017, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $126,739 and $125,485 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, 2018 and October 31, 2017: none.

(c) Tax Fees

For the fiscal years ended October 31, 2018 and October 31, 2017: none.

(d) All Other Fees

For the fiscal years ended October 31, 2018 and October 31, 2017: none.

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

THE PRUDENTIAL MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each Prudential 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 projects

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 Prudential Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the Prudential 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 related directly to the operations and financial reporting of the Funds. 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) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

For the fiscal years ended October 31, 2018 and October 31, 2017: none.

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

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

(g) Non-Audit Fees

The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended October 31, 2018 and October 31, 2017 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as KPMG 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.

Item 5 –	Audit Committee of Listed Registrants – Not applicable.
Item 6 –	Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not applicable.
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 –	Submission of Matters to a Vote of Security Holders – Not applicable.
Item 11 –	Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits
	(a)	(1)   Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH
		(2)   Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
		(3)   Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
	(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Prudential Investment Portfolios, Inc. 17
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	December 18, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	December 18, 2018
By:	/s/ Brian D. Nee
	Brian D. Nee
	Treasurer and Principal Financial and Accounting Officer
Date:	December 18, 2018