# EDGAR Filing Document

**Accession Number:** 0000890339
**File Stem:** 0001193125-23-081544
**Filing Date:** 2023-3
**Character Count:** 655553
**Document Hash:** f457eb65ca3a9f4dd0b7071bf8a29ba8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-081544.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001193125-23-081544

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**EFFECTIVENESS DATE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TARGET PORTFOLIO TRUST
- **CENTRAL INDEX KEY:** 0000890339
- **IRS NUMBER:** 137000899
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07064
- **FILM NUMBER:** 23766500

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

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

## Series and Classes Contracts Data

### PGIM CORPORATE BOND FUND (Series ID: S000004687)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012752 | Class Z      | TGMBX           |
| C000156672 | Class A      | PCWAX           |
| C000156673 | Class C      | PCWCX           |
| C000156674 | Class R6     | PCWQX           |
| C000156675 | Class R      | PCWRX           |

### PGIM QUANT SOLUTIONS SMALL-CAP VALUE FUND (Series ID: S000004689)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012754 | Class Z      | TASVX           |
| C000035404 | Class R      | TSVRX           |
| C000137298 | Class A      | TSVAX           |
| C000146241 | Class R6     | TSVQX           |
| C000153496 | Class C      | TRACX           |
| C000198544 | Class R2     | PSVDX           |
| C000198545 | Class R4     | PSVKX           |

### PGIM CORE BOND FUND (Series ID: S000004691)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012756 | Class Z      | TAIBX           |
| C000152632 | Class A      | TPCAX           |
| C000152633 | Class C      | TPCCX           |
| C000152634 | Class R6     | TPCQX           |
| C000152635 | Class R      | TPCRX           |

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: | 811-07064 |
| Exact name of registrant as specified in charter: | The Target Portfolio Trust |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup> Floor |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup> Floor |
|  | Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 7/31/2023 |
| Date of reporting period: | 1/31/2023 |

---

------

Item 1 – Reports to Stockholders

------

![LOGO](g434396g07r22.jpg)

## PGIM CORPORATE BOND FUND

**SEMIANNUAL REPORT** 

**JANUARY 31, 2023**![LOGO](g434396g94q72.jpg)

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

------

**Table of Contents** 

---

| | |
|:---|:---|
|  [Letter from the President](#edgar434396_1) | 3 |
|  [Your Fund's Performance](#edgar434396_2) | 4 |
|  [Fees and Expenses](#edgar434396_3) | 7 |
|  [Holdings and Financial Statements](#edgar434396_4) | 9 |

---

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

The information about the Fund's portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of January 31, 2023 were not audited and, accordingly, no auditor's opinion is expressed on them.

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. <sup>©</sup> 2023 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.

2 Visit our website at pgim.com/investments

------

**Letter from the President** 

---

| | |
|:---|:---|
| ![LOGO](g434396g11p57.jpg) | Dear Shareholder:<br>We hope you find the semiannual report for the PGIM Corporate Bond Fund informative and useful. The report covers performance for the six-month period ended January 31, 2023.<br>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 provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world's 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

![LOGO](g434396g88l73.jpg)

**Stuart S. Parker, President** 

PGIM Corporate Bond Fund

March 15, 2023

PGIM Corporate Bond Fund 3

------

**Your Fund's Performance** 

**Performance data quoted represent 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 *pgim.com/investments* or by calling (800) 225-1852.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23<br>(without sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Ten Years (%)** | **Since Inception (%)** |
|  Class A | -0.72 | -12.98 | 0.21 | N/A | 1.48 (05/28/2015) |
|  Class C | -1.01 | -11.55 | 0.12 | N/A | 1.13 (05/28/2015) |
|  Class R | -0.76 | -10.22 | 0.62 | N/A | 1.64 (05/28/2015) |
|  Class Z | -0.60 | -9.86 | 1.12 | 2.11 |  |
|  Class R6 | -0.50 | -9.78 | 1.13 | N/A | 2.14 (05/28/2015) |
|  Bloomberg US Credit Index | Bloomberg US Credit Index |  |  |  |  |
|  | -0.94 | -9.11 | 1.36 | 2.29 |  |

---

---

| | |
|:---|:---|
| **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | **Average Annual Total Returns as of 1/31/23 Since Inception (%)** |
|  | **Class A, Class C, Class R, Class R6<br>(05/28/2015)** |
| &nbsp;&nbsp; Bloomberg US Credit Index | 2.05 |

---

\*Not annualized

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

4 Visit our website at pgim.com/investments

------

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 R** | **Class Z** | **Class R6** |
| &nbsp;&nbsp;&nbsp;Maximum initial sales charge | 3.25% of the public offering price |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | 1.00% on sales of $500,000 or more made within 12 months of purchase | 1.00% on sales made within 12 months of purchase |  |  |  |
| &nbsp;&nbsp;&nbsp;Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.25% | 1.00% | 0.75% (0.50% currently) |  |  |

---

**Benchmark Definitions** 

**Bloomberg US Credit Index**—The Bloomberg US Credit Index measures the performance of investment grade corporate debt and agency bonds that are dollar denominated and have a remaining maturity of greater than one year.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

PGIM Corporate Bond Fund 5

------

**Your Fund's Performance** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Distributions and Yields as of 1/31/23** |  |  |  |
|  | **Total Distributions<br>Paid for<br>Six Months ($)** | **SEC 30-Day<br>Subsidized<br>Yield\* (%)** | **SEC 30-Day<br>Unsubsidized<br>Yield<sup>\*\*</sup> (%)** |
| &nbsp;&nbsp; Class A | 0.18 | 4.27 | 3.60 |
| &nbsp;&nbsp; Class C | 0.14 | 3.67 | 1.93 |
| &nbsp;&nbsp; Class R | 0.17 | 4.17 | -36.90 |
| &nbsp;&nbsp; Class Z | 0.19 | 4.67 | 4.02 |
| &nbsp;&nbsp; Class R6 | 0.19 | 4.65 | 4.15 |

---

---

| | |
|:---|:---|
| **Credit Quality expressed as a percentage of total investments as of 1/31/23 (%)** | |
| &nbsp;&nbsp; AAA | 6.6 |
| &nbsp;&nbsp; AA | 13.3 |
| &nbsp;&nbsp; A | 23.7 |
| &nbsp;&nbsp; BBB | 54.2 |
| &nbsp;&nbsp; BB | 1.4 |
| &nbsp;&nbsp; Cash/Cash Equivalents | 0.8 |
| &nbsp;&nbsp;&nbsp; Total | 100.0 |

---

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

6 Visit our website at pgim.com/investments

------

**Fees and Expenses** 

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 January 31, 2023. 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 expenses are not reflected in the information

PGIM Corporate Bond Fund 7

------

**Fees and Expenses** (continued)

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 Corporate Bond Fund** | **PGIM Corporate Bond Fund** | **Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Account Value** <br> &nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023**  | **Annualized**<br> **Expense**<br> **Ratio Based on the**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period**  | **Expenses Paid**<br> **During the**<br> **Six-Month Period\***  |
| **Class A** | Actual | $1000.00 | $992.80 | 0.80% | $4.02 |
|  | Hypothetical | $1000.00 | $1021.17 | 0.80% | $4.08 |
| **Class C** | Actual | $1000.00 | $989.90 | 1.55% | $7.77 |
|  | Hypothetical | $1000.00 | $1017.39 | 1.55% | $7.88 |
| **Class R** | Actual | $1000.00 | $992.40 | 1.05% | $5.27 |
|  | Hypothetical | $1000.00 | $1019.91 | 1.05% | $5.35 |
| **Class Z** | Actual | $1000.00 | $994.00 | 0.55% | $2.76 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |
| **Class R6** | Actual | $1000.00 | $995.00 | 0.55% | $2.77 |
|  | Hypothetical | $1000.00 | $1022.43 | 0.55% | $2.80 |

---

*\*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 January 31, 2023, and divided by the 365 days in the Fund's fiscal year ending July 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.* 

8 Visit our website at pgim.com/investments

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.1%** |  |  |  |  |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 6.1%** |  |  |  |  |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN16, Class A3 | 3.741% | 02/15/52 | 200 | $190344 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B09, Class A4 | 3.751 | 03/15/52 | 200 | 188730 |
| &nbsp;&nbsp; CCUBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | 3.283(cc) | 11/15/50 | 250 | 234044 |
| &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | 3.585 | 12/10/54 | 273 | 256740 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC37, Class A3 | 3.050 | 04/10/49 | 137 | 129652 |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | 3.269 | 06/10/50 | 75 | 72426 |
| &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP06, Class A4 | 3.224 | 07/15/50 | 100 | 94656 |
| &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 | 3.058 | 05/15/49 | 184 | 175191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A4 | 2.840 | 11/15/49 | 283 | 263084 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | 3.317 | 10/15/50 | 200 | 187887 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $1,901,359) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792754 |
| &nbsp;&nbsp; **CORPORATE BONDS 91.7%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 03/01/29 | 30 | 27422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.805 | 05/01/50 | 80 | 81705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930 | 05/01/60 | 100 | 101995 |
| &nbsp;&nbsp; Lockheed Martin Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 06/15/62 | 65 | 59849 |
|  |  |  |  | 270971 |
| &nbsp;&nbsp; **Agriculture 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Altria Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 02/04/41 | 75 | 52701 |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 04/02/27 | 200 | 196085 |
| &nbsp;&nbsp; BAT International Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.668 | 03/25/26 | 100 | 90172 |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 9

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Agriculture (cont'd.)** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; BAT International Finance PLC (United Kingdom), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.448% | 03/16/28 | 100 | $95598 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 11/17/29 | 40 | 41778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 11/17/32 | 45 | 47387 |
|  |  |  |  | 523721 |
| &nbsp;&nbsp; **Airlines 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 10/20/25 | 51 | 50372 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 230 | 232480 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 04/15/26 | 40 | 37997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 25 | 22811 |
|  |  |  |  | 343660 |
| &nbsp;&nbsp; **Auto Manufacturers 2.8%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 05/28/27 | 200 | 191961 |
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 04/01/48 | 135 | 119350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 10/01/25 | 200 | 205089 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 01/15/25 | 150 | 146744 |
| &nbsp;&nbsp; Stellantis Finance US, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.691 | 09/15/31 | 205 | 165155 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828299 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Aptiv PLC/Aptiv Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 03/01/32 | 35 | 30297 |
| &nbsp;&nbsp; BorgWarner, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 10/01/25 | 200 | 198508 |
|  |  |  |  | 228805 |

---

See Notes to Financial Statements.

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Banks 23.5%** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800% | 02/23/28 | 200 | $187825 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.299(ff) | 07/21/32 | 45 | 36632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.572(ff) | 10/20/32 | 320 | 264999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.898(ff) | 07/23/31 | 305 | 246622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.087(ff) | 06/14/29 | 75 | 65299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.676(ff) | 06/19/41 | 175 | 129225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.384(ff) | 04/02/26 | 130 | 125709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.824(ff) | 01/20/28 | 100 | 96143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.271(ff) | 07/23/29 | 240 | 232072 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 3.052(ff) | 01/13/31 | 200 | 173805 |
| &nbsp;&nbsp; BPCE SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 01/14/25 | 250 | 235414 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | 4.700(ff) | 01/30/25(oo) | 25 | 22849 |
| &nbsp;&nbsp; Sr. Unsec'd. Notes | 2.561(ff) | 05/01/32 | 55 | 45832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.412(ff) | 03/31/31 | 300 | 288255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.300 | 11/20/26 | 200 | 196648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.450 | 09/29/27 | 100 | 98134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.600 | 03/09/26 | 300 | 298195 |
| &nbsp;&nbsp; Credit Agricole SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.247(ff) | 01/26/27 | 255 | 227336 |
| &nbsp;&nbsp; Credit Suisse Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.305(ff) | 02/02/27 | 250 | 207443 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.447(ff) | 04/01/25 | 160 | 150981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.222(ff) | 09/18/24 | 150 | 146859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 02/27/23 | 100 | 99908 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.948(ff) | 10/21/27 | 145 | 129756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.992(ff) | 01/27/32 | 65 | 52035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 20 | 18892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.150 | 05/22/45 | 150 | 148491 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.589(ff) | 05/24/27 | 200 | 177024 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.953(ff) | 02/04/32 | 300 | 241085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.522(ff) | 04/22/31 | 150 | 128299 |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 11

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Banks (cont'd.)** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; JPMorgan Chase & Co., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.525%(ff) | 11/19/41 | 110 | $79010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.545(ff) | 11/08/32 | 90 | 74743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.328(ff) | 04/22/52 | 55 | 41920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.882(ff) | 07/24/38 | 95 | 84185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.452(ff) | 12/05/29 | 350 | 341479 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 515 | 418021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 225 | 219052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.971(ff) | 07/22/38 | 135 | 121250 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.488(ff) | 12/14/26 | 200 | 178369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 2.625 | 01/22/25 | 200 | 189822 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.393(ff) | 06/02/28 | 240 | 217468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 | 410 | 354046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.526(ff) | 03/24/28 | 135 | 128328 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6919460 |
| &nbsp;&nbsp; **Beverages 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/01/46 | 240 | 232160 |
| &nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.550 | 01/23/49 | 80 | 85760 |
| &nbsp;&nbsp; Bacardi Ltd. (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.750 | 07/15/26 | 100 | 91820 |
| &nbsp;&nbsp; Constellation Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 11/15/48 | 30 | 29915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 05/01/30 | 80 | 70752 |
|  |  |  |  | 510407 |
| &nbsp;&nbsp; **Biotechnology 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 01/15/52 | 55 | 38022 |

---

See Notes to Financial Statements.

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Building Materials 0.5%** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; Martin Marietta Materials, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400% | 07/15/31 | 15 | $12494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 12/15/47 | 50 | 43599 |
| &nbsp;&nbsp; Owens Corning, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 07/15/47 | 50 | 42152 |
| &nbsp;&nbsp; Vulcan Materials Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/30 | 40 | 36551 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134796 |
| &nbsp;&nbsp; **Chemicals 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Dow Chemical Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 05/15/49 | 55 | 50226 |
| &nbsp;&nbsp; Huntsman International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 06/15/31 | 75 | 61934 |
| &nbsp;&nbsp; LYB International Finance III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 10/01/40 | 100 | 76835 |
| &nbsp;&nbsp; Westlake Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 08/15/41 | 15 | 10574 |
| &nbsp;&nbsp; Yara International ASA (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 06/01/28 | 40 | 38192 |
|  |  |  |  | 237761 |
| &nbsp;&nbsp; **Commercial Services 1.1%** |  |  |  |  |
| &nbsp;&nbsp; California Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 11/01/2111 | 50 | 46330 |
| &nbsp;&nbsp; Equifax, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.350 | 09/15/31 | 110 | 90484 |
| &nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.885 | 07/01/2116 | 100 | 79657 |
| &nbsp;&nbsp; Trustees of the University of Pennsylvania (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.610 | 02/15/2119 | 160 | 116179 |
|  |  |  |  | 332650 |
| &nbsp;&nbsp; **Computers 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Fortinet, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 03/15/31 | 175 | 143670 |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 13

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Computers (cont'd.)** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; Leidos, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300% | 02/15/31 | 35 | $28237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 05/15/30 | 30 | 28351 |
|  |  |  |  | 200258 |
| &nbsp;&nbsp; **Diversified Financial Services 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 05/01/24 | 40 | 39468 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.625 | 10/15/31 | 170 | 139521 |
| &nbsp;&nbsp; Nomura Holdings, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.172 | 07/14/28 | 200 | 170210 |
|  |  |  |  | 349199 |
| &nbsp;&nbsp; **Electric 8.9%** |  |  |  |  |
| &nbsp;&nbsp; AEP Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 05/15/51 | 115 | 88834 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.700 | 01/15/44 | 100 | 97203 |
| &nbsp;&nbsp; Consumers Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.200 | 09/01/52 | 65 | 59356 |
| &nbsp;&nbsp; Dominion Energy South Carolina, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.600 | 06/15/43 | 150 | 142087 |
| &nbsp;&nbsp; DTE Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 3.950 | 06/15/42 | 75 | 63872 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.450 | 04/15/51 | 90 | 70800 |
| &nbsp;&nbsp; Entergy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 09/01/26 | 100 | 94323 |
| &nbsp;&nbsp; Interstate Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 06/01/30 | 150 | 126518 |
| &nbsp;&nbsp; Liberty Utilities Finance GP1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.050 | 09/15/30 | 230 | 182701 |
| &nbsp;&nbsp; MidAmerican Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 08/01/47 | 20 | 17668 |
| &nbsp;&nbsp; Mississippi Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12-A | 4.250 | 03/15/42 | 140 | 121307 |

---

See Notes to Financial Statements.

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Electric (cont'd.)** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250% | 06/01/30 | 22 | $18655 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 2.000 | 12/02/25 | 35 | 31515 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 12/01/47 | 100 | 72456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.000 | 12/01/46 | 100 | 72820 |
| &nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.750 | 07/15/43 | 100 | 97139 |
| &nbsp;&nbsp; Progress Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 10/30/31 | 190 | 213743 |
| &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | 3.650 | 09/01/42 | 75 | 63664 |
| &nbsp;&nbsp; Public Service Enterprise Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.600 | 08/15/30 | 53 | 42540 |
| &nbsp;&nbsp; Puget Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.650 | 05/15/25 | 400 | 383703 |
| &nbsp;&nbsp; Puget Sound Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.893 | 09/15/51 | 20 | 13663 |
| &nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.300 | 04/01/42 | 75 | 66047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series VVV | 1.700 | 10/01/30 | 100 | 82024 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 5.500 | 03/15/40 | 200 | 204855 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.550 | 07/15/24 | 150 | 144909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.700 | 01/30/27 | 45 | 41847 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614249 |
| &nbsp;&nbsp; **Electronics 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Amphenol Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 09/15/31 | 50 | 41318 |
| &nbsp;&nbsp; **Engineering & Construction 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 | 200 | 161160 |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 15

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Entertainment 0.5%** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.050% | 03/15/42 | 20 | $17076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.141 | 03/15/52 | 150 | 124603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.391 | 03/15/62 | 10 | 8323 |
|  |  |  |  | 150002 |
| &nbsp;&nbsp; **Foods 1.1%** |  |  |  |  |
| &nbsp;&nbsp; JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 02/02/29 | 35 | 30037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 05/15/32 | 55 | 43679 |
| &nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 07/15/35 | 37 | 37104 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.600 | 04/01/34 | 25 | 22819 |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.625 | 09/13/31 | 205 | 152978 |
| &nbsp;&nbsp; Tyson Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 09/28/48 | 50 | 49325 |
|  |  |  |  | 335942 |
| &nbsp;&nbsp; **Hand/Machine Tools 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Regal Rexnord Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.050 | 02/15/26 | 30 | 30450 |
| &nbsp;&nbsp; **Healthcare-Services 3.4%** |  |  |  |  |
| &nbsp;&nbsp; AHS Hospital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | 2.780 | 07/01/51 | 30 | 20174 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 05/15/42 | 100 | 96253 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/49 | 50 | 45734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 06/15/47 | 25 | 23824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.125 | 03/15/27 | 130 | 120836 |
| &nbsp;&nbsp; Mayo Clinic, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.774 | 11/15/43 | 85 | 73952 |

---

See Notes to Financial Statements.

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Healthcare-Services (cont'd.)** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; OhioHealth Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 3.042% | 11/15/50 | 35 | $26772 |
| &nbsp;&nbsp; Piedmont Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | 2.719 | 01/01/42 | 55 | 39940 |
| &nbsp;&nbsp; Presbyterian Healthcare Services, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.875 | 08/01/52 | 75 | 73812 |
| &nbsp;&nbsp; Sentara Healthcare, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | 2.927 | 11/01/51 | 100 | 70613 |
| &nbsp;&nbsp; Texas Health Resources, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.330 | 11/15/55 | 130 | 117815 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 05/15/41 | 80 | 63946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 05/15/51 | 130 | 101739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 05/15/52 | 45 | 44575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 02/15/38 | 55 | 67265 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987250 |
| &nbsp;&nbsp; **Housewares 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 12/01/24 | 100 | 97179 |
| &nbsp;&nbsp; **Insurance 2.0%** |  |  |  |  |
| &nbsp;&nbsp; Arch Capital Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.031 | 12/15/46 | 50 | 45921 |
| &nbsp;&nbsp; Chubb INA Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.850 | 12/15/51 | 95 | 68772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.050 | 12/15/61 | 55 | 39129 |
| &nbsp;&nbsp; CNA Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/29 | 80 | 75292 |
| &nbsp;&nbsp; Corebridge Financial, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.650 | 04/05/27 | 45 | 43007 |
| &nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 10/15/50 | 60 | 44716 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 08/16/32 | 90 | 87176 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 06/15/52 | 50 | 49655 |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 17

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Insurance (cont'd.)** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; Markel Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450% | 05/07/52 | 140 | $102522 |
| &nbsp;&nbsp; MetLife, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 01/15/54 | 30 | 31239 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587429 |
| &nbsp;&nbsp; **Internet 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 08/15/52 | 35 | 30556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 08/15/62 | 25 | 21979 |
|  |  |  |  | 52535 |
| &nbsp;&nbsp; **Iron/Steel 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Steel Dynamics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 12/15/24 | 20 | 19204 |
| &nbsp;&nbsp; **Lodging 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series EE | 5.750 | 05/01/25 | 100 | 101681 |
| &nbsp;&nbsp; **Machinery-Diversified 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Flowserve Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 01/15/32 | 55 | 43938 |
| &nbsp;&nbsp; **Media 2.1%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.500 | 06/01/41 | 15 | 10504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.800 | 03/01/50 | 180 | 141383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.384 | 10/23/35 | 180 | 183391 |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 11/15/27 | 140 | 145793 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.950 | 10/01/50 | 75 | 48953 |

---

See Notes to Financial Statements.

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Media (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; Discovery Communications LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950% | 06/15/25 | 28 | $27069 |
| &nbsp;&nbsp; FactSet Research Systems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 03/01/27 | 75 | 70083 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627176 |
| &nbsp;&nbsp; **Mining 2.4%** |  |  |  |  |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.500 | 09/15/38 | 75 | 91671 |
| &nbsp;&nbsp; Freeport-McMoRan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 08/01/28 | 200 | 191107 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 03/15/24 | 200 | 201051 |
| &nbsp;&nbsp; Newmont Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.800 | 10/01/29 | 150 | 132069 |
| &nbsp;&nbsp; Teck Resources Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 02/01/43 | 100 | 95803 |
|  |  |  |  | 711701 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Eaton Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.150 | 03/15/33 | 90 | 87128 |
| &nbsp;&nbsp; Hillenbrand, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 09/15/26 | 100 | 97272 |
| &nbsp;&nbsp; Pentair Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/29 | 65 | 61382 |
| &nbsp;&nbsp; Textron, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450 | 03/15/31 | 75 | 62780 |
|  |  |  |  | 308562 |
| &nbsp;&nbsp; **Office/Business Equipment 0.5%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 12/01/24 | 150 | 149830 |
| &nbsp;&nbsp; Xerox Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 03/15/23 | 2 | 1993 |
|  |  |  |  | 151823 |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 19

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Oil & Gas 3.2%** | **Interest** <br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750% | 01/15/30 | 150 | $135864 |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 02/01/35 | 10 | 10083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 03/15/38 | 100 | 106163 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 01/15/32 | 80 | 66517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 06/15/37 | 125 | 119961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/47 | 15 | 14445 |
| &nbsp;&nbsp; ConocoPhillips Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 11/15/44 | 55 | 51448 |
| &nbsp;&nbsp; Devon Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 06/15/45 | 55 | 50499 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.400 | 03/24/51 | 45 | 37247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 03/15/33 | 75 | 79877 |
| &nbsp;&nbsp; Helmerich & Payne, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 09/29/31 | 90 | 76000 |
| &nbsp;&nbsp; Marathon Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 04/01/28 | 90 | 85240 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.600 | 01/03/31 | 65 | 62712 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.350 | 02/12/48 | 60 | 39144 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935200 |
| &nbsp;&nbsp; **Packaging & Containers 1.4%** |  |  |  |  |
| &nbsp;&nbsp; AptarGroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 03/15/32 | 60 | 52457 |
| &nbsp;&nbsp; Berry Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 0.950 | 02/15/24 | 90 | 86036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 1.570 | 01/15/26 | 130 | 117416 |
| &nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 1.512 | 04/15/26 | 75 | 66566 |
| &nbsp;&nbsp; Sealed Air Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 1.573 | 10/15/26 | 85 | 74763 |
|  |  |  |  | 397238 |

---

See Notes to Financial Statements.

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Pharmaceuticals 2.8%** | **Interest** <br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050% | 11/21/39 | 95 | $85610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 11/06/42 | 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120009 |
| &nbsp;&nbsp; Bristol-Myers Squibb Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 03/15/62 | 35 | 29582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 05/15/44 | 100 | 98117 |
| &nbsp;&nbsp; Cigna Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 12/15/48 | 100 | 95806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.375 | 03/15/31 | 25 | 21216 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/21/40 | 55 | 39770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.780 | 03/25/38 | 100 | 95711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 07/20/45 | 50 | 48121 |
| &nbsp;&nbsp; Mylan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 04/15/48 | 40 | 32813 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 140 | 133423 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 25 | 18241 |
|  |  |  |  | 818419 |
| &nbsp;&nbsp; **Pipelines 7.7%** |  |  |  |  |
| &nbsp;&nbsp; Boardwalk Pipelines LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 02/15/31 | 100 | 89072 |
| &nbsp;&nbsp; Colonial Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.250 | 05/15/30 | 90 | 80613 |
| &nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 05/15/29 | 310 | 309626 |
| &nbsp;&nbsp; El Paso Natural Gas Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 02/15/32 | 145 | 126217 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 10/01/47 | 150 | 138021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 04/15/49 | 60 | 60931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 20YR | 5.800 | 06/15/38 | 15 | 14799 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800 | 02/01/49 | 70 | 64986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.850 | 03/15/44 | 100 | 94992 |
| &nbsp;&nbsp; Florida Gas Transmission Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.300 | 10/01/31 | 100 | 81221 |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 21

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Pipelines (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; Midwest Connector Capital Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.900% | 04/01/24 | 75 | $73257 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 08/15/30 | 95 | 81109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 03/15/28 | 45 | 43220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 03/14/52 | 120 | 106317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 12/01/47 | 75 | 68493 |
| &nbsp;&nbsp; Northern Natural Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.400 | 10/16/51 | 25 | 18321 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.200 | 09/15/25 | 150 | 139462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.100 | 03/15/30 | 45 | 39744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 03/15/29 | 2 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 03/15/50 | 30 | 24298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 07/13/47 | 150 | 131163 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 04/15/52 | 20 | 17140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 03/15/33 | 40 | 41725 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 05/15/50 | 80 | 66297 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/01/50 | 10 | 8677 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 03/04/24 | 200 | 198324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 08/15/32 | 105 | 102426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 08/15/52 | 30 | 28999 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251356 |
| &nbsp;&nbsp; **Real Estate 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 02/01/29 | 200 | 184158 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 5.8%** |  |  |  |  |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 06/15/24 | 75 | 72875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 07/01/30 | 15 | 13716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 06/15/26 | 200 | 192186 |

---

See Notes to Financial Statements.

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity**<br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; Broadstone Net Lease LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.600% | 09/15/31 | 160 | $122332 |
| &nbsp;&nbsp; CubeSmart LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 12/15/28 | 50 | 42985 |
| &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.350 | 09/01/24 | 100 | 96573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 01/15/31 | 170 | 150522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/25 | 60 | 59548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 11/01/23 | 60 | 60060 |
| &nbsp;&nbsp; Healthpeak Properties, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 12/01/28 | 75 | 65190 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 11/15/28 | 45 | 38398 |
| &nbsp;&nbsp; Phillips Edison Grocery Center Operating Partnership I LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.625 | 11/15/31 | 115 | 88859 |
| &nbsp;&nbsp; Prologis LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 02/01/31 | 100 | 81810 |
| &nbsp;&nbsp; SITE Centers Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 02/01/25 | 306 | 292136 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 11/01/28 | 85 | 73354 |
| &nbsp;&nbsp; VICI Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 110 | 107027 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.800 | 06/01/31 | 100 | 83305 |
| &nbsp;&nbsp; WP Carey, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 04/01/33 | 65 | 51177 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692053 |
| &nbsp;&nbsp; **Retail 1.5%** |  |  |  |  |
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.800 | 01/25/50 | 60 | 44728 |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 03/01/32 | 90 | 76137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 06/01/30 | 100 | 93975 |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 23

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Retail (cont'd.)** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| **Value**<br>|
| &nbsp;&nbsp; AutoZone, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650% | 01/15/31 | 120 | $96274 |
| &nbsp;&nbsp; Tractor Supply Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 11/01/30 | 160 | 127377 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438491 |
| &nbsp;&nbsp; **Semiconductors 2.5%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 01/15/27 | 40 | 38446 |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.450 | 02/15/31 | 85 | 69810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.419 | 04/15/33 | 303 | 254296 |
| &nbsp;&nbsp; Microchip Technology, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 09/01/25 | 70 | 68597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.972 | 02/15/24 | 240 | 229762 |
| &nbsp;&nbsp; NXP BV/NXP Funding LLC/NXP USA, Inc. (China), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.150 | 05/01/27 | 75 | 69489 |
|  |  |  |  | 730400 |
| &nbsp;&nbsp; **Shipbuilding 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Huntington Ingalls Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.483 | 12/01/27 | 100 | 93247 |
| &nbsp;&nbsp; **Software 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Broadridge Financial Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.600 | 05/01/31 | 60 | 50986 |
| &nbsp;&nbsp; Fidelity National Information Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 03/01/41 | 35 | 26211 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/15/35 | 45 | 39852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 07/15/46 | 60 | 47579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.150 | 11/09/29 | 40 | 42750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.900 | 11/09/52 | 50 | 57813 |
|  |  |  |  | 265191 |

---

See Notes to Financial Statements.

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Value** | **Value** |
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Telecommunications 3.1%** | **Interest <br>Rate**<br>| **Maturity<br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| | |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500% | 06/01/41 | 270 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 09/15/55 | 139 |  | 101915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 12/01/57 | 20 |  | 15206 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 11/15/30 | 150 |  | 121471 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 11/15/31 | 160 |  | 131070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 04/15/30 | 210 |  | 196660 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 11/20/40 | 175 |  | 126517 |
|  |  |  |  |  | 910124 |
| &nbsp;&nbsp; **Transportation 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Ryder System, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.750 | 09/01/26 | 95 |  | 85180 |
| &nbsp;&nbsp; **Trucking & Leasing 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.200 | 11/15/25 | 80 |  | 71620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.700 | 06/15/26 | 90 |  | 80094 |
|  |  |  |  |  | 151714 |
| &nbsp;&nbsp; **Water 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; American Water Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 09/01/47 | 100 |  | 83452 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br>(cost $30,484,402) | &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br>(cost $30,484,402) | &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br>(cost $30,484,402) | &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br>(cost $30,484,402) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26975831 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.3%** | &nbsp;&nbsp; **MUNICIPAL BONDS 0.3%** | &nbsp;&nbsp; **MUNICIPAL BONDS 0.3%** | &nbsp;&nbsp; **MUNICIPAL BONDS 0.3%** | &nbsp;&nbsp; **MUNICIPAL BONDS 0.3%** | &nbsp;&nbsp; **MUNICIPAL BONDS 0.3%** |
| &nbsp;&nbsp; **Michigan 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; University of Michigan, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.454 | 04/01/2122 | 60 |  | 53735 |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 25

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** | &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** | &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** | &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** | &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |
| &nbsp;&nbsp; **Texas 0.1%** | | | | |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., | &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., | &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., | &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., | &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 3.922% | 12/31/49 | 50 | $40766 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br>(cost $110,000) | &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br>(cost $110,000) | &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br>(cost $110,000) | &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br>(cost $110,000) | 94501 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $32,495,761) | &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $32,495,761) | &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $32,495,761) | &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $32,495,761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28863086 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.8%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.8%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.8%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.8%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.8%** |
| &nbsp;&nbsp; **UNAFFILIATED FUND** |  |  |  |  |
| &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br>(cost $231,181) | &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br>(cost $231,181) | &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br>(cost $231,181) | 231181 | 231181 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 98.9%**<br>(cost $32,726,942) | &nbsp;&nbsp; **TOTAL INVESTMENTS 98.9%**<br>(cost $32,726,942) | &nbsp;&nbsp; **TOTAL INVESTMENTS 98.9%**<br>(cost $32,726,942) | &nbsp;&nbsp; **TOTAL INVESTMENTS 98.9%**<br>(cost $32,726,942) | 29094267 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 1.1% |  |  |  | 312260 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** | &nbsp;&nbsp; **NET ASSETS 100.0%** | &nbsp;&nbsp; **NET ASSETS 100.0%** | &nbsp;&nbsp; **NET ASSETS 100.0%** | $29406527 |

---

------

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

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

CGM—Citigroup Global Markets, Inc.

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

MTN—Medium Term Note

REITs—Real Estate Investment Trust

SAN—Santander Bank, N.A.

SOFR—Secured Overnight Financing Rate

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2023. 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.

See Notes to Financial Statements.

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified
date. Rate shown is the rate in effect as of period end.

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

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

**Futures contracts outstanding at January 31, 2023:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions:** | **Long Positions:** |  |  |  |
| &nbsp;&nbsp; 7 | 2 Year U.S. Treasury Notes | Mar. 2023 | $1439539 | $5762 |
| &nbsp;&nbsp; 3 | 10 Year U.S. Treasury Notes | Mar. 2023 | 343547 | (176) |
| &nbsp;&nbsp; 2 | 20 Year U.S. Treasury Bonds | Mar. 2023 | 259750 | 3138 |
| &nbsp;&nbsp; 5 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2023 | 708750 | 12398 |
|  |  |  |  | 21122 |
| **Short Positions:** | **Short Positions:** |  |  |  |
| &nbsp;&nbsp; 2 | 5 Year U.S. Treasury Notes | Mar. 2023 | 218484 | 372 |
| &nbsp;&nbsp; 15 | 10 Year U.S. Ultra Treasury Notes | Mar. 2023 | 1818047 | (32185) |
|  |  |  |  | (31813) |
|  |  |  |  | $(10691) |

---

**<u>Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:</u>**

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $200000 | $— |

---

**<u>Fair Value Measurements:</u>**

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

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

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

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 27

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

The following is a summary of the inputs used as of January 31, 2023 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Commercial Mortgage-Backed Securities | $— | $1792754 | $— |
|  Corporate Bonds |  | 26975831 |  |
|  Municipal Bonds |  | 94501 |  |
|  **Short-Term Investment** |  |  |  |
|  Unaffiliated Fund. | 231181 |  |  |
|  **Total** | $**231181** | $**28863086** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**21670** | $**—** | $**—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $**(32361)** | $**—** | $**—** |

---

------

\* 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. 

**<u>Industry Classification:</u>**

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  Banks | 23.5 |
|  Electric | 8.9 |
|  Pipelines | 7.7 |
|  Commercial Mortgage-Backed Securities | 6.1 |
|  Real Estate Investment Trusts (REITs) | 5.8 |
|  Healthcare-Services | 3.4 |
|  Oil & Gas | 3.2 |
|  Telecommunications | 3.1 |
|  Auto Manufacturers | 2.8 |
|  Pharmaceuticals | 2.8 |
|  Semiconductors | 2.5 |
|  Mining | 2.4 |
|  Media | 2.1 |
|  Insurance | 2.0 |
|  Agriculture | 1.8 |
|  Beverages | 1.7 |
|  Retail | 1.5 |
|  Packaging & Containers | 1.4 |

---

---

| | |
|:---|:---|
|  Diversified Financial Services | 1.2 |
|  Airlines | 1.2 |
|  Foods | 1.1 |
|  Commercial Services | 1.1 |
|  Miscellaneous Manufacturing | 1 |
|  Aerospace & Defense | 0.9 |
|  Software | 0.9 |
|  Chemicals | 0.8 |
|  Unaffiliated Fund | 0.8 |
|  Auto Parts & Equipment | 0.8 |
|  Computers | 0.7 |
|  Real Estate | 0.6 |
|  Engineering & Construction | 0.5 |
|  Office/Business Equipment | 0.5 |
|  Trucking & Leasing | 0.5 |
|  Entertainment | 0.5 |
|  Building Materials | 0.5 |
|  Lodging | 0.3 |

---

See Notes to Financial Statements.

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**<u>Industry Classification (continued):</u>**

---

| | |
|:---|:---|
|  Housewares | 0.3 |
|  Municipal Bonds | 0.3 |
|  Shipbuilding | 0.3 |
|  Transportation | 0.3 |
|  Water | 0.3 |
|  Internet | 0.2 |
|  Machinery-Diversified | 0.2 |
|  Electronics | 0.1 |

---

---

| | |
|:---|:---|
|  Biotechnology | 0.1% |
|  Hand/Machine Tools | 0.1 |
|  Iron/Steel | 0.1 |
|  | 98.9 |
|  Other assets in excess of liabilities | 1.1 |
|  | 100.0% |

---

**<u>Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:</u>**

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of January 31, 2023 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at**<br> **fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
| Interest rate contracts | Due from/to broker-variation margin futures | $21670 \* | Due from/to broker-variation margin futures | $32361 \* |

---

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

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2023 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | |
| **Derivatives not accounted for as hedging**<br> **<u>instruments, carried at fair value</u>** | **Futures** |
| Interest rate contracts | $(5440) |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 29

------

**PGIM Corporate Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **<u>carried at fair value</u>** | **Futures** |
| Interest rate contracts | $(27191) |

---

For the six months ended January 31, 2023, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Futures Contracts - Long Positions (1) | $3524331 |
|  Futures Contracts - Short Positions (1) | 1915016 |

---

\* Average volume is based on average quarter end balances as noted for the six months ended January 31, 2023.

(1) Notional Amount in USD.

See Notes to Financial Statements.

------

**Statement of Assets and Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | &nbsp;&nbsp; **Assets** |
| &nbsp;&nbsp; Unaffiliated investments (cost $32,726,942) | $29094267 |
| &nbsp;&nbsp; Dividends and interest receivable | 294102 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 200000 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 15020 |
| &nbsp;&nbsp; Due from Manager | 5334 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 981 |
| &nbsp;&nbsp; **Total Assets** | 29609704 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares purchased | 87195 |
| &nbsp;&nbsp; Payable for investments purchased | 60112 |
| &nbsp;&nbsp; Audit fee payable | 20164 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 12859 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 6681 |
| &nbsp;&nbsp; Registration fees payable | 5045 |
| &nbsp;&nbsp; Professional fees payable | 4480 |
| &nbsp;&nbsp; Distribution fee payable | 2366 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 1969 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 971 |
| &nbsp;&nbsp; Trustees' fees payable | 692 |
| &nbsp;&nbsp; Dividends payable | 643 |
| &nbsp;&nbsp; **Total Liabilities** | 203177 |
| &nbsp;&nbsp; **Net Assets** | $29406527 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $2968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 34408287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (5004728) |
| &nbsp;&nbsp; **Net assets, January 31, 2023** | $29406527 |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 31

------

**Statement of Assets and Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** | &nbsp;&nbsp; **Class A** |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($7,688,466 ÷ 774,755 shares of beneficial interest issued and outstanding) | $9.92 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.33 |
| &nbsp;&nbsp; Maximum offering price to public | $10.25 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($920,434 ÷ 92,970 shares of beneficial interest issued and outstanding) | $9.90 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,327 ÷ 1,144 shares of beneficial interest issued and outstanding) | $9.90 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($11,391,076 ÷ 1,150,388 shares of beneficial interest issued and outstanding) | $9.90 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($9,395,224 ÷ 949,202 shares of beneficial interest issued and outstanding) | $9.90 |

---

See Notes to Financial Statements.

------

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | &nbsp;&nbsp; **Net Investment Income (Loss)** |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $585979 |
| &nbsp;&nbsp; Unaffiliated dividend income | 9253 |
| &nbsp;&nbsp; **Total income** | 595232 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 70678 |
| &nbsp;&nbsp; Distribution fee(a) | 13471 |
| &nbsp;&nbsp; Registration fees(a) | 25617 |
| &nbsp;&nbsp; Custodian and accounting fees | 20441 |
| &nbsp;&nbsp; Audit fee | 20165 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,677)(a) | 10694 |
| &nbsp;&nbsp; Shareholders' reports | 9989 |
| &nbsp;&nbsp; Professional fees | 9904 |
| &nbsp;&nbsp; Fund data services | 6276 |
| &nbsp;&nbsp; Trustees' fees | 4859 |
| &nbsp;&nbsp; Miscellaneous | 4003 |
| &nbsp;&nbsp; **Total expenses** | 196097 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (96241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (14) |
| &nbsp;&nbsp; **Net expenses** | 99842 |
| &nbsp;&nbsp; Net investment income (loss) | 495390 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (877026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (5440) |
|  | (882466) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 18718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (27191) |
|  | (8473) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (890939) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(395549) |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R6** |
| Distribution fee | 9079 | 4351 | 41 |  |  |
| Registration fees | 6940 | 5351 | 2783 | 6806 | 3737 |
| Transfer agent's fees and expenses | 3318 | 769 | 24 | 6479 | 104 |
| Fee waiver and/or expense reimbursement | (24160) | (7782) | (2828) | (35427) | (26044) |
| Distribution fee waiver |  |  | (14) |  |  |

---

See Notes to Financial Statements.

PGIM Corporate Bond Fund 33

------

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | **Six Months Ended**<br>**January 31, 2023** | **Year Ended**<br>**July 31, 2022** |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $495390 | $967549 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (882466) | (121767) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (8473) | (6380046) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (395549) | (5534264) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (132901) | (336755) |
| &nbsp;&nbsp; Class C | (12679) | (49452) |
| &nbsp;&nbsp; Class R | (188) | (545) |
| &nbsp;&nbsp; Class Z | (225926) | (769860) |
| &nbsp;&nbsp; Class R6 | (225726) | (704737) |
|  | (597420) | (1861349) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 3027230 | 11304035 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 593317 | 1851138 |
| &nbsp;&nbsp; Cost of shares purchased | (8874982) | (13297842) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (5254435) | (142669) |
| &nbsp;&nbsp; Total increase (decrease) | (6247404) | (7538282) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 35653931 | 43192213 |
| &nbsp;&nbsp; End of period | $29406527 | $35653931 |

---

See Notes to Financial Statements.

------

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Class A Shares**<br>|  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.18 | $12.33 | $12.34 | $11.48 | $10.81 | $11.32 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.15 | 0.26 | 0.26 | 0.31 | 0.34 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.23) | (1.88) | 0.03 | 0.89 | 0.69 | (0.49) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.08) | (1.62) | 0.29 | 1.20 | 1.03 | (0.17) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.16) | (0.30) | (0.30) | (0.34) | (0.36) | (0.34) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.02) | (0.23) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.18) | (0.53) | (0.30) | (0.34) | (0.36) | (0.34) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.92 | $10.18 | $12.33 | $12.34 | $11.48 | $10.81 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (0.72)% | (13.55)% | 2.42% | 10.59% | 9.73% | (1.51)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $7688 | $7622 | $6980 | $5021 | $3053 | $2565 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $7204 | $7559 | $6654 | $3260 | $2698 | $2200 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.80 %<sup>(d)</sup> | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.47 %<sup>(d)</sup> | 1.38% | 1.37% | 1.89% | 2.22% | 2.25% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.99 %<sup>(d)</sup> | 2.32% | 2.17% | 2.66% | 3.14% | 2.89% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 8% | 26% | 61% | 50% | 71% | 70% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 35

------

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Class C Shares**<br>|  |  |  |  |  |  |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.15 | $12.30 | $12.31 | $11.45 | $10.79 | $11.29 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.11 | 0.17 | 0.17 | 0.23 | 0.26 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.22) | (1.88) | 0.03 | 0.88 | 0.68 | (0.48) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.11) | (1.71) | 0.20 | 1.11 | 0.94 | (0.24) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.12) | (0.21) | (0.21) | (0.25) | (0.28) | (0.26) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.02) | (0.23) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.14) | (0.44) | (0.21) | (0.25) | (0.28) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.90 | $10.15 | $12.30 | $12.31 | $11.45 | $10.79 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (1.01)% | (14.23)% | 1.66% | 9.79% | 8.83% | (2.16)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $920 | $945 | $1667 | $1783 | $1386 | $952 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $863 | $1265 | $1741 | $1627 | $1053 | $1050 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.55 %<sup>(d)</sup> | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 3.34 %<sup>(d)</sup> | 2.82% | 2.45% | 3.03% | 3.49% | 3.54% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.24 %<sup>(d)</sup> | 1.51% | 1.43% | 1.92% | 2.38% | 2.12% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 8% | 26% | 61% | 50% | 71% | 70% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R Shares**<br>|  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,**<br> **2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.15 | $12.30 | $12.31 | $11.45 | $10.79 | $11.29 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.13 | 0.23 | 0.23 | 0.29 | 0.31 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.21) | (1.88) | 0.03 | 0.87 | 0.68 | (0.47) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.08) | (1.65) | 0.26 | 1.16 | 0.99 | (0.18) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.15) | (0.27) | (0.27) | (0.30) | (0.33) | (0.32) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.02) | (0.23) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.17) | (0.50) | (0.27) | (0.30) | (0.33) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.90 | $10.15 | $12.30 | $12.31 | $11.45 | $10.79 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (0.76)% | (13.80)% | 2.17% | 10.34% | 9.37% | (1.67)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $11 | $11 | $13 | $13 | $20 | $18 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $11 | $12 | $13 | $19 | $19 | $12 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.05 %<sup>(d)</sup> | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 52.75 %<sup>(d)</sup> | 45.50% | 67.05% | 81.14% | 65.60% | 109.57% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.74 %<sup>(d)</sup> | 2.04% | 1.93% | 2.45% | 2.88% | 2.66% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 8% | 26% | 61% | 50% | 71% | 70% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 37

------

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Class Z Shares**<br>|  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,**<br> **2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.16 | $12.30 | $12.31 | $11.45 | $10.79 | $11.29 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.16 | 0.28 | 0.29 | 0.34 | 0.37 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.23) | (1.87) | 0.03 | 0.88 | 0.67 | (0.48) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.07) | (1.59) | 0.32 | 1.22 | 1.04 | (0.13) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.17) | (0.32) | (0.33) | (0.36) | (0.38) | (0.37) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.02) | (0.23) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.19) | (0.55) | (0.33) | (0.36) | (0.38) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.90 | $10.16 | $12.30 | $12.31 | $11.45 | $10.79 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (0.60)% | (13.29)% | 2.68% | 10.89% | 9.92% | (1.18)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $11391 | $14150 | $18965 | $26655 | $17356 | $18247 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $11541 | $16421 | $24059 | $21000 | $16929 | $20078 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.55 %<sup>(d)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.16 %<sup>(d)</sup> | 1.02% | 1.02% | 1.18% | 1.41% | 1.32% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.23 %<sup>(d)</sup> | 2.50% | 2.43% | 2.91% | 3.39% | 3.12% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 8% | 26% | 61% | 50% | 71% | 70% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R6 Shares**<br>|  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,**<br> **2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months<br>Ended<br>January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.15 | $12.30 | $12.31 | $11.45 | $10.79 | $11.29 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.16 | 0.28 | 0.29 | 0.34 | 0.37 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.22) | (1.88) | 0.03 | 0.88 | 0.67 | (0.48) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.06) | (1.60) | 0.32 | 1.22 | 1.04 | (0.13) |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.17) | (0.32) | (0.33) | (0.36) | (0.38 | (0.37) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.02) | (0.23) | - | - | - | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.19) | (0.55) | (0.33) | (0.36) | (0.38 | (0.37) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $9.90 | $10.15 | $12.30 | $12.31 | $11.45 | $10.79 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | (0.50)% | (13.37)% | 2.68% | 10.89% | 9.92 | (1.18)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $9395 | $12925 | $15567 | $9730 | $8778 | $11 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $11537 | $14287 | $10732 | $9091 | $4552 | $11 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.55 %<sup>(d)</sup> | 0.55% | 0.55% | 0.55% | 0.55 | 0.55% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.00 %<sup>(d)</sup> | 0.90% | 0.91% | 1.17% | 1.42 |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.25 %<sup>(d)</sup> | 2.53% | 2.42% | 2.93% | 3.39 | 3.12% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)</sup> | 8% | 26% | 61% | 50% | 71 | 70% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 39

------

**Notes to Financial Statements** (unaudited)

**1.** **Organization** 

The Target Portfolio Trust (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Corporate Bond Fund (the "Fund"), a series of the RIC. The fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is high current income consistent with the preservation of principal.

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

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

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated to PGIM Investments LLC ("PGIM Investments" or the "Manager") as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

------

of the Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund's investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 - Fair Value Measurement.

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchange-traded 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.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the

PGIM Corporate Bond Fund 41

------

**Notes to Financial Statements** (unaudited) (continued)

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

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

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend

PGIM Corporate Bond Fund 43

------

**Notes to Financial Statements** (unaudited) (continued)

and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

---

| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
|  Net Investment Income | Monthly |
|  Short-Term Capital Gains | Annually |
|  Long-Term Capital Gains | Annually |

---

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

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

**3.** **Agreements** 

The RIC, on behalf of the Fund, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services and supervises the subadviser's performance of such services, and pursuant to which it renders administrative services.

The Manager has entered into subadvisory agreements with PGIM, Inc., which provides subadvisory services to the Fund through its business unit PGIM Fixed Income, and PGIM Limited (collectively the "subadviser"). The Manager pays for the services of the subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended January 31, 2023, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers<br>and/or expense reimbursements** |
|  0.45% of average daily net assets up to and including $5 billion; | 0.45% |
|  0.425% of average daily net assets exceeding $5 billion. |  |

---

The Manager has contractually agreed, through November 30, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.The expense limitations attributable to each class are as follows:

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| | |
|:---|:---|
| **Class** | **Expense**<br> **Limitations**  |
| &nbsp;&nbsp; A | 0.80% |
| &nbsp;&nbsp; C | 1.55 |
| &nbsp;&nbsp; R | 1.05 |
| &nbsp;&nbsp; Z | 0.55 |
| &nbsp;&nbsp; R6 | 0.55 |

---

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class R, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund's Class A, Class C and Class R shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. The distribution fees are accrued daily and payable monthly.

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

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| | | |
|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; A | 0.25% | 0.25% |
| &nbsp;&nbsp; C | 1.00 | 1.00 |
| &nbsp;&nbsp; R | 0.75 | 0.50 |
| &nbsp;&nbsp; Z | N/A | N/A |
| &nbsp;&nbsp; R6 | N/A | N/A |

---

For the reporting period ended January 31, 2023, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

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| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
| &nbsp;&nbsp; A | $1226 | $1 |
| &nbsp;&nbsp; C |  |  |

---

PGIM Corporate Bond Fund 45

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**Notes to Financial Statements** (unaudited) (continued)

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

**4.** **Other Transactions with Affiliates** 

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the "Core Fund"), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income".

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended January 31, 2023, no 17a-7 transactions were entered into by the Fund.

**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2023, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| &nbsp;&nbsp; $2210631 | $5376740 |

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

The United States federal income tax basis of the Fund's investments and the net unrealized depreciation as of January 31, 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Depreciation** |
| &nbsp;&nbsp;&nbsp;&nbsp;$32726942 | $108067 | $(3751433) | $(3643366) |

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------

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

The Fund elected to treat post-October capital losses of approximately $181,000 as having been incurred in the following fiscal year (July 31, 2023).

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2022 are subject to such review.

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

The Fund offers Class A, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share.

As of January 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

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| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; R | 1144 | 100.0% |
| &nbsp;&nbsp; R6 | 869842 | 91.6 |

---

PGIM Corporate Bond Fund 47

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**Notes to Financial Statements** (unaudited) (continued)

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

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| | | |
|:---|:---|:---|
| | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; Affiliated | 1 | 29.3% |
| &nbsp;&nbsp; Unaffiliated | 3 | 51.9 |

---

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 58541 | $572880 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 13539 | 129631 |
| &nbsp;&nbsp; Shares purchased | (53523) | (517551) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 18557 | 184960 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 7300 | 71750 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 25857 | $256710 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 281364 | $3214051 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 29127 | 329258 |
| &nbsp;&nbsp; Shares purchased | (140698) | (1549962) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 169793 | 1993347 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 13058 | 147576 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 182851 | $2140923 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 10111 | $95250 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1327 | 12679 |
| &nbsp;&nbsp; Shares purchased | (8421) | (80418) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 3017 | 27511 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3134) | (30559) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (117) | $(3048) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 4758 | $56004 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4314 | 49395 |
| &nbsp;&nbsp; Shares purchased | (44406) | (502194) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (35334) | (396795) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (7053) | (84984) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (42387) | $(481779) |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 20 | $188 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 20 | $188 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 47 | $545 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 47 | $545 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 215055 | $2088223 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 23562 | 225097 |
| &nbsp;&nbsp; Shares purchased | (477306) | (4663771) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (238689) | (2350451) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (4184) | (41191) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (242873) | $(2391642) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 598589 | $6778032 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 67257 | 767208 |
| &nbsp;&nbsp; Shares purchased | (807839) | (9380870) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (141993) | (1835630) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (6036) | (62592) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (148029) | $(1898222) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 27277 | $270877 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 23668 | 225722 |
| &nbsp;&nbsp; Shares purchased | (374871) | (3613242) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (323926) | $(3116643) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 112660 | $1255948 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 62070 | 704732 |
| &nbsp;&nbsp; Shares purchased | (167228) | (1864816) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 7502 | $95864 |

---

**8.** **Borrowings** 

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary

PGIM Corporate Bond Fund 49

------

**Notes to Financial Statements** (unaudited) (continued)

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

---

| | | |
|:---|:---|:---|
| | **Current SCA** | **Prior SCA** |
| **Term of Commitment** | 9/30/2022 – 9/28/2023 | 10/1/2021 – 9/29/2022 |
| **Total Commitment** | $1200000000 | $1200000000 |
| **Annualized Commitment Fee on the Unused Portion of the SCA** | 0.15% | 0.15% |
| **Annualized Interest Rate on Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | 1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent |

---

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

The Fund did not utilize the SCA during the reporting period ended January 31, 2023.

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

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

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

*Credit Risk*: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer,

------

guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

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

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

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

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

*Foreign Securities Risk*: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of

PGIM Corporate Bond Fund 51

------

**Notes to Financial Statements** (unaudited) (continued)

foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

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

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

*Interest Rate Risk*: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*Junk Bonds Risk*: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

*Large Shareholder and Large Scale Redemption Risk*: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its

------

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

*Liquidity Risk*: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

*Management Risk*: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

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

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

PGIM Corporate Bond Fund 53

------

**Notes to Financial Statements** (unaudited) (continued)

securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

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

*Market Risk*: Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

*Mortgage-Backed and Asset-Backed Securities Risk*: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

*Reference Rate Risk*: The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate ("LIBOR") to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom's Financial Conduct Authority announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average ("EONIA"), ceased to be published or representative after December 31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future. Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate ("SOFR"), which is intended to replace the U.S. dollar LIBOR).

------

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR as well as loan facilities used by the Fund. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund's performance or net asset value.

*U.S. Government and Agency Securities Risk*: U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

PGIM Corporate Bond Fund 55

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;∎ **MAIL** | ∎ **TELEPHONE** | ∎ **WEBSITE** |
| &nbsp;&nbsp;&nbsp; 655 Broad Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 225-1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pgim.com/investments |
| &nbsp;&nbsp;&nbsp; Newark, NJ 07102 |  |  |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **PROXY VOTING**<br>|
| &nbsp;&nbsp;&nbsp; The Board of Trustees of the Fund has delegated to the Fund's subadvisers 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 or by visiting the Securities and Exchange Commission's website at *sec.gov.* 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. |

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **TRUSTEES**<br>|
| &nbsp;&nbsp;&nbsp; Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ● Stuart S. Parker ● Brian K. Reid ● Grace C. Torres |

---

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **OFFICERS**<br>|
| &nbsp;&nbsp;&nbsp; Stuart S. Parker, *President* ● Scott E. Benjamin, *Vice President* ● Christian J. Kelly, *Chief Financial Officer* ● Claudia DiGiacomo, *Chief Legal Officer* ● Isabelle Sajous, *Chief Compliance Officer* ● Kelly Florio, *Anti-Money Laundering Compliance Officer* ● Andrew R. French, *Secretary* ● Melissa Gonzalez*, Assistant Secretary* ● Kelly A. Coyne, *Assistant Secretary* ● Patrick E. McGuinness, *Assistant Secretary* ● Debra Rubano, *Assistant Secretary* ● Lana Lomuti, *Assistant Treasurer* ● Russ Shupak, *Treasurer and Principal Accounting Officer* ● Elyse M. McLaughlin, *Assistant Treasurer* ● Deborah Conway, *Assistant Treasurer* ● Robert McCormack, *Assistant Treasurer* |

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| | | |
|:---|:---|:---|
| **MANAGER** | PGIM Investments LLC | 655 Broad Street |
|  |  | Newark, NJ 07102<br>|
| **SUBADVISERS** | PGIM Fixed Income | 655 Broad Street |
|  |  | Newark, NJ 07102 |
|  | PGIM Limited | Grand Buildings, 1-3 Strand |
|  |  | Trafalgar Square |
|  |  | London, WC2N 5HR |
|  |  | United Kingdom<br>|
| **DISTRIBUTOR** | Prudential Investment<br> Management Services LLC | 655 Broad Street<br> Newark, NJ 07102 |
| **DISTRIBUTOR** | Prudential Investment<br> Management Services LLC | 655 Broad Street<br> Newark, NJ 07102 |
| **CUSTODIAN** | The Bank of New York | 240 Greenwich Street |
|  | Mellon<br>| New York, NY 10286<br>|
| **TRANSFER AGENT** | Prudential Mutual Fund | PO Box 534432 |
|  | Services LLC<br>| Pittsburgh, PA 15253<br>|
| **INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM** | PricewaterhouseCoopers<br> LLP<br>| 300 Madison Avenue<br> New York, NY 10017<br>|
| **FUND COUNSEL** | Willkie Farr & Gallagher | 787 Seventh Avenue |
|  | LLP<br>| New York, NY 10019<br>|

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------

&nbsp;&nbsp;&nbsp;**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 *pgim.com/investments* or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.**

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**E-DELIVERY** |
| &nbsp;&nbsp;&nbsp;To receive your mutual fund documents online, go to ***pgim.com/investments/resource/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. |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**SHAREHOLDER COMMUNICATIONS WITH TRUSTEES** |
| &nbsp;&nbsp;&nbsp;Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Corporate Bond Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee. |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;**AVAILABILITY OF PORTFOLIO HOLDINGS** |
| &nbsp;&nbsp;&nbsp;The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund's Form N-PORT filings are available on the Commission's website at *sec.gov.* Form N-PORT is filed with the Commission quarterly, and the Fund's full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter at *sec.gov.* |

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**Mutual Funds:** 

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

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![LOGO](g434396g81g87.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **PGIM CORPORATE BOND FUND** | **PGIM CORPORATE BOND FUND** | **PGIM CORPORATE BOND FUND** | **PGIM CORPORATE BOND FUND** | **PGIM CORPORATE BOND FUND** | **PGIM CORPORATE BOND FUND** |
| &nbsp;&nbsp; **SHARE CLASS** | **A** | **C** | **R** | **Z** | **R6** |
| &nbsp;&nbsp; **NASDAQ** | PCWAX | PCWCX | PCWRX | TGMBX | PCWQX |
| &nbsp;&nbsp; **CUSIP** | 875921694 | 875921686 | 875921660 | 875921702 | 875921678 |

---

MF229E2

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![LOGO](g427826dsp1top.jpg)

## PGIM QUANT SOLUTIONS SMALL-CAP VALUE FUND
**SEMIANNUAL REPORT** 

**JANUARY 31, 2023**![LOGO](g427826g39e27.jpg)

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

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**Table of Contents** 

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| | |
|:---|:---|
|  [Letter from the President](#edgar427826_1)<br>| 3  |
|  <br> [Your Fund's Performance](#edgar427826_2)<br>| 4  |
|  <br> [Fees and Expenses](#edgar427826_3)<br>| 7  |
|  <br> [Holdings and Financial Statements](#edgar427826_4)<br>| 9  |

---

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

The information about the Fund's portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of January 31, 2023 were not audited and, accordingly, no auditor's opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), is a registered investment adviser and Prudential Financial company.© 2023 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.

2 Visit our website at pgim.com/investments

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**Letter from the President** 

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| | |
|:---|:---|
| ![LOGO](g427826stuphoto.jpg) | Dear Shareholder:<br>We hope you find the semiannual report for the PGIM Quant Solutions Small-Cap Value Fund informative and useful. The report covers performance for the six-month period ended January 31, 2023.<br>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. |
| <br> 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.<br>At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world's 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.<br>Thank you for choosing our family of funds.<br>Sincerely,<br>![LOGO](g427826g42m21.jpg) <br>**Stuart S. Parker, President**<br> PGIM Quant Solutions Small-Cap Value Fund<br> March 15, 2023 | <br> 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.<br>At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world's 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.<br>Thank you for choosing our family of funds.<br>Sincerely,<br>![LOGO](g427826g42m21.jpg) <br>**Stuart S. Parker, President**<br> PGIM Quant Solutions Small-Cap Value Fund<br> March 15, 2023 |

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PGIM Quant Solutions Small-Cap Value Fund 3

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**Your Fund's Performance** 

**Performance data quoted represent 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 *pgim.com/investments* or by calling (800) 225-1852.** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** | **Average Annual Total Returns as of 1/31/23** |
|  | **(without sales charges)** | **(with sales charges)** | **(with sales charges)** | **(with sales charges)** | **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Ten Years (%)** | **Since Inception (%)** |
| Class A | 3.53 | -5.09 | 3.61 | N/A | 6.21 (02/14/2014) |
| Class C | 2.82 | -1.42 | 3.66 | N/A | 5.63 (06/19/2015) |
| Class R | 3.42 | 0.23 | 4.59 | 8.29 |  |
| Class Z | 3.72 | 0.76 | 5.17 | 8.87 |  |
| Class R2 | 3.53 | 0.43 | 4.75 | N/A | 4.72 (12/28/2017) |
| Class R4 | 3.70 | 0.70 | 5.02 | N/A | 4.98 (12/28/2017) |
| Class R6 | 3.75 | 0.89 | 5.26 | N/A | 7.65 (09/25/2014) |
| Russell 2000 Value Index | Russell 2000 Value Index |  |  |  |  |
|  | 3.29 | -0.52 | 5.78 | 8.84 |  |
| Russell 2000 Index |  |  |  |  |  |
|  | 3.25 | -3.38 | 5.54 | 9.36 |  |
|  | <br> **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | <br> **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | <br> **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | <br> **Average Annual Total Returns as of 1/31/23 Since Inception (%)** |  |
|  |  | **Class A<br> (02/14/2014)** | **Class C<br> (06/19/2015)** | **Class R2, Class R4<br> (12/28/2017)** | **Class R6<br> (09/25/2014)** |
| Russell 2000 Value Index | Russell 2000 Value Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 |
| Russell 2000 Index | Russell 2000 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41 |

---

\*Not annualized

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the class's inception date.

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.

4 Visit our website at pgim.com/investments

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A**<br>| **Class C**<br>| **Class R**<br>| **Class Z**<br>| **Class R2**<br>| **Class R4**<br>| **Class R6**<br>|
| &nbsp;&nbsp;&nbsp; Maximum initial sales<br> charge | 5.50% of the public offering price |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the 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 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.30% (0.25% currently) | 1.00% | 0.75% (0.50% currently) |  | 0.25% |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder service fees |  |  |  |  | 0.10%\* | 0.10%\* |  |

---

\*Shareholder service fee reflects maximum allowable fees under a shareholder services plan.

**Benchmark Definitions** 

**Russell 2000 Value Index—**The Russell 2000<sup>®</sup> Value Index measures the performance of the small cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to book ratios, lower forecasted 2-year growth and lower 5-year sales-per-share growth.

**Russell 2000 Index—**The Russell 2000<sup>®</sup> Index is an unmanaged index of the 2,000 smallest US companies included in the Russell 3000<sup>®</sup> Index. It gives an indication of how stock prices of smaller companies have performed.

Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

PGIM Quant Solutions Small-Cap Value Fund 5

------

**Your Fund's Performance** (continued)

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Line of Business** | **% of Net Assets** |
| &nbsp;&nbsp; Essent Group Ltd. | Thrifts & Mortgage Finance | 0.9% |
| &nbsp;&nbsp; Kite Realty Group Trust | Equity Real Estate Investment Trusts (REITs) | 0.9% |
| &nbsp;&nbsp; Radian Group, Inc. | Thrifts & Mortgage Finance | 0.8% |
| &nbsp;&nbsp; Taylor Morrison Home Corp. | Household Durables | 0.8% |
| &nbsp;&nbsp; Jackson Financial, Inc. (Class A Stock) | Diversified Financial Services | 0.8% |
| &nbsp;&nbsp; Macerich Co. (The) | Equity Real Estate Investment Trusts (REITs) | 0.8% |
| &nbsp;&nbsp; Sabra Health Care REIT, Inc. | Equity Real Estate Investment Trusts (REITs) | 0.8% |
| &nbsp;&nbsp; Valley National Bancorp | Banks | 0.8% |
| &nbsp;&nbsp; Goodyear Tire & Rubber Co. (The) | Auto Components | 0.8% |
| &nbsp;&nbsp; Old National Bancorp | Banks | 0.7% |

---

Holdings reflect only long-term investments and are subject to change.

6 Visit our website at pgim.com/investments

------

**Fees and Expenses** 

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 January 31, 2023. 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 expenses are not reflected in the information

PGIM Quant Solutions Small-Cap Value Fund 7

------

**Fees and Expenses** (continued)

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 Quant Solutions**<br> **Small-Cap Value Fund** | **PGIM Quant Solutions**<br> **Small-Cap Value Fund** | **Beginning<br>Account Value<br>August 1, 2022** | **Ending<br>Account Value<br>January 31, 2023** | **Annualized<br>Expense<br>Ratio Based on**<br> **the<br>Six-Month Period** | **Expenses Paid<br>During the<br>Six-Month Period\*** |
| **Class A** | Actual | $1000.00 | $1035.30 | 1.11% | $5.69 |
|  | Hypothetical | $1000.00 | $1019.61 | 1.11% | $5.65 |
| **Class C** | Actual | $1000.00 | $1028.20 | 2.49% | $12.73 |
|  | Hypothetical | $1000.00 | $1012.65 | 2.49% | $12.63 |
| **Class R** | Actual | $1000.00 | $1034.20 | 1.31% | $6.72 |
|  | Hypothetical | $1000.00 | $1018.60 | 1.31% | $6.67 |
| **Class Z** | Actual | $1000.00 | $1037.20 | 0.83% | $4.26 |
|  | Hypothetical | $1000.00 | $1021.02 | 0.83% | $4.23 |
| **Class R2** | Actual | $1000.00 | $1035.30 | 1.14% | $5.85 |
|  | Hypothetical | $1000.00 | $1019.46 | 1.14% | $5.80 |
| **Class R4** | Actual | $1000.00 | $1037.00 | 0.89% | $4.57 |
|  | Hypothetical | $1000.00 | $1020.72 | 0.89% | $4.53 |
| **Class R6** | Actual | $1000.00 | $1037.50 | 0.68% | $3.49 |
|  | Hypothetical | $1000.00 | $1021.78 | 0.68% | $3.47 |

---

*\*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 January 31, 2023, and divided by the 365 days in the Fund's fiscal year ending July 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.* 

8 Visit our website at pgim.com/investments

------

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>**LONG-TERM INVESTMENTS 99.9%**<br>**COMMON STOCKS 99.6%**<br>**Aerospace & Defense 0.2%** | **Shares** <br>| **Value**<br>|
| V2X, Inc.\* | 16000 | $706560 |
| **Air Freight & Logistics 0.0%** |  |  |
| Air Transport Services Group, Inc.\* | 7700 | 217987 |
| **Airlines 0.6%** |  |  |
| SkyWest, Inc.\* | 131468 | 2729276 |
| **Auto Components 0.8%** |  |  |
| Goodyear Tire & Rubber Co. (The)\* | 304900 | 3430125 |
| Motorcar Parts of America, Inc.\*(a) | 19500 | 283920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714045 |
| **Banks 19.7%** |  |  |
| Ameris Bancorp | 60600 | 2857896 |
| Associated Banc-Corp. | 126600 | 2837106 |
| Atlantic Union Bankshares Corp. | 55800 | 2158902 |
| Banc of California, Inc. | 47100 | 820482 |
| BankUnited, Inc.(a) | 82500 | 3105300 |
| Bankwell Financial Group, Inc. | 1400 | 41398 |
| Brookline Bancorp, Inc. | 95800 | 1253064 |
| Business First Bancshares, Inc. | 2300 | 47702 |
| Byline Bancorp, Inc. | 42100 | 1044080 |
| Cadence Bank | 19200 | 491136 |
| Capstar Financial Holdings, Inc. | 2700 | 47007 |
| Cathay General Bancorp(a) | 36000 | 1582560 |
| Civista Bancshares, Inc. | 4500 | 97650 |
| CNB Financial Corp. | 35199 | 849000 |
| Columbia Banking System, Inc.(a) | 82700 | 2556257 |
| Community Trust Bancorp, Inc. | 33566 | 1446023 |
| ConnectOne Bancorp, Inc. | 70800 | 1682916 |
| CrossFirst Bankshares, Inc.\* | 8500 | 114750 |
| Customers Bancorp, Inc.\* | 42200 | 1281614 |
| Dime Community Bancshares, Inc. | 20300 | 605346 |
| Eagle Bancorp, Inc. | 39300 | 1866357 |
| Enterprise Financial Services Corp. | 14700 | 783804 |
| Financial Institutions, Inc. | 76827 | 1898395 |
| First Bancshares, Inc. (The) | 9400 | 288110 |
| First Busey Corp. | 57200 | 1365364 |
| First Commonwealth Financial Corp.(a) | 84700 | 1245937 |
| First Financial Bancorp | 115151 | 2916775 |
| First Financial Corp. | 27259 | 1224474 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 9

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>**COMMON STOCKS (Continued)**<br>**Banks (cont'd.)** | **Shares** <br>| **Value**<br>|
| First Foundation, Inc. | 59300 | $920929 |
| First Internet Bancorp | 1800 | 47322 |
| First Merchants Corp. | 22800 | 972192 |
| First Mid Bancshares, Inc. | 1300 | 41769 |
| First of Long Island Corp. (The) | 8500 | 150110 |
| Flushing Financial Corp. | 38100 | 731139 |
| Fulton Financial Corp. | 140400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348892 |
| Great Southern Bancorp, Inc. | 2263 | 132250 |
| Hancock Whitney Corp. | 35400 | 1822392 |
| Hanmi Financial Corp. | 41178 | 959036 |
| HarborOne Bancorp, Inc. | 11100 | 151404 |
| Heartland Financial USA, Inc. | 50204 | 2483592 |
| Hilltop Holdings, Inc. | 36203 | 1183838 |
| HomeStreet, Inc. | 24800 | 683736 |
| HomeTrust Bancshares, Inc. | 2600 | 70200 |
| Hope Bancorp, Inc. | 177716 | 2290759 |
| Horizon Bancorp, Inc. | 43931 | 687081 |
| Independent Bank Corp. | 900 | 71721 |
| Independent Bank Group, Inc.(a) | 21100 | 1293430 |
| Metropolitan Bank Holding Corp.\* | 1200 | 71256 |
| Midland States Bancorp, Inc. | 32800 | 835744 |
| MidWestOne Financial Group, Inc. | 5062 | 157681 |
| Northwest Bancshares, Inc. | 30000 | 424200 |
| OceanFirst Financial Corp. | 72700 | 1738984 |
| OFG Bancorp (Puerto Rico) | 32600 | 922906 |
| Old National Bancorp | 191043 | 3343253 |
| Pacific Premier Bancorp, Inc. | 79000 | 2554860 |
| Peapack-Gladstone Financial Corp. | 38179 | 1416059 |
| Peoples Bancorp, Inc. | 12900 | 382743 |
| Premier Financial Corp. | 62482 | 1563300 |
| QCR Holdings, Inc. | 14200 | 746352 |
| RBB Bancorp | 2000 | 40280 |
| Renasant Corp. | 33900 | 1206162 |
| S&T Bancorp, Inc. | 23963 | 871774 |
| Sandy Spring Bancorp, Inc.(a) | 55300 | 1869140 |
| Silvergate Capital Corp. (Class A Stock)\*(a) | 39500 | 562480 |
| Simmons First National Corp. (Class A Stock)(a) | 112300 | 2505413 |
| SouthState Corp. | 21485 | 1710206 |
| Towne Bank | 46800 | 1425996 |
| United Bankshares, Inc.(a) | 18300 | 735660 |
| Univest Financial Corp. | 29200 | 792780 |
| Valley National Bancorp(a) | 298000 | 3540240 |
| Veritex Holdings, Inc. | 52300 | 1472245 |

---

See Notes to Financial Statements.

10.0 ------

---

| | | |
|:---|:---|:---|
| **Description**<br>**COMMON STOCKS (Continued)**<br>**Banks (cont'd.)** | **Shares** <br>| **Value**<br>|
| Washington Federal, Inc. | 69000 | $2446740 |
| WesBanco, Inc. | 62648 | 2328626 |
|  |  | 89216277 |
| **Beverages 0.2%** |  |  |
| Molson Coors Beverage Co. (Class B Stock) | 19500 | 1025310 |
| **Biotechnology 1.6%** |  |  |
| Emergent BioSolutions, Inc.\*(a) | 194100 | 2560179 |
| iTeos Therapeutics, Inc.\* | 115200 | 2407680 |
| Vanda Pharmaceuticals, Inc.\* | 158100 | 1214208 |
| Vir Biotechnology, Inc.\*(a) | 43400 | 1282470 |
|  |  | 7464537 |
| **Building Products 0.7%** |  |  |
| American Woodmark Corp.\* | 24500 | 1403605 |
| AZZ, Inc. | 9400 | 399312 |
| Resideo Technologies, Inc.\* | 80400 | 1546092 |
|  |  | 3349009 |
| **Capital Markets 0.5%** |  |  |
| Oppenheimer Holdings, Inc. (Class A Stock) | 49500 | 2356695 |
| **Chemicals 1.9%** |  |  |
| Intrepid Potash, Inc.\*(a) | 48600 | 1590678 |
| Mativ Holdings, Inc.(a) | 49500 | 1364220 |
| Minerals Technologies, Inc. | 5000 | 347250 |
| Trinseo PLC(a) | 77200 | 2142300 |
| Tronox Holdings PLC (Class A Stock) | 189000 | 3241350 |
|  |  | 8685798 |
| **Commercial Services & Supplies 2.3%** |  |  |
| ACCO Brands Corp. | 372441 | 2365000 |
| BrightView Holdings, Inc.\* | 202200 | 1607490 |
| CoreCivic, Inc.\* | 231900 | 2467416 |
| Deluxe Corp. | 8400 | 167916 |
| GEO Group, Inc. (The)\* | 249400 | 2868100 |
| Harsco Corp.\* | 105600 | 838464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10314386 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 11

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>**COMMON STOCKS (Continued)**<br>**Communications Equipment 0.0%** | **Shares** <br>| **Value**<br>|
| NetScout Systems, Inc.\* | 1400 | $44940 |
| **Construction & Engineering 0.6%** |  |  |
| Northwest Pipe Co.\* | 30200 | 1129480 |
| Primoris Services Corp. | 44200 | 1175720 |
| Tutor Perini Corp.\* | 31500 | 288855 |
|  |  | 2594055 |
| **Consumer Finance 3.9%** |  |  |
| Bread Financial Holdings, Inc. | 65200 | 2675156 |
| Encore Capital Group, Inc.\*(a) | 41591 | 2317450 |
| Enova International, Inc.\* | 60200 | 2748130 |
| Green Dot Corp. (Class A Stock)\* | 58400 | 1055872 |
| LendingClub Corp.\* | 123600 | 1197684 |
| Navient Corp. | 166200 | 3152814 |
| Nelnet, Inc. (Class A Stock) | 29953 | 2860212 |
| PRA Group, Inc.\* | 43600 | 1754464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17761782 |
| **Diversified Consumer Services 1.2%** |  |  |
| Adtalem Global Education, Inc.\* | 36400 | 1389752 |
| American Public Education, Inc.\* | 15100 | 182861 |
| Graham Holdings Co. (Class B Stock) | 2800 | 1829268 |
| Perdoceo Education Corp.\* | 133000 | 1991010 |
|  |  | 5392891 |
| **Diversified Financial Services 1.0%** |  |  |
| Banco Latinoamericano de Comercio Exterior SA (Panama) (Class E Stock) | 51700 | 890791 |
| Jackson Financial, Inc. (Class A Stock)(a) | 83000 | 3655320 |
|  |  | 4546111 |
| **Diversified Telecommunication Services 1.6%** |  |  |
| EchoStar Corp. (Class A Stock)\*(a) | 132200 | 2473462 |
| Frontier Communications Parent, Inc.\*(a) | 20100 | 595161 |
| Liberty Latin America Ltd. (Puerto Rico) (Class A Stock)\* | 148900 | 1465176 |
| Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)\* | 171700 | 1691245 |
| Lumen Technologies, Inc. | 209000 | 1097250 |
|  |  | 7322294 |

---

See Notes to Financial Statements.

12.0 ------

---

| | | |
|:---|:---|:---|
| **Description**<br>**COMMON STOCKS (Continued)**<br>**Electronic Equipment, Instruments & Components 0.9%** | **Shares** <br>| **Value**<br>|
| Kimball Electronics, Inc.\* | 4000 | $102080 |
| ScanSource, Inc.\* | 34700 | 1142671 |
| TTM Technologies, Inc.\* | 180500 | 2837460 |
|  |  | 4082211 |
| **Energy Equipment & Services 0.5%** |  |  |
| Bristow Group, Inc.\* | 30800 | 940632 |
| Helmerich & Payne, Inc. | 5700 | 276108 |
| National Energy Services Reunited Corp.\* | 126400 | 955584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172324 |
| **Equity Real Estate Investment Trusts (REITs) 14.2%** |  |  |
| Acadia Realty Trust | 99500 | 1545235 |
| Apple Hospitality REIT, Inc. | 168700 | 2991051 |
| Braemar Hotels & Resorts, Inc. | 81400 | 431420 |
| Brandywine Realty Trust | 321800 | 2111008 |
| Broadstone Net Lease, Inc. | 139900 | 2533589 |
| Chatham Lodging Trust | 5500 | 78155 |
| City Office REIT, Inc. | 122600 | 1206384 |
| CTO Realty Growth, Inc.(a) | 98383 | 1932242 |
| DiamondRock Hospitality Co. | 224500 | 2161935 |
| Easterly Government Properties, Inc.(a) | 118700 | 1927688 |
| Empire State Realty Trust, Inc. (Class A Stock)(a) | 242600 | 2023284 |
| Franklin Street Properties Corp. | 555200 | 1710016 |
| Global Medical REIT, Inc. | 60000 | 673800 |
| Global Net Lease, Inc. | 207100 | 3096145 |
| Hersha Hospitality Trust (Class A Stock) | 55500 | 510600 |
| Independence Realty Trust, Inc. | 24200 | 455686 |
| Industrial Logistics Properties Trust | 182600 | 805266 |
| iStar, Inc. | 174300 | 1617504 |
| Kite Realty Group Trust | 184000 | 3992800 |
| Macerich Co. (The)(a) | 262894 | 3612164 |
| Necessity Retail REIT, Inc. (The) | 213800 | 1460254 |
| Office Properties Income Trust | 141318 | 2425017 |
| Paramount Group, Inc. | 381700 | 2461965 |
| Pebblebrook Hotel Trust(a) | 199400 | 3270160 |
| Physicians Realty Trust | 53200 | 843752 |
| Piedmont Office Realty Trust, Inc. (Class A Stock) | 259900 | 2754940 |
| RLJ Lodging Trust | 242300 | 3045711 |
| RPT Realty | 153300 | 1606584 |
| Sabra Health Care REIT, Inc. | 263800 | 3561300 |
| Safehold, Inc. | 12791 | 447173 |
| Service Properties Trust(a) | 300900 | 2681019 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 13

------

 **Schedule of Investments** (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br> **COMMON STOCKS (Continued)**<br> **Equity Real Estate Investment Trusts (REITs) (cont'd.)** | **Shares** <br>| **Value**<br>|
|  Summit Hotel Properties, Inc. | 113800 | $969576 |
|  Sunstone Hotel Investors, Inc. | 29400 | 323106 |
|  Whitestone REIT | 71600 | 745356 |
|  Xenia Hotels & Resorts, Inc. | 151600 | 2258840 |
|  |  | 64270725 |
|  **Food & Staples Retailing 0.7%** |  |  |
|  Ingles Markets, Inc. (Class A Stock) | 6105 | 579975 |
|  United Natural Foods, Inc.\*(a) | 35500 | 1477510 |
|  Village Super Market, Inc. (Class A Stock) | 53300 | 1239758 |
|  |  | 3297243 |
|  **Food Products 0.9%** |  |  |
|  Fresh Del Monte Produce, Inc. | 51200 | 1464320 |
|  Seaboard Corp. | 200 | 784100 |
|  Seneca Foods Corp. (Class A Stock)\* | 28100 | 1756250 |
|  |  | 4004670 |
|  **Health Care Equipment & Supplies 1.0%** |  |  |
|  Avanos Medical, Inc.\* | 96300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950632 |
|  Bioventus, Inc. (Class A Stock)\* | 49300 | 96628 |
|  Cue Health, Inc.\*(a) | 110300 | 288986 |
|  Enovis Corp.\* | 4466 | 281135 |
|  QuidelOrtho Corp.\* | 13300 | 1138613 |
|  |  | 4755994 |
|  **Health Care Providers & Services 1.9%** |  |  |
|  AdaptHealth Corp.\*(a) | 103700 | 2222291 |
|  Fulgent Genetics, Inc.\* | 77900 | 2631462 |
|  National HealthCare Corp. | 23300 | 1387282 |
|  OPKO Health, Inc.\*(a) | 157800 | 203562 |
|  Owens & Minor, Inc.\* | 60500 | 1194270 |
|  Pediatrix Medical Group, Inc.\* | 36500 | 560275 |
|  PetIQ, Inc.\* | 18700 | 221408 |
|  |  | 8420550 |
|  **Health Care Technology 0.2%** |  |  |
|  Multiplan Corp.\*(a) | 841300 | 1110516 |

---

See Notes to Financial Statements.

14.0 ------

---

| | | |
|:---|:---|:---|
| **Description**<br> **COMMON STOCKS (Continued)**<br> **Hotels, Restaurants & Leisure 0.3%** | **Shares**<br>| **Value**<br>|
|  Biglari Holdings, Inc. (Class B Stock)\* | 6690 | $1090938 |
|  El Pollo Loco Holdings, Inc. | 18100 | 222087 |
|  |  | 1313025 |
|  **Household Durables 4.6%** |  |  |
|  Beazer Homes USA, Inc.\* | 101400 | 1659918 |
|  Century Communities, Inc. | 19400 | 1187280 |
|  Green Brick Partners, Inc.\* | 50800 | 1584960 |
|  KB Home(a) | 81200 | 3122140 |
|  La-Z-Boy, Inc. | 41500 | 1179845 |
|  M/I Homes, Inc.\* | 14400 | 861120 |
|  MDC Holdings, Inc. | 78900 | 2979264 |
|  Meritage Homes Corp.\* | 14400 | 1550736 |
|  Taylor Morrison Home Corp.\* | 103400 | 3701720 |
|  Tri Pointe Homes, Inc.\* | 135400 | 2990986 |
|  |  | 20817969 |
|  **Insurance 2.1%** |  |  |
|  American Equity Investment Life Holding Co. | 66600 | 3173490 |
|  Employers Holdings, Inc. | 17998 | 789572 |
|  Genworth Financial, Inc. (Class A Stock)\* | 197100 | 1087992 |
|  National Western Life Group, Inc. (Class A Stock)(a) | 9400 | 2601920 |
|  Stewart Information Services Corp.(a) | 36800 | 1757936 |
|  United Fire Group, Inc. | 8100 | 255069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9665979 |
|  **IT Services 0.2%** |  |  |
|  Conduent, Inc.\* | 177000 | 844290 |
|  **Leisure Products 0.7%** |  |  |
|  Vista Outdoor, Inc.\* | 103900 | 3049465 |
|  **Life Sciences Tools & Services 0.3%** |  |  |
|  Syneos Health, Inc.\* | 32500 | 1167400 |
|  **Machinery 0.5%** |  |  |
|  Gates Industrial Corp. PLC\* | 93100 | 1229851 |
|  Manitowoc Co., Inc. (The)\* | 60300 | 826110 |
|  |  | 2055961 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 15

------

 **Schedule of Investments** (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br> **COMMON STOCKS (Continued)**<br> **Marine 3.2%** | **Shares**<br>| **Value**<br>|
|  Costamare, Inc. (Monaco)(a) | 235700 | $2392355 |
|  Eagle Bulk Shipping, Inc.(a) | 50200 | 2875456 |
|  Eneti, Inc. | 20600 | 218154 |
|  Genco Shipping & Trading Ltd. | 156300 | 2835282 |
|  Golden Ocean Group Ltd. (Norway)(a) | 289200 | 2770536 |
|  Matson, Inc. | 48900 | 3233268 |
|  |  | 14325051 |
|  **Media 1.7%** |  |  |
|  Advantage Solutions, Inc.\* | 124200 | 321678 |
|  AMC Networks, Inc. (Class A Stock)\* | 50100 | 927351 |
|  DISH Network Corp. (Class A Stock)\* | 68900 | 991471 |
|  EW Scripps Co. (The) (Class A Stock)\*(a) | 175100 | 2617745 |
|  Gannett Co., Inc.\* | 25700 | 58082 |
|  Gray Television, Inc. | 167000 | 2164320 |
|  Scholastic Corp. | 13400 | 592816 |
|  |  | 7673463 |
|  **Metals & Mining 2.4%** |  |  |
|  Olympic Steel, Inc. | 6200 | 274288 |
|  Ryerson Holding Corp. | 21600 | 824472 |
|  Schnitzer Steel Industries, Inc. (Class A Stock) | 67700 | 2290968 |
|  SSR Mining, Inc. (Canada) | 31000 | 525140 |
|  SunCoke Energy, Inc. | 235800 | 2148138 |
|  TimkenSteel Corp.\* | 125100 | 2460717 |
|  United States Steel Corp.(a) | 42600 | 1213674 |
|  Warrior Met Coal, Inc. | 31100 | 1178068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10915465 |
|  **Mortgage Real Estate Investment Trusts (REITs) 5.0%** |  |  |
|  AFC Gamma, Inc. | 20000 | 314000 |
|  Apollo Commercial Real Estate Finance, Inc.(a) | 234283 | 2851224 |
|  Arbor Realty Trust, Inc.(a) | 131500 | 1963295 |
|  Ares Commercial Real Estate Corp. | 33200 | 407696 |
|  ARMOUR Residential REIT, Inc. | 138800 | 871664 |
|  Blackstone Mortgage Trust, Inc. (Class A Stock)(a) | 139200 | 3318528 |
|  BrightSpire Capital, Inc. | 55200 | 420624 |
|  Broadmark Realty Capital, Inc. | 143400 | 628092 |
|  Chicago Atlantic Real Estate Finance, Inc. | 2900 | 44805 |
|  Chimera Investment Corp.(a) | 245200 | 1787508 |
|  Claros Mortgage Trust, Inc. | 40100 | 671274 |
|  Dynex Capital, Inc. | 75835 | 1092782 |

---

See Notes to Financial Statements.

16.0 ------

---

| | | |
|:---|:---|:---|
| **Description**<br> **COMMON STOCKS (Continued)**<br> **Mortgage Real Estate Investment Trusts (REITs) (cont'd.)** | **Shares**<br>| **Value**<br>|
|  Ellington Financial, Inc.(a) | 94300 | $1294739 |
|  Granite Point Mortgage Trust, Inc. | 82300 | 549764 |
|  Invesco Mortgage Capital, Inc. | 64700 | 950443 |
|  KKR Real Estate Finance Trust, Inc. | 72800 | 1159704 |
|  Ladder Capital Corp. | 47800 | 535360 |
|  Nexpoint Real Estate Finance, Inc. | 2800 | 53340 |
|  Orchid Island Capital, Inc. | 39900 | 486381 |
|  Ready Capital Corp. | 118972 | 1574000 |
|  TPG RE Finance Trust, Inc. | 44900 | 391079 |
|  Two Harbors Investment Corp. | 64450 | 1156233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22522535 |
|  **Multi-Utilities 0.1%** |  |  |
|  NorthWestern Corp. | 6000 | 340800 |
|  **Oil, Gas & Consumable Fuels 5.8%** |  |  |
|  Alto Ingredients, Inc.\* | 109600 | 371544 |
|  Berry Corp. | 188800 | 1736960 |
|  Callon Petroleum Co.\*(a) | 38700 | 1646685 |
|  Chord Energy Corp. | 16200 | 2321946 |
|  Civitas Resources, Inc. | 49500 | 3294225 |
|  Crescent Energy Co. (Class A Stock) | 3400 | 41004 |
|  Dorian LPG Ltd. | 96000 | 1905600 |
|  DT Midstream, Inc. | 3700 | 202242 |
|  Earthstone Energy, Inc. (Class A Stock)\*(a) | 78900 | 1096710 |
|  Murphy Oil Corp. | 15000 | 654150 |
|  PBF Energy, Inc. (Class A Stock) | 62100 | 2607579 |
|  Permian Resources Corp.(a) | 211100 | 2294657 |
|  REX American Resources Corp.\* | 32000 | 1047040 |
|  Scorpio Tankers, Inc. (Monaco) | 50900 | 2436583 |
|  SFL Corp. Ltd. (Norway) | 145500 | 1481190 |
|  SilverBow Resources, Inc.\*(a) | 21100 | 554297 |
|  Vital Energy, Inc.\*(a) | 21700 | 1221276 |
|  World Fuel Services Corp. | 47000 | 1330100 |
|  |  | 26243788 |
|  **Paper & Forest Products 0.5%** |  |  |
|  Clearwater Paper Corp.\* | 64600 | 2494206 |
|  **Pharmaceuticals 0.6%** |  |  |
|  Amneal Pharmaceuticals, Inc.\* | 361500 | 795300 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 17

------

 **Schedule of Investments** (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br> **COMMON STOCKS (Continued)**<br> **Pharmaceuticals (cont'd.)** | **Shares**<br>| **Value**<br>|
|  Atea Pharmaceuticals, Inc.\*(a) | 234200 | $1084346 |
|  Innoviva, Inc.\* | 53500 | 676775 |
|  |  | 2556421 |
|  **Professional Services 0.3%** |  |  |
|  Kelly Services, Inc. (Class A Stock) | 66700 | 1207270 |
|  **Real Estate Management & Development 1.5%** |  |  |
|  Anywhere Real Estate, Inc.\*(a) | 261500 | 2217520 |
|  Forestar Group, Inc.\* | 108300 | 1611504 |
|  Newmark Group, Inc. (Class A Stock) | 119300 | 1022401 |
|  RE/MAX Holdings, Inc. (Class A Stock) | 85300 | 1945693 |
|  Stratus Properties, Inc. | 2400 | 52848 |
|  |  | 6849966 |
|  **Road & Rail 0.6%** |  |  |
|  Covenant Logistics Group, Inc. | 45000 | 1492200 |
|  Knight-Swift Transportation Holdings, Inc. | 21200 | 1252920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745120 |
|  **Semiconductors & Semiconductor Equipment 0.8%** |  |  |
|  Alpha & Omega Semiconductor Ltd.\*(a) | 55800 | 1839168 |
|  Photronics, Inc.\* | 96500 | 1748580 |
|  |  | 3587748 |
|  **Software 0.6%** |  |  |
|  Adeia, Inc. | 106800 | 1169460 |
|  Cleanspark, Inc.\* | 23800 | 75446 |
|  Ebix, Inc.(a) | 66000 | 1257960 |
|  |  | 2502866 |
|  **Specialty Retail 3.7%** |  |  |
|  Aaron's Co., Inc. (The) | 141400 | 2071510 |
|  Big 5 Sporting Goods Corp.(a) | 75000 | 749250 |
|  Conn's, Inc.\* | 141600 | 1332456 |
|  Container Store Group, Inc. (The)\* | 213000 | 1109730 |
|  Foot Locker, Inc.(a) | 75700 | 3293707 |
|  Genesco, Inc.\* | 15100 | 729179 |
|  Group 1 Automotive, Inc. | 12400 | 2651740 |
|  MarineMax, Inc.\*(a) | 62900 | 1965625 |

---

See Notes to Financial Statements.

18.0 ------

---

| | | |
|:---|:---|:---|
| **Description**<br> **COMMON STOCKS (Continued)**<br> **Specialty Retail (cont'd.)** | **Shares**<br>| **Value**<br>|
|  OneWater Marine, Inc. (Class A Stock)\* | 2200 | $72028 |
|  TravelCenters of America, Inc.\* | 45100 | 2052952 |
|  Zumiez, Inc.\*(a) | 21500 | 555345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16583522 |
|  **Technology Hardware, Storage & Peripherals 0.3%** |  |  |
|  Xerox Holdings Corp.(a) | 89300 | 1462734 |
|  **Textiles, Apparel & Luxury Goods 0.1%** |  |  |
|  G-III Apparel Group Ltd.\* | 24000 | 406080 |
|  **Thrifts & Mortgage Finance 4.7%** |  |  |
|  Enact Holdings, Inc. | 52100 | 1310315 |
|  Essent Group Ltd. | 96100 | 4231283 |
|  Kearny Financial Corp. | 9400 | 88172 |
|  Merchants Bancorp | 3200 | 92064 |
|  Mr. Cooper Group, Inc.\*(a) | 41100 | 1890189 |
|  NMI Holdings, Inc. (Class A Stock)\* | 97400 | 2262602 |
|  Northfield Bancorp, Inc. | 34300 | 512785 |
|  PennyMac Financial Services, Inc. | 47115 | 3176493 |
|  Provident Financial Services, Inc.(a) | 125720 | 2949391 |
|  Radian Group, Inc. | 168466 | 3723099 |
|  TrustCo Bank Corp. | 21700 | 779247 |
|  Waterstone Financial, Inc. | 22300 | 359030 |
|  |  | 21374670 |
|  **Tobacco 0.1%** |  |  |
|  Universal Corp. | 6300 | 342531 |
|  **Trading Companies & Distributors 0.8%** |  |  |
|  BlueLinx Holdings, Inc.\* | 5600 | 486192 |
|  Boise Cascade Co. | 1800 | 134946 |
|  Textainer Group Holdings Ltd. (China)(a) | 83700 | 2837430 |
|  |  | 3458568 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 19

------

 **Schedule of Investments** (unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br> **COMMON STOCKS (Continued)**<br> **Wireless Telecommunication Services 1.0%** | **Shares**<br>| **Value**<br>|
|  Telephone & Data Systems, Inc. | 182400 | $2438688 |
|  United States Cellular Corp.\*(a) | 84500 | 2066870 |
|  |  | 4505558 |
|  **TOTAL COMMON STOCKS**<br> (cost $417,152,526) |  | 450568637 |
| **EXCHANGE-TRADED FUND 0.3%** |  |  |
|  iShares Russell 2000 Value ETF(a)<br>(cost $1,327,351) | 8900 | 1353423 |
|  **TOTAL LONG-TERM INVESTMENTS**<br> (cost $418,479,877) |  | 451922060 |
| **SHORT-TERM INVESTMENTS 19.9%** |  |  |
| **AFFILIATED MUTUAL FUND 19.7%** |  |  |
|  PGIM Institutional Money Market Fund<br>(cost $88,983,938; includes $88,656,012 of cash collateral for securities on loan)(b)(we) | 89087192 | 89069375 |
| **UNAFFILIATED FUND 0.2%** |  |  |
|  Dreyfus Government Cash Management (Institutional Shares)<br>(cost $1,051,423) | 1051423 | 1051423 |
|  **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $90,035,361) |  | 90120798 |
|  **TOTAL INVESTMENTS 119.8%**<br> (cost $508,515,238) |  | 542042858 |
| Liabilities in excess of other assets (19.8)% |  | (89503768) |
| **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452539090 |

---

------

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

ETF—Exchange-Traded Fund

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

\* Non-income producing security.

See Notes to Financial Statements.

20.0 ------

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending
settlement, is $89,448,689; cash collateral of $88,656,012 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last
business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

**<u>Fair Value Measurements:</u>**

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 January 31, 2023 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
| **Assets** | | | |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $706560 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 217987 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airlines | 2729276 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Components | 3714045 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89216277 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 1025310 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 7464537 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 3349009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 2356695 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 8685798 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 10314386 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 44940 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 2594055 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 17761782 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 5392891 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | 4546111 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 7322294 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 4082211 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 2172324 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 64270725 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 3297243 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 4004670 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 4755994 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 8420550 |  |  |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 21

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
| **Assets (continued)** | | | |
|  **Long-Term Investments (continued)** |  |  |  |
| Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | $1110516 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 1313025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 20817969 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 9665979 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 844290 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 3049465 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 1167400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 2055961 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine | 14325051 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 7673463 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 10915465 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 22522535 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 340800 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 26243788 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 2494206 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 2556421 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 1207270 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development. | 6849966 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 2745120 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 3587748 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 2502866 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 16583522 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 1462734 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 406080 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance | 21374670 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 342531 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 3458568 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 4505558 |  |  |
| Exchange-Traded Fund | 1353423 |  |  |
| **Short-Term Investments** |  |  |  |
| Affiliated Mutual Fund | 89069375 |  |  |
| Unaffiliated Fund | 1051423 |  |  |
|  **Total** | $**542042858** | $**—** | **$—** |

---

**<u>Industry Classification</u>:** 

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  Banks | 19.7 | % |
|  Affiliated Mutual Fund (19.6% represents investments purchased with collateral from securities on loan) | 19.7 |  |

---

---

| | |
|:---|:---|
|  Equity Real Estate Investment Trusts (REITs) | 14.2 |
|  Oil, Gas & Consumable Fuels | 5.8 |
|  Mortgage Real Estate Investment Trusts (REITs) | 5.0 |
|  Thrifts & Mortgage Finance | 4.7 |

---

See Notes to Financial Statements.

22.0 ------

**<u>Industry Classification (continued)</u>:** 

---

| | |
|:---|:---|
|  Household Durables | 4.6 |
|  Consumer Finance | 3.9 |
|  Specialty Retail | 3.7 |
|  Marine | 3.2 |
|  Metals & Mining | 2.4 |
|  Commercial Services & Supplies | 2.3 |
|  Insurance | 2.1 |
|  Chemicals | 1.9 |
|  Health Care Providers & Services | 1.9 |
|  Media | 1.7 |
|  Biotechnology | 1.6 |
|  Diversified Telecommunication Services | 1.6 |
|  Real Estate Management & Development | 1.5 |
|  Diversified Consumer Services | 1.2 |
|  Health Care Equipment & Supplies | 1 |
|  Diversified Financial Services | 1 |
|  Wireless Telecommunication Services | 1 |
|  Electronic Equipment, Instruments & Components | 0.9 |
|  Food Products | 0.9 |
|  Auto Components | 0.8 |
|  Semiconductors & Semiconductor Equipment | 0.8 |
|  Trading Companies & Distributors | 0.8 |
|  Building Products | 0.7 |
|  Food & Staples Retailing | 0.7 |
|  Leisure Products | 0.7 |
|  Road & Rail | 0.6 |
|  Airlines | 0.6 |
|  Construction & Engineering | 0.6 |
|  Pharmaceuticals | 0.6 |

---

---

| | |
|:---|:---|
|  Software | 0.6% |
|  Paper & Forest Products | 0.5 |
|  Capital Markets | 0.5 |
|  Energy Equipment & Services | 0.5 |
|  Machinery | 0.5 |
|  Technology Hardware, Storage & Peripherals | 0.3 |
|  Hotels, Restaurants & Leisure | 0.3 |
|  Professional Services | 0.3 |
|  Life Sciences Tools & Services | 0.3 |
|  Exchange-Traded Fund | 0.3 |
|  Health Care Technology | 0.2 |
|  Beverages | 0.2 |
|  IT Services | 0.2 |
|  Aerospace & Defense | 0.2 |
|  Unaffiliated Fund | 0.2 |
|  Textiles, Apparel & Luxury Goods | 0.1 |
|  Tobacco | 0.1 |
|  Multi-Utilities | 0.1 |
|  Air Freight & Logistics | 0.0 \* |
|  Communications Equipment | 0.0 \* |
|  | 119.8 |
|  Liabilities in excess of other assets | (19.8) |
|  | 100.0% |

---

------

\* Less than +/- 0.05% 

**<u>Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:</u>**

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
| &nbsp;&nbsp; Securities on Loan | $89448689 | $(88656012) | $792677 |

---

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

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 23

------

**Statement of Assets and Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp; Investments at value, including securities on loan of $89,448,689: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $419,531,300) | $452973483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $88,983,938) | 89069375 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 486340 |
| &nbsp;&nbsp; Dividends and interest receivable | 262723 |
| &nbsp;&nbsp; Receivable for investments sold | 20480 |
| &nbsp;&nbsp; Tax reclaim receivable | 1633 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 18684 |
| &nbsp;&nbsp; **Total Assets** | 542832718 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 88656012 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 694999 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 633621 |
| &nbsp;&nbsp; Management fee payable | 216160 |
| &nbsp;&nbsp; Distribution fee payable | 69858 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 22857 |
| &nbsp;&nbsp; Trustees' fees payable | 121 |
| &nbsp;&nbsp; **Total Liabilities** | 90293628 |
| &nbsp;&nbsp; **Net Assets** | $452539090 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $25383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 413864744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 38648963 |
| &nbsp;&nbsp; **Net assets, January 31, 2023** | $452539090 |

---

See Notes to Financial Statements.

24.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** | |
| &nbsp;&nbsp; Net asset value, redemption price per share,<br>($114,841,190 ÷ 6,408,130 shares of beneficial interest issued and outstanding) | $17.92 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.04 |
| &nbsp;&nbsp; Maximum offering price to public | $18.96 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($2,540,784 ÷ 141,711 shares of beneficial interest issued and outstanding) | $17.93 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($110,553,672 ÷ 6,283,855 shares of beneficial interest issued and outstanding) | $17.59 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($119,130,693 ÷ 6,659,640 shares of beneficial interest issued and outstanding) | $17.89 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($139,893 ÷ 7,821 shares of beneficial interest issued and outstanding) | $17.89 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($14,327 ÷ 800 shares of beneficial interest issued and outstanding) | $17.92 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($105,318,531 ÷ 5,880,785 shares of beneficial interest issued and outstanding) | $17.91 |

---

&nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 25

------

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $3,639 foreign withholding tax) | $6730095 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $126,474) | 149399 |
| &nbsp;&nbsp; **Total income** | 6879494 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1346760 |
| &nbsp;&nbsp; Distribution fee(a) | 580783 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 82 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $60,233)(a) | 288849 |
| &nbsp;&nbsp; Registration fees(a) | 46640 |
| &nbsp;&nbsp; Shareholders' reports | 37057 |
| &nbsp;&nbsp; Custodian and accounting fees | 36767 |
| &nbsp;&nbsp; Audit fee | 14115 |
| &nbsp;&nbsp; Professional fees | 11160 |
| &nbsp;&nbsp; Trustees' fees | 7864 |
| &nbsp;&nbsp; Miscellaneous | 32481 |
| &nbsp;&nbsp; **Total expenses** | 2402558 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (24302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fee waiver(a) | (161783) |
| &nbsp;&nbsp; **Net expenses** | 2216473 |
| &nbsp;&nbsp; Net investment income (loss) | 4663021 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $27,047) | 24077400 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $56,593) | (16381659) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 7695741 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $12358762 |

---

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R2** | **Class R4** | **Class R6** |
| &nbsp;&nbsp; Distribution fee | 165157 | 12747 | 402772 |  | 107 |  |  |
| &nbsp;&nbsp; Shareholder servicing fees |  |  |  |  | 72 | 10 |  |
| &nbsp;&nbsp; Transfer agent's fees and expenses | 106699 | 6358 | 78951 | 94448 | 185 | 51 | 2157 |
| &nbsp;&nbsp; Registration fees | 8117 | 4282 | 4870 | 13933 | 3056 | 3056 | 9326 |
| &nbsp;&nbsp; Fee waiver and/or expense reimbursement | (5505) | (128) | (5370) | (6142) | (3214) | (3101) | (842) |
| &nbsp;&nbsp; Distribution fee waiver | (27526) |  | (134257) |  |  |  |  |

---

See Notes to Financial Statements.

26.0 ------

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | <br> **Six Months Ended<br>January 31, 2023**<br> | <br> **Year Ended<br>July 31, 2022**<br> |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $4663021 | $7993073 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 24077400 | 108566672 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (16381659) | (96751493) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 12358762 | 19808252 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (18748508) | (1506035) |
| &nbsp;&nbsp; Class C | (409876) | (3028) |
| &nbsp;&nbsp; Class R | (18678665) | (1443320) |
| &nbsp;&nbsp; Class Z | (20760965) | (2904008) |
| &nbsp;&nbsp; Class R2 | (10666) | (1863) |
| &nbsp;&nbsp; Class R4 | (2323) | (172) |
| &nbsp;&nbsp; Class R6 | (18195989) | (2089156) |
|  | (76806992) | (7947582) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 31033223 | 145378381 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 74780619 | 7544333 |
| &nbsp;&nbsp; Cost of shares purchased | (82897260) | (337769381) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 22916582 | (184846667) |
| &nbsp;&nbsp; Total increase (decrease) | (41531648) | (172985997) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 494070738 | 667056735 |
| &nbsp;&nbsp; End of period | $452539090 | $494070738 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 27

------

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | | | | | | |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2023** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** | &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $21.09 | $20.70 | $11.39 | $16.46 | $20.95 | $21.32 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.19 <sup>(b)</sup> | 0.27 | 0.16 | 0.18 | 0.23 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.15 <sup>(c)</sup> | 0.38 | 9.31 | (4.35) | (3.17) | 2.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.34 | 0.65 | 9.47 | (4.17) | (2.94) | 2.30 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.39) | (0.26) | (0.16) | (0.48) | (0.28) | (0.31) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.12) | - | - | (0.42) | (1.27) | (2.36) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.51) | (0.26) | (0.16) | (0.90) | (1.55) | (2.67) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $17.92 | $21.09 | $20.70 | $11.39 | $16.46 | $20.95 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 3.53% | 3.17% | 83.49% | (27.01)% | (13.47)% | 11.31% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $114841 | $117179 | $123223 | $71928 | $116090 | $136533 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $109207 | $123533 | $103593 | $92527 | $118685 | $133270 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.11 %<sup>(f)</sup> | 1.09% | 1.11% | 1.15% | 1.07% | 1.02% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.17 %<sup>(f)</sup> | 1.15% | 1.17% | 1.21% | 1.13% | 1.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.93 %<sup>(f)</sup> | 1.25% | 0.95% | 1.31% | 1.31% | 1.27% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 35% | 62% | 63% | 53% | 80% | 70% |

---

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

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

28.0 ------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | | | | | | |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2023** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** | &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $21.00 | $20.63 | $11.39 | $16.48 | $20.95 | $21.32 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.06 | (-)<sup>(b)(c)</sup> | - <sup>(c)</sup> | 0.05 | 0.12 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.15 | 0.39 | 9.27 | (4.40) | (3.20) | 2.03 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.21 | 0.39 | 9.27 | (4.35) | (3.08) | 2.13 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.16) | (0.02) | (0.03) | (0.32) | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.12) | - | - | (0.42) | (1.27) | (2.36) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.28) | (0.02) | (0.03) | (0.74) | (1.39) | (2.50) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $17.93 | $21.00 | $20.63 | $11.39 | $16.48 | $20.95 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 2.82% | 1.89% | 81.41% | 27.80)% | (14.22)% | 10.44% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $2541 | $2685 | $3138 | $5782 | $11269 | $36638 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $2529 | $3025 | $6774 | $8456 | $24635 | $38734 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 2.49 %<sup>(f)</sup> | 2.36% | 2.19% | 2.22% | 1.92% | 1.81% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 2.50 %<sup>(f)</sup> | 2.37% | 2.20% | 2.23% | 1.93% | 1.82% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.58 %<sup>(f)</sup> | (0.01)% | 0.01% | 0.35% | 0.66% | 0.49% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 35% | 62% | 63% | 53% | 80% | 70% |

---

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

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

(c) Amount rounds to zero.

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 29

------

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R Shares** | | | | | | |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2023** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** | &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $20.75 | $20.37 | $11.23 | $16.23 | $20.66 | $21.06 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.17 <sup>(b)</sup> | 0.22 | 0.14 | 0.11 | 0.20 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.14 <sup>(c)</sup> | 0.38 | 9.15 | (4.24) | (3.13) | 2.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.31 | 0.60 | 9.29 | (4.13) | (2.93) | 2.22 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.35) | (0.22) | (0.15) | (0.45) | (0.23) | (0.26) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.12) | - | - | (0.42) | (1.27) | (2.36) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.47) | (0.22) | (0.15) | (0.87) | (1.50) | (2.62) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $17.59 | $20.75 | $20.37 | $11.23 | $16.23 | $20.66 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 3.42% | 2.93% | 83.14% | (27.08)% | (13.63)% | 11.05% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $110554 | $113963 | $135981 | $110953 | $139136 | $162502 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $106530 | $131067 | $137399 | $116334 | $143139 | $165270 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.31 %<sup>(f)</sup> | 1.29% | 1.28% | 1.31% | 1.27% | 1.26% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.57 %<sup>(f)</sup> | 1.55% | 1.54% | 1.57% | 1.53% | 1.52% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.75 %<sup>(f)</sup> | 1.05% | 0.88% | 0.82% | 1.16% | 1.04% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 35% | 62% | 63% | 53% | 80% | 70% |

---

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

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

30.0 ------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | | | | | | |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2023** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** | &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $21.09 | $20.70 | $11.40 | $16.46 | $20.95 | $21.32 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.22 <sup>(b)</sup> | 0.33 | 0.23 | 0.29 | 0.30 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.15 <sup>(c)</sup> | 0.38 | 9.29 | (4.38) | (3.18) | 2.02 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.37 | 0.71 | 9.52 | (4.09) | (2.88) | 2.36 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.45) | (0.32) | (0.22) | (0.55) | (0.34) | (0.37) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.12) | - | - | (0.42) | (1.27) | (2.36) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.57) | (0.32) | (0.22) | (0.97) | (1.61) | (2.73) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $17.89 | $21.09 | $20.70 | $11.40 | $16.46 | $20.95 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 3.72% | 3.42% | 84.07% | (26.66)% | (13.11)% | 11.65% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $119131 | $136495 | $177808 | $150272 | $622093 | $824748 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $121846 | $165086 | $199626 | $307558 | $698954 | $862416 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.83 %<sup>(f)</sup> | 0.79% | 0.77% | 0.73% | 0.69% | 0.69% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.84 %<sup>(f)</sup> | 0.80% | 0.78% | 0.74% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.26 %<sup>(f)</sup> | 1.56% | 1.34% | 2.05% | 1.72% | 1.62% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 35% | 62% | 63% | 53% | 80% | 70% |

---

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

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 31

------

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R2 Shares** | | | | | | |
|  | **Six Months<br>Ended<br>January 31,**<br> **2023** | <br> **Year Ended July 31,** | <br> **Year Ended July 31,** | <br> **Year Ended July 31,** | <br> **Year Ended July 31,** | **December 28, 2017<sup>(a)</sup>through July 31,**<br> **2018** |
|  | **Six Months<br>Ended<br>January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **December 28, 2017<sup>(a)</sup>through July 31,**<br> **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(b)</sup>:** | &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $21.05 | $20.65 | $11.38 | $16.43 | $20.91 | $20.44 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.04 | 0.28 | 0.19 | 0.17 | 0.23 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;on investment and foreign currency transactions | 0.30 | 0.37 | 9.25 | (4.32) | (3.18) | 0.38 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.34 | 0.65 | 9.44 | (4.15) | (2.95) | 0.47 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.38) | (0.25) | (0.17) | (0.48) | (0.26) | - |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.12) | - | - | (0.42) | (1.27) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.50) | (0.25) | (0.17) | (0.90) | (1.53) | - |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $17.89 | $21.05 | $20.65 | $11.38 | $16.43 | $20.91 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 3.53% | 3.11% | 83.38% | (26.96)% | (13.54)% | 2.30% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $140 | $73 | $157 | $292 | $375 | $18 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $85 | $154 | $192 | $302 | $184 | $14 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: | &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.14 %<sup>(e)</sup> | 1.14% | 1.14% | 1.15% | 1.14% | 1.14 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 8.64 %<sup>(e)</sup> | 5.21% | 5.24% | 6.28% | 8.15% | 187.96 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.37 %<sup>(e)</sup> | 1.30% | 1.21% | 1.26% | 1.35% | 0.72 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)</sup> | 35% | 62% | 63% | 53% | 80% | 70% |

---

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

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

(e) Annualized.

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

See Notes to Financial Statements.

32.0 ------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R4 Shares** | | | | | | |
|  | **Six Months<br>Ended<br>January 31,**<br> **2023** | <br> **Year Ended July 31,** | <br> **Year Ended July 31,** | <br> **Year Ended July 31,** | <br> **Year Ended July 31,** | **December 28, 2017<sup>(a)</sup>through July 31,**<br> **2018** |
|  | **Six Months<br>Ended<br>January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **December 28, 2017<sup>(a)</sup>through July 31,**<br> **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(b)</sup>:** | &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $21.10 | $20.71 | $11.40 | $16.46 | $20.94 | $20.44 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.21<sup></sup> <sup>(c)</sup> | 0.37 | 0.31 | 0.16 | 0.27 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.16<sup></sup> <sup>(d)</sup> | 0.32 | 9.20 | (4.28) | (3.18) | 0.39 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.37 | 0.69 | 9.51 | (4.12) | (2.91) | 0.50 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.43) | (0.30) | (0.20) | (0.52) | (0.30) | - |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.12) | - | - | (0.42) | (1.27) | - |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.55) | (0.30) | (0.20) | (0.94) | (1.57) | - |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $17.92 | $21.10 | $20.71 | $11.40 | $16.46 | $20.94 |
| &nbsp;&nbsp;&nbsp;Total Return<sup>(e)</sup>: | 3.70% | 3.29% | 83.98% | (26.80)% | (13.31)% | 2.45% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $14 | $14 | $245 | $927 | $9 | $10 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $13 | $41 | $237 | $918 | $9 | $10 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(f)</sup>: | &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(f)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.89 %<sup>(g)</sup> | 0.89% | 0.89% | 0.89% | 0.89% | 0.89 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 47.51 %<sup>(g)</sup> | 15.86% | 4.13% | 2.60% | 140.80% | 270.32 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.13 %<sup>(g)</sup> | 1.78% | 2.21% | 1.16% | 1.51% | 0.95 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(h)</sup> | 35% | 62% | 63% | 53% | 80% | 70% |

---

(a) Commencement of offering.

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

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

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

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

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

(g) Annualized.

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

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 33

------

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | | | | | |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2023** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Year Ended July 31,** |
|  | **Six Months**<br> **Ended**<br> **January 31,**<br> **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** | &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $21.13 | $20.73 | $11.41 | $16.47 | $20.97 | $21.34 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.23 <sup>(b)</sup> | 0.37 | 0.24 | 0.25 | 0.31 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.14 <sup>(c)</sup> | 0.38 | 9.31 | (4.33) | (3.19) | 2.04 |
| &nbsp;&nbsp;&nbsp;**Total from investment operations** | 0.37 | 0.75 | 9.55 | (4.08) | (2.88) | 2.38 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.47) | (0.35) | (0.23) | (0.56) | (0.35) | (0.39) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (3.12) | - | - | (0.42) | (1.27) | (2.36) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (3.59) | (0.35) | (0.23) | (0.98) | (1.62) | (2.75) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $17.91 | $21.13 | $20.73 | $11.41 | $16.47 | $20.97 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(d)</sup>:** | 3.75% | 3.58% | 84.26% | (26.60)% | (13.09)% | 11.72% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $105319 | $123662 | $226506 | $193499 | $351429 | $414892 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $105050 | $143522 | $209675 | $259226 | $372557 | $361244 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.68 %<sup>(f)</sup> | 0.67% | 0.66% | 0.67% | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.68 %<sup>(f)</sup> | 0.67% | 0.66% | 0.67% | 0.63% | 0.63% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.39 %<sup>(f)</sup> | 1.74% | 1.46% | 1.83% | 1.78% | 1.64% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 35% | 62% | 63% | 53% | 80% | 70% |

---

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

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

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

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

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

(f) Annualized.

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

See Notes to Financial Statements.

34.0 ------

**Notes to Financial Statements** (unaudited)

**1. Organization** 

The Target Portfolio Trust (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Quant Solutions Small-Cap Value Fund (the "Fund"), a series of the RIC. The fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is above average capital appreciation.

**2. Accounting Policies** 

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

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated to PGIM Investments LLC ("PGIM Investments" or the "Manager") as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

PGIM Quant Solutions Small-Cap Value Fund 35

------

**Notes to Financial Statements** (unaudited) (continued)

of the Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund's investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 - Fair Value Measurement.

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchange-traded 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.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

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

36.0 ------

*Master Netting Arrangements:* The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

*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. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

*Equity and Mortgage Real Estate Investment Trusts (collectively REITs):* The Fund invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

PGIM Quant Solutions Small-Cap Value Fund 37

------

**Notes to Financial Statements** (unaudited) (continued)

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. 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. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

---

| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| &nbsp;&nbsp; Net Investment Income | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |

---

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

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

38.0 ------

**3. Agreements** 

The RIC, on behalf of the Fund, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services and supervises the subadviser's performance of such services, and pursuant to which it renders administrative services.

The Manager has entered into a subadvisory agreement with PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions" or the "Subadviser"). The Manager pays for the services of PGIM Quantitative Solutions.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended January 31, 2023, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| **Contractual Management Rate**  | **Effective Management Fee, before any waivers<br>and/or expense reimbursements**<br>|
| &nbsp;&nbsp; 0.60% of average daily net assets up to $2 billion; | 0.60% |
| &nbsp;&nbsp; 0.575% of average daily net assets over $2 billion.<br>|  |

---

The Manager has contractually agreed to waive and/or reimburse up to 0.01% of the fees and expenses from the Fund through November 30, 2023, to the extent that the Fund's net annual operating expenses and acquired fund fees and expenses (exclusive of taxes, interest, distribution and service (12b-1) fees and certain extraordinary expenses) exceed 0.68% of the Fund's average daily net assets on an annualized basis. Separately, the Manager has contractually agreed, through November 30, 2023, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.The expense limitations attributable to each class are as follows:

---

| | |
|:---|:---|
| **Class** | **Expense<br>Limitations** |
| &nbsp;&nbsp; A | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| &nbsp;&nbsp; C |  |
| &nbsp;&nbsp; R |  |

---

PGIM Quant Solutions Small-Cap Value Fund 39

------

**Notes to Financial Statements** (unaudited) (continued)

---

| | |
|:---|:---|
| **Class** | **Expense<br>Limitations** |
| &nbsp;&nbsp; Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| &nbsp;&nbsp; R2 | 1.14 |
| &nbsp;&nbsp; R4 | 0.89 |
| &nbsp;&nbsp; R6 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class 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 C, Class R and Class R2 shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through November 30, 2023 to reduce such fees of certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

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 compensate Prudential Mutual Fund Services LLC ("PMFS"), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

The Fund's annual gross and net distribution rates and maximum shareholder service fee, where applicable, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** | **Shareholder Service Fee** |
| &nbsp;&nbsp; A | &nbsp;&nbsp; 0.30% | 0.25% | N/A% |
| &nbsp;&nbsp; C | &nbsp;&nbsp;&nbsp;&nbsp;1.00  | 1.00 | N/A |
| &nbsp;&nbsp; R | &nbsp;&nbsp;&nbsp;&nbsp;0.75  | 0.50 | N/A |
| &nbsp;&nbsp; Z | &nbsp;&nbsp; N/A  | N/A | N/A |
| &nbsp;&nbsp; R2 | &nbsp;&nbsp;&nbsp;&nbsp;0.25  | 0.25 | 0.10 |
| &nbsp;&nbsp; R4 | &nbsp;&nbsp; N/A  | N/A | 0.10 |
| &nbsp;&nbsp; R6 | &nbsp;&nbsp; N/A  | N/A | N/A |

---

For the reporting period ended January 31, 2023, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid

40.0 ------

such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
| &nbsp;&nbsp; A | $18996 | $5 |
| &nbsp;&nbsp; C |  | 15 |

---

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

**4. Other Transactions with Affiliates** 

PMFS, an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund's transfer agent and shareholder servicing agent. Transfer agent's and shareholder servicing agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Money Market Fund. In addition to the realized and unrealized gains on investments in the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Income from securities lending, net".

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended January 31, 2023, no 17a-7 transactions were entered into by the Fund.

**5. Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2023, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases**  | **Proceeds from Sales**<br>|
| &nbsp;&nbsp; $155117133 | $199904942 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended January 31, 2023, is presented as follows:

PGIM Quant Solutions Small-Cap Value Fund 41

------

**Notes to Financial Statements** (unaudited) (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning**<br> **of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | |
|  PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  |  |  |
| $124998012 | $341317601 | $377329878 | $56593 | $27047 | $89069375 | 89087192 | $126474<sup>(2)</sup> |

---

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

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

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

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

**6. Distributions and Tax Information** 

The Fund has a tax year end of October 31st.

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

The tax character of distributions paid during the tax year ended October 31, 2022 was $7,947,582 of ordinary income. The tax character of distributions paid during the tax year ended October 31, 2021 was $7,713,642 of ordinary income.

As of the latest tax year ended October 31, 2022, the accumulated undistributed earnings on a tax basis were $21,402,272 of ordinary income and $52,502,241 of long-term capital gains.

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation as of January 31, 2023 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net** <br> **Unrealized** <br> **Appreciation**  |
| &nbsp;&nbsp; $515911181 | $76488783 | $(50357106) | $26131677 |

---

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

The Fund utilized approximately $3,463,000 of it's capital loss carryforward to offset net taxable gains realized in the tax year ended October 31, 2022.

42.0 ------

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four tax years up to the most recent tax year ended October 31, 2022 are subject to such review.

**7. Capital and Ownership** 

The Fund offers Class A, 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 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class 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 charges and are available exclusively for sale to a limited group of investors.

The RIC has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share.

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

As of January 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; R | 5892535 | 93.8% |
| &nbsp;&nbsp; R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | 9.0 |
| &nbsp;&nbsp; R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | 89.4 |

---

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

---

| | | |
|:---|:---|:---|
| | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; Affiliated | 1 | 22.9% |
| &nbsp;&nbsp; Unaffiliated | 4 | 49.4 |

---

PGIM Quant Solutions Small-Cap Value Fund 43

------

**Notes to Financial Statements** (unaudited) (continued)

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 189731 | $3335007 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1148652 | 18435859 |
| &nbsp;&nbsp; Shares purchased | (483421) | (8908069) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 854962 | 12862797 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5755 | 106869 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (9232) | (177006) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 851485 | $12792660 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 466481 | $10099471 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 68744 | 1481443 |
| &nbsp;&nbsp; Shares purchased | (932354) | (20009430) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (397129) | (8428516) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 33415 | 718133 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (33776) | (734315) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (397490) | $(8444698) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 9547 | $182024 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 25182 | 404936 |
| &nbsp;&nbsp; Shares purchased | (17053) | (303697) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 17676 | 283263 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3856) | (73585) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 13820 | $209678 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 19383 | $420322 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 138 | 2988 |
| &nbsp;&nbsp; Shares purchased | (31942) | (677141) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (12421) | (253831) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (11807) | (254336) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (24228) | $(508167) |

---

44.0 ------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 180177 | $3230263 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1185194 | 18678665 |
| &nbsp;&nbsp; Shares purchased | (574385) | (10211172) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 790986 | $11697756 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 302221 | $6307893 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 67985 | 1443319 |
| &nbsp;&nbsp; Shares purchased | (1553114) | (33295586) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1182908) | $(25544374) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 513039 | $9727450 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1288153 | 20623327 |
| &nbsp;&nbsp; Shares purchased | (1614572) | (29657323) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 186620 | 693454 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4957 | 97600 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2684) | (47357) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 188893 | $743697 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 3416632 | $74632922 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 134437 | 2893080 |
| &nbsp;&nbsp; Shares purchased | (5678442) | (122050825) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2127373) | (44524823) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 37785 | 816711 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (29434) | (631173) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2119022) | $(44339285) |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 12992 | $220857 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 666 | 10666 |
| &nbsp;&nbsp; Shares purchased | (9311) | (163422) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4347 | $68101 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 1759 | $37354 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 87 | 1863 |
| &nbsp;&nbsp; Shares purchased | (5951) | (127675) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (4105) | $(88458) |

---

PGIM Quant Solutions Small-Cap Value Fund 45

------

**Notes to Financial Statements** (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R4** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 145 | $2323 |
| &nbsp;&nbsp; Shares purchased |  | (7) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 145 | $2316 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 70 | $1495 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8 | 172 |
| &nbsp;&nbsp; Shares purchased | (11256) | (234125) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (11178) | $(232458) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 743572 | $14337622 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1037108 | 16624843 |
| &nbsp;&nbsp; Shares purchased | (1758351) | (33653570) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 22329 | (2691105) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 6002 | 112351 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (973) | (18872) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 27358 | $(2597626) |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 2498365 | $53878924 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 79920 | 1721468 |
| &nbsp;&nbsp; Shares purchased | (7653885) | (161374599) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (5075600) | (105774207) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 8887 | 193335 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (5138) | (108355) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (5071851) | $(105689227) |

---

**8. Borrowings** 

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
| | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | &nbsp;&nbsp; 9/30/2022 - 9/28/2023 | 10/1/2021 – 9/29/2022 |
| &nbsp;&nbsp; **Total Commitment** | &nbsp;&nbsp; $1200000000 | $1200000000 |

---

46.0 ------

---

| | | |
|:---|:---|:---|
| | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | &nbsp;&nbsp; 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | &nbsp;&nbsp; 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent | 1.20% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the one-month<br>LIBOR rate or (3) zero<br>percent |

---

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

The Fund utilized the SCA during the reporting period ended January 31, 2023. The average daily balance for the 36 days that the Fund had loans outstanding during the period was approximately $1,509,583, borrowed at a weighted average interest rate of 4.60%. The maximum loan outstanding amount during the period was $6,257,000. At January 31, 2023, the Fund did not have an outstanding loan amount.

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

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

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

*Equity and Equity-Related Securities Risk:* Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund's prospectus for a variety of reasons. For

PGIM Quant Solutions Small-Cap Value Fund 47

------

**Notes to Financial Statements** (unaudited) (continued)

example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

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

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

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

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

48.0 ------

of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

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

*Market Risk:* Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

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

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

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

PGIM Quant Solutions Small-Cap Value Fund 49

------

**Notes to Financial Statements** (unaudited) (continued)

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

*Small Company Risk:* Small company stocks present above-average risks in comparison to larger companies. Small companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management expertise. As a result, stocks issued by smaller companies may be comparatively less liquid and fluctuate in value more than the stocks of larger, more established companies.

*Value Style Risk:* Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security's intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

50.0 ------

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;∎ **MAIL** | ∎ **TELEPHONE** | ∎ **WEBSITE** |
| &nbsp;&nbsp;&nbsp;&nbsp; 655 Broad Street<br> Newark, NJ 07102 | &nbsp;&nbsp;&nbsp;&nbsp; (800) 225-1852 | &nbsp;&nbsp;&nbsp;&nbsp; pgim.com/investments |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**PROXY VOTING** |
| &nbsp;&nbsp;&nbsp;The Board of Trustees 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 or by visiting the Securities and Exchange Commission's website at *sec.gov*. 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. |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;&nbsp;Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ● Stuart S. Parker ● Brian K. Reid ● Grace C. Torres |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**OFFICERS** |
| &nbsp;&nbsp;&nbsp;Stuart S. Parker, *President* ● Scott E. Benjamin, *Vice President* ● Christian J. Kelly, *Chief Financial Officer* ● Claudia DiGiacomo, *Chief Legal Officer* ● Isabelle Sajous, *Chief Compliance Officer* ● Kelly Florio, *Anti-Money Laundering Compliance Officer*● Andrew R. French, *Secretary* ● Melissa Gonzalez*, Assistant Secretary* ● Kelly A. Coyne, *Assistant Secretary* ● Patrick E. McGuinness, *Assistant Secretary* ● Debra Rubano, *Assistant Secretary* ● Lana Lomuti, *Assistant Treasurer* ● Russ Shupak, *Treasurer and Principal Accounting Officer* ● Elyse M. McLaughlin, *Assistant Treasurer* ● Deborah Conway, *Assistant Treasurer* ● Robert McCormack, *Assistant Treasurer* |

---

---

| | | |
|:---|:---|:---|
| **MANAGER** | PGIM Investments LLC | 655 Broad Street<br> Newark, NJ 07102 |
| **SUBADVISER** | PGIM Quantitative<br> Solutions LLC | Gateway Center Two<br> 100 Mulberry Street<br> Newark, NJ 07102 |
| **DISTRIBUTOR** | Prudential Investment<br> Management Services LLC | 655 Broad Street<br> Newark, NJ 07102 |
| **CUSTODIAN** | The Bank of New York<br> Mellon | 240 Greenwich Street<br> New York, NY 10286 |
| **TRANSFER AGENT** | Prudential Mutual Fund<br> Services LLC | PO Box 534432<br> Pittsburgh, PA 15253 |
| **INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM** | PricewaterhouseCoopers LLP | 300 Madison Avenue<br> New York, NY 10017 |
| **FUND COUNSEL** | Willkie Farr & Gallagher LLP | 787 Seventh Avenue<br> New York, NY 10019 |

---

------

&nbsp;&nbsp;&nbsp;**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 pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**E-DELIVERY** |
| &nbsp;&nbsp;&nbsp;To receive your mutual fund documents online, go to ***pgim.com/investments/resource/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. |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**SHAREHOLDER COMMUNICATIONS WITH TRUSTEES** |
| &nbsp;&nbsp;&nbsp;Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Quant Solutions Small-Cap Value Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee. |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**AVAILABILITY OF PORTFOLIO HOLDINGS** |
| &nbsp;&nbsp;&nbsp;The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund's Form N-PORT filings are available on the Commission's website at *sec.gov.* Form N-PORT is filed with the Commission quarterly, and the Fund's full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter at *sec.gov.* |

---

**Mutual Funds:** 

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

------

![LOGO](g427826g16c48.jpg)

**PGIM QUANT SOLUTIONS SMALL-CAP VALUE FUND** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SHARE CLASS** <br>| **A**<br>| **C**<br>| **R**<br>| **Z**<br>| **R2**<br>| **R4**<br>| **R6**<br>|
| **NASDAQ**<br>| TSVAX  | TRACX  | TSVRX  | TASVX  | PSVDX<br>| PSVKX  | TSVQX  |
| **CUSIP**<br>| 875921785  | 875921710  | 875921843  | 875921306  | 875921611  | 875921595  | 875921777  |

---

MF232E2

------

![LOGO](g434465sp011.jpg)

## PGIM CORE BOND FUND

**SEMIANNUAL REPORT** 

**JANUARY 31, 2023**![LOGO](g434465sp0111.jpg)

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

------

**Table of Contents** 

---

| | |
|:---|:---|
| [Letter from the President](#edgar434465_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| [Your Fund's Performance](#edgar434465_2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| [Fees and Expenses](#edgar434465_3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Holdings and Financial Statements](#edgar434465_4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |

---

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

The information about the Fund's portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of January 31, 2023 were not audited and, accordingly, no auditor's opinion is expressed on them.

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.© 2023 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.

2 Visit our website at pgim.com/investments

------

**Letter from the President** 

---

| | |
|:---|:---|
| ![LOGO](g434465sp003.jpg) | <br> Dear Shareholder:<br>We hope you find the semiannual report for the PGIM Core Bond Fund informative and useful. The report covers performance for the six-month period ended January 31, 2023.<br>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 provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world's 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

![LOGO](g434465sp033.jpg)

**Stuart S. Parker, President** 

PGIM Core Bond Fund

March 15, 2023

PGIM Core Bond Fund 3

------

**Your Fund's Performance** 

**Performance data quoted represent 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 *pgim.com/investments* or by calling (800) 225-1852.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23**<br> **(without sales charges)**<br> **Six Months\* (%)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** |
|  | **Total Returns as of 1/31/23**<br> **(without sales charges)**<br> **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Ten Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class A | -2.17 | -12.50 | -0.19 | N/A | 0.54 (02/17/2015) |
| &nbsp;&nbsp; Class C | -2.46 | -11.16 | -0.29 | N/A | 0.21 (02/17/2015) |
| &nbsp;&nbsp; Class R | -2.21 | &nbsp;&nbsp;&nbsp;&nbsp;-9.84 | 0.20 | N/A | 0.70 (02/17/2015) |
| &nbsp;&nbsp; Class Z | -1.90 | &nbsp;&nbsp;&nbsp;&nbsp;-9.18 | 0.79 | 0.99 |  |
| &nbsp;&nbsp; Class R6 | -1.90 | &nbsp;&nbsp;&nbsp;&nbsp;-9.17 | 0.81 | N/A | 1.29 (02/17/2015) |
| &nbsp;&nbsp; Bloomberg US Aggregate Bond Index | &nbsp;&nbsp; Bloomberg US Aggregate Bond Index |  |  |  |  |
|  | -2.37 | &nbsp;&nbsp;&nbsp;&nbsp;-8.36 | 0.86 | 1.43 |  |

---

---

| | |
|:---|:---|
| **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | **Average Annual Total Returns as of 1/31/23 Since Inception (%)** |
| **Class A, Class C, Class R, Class R6** <br> **(02/17/2015)**  | **Class A, Class C, Class R, Class R6** <br> **(02/17/2015)**  |
| &nbsp;&nbsp; Bloomberg US Aggregate Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |

---

\*Not annualized

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

4 Visit our website at pgim.com/investments

------

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 R** | **Class Z** | **Class R6** |
| &nbsp;&nbsp;&nbsp;Maximum initial sales charge | 3.25% of the public offering price |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | 1.00% on sales of $500,000 or more made within 12 months of purchase | 1.00% on sales made within 12 months of purchase |  |  |  |
| &nbsp;&nbsp;&nbsp; Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.25% | 1.00% | 0.75% (0.50% currently) |  |  |

---

**Benchmark Definitions** 

**Bloomberg US Aggregate Bond Index**—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are taxable and US 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.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

PGIM Core Bond Fund 5

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**Your Fund's Performance** (continued)

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| | | | |
|:---|:---|:---|:---|
| **Distributions and Yields as of 1/31/23** |  |  |  |
|  | **Total Distributions**<br> **Paid for**<br> **Six Months ($)** | **SEC 30-Day**<br> **Subsidized**<br> **Yield\* (%)** | **SEC 30-Day**<br> **Unsubsidized**<br> **Yield\*\* (%)** |
| &nbsp;&nbsp; Class A | 0.14 | 3.55 | 3.53 |
| &nbsp;&nbsp; Class C | 0.10 | 2.88 | 2.67 |
| &nbsp;&nbsp; Class R | 0.12 | 3.35 | -33.48 |
| &nbsp;&nbsp; Class Z | 0.15 | 3.98 | 3.86 |
| &nbsp;&nbsp; Class R6 | 0.15 | 3.99 | 3.96 |

---

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| | |
|:---|:---|
| **Credit Quality expressed as a percentage of total investments as of 1/31/23 (%)** | |
| &nbsp;&nbsp; AAA | 66.4 |
| &nbsp;&nbsp; AA | 5.4 |
| &nbsp;&nbsp; A | 11.0 |
| &nbsp;&nbsp; BBB | 15.6 |
| &nbsp;&nbsp; BB | 0.1 |
| &nbsp;&nbsp; Not Rated | 0.8 |
| &nbsp;&nbsp; Cash/Cash Equivalents | 0.7 |
| &nbsp;&nbsp;&nbsp;Total | 100.0 |

---

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

6 Visit our website at pgim.com/investments

------

**Fees and Expenses** 

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 January 31, 2023. 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 expenses are not reflected in the information

PGIM Core Bond Fund 7

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**Fees and Expenses** (continued)

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**PGIM Core Bond Fund** | &nbsp;&nbsp;&nbsp;**PGIM Core Bond Fund** | **Beginning**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023**  | **Annualized**<br> **Expense**<br> **Ratio Based on**<br> **the**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period**  | **Expenses Paid**<br> **During the**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period\***  |
| &nbsp;&nbsp; **Class A** | Actual | $1000.00 | $978.30 | 0.65% | $3.24 |
|  | Hypothetical | $1000.00 | $1021.93 | 0.65% | $3.31 |
| &nbsp;&nbsp; **Class C** | Actual | $1000.00 | $975.40 | 1.45% | $7.22 |
|  | Hypothetical | $1000.00 | $1017.90 | 1.45% | $7.38 |
| &nbsp;&nbsp; **Class R** | Actual | $1000.00 | $977.90 | 0.95% | $4.74 |
|  | Hypothetical | $1000.00 | $1020.42 | 0.95% | $4.84 |
| &nbsp;&nbsp; **Class Z** | Actual | $1000.00 | $981.00 | 0.33% | $1.65 |
|  | Hypothetical | $1000.00 | $1023.54 | 0.33% | $1.68 |
| &nbsp;&nbsp; **Class R6** | Actual | $1000.00 | $981.00 | 0.32% | $1.60 |
|  | Hypothetical | $1000.00 | $1023.59 | 0.32% | $1.63 |

---

*\*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 January 31, 2023, and divided by the 365 days in the Fund's fiscal year ending July 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.* 

8 Visit our website at pgim.com/investments

------

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.4%**<br>&nbsp;&nbsp; **ASSET-BACKED SECURITIES 18.7%**<br>&nbsp;&nbsp; **Automobiles 4.6%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class C | 3.360% | 02/18/25 | 177 | $176209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class C | 2.740 | 04/18/25 | 529 | 523653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03, Class C | 2.320 | 07/18/25 | 1688 | 1665974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class B | 1.480 | 01/21/25 | 712 | 707899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | 1.010 | 01/19/27 | 1300 | 1193390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class C | 1.410 | 08/18/27 | 1400 | 1275835 |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A | 3.700 | 09/20/24 | 1100 | 1090820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A, 144A | 4.000 | 03/20/25 | 500 | 493385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A, 144A | 3.350 | 09/22/25 | 1100 | 1067039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class A, 144A | 2.360 | 03/20/26 | 1700 | 1607528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A | 2.330 | 08/20/26 | 1200 | 1124353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | 1.380 | 08/20/27 | 3500 | 3106225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | 1.660 | 02/20/28 | 3800 | 3358981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | 3.830 | 08/21/28 | 4800 | 4578493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | 5.200 | 10/20/27 | 2000 | 2008463 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | 1.340 | 02/16/27 | 1100 | 1006682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class C | 1.380 | 07/15/27 | 800 | 714560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C | 2.200 | 11/15/27 | 1300 | 1196980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class D | 2.470 | 07/17/28 | 600 | 531010 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A, 144A | 3.190 | 07/15/31 | 1300 | 1260352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class A, 144A | 3.520 | 07/15/30 | 600 | 590647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class A, 144A | 2.040 | 08/15/31 | 3300 | 3122244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A, 144A | 1.060 | 04/15/33 | 1100 | 999485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | 1.610 | 10/17/33 | 630 | 562481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class B, 144A | 1.910 | 05/15/34 | 600 | 532047 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class A | 1.060 | 09/15/27 | 2800 | 2558334 |
| &nbsp;&nbsp; GLS Auto Receivables Issuer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04A, Class B, 144A | 1.530 | 04/15/26 | 1700 | 1627944 |
| &nbsp;&nbsp; GM Financial Revolving Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | 1.490 | 06/12/34 | 200 | 173027 |
| &nbsp;&nbsp; Hertz Vehicle Financing III LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | 1.680 | 12/27/27 | 1900 | 1680432 |
| &nbsp;&nbsp; Hertz Vehicle Financing LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | 1.210 | 12/26/25 | 2200 | 2046693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | 2.330 | 06/26/28 | 5500 | 4924685 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 9

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)**<br>&nbsp;&nbsp; **Automobiles (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | 3.630% | 09/14/27 | 4100 | $3979836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class B, 144A | 1.260 | 07/14/28 | 2700 | 2391133 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class C | 1.460 | 09/15/25 | 93 | 93176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03, Class C | 1.120 | 01/15/26 | 757 | 751480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class C | 1.010 | 01/15/26 | 756 | 747888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class C | 0.900 | 06/15/26 | 1100 | 1075402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | 1.350 | 07/15/27 | 2300 | 2162875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class C | 0.950 | 09/15/27 | 2000 | 1939104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-04, Class C | 1.260 | 02/16/27 | 2800 | 2674999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C | 2.560 | 04/17/28 | 1800 | 1728155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | 5.090 | 05/15/30 | 800 | 798230 |
| &nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A | 1.350 | 05/25/33 | 1000 | 928554 |
| &nbsp;&nbsp; World Omni Select Auto Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class B | 2.170 | 12/15/25 | 585 | 582176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class C | 2.380 | 12/15/25 | 300 | 294532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C | 1.090 | 11/15/27 | 600 | 548684 |
|  |  |  |  | 68202074 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 12.3%** |  |  |  |  |
| &nbsp;&nbsp; Allegro CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%) | 6.188(c) | 01/19/33 | 5000 | 4937375 |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%) | 5.962(c) | 07/15/34 | 6500 | 6389500 |
| &nbsp;&nbsp; Apres Static CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 0.000%) | 5.862(c) | 10/15/28 | 2262 | 2242557 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class AR, 144A, 3 Month LIBOR + 1.160% (Cap N/A, Floor 1.160%) | 5.975(c) | 10/21/34 | 6500 | 6373071 |
| &nbsp;&nbsp; Balboa Bay Loan Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) | 5.928(c) | 01/20/32 | 5000 | 4935126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) | 6.008(c) | 07/20/34 | 3100 | 3046873 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)**<br>&nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Barings Loan Partners CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series LP-02A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) | 5.908%(c) | 01/20/34 | 11750 | $11458031 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-08A, Class A1R2, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) | 5.865(c) | 07/18/30 | 980 | 967920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-10A, Class A1R2, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%) | 5.986(c) | 01/25/35 | 400 | 391732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | 5.966(c) | 04/24/34 | 5500 | 5368000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-16A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) | 5.928(c) | 12/19/32 | 3250 | 3188959 |
| &nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-05A, Class A1RR, 144A, 3 Month LIBOR + 1.080% (Cap N/A, Floor 1.080%) | 5.888(c) | 01/20/32 | 10250 | 10116332 |
| &nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 0.000%) | 5.828(c) | 04/20/31 | 1000 | 984244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A1, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) | 5.928(c) | 07/20/34 | 7000 | 6878200 |
| &nbsp;&nbsp; CBAM Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-12A, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) | 5.988(c) | 07/20/34 | 8500 | 8382636 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%) | 5.992(c) | 10/17/31 | 1000 | 991600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) | 5.932(c) | 07/15/34 | 2000 | 1970151 |
| &nbsp;&nbsp; Crown Point CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-11A, Class A, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) | 5.912(c) | 01/17/34 | 5500 | 5423356 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%) | 6.072(c) | 07/15/29 | 179 | 177698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-13A, Class A1, 144A, 3 Month LIBOR + 1.190% (Cap N/A, Floor 1.190%) | 5.982(c) | 07/15/34 | 3500 | 3428096 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | 5.958(c) | 04/20/34 | 7000 | 6905511 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 11

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)**<br>&nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Generate CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | 5.965%(c) | 01/22/31 | 500 | $494801 |
| &nbsp;&nbsp; Greywolf CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 0.000%) | 5.956(c) | 04/26/31 | 1000 | 990500 |
| &nbsp;&nbsp; HPS Loan Management Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A-16, Class A1RR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) | 5.948(c) | 04/20/34 | 3250 | 3202822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%) | 5.532(c) | 02/05/31 | 248 | 246395 |
| &nbsp;&nbsp; ICG US CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-02RA, Class A1, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 1.370%) | 6.162(c) | 01/16/33 | 1400 | 1382985 |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%) | 5.972(c) | 01/15/31 | 500 | 496250 |
| &nbsp;&nbsp; Logan CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.160% (Cap N/A, Floor 1.160%) | 5.968(c) | 07/20/34 | 5250 | 5166525 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%) | 5.645(c) | 04/22/27 | 1768 | 1748888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-18A, Class ARR, 144A, 3 Month LIBOR + 0.940% (Cap N/A, Floor 0.940%) | 5.755(c) | 10/21/30 | 11456 | 11363101 |
| &nbsp;&nbsp; MidOcean Credit CLO (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%) | 5.935(c) | 04/21/31 | 988 | 975748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%) | 5.918(c) | 07/19/28 | 289 | 286742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | 5.958(c) | 07/20/31 | 1250 | 1235302 |
| &nbsp;&nbsp; Mountain View CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%) | 5.912(c) | 07/15/31 | 2000 | 1978068 |
| &nbsp;&nbsp; Northwoods Capital Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-15A, Class A1R, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%) | 5.956(c) | 06/20/34 | 9750 | 9564277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-20A, Class A1R, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%) | 6.148(c) | 01/25/32 | 2500 | 2468241 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)**<br>&nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Ocean Trails CLO (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class ARR, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%) | 6.095%(c) | 10/13/31 | 8355 | $8252848 |
| &nbsp;&nbsp; OCP CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R2, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 5.882(c) | 01/15/33 | 3500 | 3429019 |
| &nbsp;&nbsp; Octagon Investment Partners 31 Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%) | 5.858(c) | 07/20/30 | 3759 | 3734610 |
| &nbsp;&nbsp; OZLM Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-04A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) | 6.065(c) | 10/22/30 | 919 | 910271 |
| &nbsp;&nbsp; OZLM Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%) | 6.052(c) | 10/30/30 | 461 | 457746 |
| &nbsp;&nbsp; Palmer Square CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%) | 5.922(c) | 01/17/31 | 1000 | 994679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A4, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%) | 5.805(c) | 05/21/34 | 7000 | 6930000 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%) | 5.896(c) | 06/20/34 | 6500 | 6392159 |
| &nbsp;&nbsp; Romark CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%) | 5.993(c) | 07/25/31 | 250 | 246988 |
| &nbsp;&nbsp; Romark WM-R Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%) | 5.838(c) | 04/20/31 | 990 | 977916 |
| &nbsp;&nbsp; Sixth Street CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%) | 6.128(c) | 10/20/32 | 5000 | 4949175 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%) | 5.892(c) | 01/26/31 | 1000 | 989500 |
| &nbsp;&nbsp; Telos CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%) | 6.032(c) | 01/17/30 | 774 | 764849 |
| &nbsp;&nbsp; TICP CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%) | 5.948(c) | 01/20/31 | 1000 | 994641 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 13

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)**<br>&nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Trimaran Cavu Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%) | 6.268%(c) | 07/20/32 | 1250 | $1236107 |
| &nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%) | 6.002(c) | 10/15/30 | 717 | 711357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%) | 5.695(c) | 01/18/29 | 539 | 535275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%) | 5.971(c) | 01/20/31 | 1000 | 991498 |
| &nbsp;&nbsp; Wellfleet CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%) | 5.892(c) | 07/17/31 | 2500 | 2471294 |
| &nbsp;&nbsp; Zais CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%) | 6.082(c) | 04/15/30 | 203 | 200476 |
|  |  |  |  | 182328021 |
| &nbsp;&nbsp; **Consumer Loans 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Lendmark Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A, 144A | 2.780 | 04/20/28 | 2399 | 2348066 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A | 3.840 | 05/14/32 | 392 | 389587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 1.750 | 09/14/35 | 2600 | 2316824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%) | 5.039(c) | 06/16/36 | 2800 | 2726521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | 4.890 | 10/14/34 | 2360 | 2327826 |
| &nbsp;&nbsp; Oportun Funding XIV LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 144A | 1.210 | 03/08/28 | 1339 | 1256757 |
| &nbsp;&nbsp; Oportun Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02, Class A, 144A | 5.940 | 10/09/29 | 1709 | 1696381 |
|  |  |  |  | 13061962 |
| &nbsp;&nbsp; **Credit Cards 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | 3.960 | 10/13/30 | 2100 | 2075160 |
| &nbsp;&nbsp; **Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B, Class A5, 144A | 2.720 | 06/15/40 | 733 | 714321 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)**<br>&nbsp;&nbsp; **Equipment (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; MMAF Equipment Finance LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A5, 144A | 3.610% | 03/10/42 | 200 | $195290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A5, 144A | 3.080 | 11/12/41 | 800 | 777219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | 2.290 | 11/12/41 | 1200 | 1119537 |
|  |  |  |  | 2806367 |
| &nbsp;&nbsp; **Home Equity Loans 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Option One Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-03, Class M2, 1 Month LIBOR + 0.735% (Cap N/A, Floor 0.735%) | 5.241(c) | 08/25/35 | 115 | 115034 |
| &nbsp;&nbsp; **Manufactured Housing 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MH01, Class A1, 144A | 3.000(cc) | 11/25/58 | 250 | 245359 |
| &nbsp;&nbsp; **Other 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Home Partners of America Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A | 2.200 | 01/17/41 | 1789 | 1564869 |
| &nbsp;&nbsp; **Student Loans 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Commonbond Student Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BGS, Class A1, 144A | 2.680 | 09/25/42 | 192 | 178687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AGS, Class A1, 144A | 3.210 | 02/25/44 | 146 | 136723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-AGS, Class A, 144A | 1.980 | 08/25/50 | 665 | 584246 |
| &nbsp;&nbsp; ELFI Graduate Loan Program LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | 1.730 | 08/25/45 | 1102 | 965693 |
| &nbsp;&nbsp; Laurel Road Prime Student Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C, Class A2B, 144A | 2.810 | 11/25/42 | 31 | 30233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B, Class A2FX, 144A | 3.540 | 05/26/43 | 61 | 59799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | 2.730 | 10/25/48 | 91 | 88915 |
| &nbsp;&nbsp; Navient Private Education Refi Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A2, 144A | 3.190 | 02/18/42 | 60 | 59905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CA, Class A2, 144A | 3.520 | 06/16/42 | 80 | 78650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A | 3.130 | 02/15/68 | 312 | 298205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A | 2.120 | 01/15/69 | 583 | 533647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | 1.690 | 05/15/69 | 448 | 407121 |
| &nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 1 Month LIBOR + 0.530% (Cap N/A, Floor 0.530%) | 5.036(c) | 05/25/70 | 1840 | 1791662 |
| &nbsp;&nbsp; SoFi Professional Loan Program LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-F, Class A2FX, 144A | 2.840 | 01/25/41 | 306 | 294967 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 15

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)**<br>&nbsp;&nbsp; **Student Loans (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; SoFi Professional Loan Program LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | 3.690% | 06/15/48 | 464 | $447514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | 2.370 | 11/16/48 | 550 | 513847 |
| &nbsp;&nbsp; SoFi Professional Loan Program Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B, Class A2FX, 144A | 3.340 | 08/25/47 | 239 | 231710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | 2.540 | 05/15/46 | 1013 | 946679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C, Class AFX, 144A | 1.950 | 02/15/46 | 520 | 470419 |
|  |  |  |  | 8118622 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $287,405,793) |  |  |  | 278517468 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 12.5%** |  |  |  |  |
| &nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF01, Class A4, 144A | 2.495 | 05/15/53 | 5500 | 4751670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A4, 144A | 2.252 | 06/15/54 | 8900 | 7365923 |
| &nbsp;&nbsp; Assurant Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class AS, 144A | 3.172 | 05/15/49 | 300 | 287783 |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | 2.758 | 09/15/62 | 5746 | 5154844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class A2 | 2.669 | 12/15/52 | 2200 | 1952226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | 2.399 | 01/15/63 | 3800 | 3296325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 | 2.155 | 03/15/63 | 5000 | 4252360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN27, Class A4 | 1.901 | 04/15/63 | 4700 | 3924963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | 1.742 | 11/15/53 | 2600 | 2115295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A4 | 2.349 | 04/15/54 | 9000 | 7695136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A4 | 2.156 | 06/15/63 | 7000 | 5846289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 | 2.275 | 12/15/64 | 5700 | 4745461 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | 2.937 | 08/14/36 | 500 | 444945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TALL, Class A, 144A, 1 Month LIBOR + 0.722% (Cap N/A, Floor 0.722%) | 5.181(c) | 03/15/37 | 6000 | 5573281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C07, Class A4 | 1.786 | 04/15/53 | 5700 | 4728978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C10, Class ASB | 2.268 | 07/15/54 | 5275 | 4630220 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B01, Class A4 | 3.402 | 01/15/51 | 968 | 930564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | 3.761 | 04/10/51 | 1150 | 1097223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | 3.455 | 03/15/62 | 2500 | 2344049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | 2.042 | 03/15/53 | 1800 | 1514454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | 1.704 | 12/17/53 | 2600 | 2128610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG03, Class A2, 144A | 2.475 | 09/15/48 | 5500 | 5182702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | 2.010 | 03/15/54 | 2600 | 2281065 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; Benchmark Mortgage Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B31, Class A4 | 2.420% | 12/15/54 | 6400 | $5380883 |
| &nbsp;&nbsp; Cantor Commercial Real Estate Lending, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF03, Class A3 | 2.752 | 01/15/53 | 2900 | 2573550 |
| &nbsp;&nbsp; CD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD01, Class A3 | 2.459 | 08/10/49 | 434 | 402519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | 2.657 | 08/15/57 | 2700 | 2368267 |
| &nbsp;&nbsp; CF Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-P01, Class A1, 144A | 2.840(cc) | 04/15/25 | 2850 | 2723857 |
| &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | 3.585 | 12/10/54 | 1822 | 1711598 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27, Class A4 | 2.878 | 02/10/48 | 1162 | 1115068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A3 | 2.896 | 11/15/49 | 900 | 833077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P03, Class A3 | 3.063 | 04/15/49 | 4535 | 4323691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | 3.203 | 09/15/50 | 1700 | 1588033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C07, Class A3 | 2.860 | 12/15/72 | 1120 | 999015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | 2.620 | 08/10/56 | 3000 | 2642290 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC01, Class A5 | 3.350 | 02/10/48 | 1510 | 1454378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-PC01, Class A4 | 3.620 | 07/10/50 | 1359 | 1318702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | 2.826 | 10/10/49 | 792 | 742806 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C08, Class A3 | 3.127 | 06/15/50 | 1161 | 1064976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C20, Class A2 | 2.486 | 03/15/54 | 5553 | 4752612 |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | 2.632 | 08/10/49 | 650 | 603518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C09, Class A4 | 1.644 | 08/15/53 | 5800 | 4830286 |
| &nbsp;&nbsp; Fannie Mae-Aces, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M10, Class A1 | 3.358(cc) | 07/25/28 | 58 | 57126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M21, Class 3A1 | 2.100 | 06/25/34 | 6053 | 5493025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M25, Class A1 | 2.142 | 11/25/29 | 714 | 695634 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KW08, Class A2 | 3.600 | 01/25/29 | 4500 | 4354513 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%) | 5.208(c) | 11/21/35 | 1386 | 1301115 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC30, Class A3 | 3.119 | 05/10/50 | 942 | 900852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A3 | 3.244 | 10/10/48 | 4166 | 3977248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GSA03, Class A4 | 2.369 | 12/15/54 | 7000 | 5802752 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A3A1 | 2.920 | 02/15/48 | 875 | 831659 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 17

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity <br>Date** | **Principal <br> Amount <br> (000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP05, Class A4 | 3.457% | 03/15/50 | 284 | $273551 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.414 | 03/15/50 | 1009 | 958635 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | 2.559 | 08/15/49 | 896 | 832666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | 2.627 | 08/15/49 | 646 | 597724 |
| &nbsp;&nbsp; Ladder Capital Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-LC26, Class A3, 144A | 3.289 | 07/12/50 | 1188 | 1115182 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | 2.791 | 11/15/49 | 900 | 835585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | 2.531 | 08/15/49 | 1807 | 1666419 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.212 | 11/15/50 | 1800 | 1690111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 | 3.854 | 03/15/51 | 750 | 715784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | 4.180 | 12/15/51 | 1172 | 1130126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class A3 | 2.782 | 12/15/52 | 4400 | 3878987 |
| &nbsp;&nbsp; UBS-Barclays Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C06, Class A4 | 3.244 | 04/10/46 | 31 | 30356 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | 2.399 | 08/15/49 | 1193 | 1096963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | 2.674 | 07/15/48 | 1838 | 1717515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS06, Class A3 | 2.642 | 11/15/49 | 1500 | 1405577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | 3.190 | 07/15/50 | 965 | 902718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 | 3.374 | 03/15/50 | 1012 | 953768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46, Class A3 | 3.888 | 08/15/51 | 2000 | 1927902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C49, Class A3 | 3.749 | 03/15/52 | 3000 | 2896420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class A4 | 3.466 | 05/15/52 | 2500 | 2341585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A3 | 2.631 | 08/15/52 | 2000 | 1908881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C57, Class A3 | 1.864 | 08/15/53 | 5300 | 4397033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A3 | 1.958 | 04/15/54 | 5921 | 5172183 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $211,030,334) | &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $211,030,334) | &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $211,030,334) |  | 185533087 |
| &nbsp;&nbsp; **CORPORATE BONDS 28.5%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.6%** |  |  |  |  |
| &nbsp;&nbsp; BAE Systems PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.400 | 04/15/30 | 335 | 306074 |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 | 1530 | 1412719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 03/01/38 | 495 | 399815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 02/01/31 | 5450 | 4994292 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Boeing Co. (The), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850% | 11/01/48 | 455 | $343403 |
| &nbsp;&nbsp; Embraer Netherlands Finance BV (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.050 | 06/15/25 | 281 | 276662 |
| &nbsp;&nbsp; Embraer Overseas Ltd. (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.696 | 09/16/23 | 375 | 374438 |
| &nbsp;&nbsp; L3Harris Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.832 | 04/27/25 | 30 | 29316 |
| &nbsp;&nbsp; Raytheon Technologies Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 11/16/28 | 450 | 441885 |
|  |  |  |  | 8578604 |
| &nbsp;&nbsp; **Agriculture 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Altria Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 05/06/30 | 630 | 557819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 02/04/41 | 2010 | 1412381 |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.259 | 03/25/28 | 1910 | 1641663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.726 | 03/25/31 | 2180 | 1754546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.557 | 08/15/27 | 455 | 424383 |
| &nbsp;&nbsp; BAT International Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.950 | 06/15/25 | 1510 | 1463003 |
|  |  |  |  | 7253795 |
| &nbsp;&nbsp; **Airlines 0.1%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines 2015-1 Class A Pass-Through Trust, Pass-Through Certificates | 3.375 | 11/01/28 | 66 | 56844 |
| &nbsp;&nbsp; Delta Air Lines 2020-1 Class AA Pass-Through Trust, Pass-Through Certificates | 2.000 | 12/10/29 | 587 | 511638 |
| &nbsp;&nbsp; United Airlines 2016-2 Class AA Pass-Through Trust, Pass-Through Certificates | 2.875 | 04/07/30 | 294 | 263108 |
| &nbsp;&nbsp; United Airlines 2019-2 Class AA Pass-Through Trust, Pass-Through Certificates | 2.700 | 11/01/33 | 398 | 329576 |
|  |  |  |  | 1161166 |
| &nbsp;&nbsp; **Auto Manufacturers 0.3%** |  |  |  |  |
| &nbsp;&nbsp; BMW US Capital LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.250 | 09/15/23 | 645 | 634056 |
| &nbsp;&nbsp; Ford Motor Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.291 | 12/08/46 | 285 | 236129 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 19

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Auto Manufacturers (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250% | 10/02/43 | 900 | $896624 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 01/05/28 | 490 | 459265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 01/17/27 | 180 | 174695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/20/27 | 375 | 336684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 06/21/30 | 2655 | 2338831 |
|  |  |  |  | 5076284 |
| &nbsp;&nbsp; **Banks 8.7%** |  |  |  |  |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.849 | 03/25/26 | 200 | 180047 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 9635 | 8146674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.593(ff) | 07/21/28 | 1595 | 1507820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.496(ff) | 02/13/31 | 2705 | 2303992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.824(ff) | 01/20/28 | 1720 | 1653667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.974(ff) | 02/07/30 | 400 | 378465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.083(ff) | 03/20/51 | 1555 | 1341319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.271(ff) | 07/23/29 | 320 | 309429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | 1.658(ff) | 03/11/27 | 105 | 94811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 4.000 | 01/22/25 | 800 | 785951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 4.450 | 03/03/26 | 1500 | 1486744 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 03/16/25 | 200 | 194177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.932(ff) | 05/07/25 | 1780 | 1743820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.972(ff) | 05/16/29 | 400 | 390201 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.323(ff) | 01/13/27 | 3075 | 2749861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.675(ff) | 06/30/27 | 1425 | 1271980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.904(ff) | 09/30/28 | 1385 | 1193419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.219(ff) | 06/09/26 | 395 | 367786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.591(ff) | 01/20/28 | 665 | 601256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 3.052(ff) | 01/13/31 | 1080 | 938546 |
| &nbsp;&nbsp; BPCE SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 01/14/25 | 2650 | 2495384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 3.250 | 01/11/28 | 625 | 578361 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.122(ff) | 01/28/27 | 8090 | 7208858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.561(ff) | 05/01/32 | 1415 | 1179133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 1400 | 1204755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 10/21/26 | 290 | 274712 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Banks (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Citigroup, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400% | 05/01/26 | 350 | $337033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.520(ff) | 10/27/28 | 180 | 168707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.668(ff) | 07/24/28 | 490 | 463994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.887(ff) | 01/10/28 | 670 | 643797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.400 | 06/10/25 | 4000 | 3970439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.450 | 09/29/27 | 840 | 824325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.600 | 03/09/26 | 945 | 939313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.750 | 05/18/46 | 460 | 425308 |
| &nbsp;&nbsp; Credit Agricole SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.247(ff) | 01/26/27 | 1350 | 1203544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 1.907(ff) | 06/16/26 | 1045 | 965062 |
| &nbsp;&nbsp; Credit Suisse Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.193(ff) | 06/05/26 | 555 | 486044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.593(ff) | 09/11/25 | 1730 | 1581629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.869(ff) | 01/12/29 | 870 | 745422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.282 | 01/09/28 | 350 | 307610 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.129(ff) | 11/24/26 | 1530 | 1379063 |
| &nbsp;&nbsp; Discover Bank, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 08/08/23 | 250 | 248700 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.431(ff) | 03/09/27 | 3075 | 2752482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.542(ff) | 09/10/27 | 3405 | 3005647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.272(ff) | 09/29/25 | 1160 | 1124438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 01/23/25 | 75 | 73073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 04/01/25 | 1230 | 1194441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 1585 | 1497186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 01/26/27 | 475 | 459480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 125 | 120593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.150 | 05/22/45 | 335 | 331631 |
| &nbsp;&nbsp; ING Groep NV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 04/09/24 | 200 | 196403 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series XR, 144A | 4.000 | 09/23/29 | 1790 | 1609406 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II | 4.000(ff) | 04/01/25(oo) | 3920 | 3595540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.824(ff) | 06/01/25 | 900 | 847112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.040(ff) | 02/04/27 | 4160 | 3707947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.578(ff) | 04/22/27 | 215 | 193242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 2565 | 2160847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.739(ff) | 10/15/30 | 7000 | 6116529 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 21

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Banks (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; JPMorgan Chase & Co., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.947%(ff) | 02/24/28 | 215 | $199294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.964(ff) | 11/15/48 | 355 | 306903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.005(ff) | 04/23/29 | 3585 | 3437272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.323(ff) | 04/26/28 | 165 | 161394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 2.956(ff) | 05/13/31 | 1855 | 1602653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 3.875 | 09/10/24 | 375 | 369337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.250 | 10/01/27 | 375 | 370385 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.593(ff) | 05/04/27 | 5600 | 5030447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 960 | 779224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.750 | 02/25/23 | 315 | 314713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 760 | 722499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.875 | 01/27/26 | 470 | 459171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.000 | 07/23/25 | 455 | 447890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 1200 | 1168279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 | 4245 | 3375288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.720(ff) | 07/22/25 | 1500 | 1449170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.591(ff) | 07/22/28 | 310 | 293544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F, MTN | 3.875 | 04/29/24 | 365 | 360983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | 4.350 | 09/08/26 | 3800 | 3733518 |
| &nbsp;&nbsp; NatWest Group PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.642(ff) | 06/14/27 | 1830 | 1625141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.076(ff) | 01/27/30 | 720 | 708916 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.488(ff) | 12/14/26 | 3800 | 3389013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.797(ff) | 01/19/28 | 275 | 247542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 1.792(ff) | 06/09/27 | 1020 | 904563 |
| &nbsp;&nbsp; State Bank of India (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 01/24/24 | 630 | 624040 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.348 | 01/15/25 | 2520 | 2399317 |
| &nbsp;&nbsp; Texas Capital Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, 3 Month LIBOR + 4.500% | 9.254(c) | 09/30/24 | 2340 | 2275149 |
| &nbsp;&nbsp; Truist Bank, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 2.250 | 03/11/30 | 2840 | 2389601 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.126(ff) | 08/13/30 | 1180 | 1034038 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 | 2740 | 2366065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.013(ff) | 04/04/51 | 2300 | 2264915 |
|  |  |  |  | 129067419 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Beverages 0.5%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700% | 02/01/36 | 180 | $178475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/01/46 | 650 | 628765 |
| &nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.450 | 01/23/39 | 975 | 1022449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.550 | 01/23/49 | 900 | 964801 |
| &nbsp;&nbsp; Constellation Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.650 | 11/15/28 | 450 | 446928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 08/01/31 | 1030 | 849097 |
| &nbsp;&nbsp; Diageo Capital PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.125 | 04/29/32 | 1665 | 1383705 |
| &nbsp;&nbsp; Keurig Dr. Pepper, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 05/01/30 | 1450 | 1310721 |
|  |  |  |  | 6784941 |
| &nbsp;&nbsp; **Biotechnology 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Gilead Sciences, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 09/01/23 | 220 | 216791 |
| &nbsp;&nbsp; **Building Materials 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Martin Marietta Materials, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 12/15/47 | 395 | 344431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series CB | 2.500 | 03/15/30 | 885 | 757111 |
| &nbsp;&nbsp; Owens Corning, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 01/30/48 | 825 | 706336 |
|  |  |  |  | 1807878 |
| &nbsp;&nbsp; **Chemicals 0.1%** |  |  |  |  |
| &nbsp;&nbsp; LYB International Finance BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 07/15/23 | 142 | 141159 |
| &nbsp;&nbsp; LYB International Finance III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 05/01/50 | 1070 | 868090 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 01/15/45 | 248 | 243994 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 03/27/24 | 200 | 197190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 09/27/28 | 400 | 385761 |
|  |  |  |  | 1836194 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 23

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Commercial Services 0.4%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.700% | 11/01/23 | 580 | $568146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 02/15/45 | 75 | 67122 |
| &nbsp;&nbsp; Experian Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.750 | 03/08/30 | 1735 | 1492461 |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 02/15/25 | 575 | 548626 |
| &nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.885 | 07/01/2116 | 700 | 557599 |
| &nbsp;&nbsp; President & Fellows of Harvard College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.300 | 07/15/56 | 160 | 128255 |
| &nbsp;&nbsp; Trustees of Boston College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.129 | 07/01/52 | 637 | 475516 |
| &nbsp;&nbsp; University of Notre Dame du Lac, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | 3.394 | 02/15/48 | 365 | 304963 |
| &nbsp;&nbsp; Verisk Analytics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 03/15/29 | 1185 | 1131846 |
|  |  |  |  | 5274534 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Apple, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 08/04/46 | 525 | 471463 |
| &nbsp;&nbsp; NetApp, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 06/22/25 | 1470 | 1367218 |
|  |  |  |  | 1838681 |
| &nbsp;&nbsp; **Diversified Financial Services 0.4%** |  |  |  |  |
| &nbsp;&nbsp; BOC Aviation USA Corp. (Singapore), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 1.625 | 04/29/24 | 635 | 607178 |
| &nbsp;&nbsp; Cboe Global Markets, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.625 | 12/15/30 | 2900 | 2361205 |
| &nbsp;&nbsp; Charles Schwab Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/11/31 | 2970 | 2406283 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.625 | 10/15/31 | 95 | 77968 |
| &nbsp;&nbsp; Nomura Holdings, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.608 | 07/14/31 | 565 | 455885 |
|  |  |  |  | 5908519 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Electric 2.7%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Abu Dhabi National Energy Co. PJSC (United Arab Emirates), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 2.000% | 04/29/28 | 515 | $459895 |
| &nbsp;&nbsp; AEP Transmission Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 09/15/48 | 830 | 751993 |
| &nbsp;&nbsp; Alabama Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 04/01/25 | 75 | 71731 |
| &nbsp;&nbsp; Alfa Desarrollo SpA (Chile), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.550 | 09/27/51 | 658 | 528903 |
| &nbsp;&nbsp; Ameren Illinois Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 12/01/47 | 625 | 530438 |
| &nbsp;&nbsp; Arizona Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 12/15/31 | 2875 | 2282046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.350 | 05/15/50 | 485 | 346893 |
| &nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series Z | 2.400 | 09/01/26 | 190 | 177010 |
| &nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 09/01/49 | 495 | 394249 |
| &nbsp;&nbsp; Cleco Corporate Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 09/15/29 | 305 | 262700 |
| &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.688 | 05/15/29 | 1600 | 1468300 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 03/01/45 | 40 | 33381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.000 | 03/01/48 | 115 | 101129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | 3.750 | 08/15/47 | 775 | 646283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | 3.125 | 03/15/51 | 95 | 70823 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | 3.875 | 06/15/47 | 805 | 662844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | 4.300 | 12/01/56 | 40 | 34799 |
| &nbsp;&nbsp; Consumers Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.250 | 08/15/46 | 155 | 120241 |
| &nbsp;&nbsp; Delmarva Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.150 | 05/15/45 | 60 | 52715 |
| &nbsp;&nbsp; Dominion Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | 2.850 | 08/15/26 | 55 | 51536 |
| &nbsp;&nbsp; DTE Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series A | 4.050 | 05/15/48 | 370 | 328712 |
| &nbsp;&nbsp; DTE Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.850 | 10/01/26 | 350 | 327388 |
| &nbsp;&nbsp; Duke Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 09/01/26 | 145 | 135650 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 25

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Electric (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Duke Energy Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950% | 08/15/47 | 185 | $149042 |
| &nbsp;&nbsp; Duke Energy Florida LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.200 | 01/15/27 | 600 | 576499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.400 | 10/01/46 | 185 | 143323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.200 | 07/15/48 | 205 | 183147 |
| &nbsp;&nbsp; Duke Energy Progress LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.500 | 08/15/50 | 1860 | 1204264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 10/15/46 | 75 | 60503 |
| &nbsp;&nbsp; Emera US Finance LP (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 06/15/26 | 60 | 56896 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.650 | 09/10/24 | 655 | 629627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 04/06/28 | 475 | 435021 |
| &nbsp;&nbsp; Engie Energia Chile SA (Chile), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.400 | 01/28/30 | 200 | 166975 |
| &nbsp;&nbsp; Entergy Arkansas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.650 | 06/15/51 | 2220 | 1477122 |
| &nbsp;&nbsp; Entergy Louisiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | 4.000 | 03/15/33 | 170 | 160600 |
| &nbsp;&nbsp; Entergy Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 03/30/39 | 1000 | 931136 |
| &nbsp;&nbsp; Evergy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450 | 09/15/24 | 2135 | 2046673 |
| &nbsp;&nbsp; Eversource Energy, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | 3.300 | 01/15/28 | 335 | 317467 |
| &nbsp;&nbsp; Fortis, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.055 | 10/04/26 | 217 | 203364 |
| &nbsp;&nbsp; Georgia Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 2.650 | 09/15/29 | 1005 | 884753 |
| &nbsp;&nbsp; IPALCO Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 05/01/30 | 240 | 222188 |
| &nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | 4.250 | 08/14/28 | 235 | 224322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Series 6 | 5.000 | 11/12/24 | 1360 | 1353200 |
| &nbsp;&nbsp; MidAmerican Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 08/01/47 | 225 | 198763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.250 | 07/15/49 | 350 | 320383 |
| &nbsp;&nbsp; Monongahela Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | 4.100 | 04/15/24 | 851 | 840381 |
| &nbsp;&nbsp; Narragansett Electric Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.395 | 04/09/30 | 915 | 844164 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Electric (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 2.000% | 12/02/25 | 280 | $252123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 2.450 | 12/02/27 | 1215 | 1042510 |
| &nbsp;&nbsp; Ohio Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 04/01/48 | 250 | 219735 |
| &nbsp;&nbsp; Oncor Electric Delivery Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.950 | 04/01/25 | 60 | 57767 |
| &nbsp;&nbsp; PacifiCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.700 | 09/15/30 | 890 | 793315 |
| &nbsp;&nbsp; PECO Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.000 | 09/15/49 | 180 | 131947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.050 | 03/15/51 | 1540 | 1127401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.800 | 10/15/43 | 120 | 114597 |
| &nbsp;&nbsp; Pennsylvania Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.600 | 06/01/29 | 1435 | 1321599 |
| &nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.000 | 10/01/49 | 235 | 176060 |
| &nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.100 | 06/15/48 | 235 | 209288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 34 | 3.200 | 03/01/50 | 720 | 557598 |
| &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 2.250 | 09/15/26 | 370 | 342572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 2.700 | 05/01/50 | 390 | 273695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 3.200 | 05/15/29 | 1265 | 1180984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 3.600 | 12/01/47 | 95 | 78201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 3.700 | 05/01/28 | 590 | 574658 |
| &nbsp;&nbsp; Public Service Enterprise Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.600 | 08/15/30 | 1155 | 927049 |
| &nbsp;&nbsp; Puget Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.379 | 06/15/28 | 1132 | 998066 |
| &nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.150 | 05/15/48 | 420 | 375325 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.650 | 02/01/50 | 290 | 228087 |
| &nbsp;&nbsp; Southwestern Electric Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K | 2.750 | 10/01/26 | 675 | 627423 |
| &nbsp;&nbsp; Southwestern Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 08/15/47 | 355 | 283752 |
| &nbsp;&nbsp; SP PowerAssets Ltd. (Singapore), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 3.000 | 09/26/27 | 465 | 436254 |
| &nbsp;&nbsp; State Grid Overseas Investment BVI Ltd. (China), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 3.500 | 05/04/27 | 600 | 581886 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 27

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Electric (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Tucson Electric Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000% | 06/15/50 | 1315 | $1065602 |
| &nbsp;&nbsp; Union Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.650 | 04/15/45 | 50 | 41281 |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 3.500 | 03/15/27 | 185 | 178572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 3.800 | 04/01/28 | 290 | 280273 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.550 | 07/15/24 | 1515 | 1463584 |
| &nbsp;&nbsp; Wisconsin Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 10/15/27 | 535 | 503874 |
| &nbsp;&nbsp; Xcel Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.350 | 12/01/26 | 510 | 487515 |
|  |  |  |  | 40402065 |
| &nbsp;&nbsp; **Electronics 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Trimble, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 06/15/23 | 770 | 767504 |
| &nbsp;&nbsp; **Engineering & Construction 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/30/28 | 600 | 570306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 | 645 | 622546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 | 600 | 483480 |
|  |  |  |  | 1676332 |
| &nbsp;&nbsp; **Entertainment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.050 | 03/15/42 | 1570 | 1340451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.141 | 03/15/52 | 625 | 519178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.391 | 03/15/62 | 315 | 262190 |
|  |  |  |  | 2121819 |
| &nbsp;&nbsp; **Foods 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Ahold Finance USA LLC (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 05/01/29 | 280 | 298366 |
| &nbsp;&nbsp; Campbell Soup Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.375 | 04/24/30 | 2175 | 1870517 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Foods (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Cencosud SA (Chile), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375% | 07/17/27 | 1320 | $1263735 |
| &nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 06/01/46 | 1005 | 878199 |
| &nbsp;&nbsp; Kroger Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 10/15/46 | 65 | 53206 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.950 | 04/01/49 | 580 | 510070 |
|  |  |  |  | 4874093 |
| &nbsp;&nbsp; **Forest Products & Paper 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Celulosa Arauco y Constitucion SA (Chile), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 11/02/27 | 651 | 612672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 08/01/24 | 214 | 211432 |
| &nbsp;&nbsp; Georgia-Pacific LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.600 | 03/01/25 | 220 | 215226 |
|  |  |  |  | 1039330 |
| &nbsp;&nbsp; **Gas 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Atmos Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 09/15/49 | 1200 | 939528 |
| &nbsp;&nbsp; CenterPoint Energy Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.100 | 09/01/47 | 305 | 264067 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.700 | 02/15/31 | 785 | 624365 |
| &nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/29 | 440 | 416329 |
| &nbsp;&nbsp; Southern Co. Gas Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.450 | 10/01/23 | 555 | 544920 |
|  |  |  |  | 2789209 |
| &nbsp;&nbsp; **Healthcare-Products 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Medtronic, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/15/35 | 235 | 233787 |
| &nbsp;&nbsp; **Healthcare-Services 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Aetna, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 11/15/24 | 100 | 97735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/42 | 1000 | 921984 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 29

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Healthcare-Services (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Aetna, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750% | 12/15/37 | 170 | $192389 |
| &nbsp;&nbsp; AHS Hospital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 5.024 | 07/01/45 | 200 | 205657 |
| &nbsp;&nbsp; Ascension Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 3.106 | 11/15/39 | 265 | 215070 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 2.810 | 06/01/41 | 2410 | 1861487 |
| &nbsp;&nbsp; Laboratory Corp. of America Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 12/01/29 | 595 | 532134 |
| &nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2015 | 4.200 | 07/01/55 | 75 | 67060 |
| &nbsp;&nbsp; Mount Sinai Hospitals Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | 3.737 | 07/01/49 | 1795 | 1440722 |
| &nbsp;&nbsp; MyMichigan Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | 3.409 | 06/01/50 | 740 | 549859 |
| &nbsp;&nbsp; OhioHealth Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 3.042 | 11/15/50 | 795 | 608108 |
| &nbsp;&nbsp; Piedmont Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032 | 2.044 | 01/01/32 | 2670 | 2147829 |
| &nbsp;&nbsp; Providence St. Joseph Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | 2.532 | 10/01/29 | 420 | 362429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series H | 2.746 | 10/01/26 | 40 | 37780 |
| &nbsp;&nbsp; Quest Diagnostics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 06/30/30 | 1910 | 1704484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 03/30/25 | 190 | 184645 |
| &nbsp;&nbsp; RWJ Barnabas Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.949 | 07/01/46 | 175 | 150782 |
| &nbsp;&nbsp; Stanford Health Care, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | 3.795 | 11/15/48 | 450 | 384369 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 05/15/41 | 1150 | 919223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 07/15/25 | 90 | 88767 |
|  |  |  |  | 12672513 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 04/01/26 | 35 | 33247 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Insurance 0.4%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Arch Capital Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.031% | 12/15/46 | 95 | $87249 |
| &nbsp;&nbsp; Arch Capital Group US, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.144 | 11/01/43 | 100 | 95876 |
| &nbsp;&nbsp; Berkshire Hathaway Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.850 | 10/15/50 | 1175 | 848020 |
| &nbsp;&nbsp; CNA Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 05/15/24 | 1170 | 1154323 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.950 | 05/15/60 | 185 | 137794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.951 | 10/15/50 | 450 | 349914 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.300 | 10/09/37 | 115 | 119778 |
| &nbsp;&nbsp; Markel Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.350 | 09/17/29 | 1625 | 1475999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 03/30/23 | 400 | 398868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 04/05/46 | 217 | 200263 |
| &nbsp;&nbsp; Principal Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.100 | 11/15/26 | 105 | 99108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 11/15/46 | 140 | 122199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 05/15/43 | 20 | 17024 |
| &nbsp;&nbsp; Teachers Insurance & Annuity Association of America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 3.300 | 05/15/50 | 930 | 698470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 4.900 | 09/15/44 | 120 | 117211 |
| &nbsp;&nbsp; W.R. Berkley Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 05/12/50 | 545 | 451038 |
|  |  |  |  | 6373134 |
| &nbsp;&nbsp; **Iron/Steel 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Steel Dynamics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |  |
|  | 3.450 | 04/15/30 | 5710 | 5261458 |
| &nbsp;&nbsp; **Lodging 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 08/18/26 | 1230 | 1143976 |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | 3.125 | 06/15/26 | 250 | 237583 |
|  |  |  |  | 1381559 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 31

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Machinery-Construction & Mining 0.0%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Caterpillar, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |  |
|  | 2.600% | 04/09/30 | 735 | $664714 |
| &nbsp;&nbsp; **Machinery-Diversified 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Rockwell Automation, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |  |
|  | 2.875 | 03/01/25 | 115 | 111087 |
| &nbsp;&nbsp; **Media 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.300 | 02/01/32 | 445 | 341436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.800 | 04/01/31 | 2755 | 2252197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.700 | 04/01/51 | 360 | 238255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.900 | 06/01/52 | 1690 | 1149526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.375 | 05/01/47 | 530 | 451761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.384 | 10/23/35 | 2480 | 2526726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 | 400 | 392513 |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 10/15/30 | 275 | 272016 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.600 | 06/15/31 | 3535 | 2934716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.150 | 08/15/24 | 276 | 267857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.500 | 08/15/27 | 2000 | 1905312 |
| &nbsp;&nbsp; Discovery Communications LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 09/20/47 | 1000 | 833887 |
| &nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 09/01/41 | 150 | 134452 |
|  |  |  |  | 13700654 |
| &nbsp;&nbsp; **Mining 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 05/01/43 | 190 | 206326 |
| &nbsp;&nbsp; Freeport Indonesia PT (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 4.763 | 04/14/27 | 225 | 218275 |
| &nbsp;&nbsp; Newmont Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 10/01/30 | 845 | 707338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.800 | 10/01/29 | 1270 | 1118183 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Mining (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Yamana Gold, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.630% | 08/15/31 | 3120 | $2460890 |
|  |  |  |  | 4711012 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Teledyne Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |  |
|  | 2.750 | 04/01/31 | 3510 | 2982472 |
| &nbsp;&nbsp; **Office/Business Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes |  |  |  |  |
|  | 2.670 | 12/01/26 | 3145 | 2830950 |
| &nbsp;&nbsp; **Oil & Gas 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.000 | 07/15/26 | 3620 | 3274535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.100 | 07/15/31 | 770 | 651366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.875 | 01/15/26 | 2045 | 1928859 |
| &nbsp;&nbsp; BP Capital Markets PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375(ff) | 06/22/25(oo) | 2420 | 2352700 |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 03/15/38 | 175 | 185786 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.750 | 02/15/52 | 1685 | 1278855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/47 | 384 | 369779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 11/15/39 | 156 | 170935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.800 | 09/15/37 | 200 | 215582 |
| &nbsp;&nbsp; Chevron USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.900 | 11/15/24 | 425 | 421384 |
| &nbsp;&nbsp; Continental Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 06/01/24 | 2300 | 2255650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 04/15/23 | 146 | 145623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.268 | 11/15/26 | 330 | 293206 |
| &nbsp;&nbsp; Equinor ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.375 | 05/22/30 | 1110 | 977024 |
| &nbsp;&nbsp; KazMunayGas National Co. JSC (Kazakhstan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 04/24/25 | 200 | 195770 |
| &nbsp;&nbsp; Marathon Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 04/01/28 | 380 | 359901 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 33

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Oil & Gas (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500% | 05/01/31 | 100 | $111222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.875 | 09/15/31 | 250 | 283196 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 01/28/31 | 398 | 317763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.350 | 02/12/48 | 154 | 100470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.490 | 01/23/27 | 1048 | 980352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 03/13/27 | 1020 | 961120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 6.750 | 09/21/47 | 1096 | 757610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 6.875 | 08/04/26 | 870 | 846593 |
| &nbsp;&nbsp; Phillips 66 Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.150 | 12/15/29 | 5000 | 4516179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.550 | 10/01/26 | 310 | 295097 |
| &nbsp;&nbsp; QatarEnergy (Qatar), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.375 | 09/12/26 | 2298 | 2058577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.250 | 07/12/31 | 1090 | 923979 |
|  |  |  |  | 27229113 |
| &nbsp;&nbsp; **Oil & Gas Services 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Schlumberger Holdings Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |  |  |
|  | 3.900 | 05/17/28 | 487 | 466585 |
| &nbsp;&nbsp; **Packaging & Containers 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Berry Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 1.570 | 01/15/26 | 4740 | 4281148 |
| &nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 1.512 | 04/15/26 | 3070 | 2724779 |
| &nbsp;&nbsp; WRKCo, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.650 | 03/15/26 | 560 | 558108 |
|  |  |  |  | 7564035 |
| &nbsp;&nbsp; **Pharmaceuticals 1.5%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 03/15/25 | 105 | 103039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 11/21/49 | 2000 | 1791632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/14/35 | 550 | 538526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 03/15/35 | 360 | 353481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 05/14/45 | 1330 | 1271434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 03/15/45 | 1008 | 968556 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Pharmaceuticals (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; AmerisourceBergen Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250% | 03/01/25 | 55 | $53242 |
| &nbsp;&nbsp; Bristol-Myers Squibb Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 06/15/39 | 115 | 108167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 11/15/47 | 475 | 447950 |
| &nbsp;&nbsp; Cigna Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 04/15/25 | 270 | 262205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 03/01/27 | 325 | 311133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 10/15/28 | 1950 | 1933741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 02/25/26 | 700 | 697701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 03/15/30 | 6145 | 5304682 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/21/40 | 385 | 278388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.780 | 03/25/38 | 85 | 81355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 07/20/45 | 465 | 447526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 12/05/43 | 155 | 153362 |
| &nbsp;&nbsp; Johnson & Johnson, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 03/03/37 | 3205 | 2998312 |
| &nbsp;&nbsp; Mylan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 04/15/48 | 1250 | 1025407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 11/29/43 | 860 | 741054 |
| &nbsp;&nbsp; Shire Acquisitions Investments Ireland DAC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.875 | 09/23/23 | 89 | 87660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 09/23/26 | 1220 | 1164622 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/46 | 105 | 87776 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 545 | 397662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/22/50 | 375 | 259999 |
|  |  |  |  | 21868612 |
| &nbsp;&nbsp; **Pipelines 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Boardwalk Pipelines LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 02/15/31 | 1300 | 1157933 |
| &nbsp;&nbsp; Colonial Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.250 | 05/15/30 | 1730 | 1549561 |
| &nbsp;&nbsp; Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.150 | 08/15/26 | 555 | 535772 |
| &nbsp;&nbsp; EIG Pearl Holdings Sarl (Saudi Arabia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.545 | 08/31/36 | 1674 | 1448010 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 35

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Pipelines (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950% | 06/15/28 | 430 | $427612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 05/15/50 | 565 | 494137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 10/01/47 | 1800 | 1656249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 04/15/49 | 910 | 924123 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 01/31/51 | 445 | 350226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 01/31/60 | 525 | 416602 |
| &nbsp;&nbsp; Magellan Midstream Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 03/15/45 | 275 | 213964 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 08/15/30 | 2720 | 2322288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 02/15/25 | 130 | 127166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/38 | 270 | 245887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 06/01/25 | 200 | 199620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 03/01/47 | 5 | 4617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/15/49 | 210 | 200411 |
| &nbsp;&nbsp; ONEOK Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 02/01/41 | 300 | 305097 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.100 | 03/15/30 | 2415 | 2132957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.450 | 09/01/49 | 1000 | 812708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 03/15/50 | 195 | 157937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 07/13/47 | 85 | 74326 |
| &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 12/15/29 | 350 | 314790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 10/15/25 | 1000 | 990404 |
| &nbsp;&nbsp; Spectra Energy Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 10/15/26 | 140 | 133308 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 03/15/33 | 1240 | 1293466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 07/01/52 | 1305 | 1325189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 02/15/53 | 605 | 630847 |
| &nbsp;&nbsp; Texas Eastern Transmission LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.500 | 01/15/28 | 300 | 281195 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 05/15/50 | 625 | 517946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 03/15/48 | 500 | 452259 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 03/01/48 | 320 | 279836 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 09/15/25 | 350 | 342672 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Pipelines (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Williams Cos., Inc. (The), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300% | 03/04/24 | 325 | $322277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 08/15/52 | 50 | 48332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/04/44 | 400 | 390744 |
|  |  |  |  | 23080468 |
| &nbsp;&nbsp; **Real Estate 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A |  |  |  |  |
|  | 4.125 | 02/01/29 | 4190 | 3858116 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 1.5%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.000 | 05/18/32 | 1645 | 1312695 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 07/01/30 | 3665 | 3351194 |
| &nbsp;&nbsp; Corporate Office Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.900 | 12/01/33 | 1400 | 1026555 |
| &nbsp;&nbsp; CubeSmart LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 12/15/28 | 3360 | 2888581 |
| &nbsp;&nbsp; Healthpeak Properties, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 01/15/31 | 630 | 547872 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 11/15/28 | 1500 | 1279921 |
| &nbsp;&nbsp; Prologis LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.250 | 10/15/30 | 2765 | 2187177 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.800 | 03/15/33 | 325 | 248657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 01/15/31 | 985 | 890206 |
| &nbsp;&nbsp; Simon Property Group LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.000 | 09/13/24 | 2300 | 2204155 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 11/01/28 | 4585 | 3956818 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 02/15/27 | 775 | 712551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.625 | 03/15/24 | 1500 | 1476033 |
|  |  |  |  | 22082415 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 37

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Retail 0.2%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount <br> (000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.550% | 07/26/27 | 940 | $884662 |
| &nbsp;&nbsp; AutoZone, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 01/15/31 | 620 | 497417 |
| &nbsp;&nbsp; Dollar Tree, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 12/01/31 | 605 | 508279 |
| &nbsp;&nbsp; Falabella SA (Chile), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 01/27/25 | 1700 | 1653038 |
|  |  |  |  | 3543396 |
| &nbsp;&nbsp; **Semiconductors 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.137 | 11/15/35 | 287 | 222799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.187 | 11/15/36 | 1000 | 764447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.419 | 04/15/33 | 4847 | 4067893 |
| &nbsp;&nbsp; Microchip Technology, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.670 | 09/01/23 | 4000 | 3939537 |
|  |  |  |  | 8994676 |
| &nbsp;&nbsp; **Software 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Microsoft Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.525 | 06/01/50 | 191 | 136160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.041 | 03/17/62 | 335 | 253674 |
| &nbsp;&nbsp; Roper Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.400 | 09/15/27 | 1390 | 1207119 |
| &nbsp;&nbsp; ServiceNow, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.400 | 09/01/30 | 1655 | 1311575 |
| &nbsp;&nbsp; Workday, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.800 | 04/01/32 | 2435 | 2226899 |
|  |  |  |  | 5135427 |
| &nbsp;&nbsp; **Telecommunications 1.1%** |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 12/01/33 | 58 | 46855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 09/15/53 | 3114 | 2302786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 09/15/59 | 1717 | 1258019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 12/01/57 | 1128 | 857613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 02/15/30 | 170 | 165834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/35 | 205 | 194795 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Telecommunications (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.400% | 03/01/27 | 1500 | $1299185 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.550 | 02/15/31 | 1635 | 1389057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 02/15/41 | 640 | 476924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 04/15/30 | 4780 | 4476362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 04/15/40 | 380 | 344409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 04/15/50 | 505 | 445751 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 03/21/31 | 4065 | 3462023 |
|  |  |  |  | 16719613 |
| &nbsp;&nbsp; **Transportation 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 02/15/51 | 910 | 681865 |
| &nbsp;&nbsp; Kansas City Southern, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 05/01/50 | 1585 | 1245975 |
|  |  |  |  | 1927840 |
| &nbsp;&nbsp; **Water 0.1%** |  |  |  |  |
| &nbsp;&nbsp; American Water Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 09/01/47 | 25 | 20863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 12/01/46 | 145 | 122642 |
| &nbsp;&nbsp; Essential Utilities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.704 | 04/15/30 | 1380 | 1197996 |
|  |  |  |  | 1341501 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $481,588,640) |  |  |  | 423243542 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.3%** |  |  |  |  |
| &nbsp;&nbsp; **Alabama 0.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alabama Economic Settlement Authority,<br> Taxable, Revenue Bonds, Series B | 4.263 | 09/15/32 | 40 | 38370 |
| &nbsp;&nbsp; **California 0.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports,<br> Taxable, Revenue Bonds, BABs | 6.582 | 05/15/39 | 285 | 322180 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 39

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **MUNICIPAL BONDS (Continued)**<br>&nbsp;&nbsp; **California (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#** <br>| **Value**<br>|
| &nbsp;&nbsp; University of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | 3.931% | 05/15/45 | 30 | $28002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | 4.131 | 05/15/45 | 30 | 27820 |
|  |  |  |  | 378002 |
| &nbsp;&nbsp; **New Jersey 0.0%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | 7.102 | 01/01/41 | 250 | 317818 |
| &nbsp;&nbsp; **Pennsylvania 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania State University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D | 2.840 | 09/01/50 | 745 | 555929 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | 6.105 | 12/01/39 | 70 | 82032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | 5.511 | 12/01/45 | 150 | 168215 |
|  |  |  |  | 806176 |
| &nbsp;&nbsp; **Texas 0.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue,<br> Revenue Bonds, BABs | 5.985 | 02/01/39 | 775 | 883247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp.,<br> Taxable, Revenue Bonds, Series E | 5.184 | 10/01/42 | 775 | 845047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System,<br> Taxable, Revenue Bonds, Series A | 3.376 | 07/01/47 | 555 | 462078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp.,<br> Taxable, Revenue Bonds, Series B | 3.922 | 12/31/49 | 340 | 277207 |
|  |  |  |  | 2467579 |
| &nbsp;&nbsp; **Virginia 0.0%** |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | 4.179 | 09/01/2117 | 130 | 108962 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (cost $4,803,817) |  |  |  | 4116907 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 4.2%** |  |  |  |  |
| &nbsp;&nbsp; Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-J03, Class 2A1 | 6.250 | 12/25/33 | 2 | 1514 |
| &nbsp;&nbsp; BCAP LLC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-RR04, Class 7A1, 144A | 5.250 | 04/26/37 | 112 | 71683 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; Bellemeade Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%) | 6.106%(c) | 07/25/29 | 38 | $37760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.060(c) | 03/25/31 | 576 | 574990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%) | 5.310(c) | 09/25/31 | 2200 | 2127809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%) | 5.310(c) | 09/25/31 | 1326 | 1316057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.060(c) | 01/26/32 | 3810 | 3792448 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%) | 6.210(c) | 12/25/41 | 2120 | 2066164 |
| &nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-08, Class 5A1 | 6.500 | 04/25/33 | 1 | 885 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-RPL06, Class A1, 144A | 2.688(cc) | 03/25/59 | 972 | 937360 |
| &nbsp;&nbsp; Eagle Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%) | 6.306(c) | 04/25/29 | 90 | 90138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.860(c) | 04/25/34 | 5077 | 5065174 |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-134, Class ZC | 2.500 | 12/25/42 | 2716 | 2174902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-11, Class VB | 4.500 | 04/25/42 | 500 | 502955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-24, Class SP, IO, 1 Month LIBOR x (1) + 6.050% (Cap 6.050%, Floor 0.000%) | 1.544(c) | 04/25/50 | 1326 | 163921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class JI, IO | 2.500 | 02/25/51 | 3170 | 417855 |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 6.410(c) | 10/25/33 | 2885 | 2869681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | 5.960(c) | 01/25/34 | 251 | 248775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%) | 5.160(c) | 09/25/41 | 6250 | 6031661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | 5.310(c) | 01/25/42 | 1869 | 1833893 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T-59, Class 1A2 | 7.000 | 10/25/43 | 68 | 70895 |
| &nbsp;&nbsp; Freddie Mac REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4249, Class GW | 3.500 | 10/15/41 | 860 | 820118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4661, Class BV | 3.500 | 12/15/36 | 500 | 485759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4710, Class KZ | 3.500 | 08/15/47 | 1150 | 1073068 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 41

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; Freddie Mac REMIC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4739, Class Z | 3.500% | 11/15/47 | 757 | $712494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4772, Class ZK | 4.500 | 12/15/47 | 385 | 377134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5019, Class IP, IO | 3.000 | 10/25/50 | 894 | 138334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%) | 0.000(c) | 10/25/50 | 3880 | 147684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5023, Class IO, IO | 2.000 | 10/25/50 | 903 | 104795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | 0.000(c) | 05/25/52 | 505 | 10842 |
| &nbsp;&nbsp; Government National Mortgage Assoc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-99, Class AX | 3.000 | 07/20/43 | 623 | 568826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-124, Class VZ | 3.500 | 09/20/45 | 5169 | 4801654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-46, Class JE | 2.500 | 11/20/45 | 161 | 148956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-07, Class GA | 3.000 | 02/20/47 | 206 | 197518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month LIBOR x (1) + 3.360% (Cap 0.020%, Floor 0.000%) | 0.000(c) | 01/20/50 | 767 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%) | 0.000(c) | 03/20/52 | 6228 | 107839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class MS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | 0.000(c) | 04/20/52 | 5440 | 89800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%) | 0.000(c) | 04/20/52 | 3632 | 73092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-112, Class CM | 3.000 | 06/20/52 | 2851 | 2289859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%) | 0.000(c) | 07/20/52 | 7290 | 86304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%) | 0.000(c) | 08/20/52 | 2689 | 43337 |
| &nbsp;&nbsp; GSR Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR06, Class 2A1 | 4.040(cc) | 09/25/35 | 16 | 14628 |
| &nbsp;&nbsp; Home Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%) | 6.156(c) | 05/25/29 | 61 | 60704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.250% (Cap N/A, Floor 0.000%) | 5.560(c) | 01/25/34 | 453 | 451932 |
| &nbsp;&nbsp; Legacy Mortgage Asset Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PR01, Class A1, 144A | 6.858(cc) | 09/25/59 | 1880 | 1880488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GS01, Class A1, 144A | 5.882(cc) | 10/25/59 | 736 | 734297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A | 1.892 | 10/25/66 | 306 | 285181 |
| &nbsp;&nbsp; MFA Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL01, Class A1, 144A | 1.131(cc) | 07/25/60 | 2617 | 2330430 |
| &nbsp;&nbsp; Mill City Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03, Class A1, 144A | 2.750(cc) | 01/25/61 | 101 | 97504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A | 3.250(cc) | 05/25/62 | 163 | 157190 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%) | 5.256%(c) | 01/25/48 | 70 | $68465 |
| &nbsp;&nbsp; Oaktown Re VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.910(c) | 04/25/34 | 4100 | 4030535 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A2, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.000%) | 5.156(c) | 06/25/57 | 153 | 145942 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01R, Class A, 144A, 1 Month LIBOR + 2.900% (Cap N/A, Floor 2.900%) | 7.417(c) | 02/27/24 | 2337 | 2263569 |
| &nbsp;&nbsp; Radnor Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%) | 5.456(c) | 01/25/30 | 18 | 18306 |
| &nbsp;&nbsp; Seasoned Credit Risk Transfer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02, Class MA | 3.500 | 08/25/58 | 691 | 663621 |
| &nbsp;&nbsp; Sequoia Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10, Class 2A1, 1 Month LIBOR + 0.760% (Cap 11.750%, Floor 0.760%) | 5.246(c) | 10/20/27 | 14 | 13398 |
| &nbsp;&nbsp; Structured Asset Mortgage Investments II Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR05, Class A1, 1 Month LIBOR + 0.500% (Cap 11.000%, Floor 0.500%) | 4.970(c) | 07/19/35 | 17 | 14833 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%) | 3.911(c) | 02/25/57 | 145 | 144774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A | 3.000(cc) | 01/25/58 | 252 | 243916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%) | 5.506(c) | 10/25/59 | 168 | 166109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | 1.750 | 10/25/60 | 708 | 634877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A | 2.250(cc) | 07/25/68 | 2187 | 2049620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1A, 144A | 2.250(cc) | 12/25/61 | 3735 | 3457149 |
| &nbsp;&nbsp; Washington Mutual Mortgage Pass-Through Certificates Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR06, Class A, Federal Reserve US 12 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Month Cumulative Avg 1 Year CMT + 1.400% (Cap N/A, Floor 1.400%) | 3.827(c) | 06/25/42 | 23 | 20468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR09, Class 1A, Federal Reserve US 12 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Month Cumulative Avg 1 Year CMT + 1.400% (Cap N/A, Floor 1.400%) | 3.827(c) | 08/25/42 | 2 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR13, Class A1A1, 1 Month LIBOR + 0.580% (Cap 10.500%, Floor 0.580%) | 5.086(c) | 10/25/45 | 194 | 180636 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $66,452,937) |  |  |  | 62804561 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 43

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Abu Dhabi Government International Bond (United Arab Emirates), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125% | 10/11/27 | 840 | $811387 |
| &nbsp;&nbsp; Bermuda Government International Bond (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 2.375 | 08/20/30 | 555 | 472548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 08/20/50 | 450 | 324366 |
| &nbsp;&nbsp; Export-Import Bank of India (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 02/01/28 | 290 | 274276 |
| &nbsp;&nbsp; Indonesia Government International Bond (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 01/11/28 | 1420 | 1356366 |
| &nbsp;&nbsp; Japan Finance Organization for Municipalities (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 1.750 | 09/05/24 | 200 | 190950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 2.125 | 10/25/23 | 200 | 195958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 3.000 | 03/12/24 | 400 | 392566 |
| &nbsp;&nbsp; Mexico Government International Bond (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 02/12/34 | 970 | 815770 |
| &nbsp;&nbsp; Panama Government International Bond (Panama), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/16/50 | 200 | 156288 |
| &nbsp;&nbsp; Peruvian Government International Bond (Peru), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.783 | 01/23/31 | 701 | 592038 |
| &nbsp;&nbsp; Province of Alberta (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.300 | 07/22/30 | 185 | 152659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.300 | 03/15/28 | 110 | 106548 |
| &nbsp;&nbsp; Province of Manitoba (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 06/22/26 | 100 | 93109 |
| &nbsp;&nbsp; Province of Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | 7.140 | 02/27/26 | 45 | 48374 |
| &nbsp;&nbsp; Qatar Government International Bond (Qatar), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.103 | 04/23/48 | 370 | 381100 |
| &nbsp;&nbsp; Tokyo Metropolitan Government (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.250 | 06/01/23 | 200 | 198622 |
| &nbsp;&nbsp; Uruguay Government International Bond (Uruguay), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.975 | 04/20/55 | 540 | 534330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 06/18/50 | 60 | 60570 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $8,049,225) |  |  |  | 7157825 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 26.0%** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 11/01/50 | 1892 | 1515780 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 01/01/32 | 330 | 306517 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 02/01/36 | 927 | 844391 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 10/01/40 | 409 | 359508 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 09/01/50 | 13023 | 11006592 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 12/01/50 | 2004 | 1693800 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000% | 03/01/51 | 2594 | $2190897 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 05/01/51 | 941 | 791411 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 09/01/51 | 480 | 407449 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/29 | 186 | 177390 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/31 | 323 | 307292 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/32 | 173 | 164584 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/32 | 399 | 377018 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/32 | 702 | 662535 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/46 | 163 | 144980 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/46 | 511 | 455658 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/49 | 856 | 759841 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 | 1071 | 957552 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 11431 | 10078370 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 484 | 425446 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/51 | 966 | 848607 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/51 | 2500 | 2189099 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/51 | 6056 | 5319056 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/51 | 80 | 69866 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/51 | 359 | 318890 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/51 | 3346 | 2933197 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 | 207 | 181116 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/32 | 660 | 643859 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/37 | 147 | 140908 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/37 | 60 | 56993 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/43 | 1472 | 1386149 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/43 | 253 | 238654 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/46 | 415 | 385807 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/46 | 384 | 356462 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/47 | 431 | 399249 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/50 | 2608 | 2398674 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/50 | 631 | 579449 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 4325 | 3931812 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 05/01/52 | 3133 | 2847862 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/52 | 484 | 440070 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/52 | 497 | 451641 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/37 | 135 | 131899 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/42 | 185 | 178604 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/42 | 203 | 196033 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 07/01/42 | 194 | 187561 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 09/01/42 | 236 | 227648 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/42 | 298 | 287752 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/43 | 122 | 117772 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/45 | 160 | 153965 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 01/01/47 | 118 | 113133 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/47 | 265 | 255099 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 45

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500% | 11/01/47 | 178 | $170244 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 08/01/48 | 72 | 68386 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/48 | 276 | 263347 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 01/01/52 | 166 | 155903 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/52 | 45 | 42096 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/52 | 1495 | 1402037 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 | 499 | 468474 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/52 | 4968 | 4659462 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 07/01/52 | 1495 | 1402224 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 11/01/37 | 3819 | 3792540 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/40 | 52 | 51915 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 01/01/41 | 224 | 220817 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 04/01/42 | 198 | 195825 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 10/01/45 | 102 | 100655 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 02/01/46 | 1532 | 1513827 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/46 | 94 | 92763 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/46 | 132 | 130272 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 11/01/47 | 92 | 90576 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 04/01/48 | 144 | 141746 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/48 | 154 | 151074 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 07/01/48 | 264 | 259562 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 07/01/49 | 419 | 414122 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 04/01/52 | 1886 | 1839547 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/42 | 67 | 67436 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/44 | 84 | 85009 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/45 | 218 | 221618 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 04/01/47 | 802 | 808390 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 87 | 87654 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 194 | 195307 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 11/01/47 | 355 | 357898 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 02/01/48 | 112 | 112502 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/48 | 230 | 231182 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 05/01/52 | 479 | 473536 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/52 | 491 | 484639 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/40 | 187 | 192506 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 12/01/47 | 142 | 144061 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 02/01/48 | 253 | 258410 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/52 | 5056 | 5075028 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/52 | 5503 | 5523448 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.250 | 07/15/32 | 155 | 185843 |
| &nbsp;&nbsp; Federal National Mortgage Assoc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise 11th District COFI Institutional Replacement Index + 1.254% (Cap 12.744%, Floor 5.728%) | 5.728(c) | 12/01/30 | —(r) | 305 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise 11th District COFI Institutional Replacement Index + 2.000% (Cap 9.375%, Floor 2.000%) | 2.250%(c) | 08/01/24 | 2 | $2232 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 0.875 | 08/05/30 | 1180 | 967987 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 02/01/42 | 477 | 397906 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 10/01/50 | 396 | 317540 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 11/01/50 | 1117 | 894657 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 12/01/50 | 8469 | 6785453 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 01/01/51 | 860 | 688751 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.625 | 01/07/25 | 675 | 642356 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/40 | 2093 | 1838060 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 02/01/41 | 1988 | 1726766 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/41 | 3938 | 3458888 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 10/01/50 | 12568 | 10647064 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/50 | 392 | 331607 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 3246 | 2775867 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 02/01/51 | 3966 | 3348144 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 03/01/51 | 458 | 386269 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/51 | 8712 | 7354201 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/51 | 1431 | 1205953 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 10/01/51 | 6811 | 5730020 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/51 | 2743 | 2308022 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | TBA | 10500 | 9192727 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 2.500 | 02/05/24 | 425 | 415372 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/30 | 220 | 209269 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/31 | 640 | 608675 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/31 | 169 | 160263 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/43 | 71 | 63370 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/46 | 360 | 317215 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/46 | 171 | 152769 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/46 | 107 | 95251 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/46 | 189 | 167983 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/50 | 687 | 607731 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 4476 | 3953590 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/50 | 3337 | 2990704 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/50 | 304 | 271585 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/51 | 710 | 635610 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/51 | 5694 | 5015607 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/51 | 3418 | 3004327 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/51 | 503 | 441719 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/51 | 908 | 795699 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/51 | 568 | 501132 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/51 | 966 | 846971 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/52 | 995 | 871817 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 47

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500% | 02/01/52 | 960 | $847056 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/52 | 2503 | 2193550 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/52 | 1988 | 1742078 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/52 | 501 | 439221 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/52 | 1491 | 1306975 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | TBA | 4000 | 3633125 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/30 | 122 | 119073 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/31 | 48 | 47002 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/31 | 133 | 129316 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/32 | 141 | 136503 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 09/01/32 | 57 | 55336 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/36 | 106 | 101678 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/42 | 141 | 132176 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/42 | 205 | 192794 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/43 | 195 | 183411 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/43 | 251 | 236065 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/43 | 307 | 289029 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/45 | 448 | 421140 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/46 | 559 | 518906 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 09/01/46 | 575 | 540358 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/46 | 1736 | 1609998 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 641 | 596163 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 1362 | 1261777 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/47 | 467 | 432772 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/47 | 986 | 910803 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/49 | 2371 | 2182207 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/50 | 959 | 881210 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/50 | 901 | 828831 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/50 | 1773 | 1632253 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/50 | 424 | 389986 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/50 | 882 | 809495 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/51 | 1767 | 1607708 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 2692 | 2468993 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 493 | 447969 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 1929 | 1754001 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 9776 | 8890293 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/52 | 3798 | 3471755 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 1939 | 1766888 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/52 | 993 | 903338 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/52 | 3064 | 2785025 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | TBA | 11000 | 10315277 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/29 | 67 | 65751 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/30 | 67 | 65748 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/31 | 335 | 328382 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/31 | 279 | 274731 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500% | 02/01/33 | 119 | $116440 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/33 | 48 | 47189 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/41 | 75 | 72007 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/42 | 169 | 162997 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/42 | 169 | 162890 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/42 | 1069 | 1031622 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/42 | 452 | 436577 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/42 | 260 | 250921 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/42 | 280 | 269723 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/42 | 546 | 526486 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/43 | 143 | 138263 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/45 | 162 | 155099 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/45 | 259 | 248336 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/45 | 233 | 223860 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/45 | 249 | 238464 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/46 | 78 | 74805 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/46 | 209 | 199785 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/46 | 2235 | 2138614 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/46 | 104 | 99138 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/47 | 364 | 347990 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/47 | 230 | 220025 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/47 | 1082 | 1044255 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/47 | 170 | 162116 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/47 | 285 | 272178 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/47 | 1000 | 956480 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/47 | 925 | 883788 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/48 | 167 | 159665 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/48 | 259 | 247297 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/48 | 3404 | 3253657 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/48 | 463 | 441352 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/48 | 695 | 663813 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/48 | 361 | 344288 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/48 | 248 | 237199 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/48 | 182 | 174047 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/49 | 826 | 789827 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/49 | 339 | 324289 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/51 | 47 | 44328 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/52 | 499 | 468289 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 1396 | 1310685 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 1452 | 1363165 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 1490 | 1397211 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/52 | 1533 | 1438934 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/52 | 3952 | 3707953 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | TBA | 6500 | 6276562 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/40 | 132 | 130238 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 49

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000% | 11/01/40 | 526 | $519275 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/41 | 220 | 217252 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/41 | 340 | 335944 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/41 | 231 | 228075 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/43 | 179 | 177677 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/44 | 96 | 94862 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/44 | 232 | 228410 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/45 | 81 | 79902 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/46 | 73 | 72255 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 08/01/46 | 125 | 123241 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/46 | 931 | 924723 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/47 | 364 | 357781 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/47 | 491 | 481459 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/47 | 286 | 281057 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/47 | 91 | 89071 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 11/01/47 | 176 | 173357 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/47 | 183 | 180365 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/48 | 174 | 169665 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/48 | 1365 | 1338801 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/48 | 268 | 265309 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/49 | 698 | 684311 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/49 | 1080 | 1059308 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 07/01/49 | 229 | 222446 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 1468 | 1418520 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | TBA | 3000 | 2961797 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/40 | 63 | 63600 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 04/01/41 | 75 | 75829 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/41 | 176 | 179219 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/41 | 88 | 89434 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/41 | 258 | 262201 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/44 | 208 | 209229 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 114 | 114977 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 11/01/47 | 128 | 128446 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/48 | 183 | 183947 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/48 | 1558 | 1568986 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 12/01/48 | 147 | 147667 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/49 | 47 | 47755 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 22500 | 22570312 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/30 | 15 | 15216 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/40 | 110 | 113404 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/42 | 205 | 211069 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/47 | 176 | 179089 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 01/01/48 | 41 | 41299 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 06/01/49 | 1000 | 1018504 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 1445 | 1450735 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000% | 12/01/52 | 1563 | $1568511 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | TBA(tt) | 1500 | 1524258 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 01/01/40 | 101 | 105701 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 10/01/36 | 57 | 60240 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 07/01/41 | 64 | 67048 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 6.625 | 11/15/30 | 485 | 581497 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 7.125 | 01/15/30 | 80 | 96918 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 03/20/51 | 1164 | 1011905 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 07/20/51 | 472 | 409576 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | TBA | 12000 | 10695349 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 12/20/46 | 263 | 238364 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 05/20/51 | 1188 | 1062483 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 08/20/51 | 3461 | 3091196 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 10/20/51 | 845 | 754417 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 11/20/51 | 453 | 403952 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 03/20/52 | 5967 | 5318991 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 05/20/52 | 231 | 205467 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | TBA | 8500 | 7808047 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/42 | 400 | 376611 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/20/43 | 268 | 252006 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/43 | 51 | 47665 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/43 | 99 | 93558 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/44 | 93 | 87064 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 05/20/45 | 95 | 89481 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/15/45 | 112 | 103079 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 05/20/46 | 586 | 548606 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/46 | 931 | 869995 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/46 | 51 | 47502 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 10/20/46 | 292 | 272504 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/20/47 | 607 | 565256 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/48 | 77 | 71380 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/48 | 1300 | 1207602 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/49 | 438 | 406366 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/49 | 539 | 500275 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 12/20/49 | 596 | 552537 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/50 | 2759 | 2557908 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 02/20/50 | 122 | 113270 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/50 | 357 | 330690 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 10/20/51 | 497 | 456477 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 11/20/51 | 924 | 852067 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 02/20/52 | 492 | 453039 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 04/20/52 | 966 | 888764 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 06/20/52 | 10356 | 9512345 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/52 | 994 | 913364 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/15/42 | 66 | 63821 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 51

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500% | 12/20/42 | 192 | $185536 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/43 | 285 | 276239 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 02/20/43 | 127 | 123192 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 08/20/43 | 458 | 443228 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/43 | 604 | 585137 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/45 | 63 | 60082 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/45 | 353 | 338839 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/46 | 674 | 646558 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/46 | 416 | 399387 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/46 | 810 | 776731 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/46 | 803 | 770063 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 05/20/47 | 452 | 433211 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/47 | 155 | 148398 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/47 | 801 | 767195 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/48 | 218 | 208951 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/48 | 131 | 125341 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/48 | 258 | 246948 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/48 | 95 | 90673 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 02/20/49 | 219 | 209905 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 05/20/49 | 351 | 335088 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 06/20/49 | 302 | 287014 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/52 | 993 | 938817 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/40 | 148 | 147780 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/41 | 62 | 61374 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/15/41 | 87 | 85537 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/42 | 153 | 151929 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 04/20/43 | 103 | 102330 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/43 | 86 | 85770 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/43 | 191 | 190040 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 09/20/44 | 110 | 109825 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/45 | 182 | 180038 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/45 | 86 | 84358 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/46 | 167 | 165162 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/46 | 122 | 120521 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/47 | 109 | 106872 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 05/20/47 | 172 | 169267 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/47 | 686 | 675638 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/47 | 462 | 455136 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/47 | 108 | 106666 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/48 | 1496 | 1465025 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/48 | 208 | 204029 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/48 | 73 | 71549 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 09/20/48 | 184 | 180460 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/48 | 77 | 75494 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 01/20/49 | 92 | 89857 |

---

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000% | 02/20/49 | 189 | $185559 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/49 | 118 | 115383 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 12/20/41 | 319 | 328451 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 10/20/43 | 46 | 47744 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/44 | 62 | 64284 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 04/20/44 | 209 | 215828 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/45 | 50 | 51758 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/46 | 99 | 101328 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/46 | 91 | 93158 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 11/20/46 | 79 | 81526 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/47 | 518 | 529596 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/48 | 67 | 67086 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/48 | 424 | 427362 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/48 | 45 | 45095 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/48 | 71 | 71293 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/48 | 27 | 27418 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 12/20/48 | 134 | 133453 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 10/20/37 | 6 | 6321 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 09/20/40 | 61 | 62568 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 04/20/45 | 34 | 35018 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 08/20/45 | 120 | 123702 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 12/15/39 | 86 | 90817 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 1.500 | 09/15/31 | 645 | 526459 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br>(cost $407,924,605) |  |  |  | 385557535 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 7.7%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.375 | 11/15/40 | 4345 | 3004160 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.750 | 08/15/41 | 21890 | 15935236 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.000 | 11/15/41 | 20295 | 15414687 |
| &nbsp;&nbsp; U.S. Treasury Bonds(k) | 2.250 | 05/15/41 | 31330 | 24975884 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h) | 2.375 | 02/15/42 | 31225 | 25248340 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 0.125 | 01/15/24 | 155 | 148328 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.750(s) | 08/15/42 | 415 | 193218 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.014(s) | 11/15/41 | 1195 | 577101 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.062(s) | 05/15/41 | 34830 | 17266700 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.324(s) | 05/15/42 | 1195 | 562537 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.335(s) | 08/15/44 | 1620 | 699384 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.340(s) | 02/15/43 | 2210 | 1010471 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.394(s) | 11/15/43 | 2087 | 928226 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.434(s) | 11/15/42 | 16395 | 7565396 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.434(s) | 11/15/45 | 575 | 237480 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.436(s) | 02/15/46 | 415 | 170263 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 53

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(000)#**  | **Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.930%(s) | 02/15/41 | 1400 | $701367 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $144,493,236) | &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $144,493,236) |  |  | 114638778 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $1,611,748,587) | &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $1,611,748,587) |  |  | 1461569703 |
|  |  |  | **<u>Shares</u>** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 7.1%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.2%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund<br>(cost $3,203,174; includes $3,167,381 of cash collateral for securities on loan)(b)(we) | &nbsp;&nbsp; PGIM Institutional Money Market Fund<br>(cost $3,203,174; includes $3,167,381 of cash collateral for securities on loan)(b)(we) | &nbsp;&nbsp; PGIM Institutional Money Market Fund<br>(cost $3,203,174; includes $3,167,381 of cash collateral for securities on loan)(b)(we) | 3208761 | 3208119 |
| &nbsp;&nbsp; **UNAFFILIATED FUND 6.9%** |  |  |  |  |
| &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br>(cost $102,284,402) | &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br>(cost $102,284,402) | &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br>(cost $102,284,402) | 102284402 | 102284402 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $105,487,576) | &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $105,487,576) |  |  | 105492521 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 105.5%**<br> (cost $1,717,236,163) |  |  |  | 1567062224 |
| &nbsp;&nbsp; **OPTION WRITTEN\*~ (0.0)%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $0) |  |  |  | (221) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTION WRITTEN 105.5%**<br> (cost $1,717,236,163) |  |  |  | 1567062003 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (5.5)% | &nbsp;&nbsp; Liabilities in excess of other assets(z) (5.5)% |  |  | (82282884) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $1484779119 |

---

------

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

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

Aces—Alternative Credit Enhancements Securities

BABs—Build America Bonds

CBOE—Chicago Board Options Exchange

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CLO—Collateralized Loan Obligation

CMT—Constant Maturity Treasury

See Notes to Financial Statements.

------

COFI—Cost of Funds Index

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MTN—Medium Term Note

OTC—Over-the-counter

PJSC—Public Joint-Stock Company

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

SOFR—Secured Overnight Financing Rate

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

\* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail. Excludes centrally cleared swaptions.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2,487 and 0.0% 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 $3,118,080; cash collateral of $3,167,381 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last
business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2023.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2023. Certain
variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified
date. Rate shown is the rate in effect as of period end.

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

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

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

(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.

(tt) All or partial principal amount represents "TBA" mortgage dollar rolls. The aggregate mortgage dollar roll
principal amount of $1,500,000 is 0.1% of net assets.

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the 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:

See Notes to Financial Statements.

PGIM Core Bond Fund 55

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**Forward Commitment Contract:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligation** | **Interest <br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc.<br>(proceeds receivable $1,521,270) | 5.500% | TBA | 03/13/23 | $(1500) | $(1522969) |

---

**Option Written:** 

**OTC Swaptions** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Call/<br>Put** | **Counterparty** | **Expiration <br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  GS_21-PJA^ | Put | GSI | 06/17/24 | 0.25% | 0.25%(M) | GS_21-PJA(M) | 13790 | $(221) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $0) |  |  |  |  |  |  |  |

---

**Options Purchased:** 

**Centrally Cleared Swaptions** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value at<br>January 31,**<br>**2023** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX.NA.IG.39.V1, 12/20/27 | Put | 02/15/23 | 0.90% | CDX.NA.IG. 39.V1(Q) | 1.00%(Q) | 15420 | $1585 | $(56024) |
|  CDX.NA.IG.39.V1, 12/20/27 | Put | 03/15/23 | 0.80% | CDX.NA.IG. 39.V1(Q) | 1.00%(Q) | 21525 | 23800 | (43788) |
|  CDX.NA.IG.39.V1, 12/20/27 | Put | 04/19/23 | 0.85% | CDX.NA.IG. 39.V1(Q) | 1.00%(Q) | 19980 | 31456 | (31681) |
|  **Total Centrally Cleared Swaptions** (cost $188,334) | **Total Centrally Cleared Swaptions** (cost $188,334) | **Total Centrally Cleared Swaptions** (cost $188,334) | **Total Centrally Cleared Swaptions** (cost $188,334) |  |  |  | $56841 | $(131493) |

---

**Options Written:** 

**Centrally Cleared Swaptions** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value at<br>January 31,**<br>**2023** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX.NA.IG.39.V1, 12/20/27 | Call | 02/15/23 | 0.80% | CDX.NA.IG. 39.V1(Q) | 1.00%(Q) | 15420 | $(57837) | $(24160) |
|  CDX.NA.IG.39.V1, 12/20/27 | Call | 03/15/23 | 0.73% | CDX.NA.IG. 39.V1(Q) | 1.00%(Q) | 21525 | (38097) | 7105 |
|  CDX.NA.IG.39.V1, 12/20/27 | Call | 04/19/23 | 0.75% | CDX.NA.IG. 39.V1(Q) | 1.00%(Q) | 19980 | (54714) | (4764) |
|  CDX.NA.IG.39.V1, 12/20/27 | Put | 02/15/23 | 1.15% | 1.00%(Q) | CDX.NA.IG.<br>39.V1(Q) | 15420 | (786) | 22097 |

---

See Notes to Financial Statements.

------

**Options Written (continued):** 

**Centrally Cleared Swaptions** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value at**<br>**January 31,**<br>**2023** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  CDX.NA.IG.39.V1, 12/20/27 | Put | 03/15/23 | 1.10% | 1.00%(Q) | CDX.NA.IG. 39.V1(Q) | 21525 | $(4421) | $14952 |
|  CDX.NA.IG.39.V1, 12/20/27 | Put | 04/19/23 | 1.18% | 1.00%(Q) | CDX.NA.IG. 39.V1(Q) | 19980 | (8333) | 12047 |
|  **Total Centrally Cleared Swaptions** (premiums received $191,465) | **Total Centrally Cleared Swaptions** (premiums received $191,465) | **Total Centrally Cleared Swaptions** (premiums received $191,465) | **Total Centrally Cleared Swaptions** (premiums received $191,465) | **Total Centrally Cleared Swaptions** (premiums received $191,465) | **Total Centrally Cleared Swaptions** (premiums received $191,465) | **Total Centrally Cleared Swaptions** (premiums received $191,465) | $(164188) | $27277 |

---

**Futures contracts outstanding at January 31, 2023:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** | **Long Positions:** |  |  |
| 672 | 2 Year U.S. Treasury Notes | Mar. 2023 | $138195750 | $470480 |
| 1081 | 5 Year U.S. Treasury Notes | Mar. 2023 | 118090807 | 882292 |
| 881 | 10 Year U.S. Treasury Notes | Mar. 2023 | 100888270 | 566781 |
| 189 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2023 | 26790750 | 1004940 |
|  |  |  |  | 2924493 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 515 | 10 Year U.S. Ultra Treasury Notes | Mar. 2023 | 62419612 | (1108866) |
| 728 | 20 Year U.S. Treasury Bonds | Mar. 2023 | 94549000 | (2212184) |
|  |  |  |  | (3321050) |
|  |  |  |  | $(396557) |

---

**Credit default swap agreement outstanding at January 31, 2023:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** |
|  GS_21-PJA | 02/14/23 | 0.250%(M) | 7970 \* | $2708 | $(107) | $2815 | GSI |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity/<br>Obligation**  | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Value at**<br>**Trade Date** | **Value at<br>January 31, 2023** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):** |
|  CDX.NA.IG.39.V1 | 12/20/27 | 1.000%(Q) | 42575 | $(182009) | $(584901) | $(402892) |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 57

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**Credit default swap agreement outstanding at January 31, 2023: (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.

------

**Total return swap agreements outstanding at January 31, 2023:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br>**Rate** | **Counterparty** | **Termination**<br>**Date** | **Long**<br>**(Short)**<br>**Notional**<br>**Amount**<br>**(000)#(1)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br> **Appreciation** **(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  Total Return Benchmark<br> Bond Index(T) | 1 Day USOIS<br> -50bps(Q)/<br>3.830% | JPM | 03/20/23 | (7526) | $(991187) | $— | $(991187) |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br> +13bps(T)/<br> 4.460% | JPM | 02/02/23 | 17605 | 1045207 |  | 1045207 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br> +9bps(T)/<br> 4.420% | GSI | 02/08/23 | 33340 | 2754318 |  | 2754318 |
|  U.S. Treasury Bond(T) | 1 Day USOIS<br> +10bps(T)/<br> 4.430% | GSI | 05/01/23 | 22845 | 166408 |  | 166408 |
|  |  |  |  |  | $2974746 | $— | $2974746 |

---

(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments
for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Premiums Paid** | **Premiums Received** | **Unrealized**<br> **Appreciation** | **Unrealized<br>Depreciation** |
|  OTC Swap Agreement | $— | $(107) | $3968748 | $(991187) |

---

**<u>Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:</u>** 

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $– | $3886179 |

---

**<u>Fair Value Measurements:</u>** 

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

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

See Notes to Financial Statements.

PGIM Core Bond Fund 59

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

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 January 31, 2023 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $68202074 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 182328021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 13061962 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 2075160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 2806367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 115034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Manufactured Housing |  | 245359 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 1564869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 8118622 |  |
|  Commercial Mortgage-Backed Securities |  | 185533087 |  |
|  Corporate Bonds |  | 423243542 |  |
|  Municipal Bonds |  | 4116907 |  |
|  Residential Mortgage-Backed Securities |  | 62804561 |  |
|  Sovereign Bonds |  | 7157825 |  |
|  U.S. Government Agency Obligations |  | 385557535 |  |
|  U.S. Treasury Obligations |  | 114638778 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 3208119 |  |  |
|  Unaffiliated Fund | 102284402 |  |  |
|  **Total** | $**105492521** | $**1461569703** | $**—** |
|  **Liabilities** |  |  |  |
|  Option Written | $**—** | $**—** | $**(221)** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Centrally Cleared Swaptions Written | $— | $56201 | $— |
|  Futures Contracts | 2924493 |  |  |
|  OTC Credit Default Swap Agreement |  |  | 2708 |
|  OTC Total Return Swap Agreements |  | 3965933 |  |
|  **Total** | $**2924493** | $**4022134** | $**2708** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contract | $— | $(1522969) | $— |
|  Centrally Cleared Swaptions Purchased |  | (131493) |  |
|  Centrally Cleared Swaptions Written |  | (28924) |  |
|  Futures Contracts | (3321050) |  |  |

---

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Liabilities (continued)** |  |  |  |
|  Centrally Cleared Credit Default Swap Agreement | $— | $(402892) | $— |
|  OTC Total Return Swap Agreement |  | (991187) |  |
|  **Total** | $**(3321050)** | $**(3077465)** | $**—** |

---

------

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Centrally cleared swaptions, futures, forwards and centrally cleared swap contracts are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

**<u>Industry Classification</u>:** 

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 26.0 |
|  Commercial Mortgage-Backed Securities | 12.5 |
|  Collateralized Loan Obligations | 12.3 |
|  Banks | 8.7 |
|  U.S. Treasury Obligations | 7.7 |
|  Unaffiliated Fund | 6.9 |
|  Automobiles | 4.6 |
|  Residential Mortgage-Backed Securities | 4.2 |
|  Electric | 2.7 |
|  Oil & Gas | 1.8 |
|  Pipelines | 1.6 |
|  Real Estate Investment Trusts (REITs) | 1.5 |
|  Pharmaceuticals | 1.5 |
|  Telecommunications | 1.1 |
|  Media | 0.9 |
|  Consumer Loans | 0.9 |
|  Healthcare-Services | 0.9 |
|  Semiconductors | 0.6 |
|  Aerospace & Defense | 0.6 |
|  Student Loans | 0.5 |
|  Packaging & Containers | 0.5 |
|  Agriculture | 0.5 |
|  Sovereign Bonds | 0.5 |
|  Beverages | 0.5 |
|  Insurance | 0.4 |
|  Diversified Financial Services | 0.4 |
|  Commercial Services | 0.4 |
|  Iron/Steel | 0.4 |
|  Software | 0.4 |
|  Auto Manufacturers | 0.3 |

---

---

| | |
|:---|:---|
|  Foods | 0.3% |
|  Mining | 0.3 |
|  Municipal Bonds | 0.3 |
|  Real Estate | 0.3 |
|  Retail | 0.2 |
|  Affiliated Mutual Fund (0.2% represents investments purchased with collateral from securities on loan) | 0.2 |
|  Miscellaneous Manufacturing | 0.2 |
|  Office/Business Equipment | 0.2 |
|  Equipment | 0.2 |
|  Gas | 0.2 |
|  Entertainment | 0.1 |
|  Credit Cards | 0.1 |
|  Transportation | 0.1 |
|  Computers | 0.1 |
|  Chemicals | 0.1 |
|  Building Materials | 0.1 |
|  Engineering & Construction | 0.1 |
|  Other | 0.1 |
|  Lodging | 0.1 |
|  Water | 0.1 |
|  Airlines | 0.1 |
|  Forest Products & Paper | 0.1 |
|  Electronics | 0.1 |
|  Machinery-Construction & Mining | 0.0 \* |
|  Oil & Gas Services | 0.0 \* |
|  Manufactured Housing | 0.0 \* |
|  Healthcare-Products | 0.0 \* |
|  Biotechnology | 0.0 \* |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 61

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**Industry Classification (continued):** 

---

| | |
|:---|:---|
|  Home Equity Loans | 0.0 |
|  Machinery-Diversified | 0.0 |
|  Housewares | 0.0 |
|  | 105.5 |
|  Option Written | (0.0) |
|  Liabilities in excess of other assets | (5.5) |
|  | 100.0 |

---

------

\* Less than +/- 0.05% 

**<u>Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:</u>** 

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of January 31, 2023 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br> **Value** |
| Credit contracts | Due from/to broker-variation margin swaps and swaptions | $56,201\* | Due from/to broker-variation margin swaps and swaptions | $563309 \* |
| Credit contracts |  |  | Premiums received for OTC swap agreements | 107 |
| Credit contracts |  |  | Options written outstanding, at value | 221 |
| Credit contracts | Unrealized appreciation on OTC swap agreements | 2815 |  |  |
| Interest rate contracts | Due from/to broker-variation margin futures | 2924493 \* | Due from/to broker-variation margin futures | 3321050 \* |
| Interest rate contracts | Unrealized appreciation on OTC swap agreements | 3965933 | Unrealized depreciation on OTC swap agreements | 991187 |
|  |  | $6949442 |  | $4875874 |

---

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

See Notes to Financial Statements.

------

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2023 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Swaps** |
|  Credit contracts | $(387702) | $386511 | $— | $(166196) |
|  Interest rate contracts |  |  | (13254864) | 2299203 |
|  **Total** | $(387702) | $386511 | $(13254864) | $2133007 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Swaps** |
|  Credit contracts | $(68007) | $(16159) | $— | $(492379) |
|  Interest rate contracts |  |  | (910827) | 2974746 |
|  **Total** | $(68007) | $(16159) | $(910827) | $2482367 |

---

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

For the six months ended January 31, 2023, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $187140 |
| &nbsp;&nbsp; Options Written (2) | 118660000 |
| &nbsp;&nbsp; Futures Contracts - Long Positions (2) | 393174102 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (2) | 142609939 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Buy Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;38611667 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9131736 |
| &nbsp;&nbsp; Total Return Swap Agreements (2) | &nbsp;&nbsp;&nbsp;&nbsp;37228906 |

---

\* Average volume is based on average quarter end balances as noted for the six months ended January 31, 2023.

(1) Cost.

(2) Notional Amount in USD.

**<u>Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements</u>:** 

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

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

See Notes to Financial Statements.

PGIM Core Bond Fund 63

------

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of<br>Recognized**<br> **Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net**<br> **Amount** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Securities on Loan | $3118080 | $(3118080) | $— |

---

**Offsetting of OTC derivative assets and liabilities:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Counterparty</u>** | **Gross Amounts of**<br> **Recognized**<br> **Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSI | $2923541 | $(328) | $2923213 | $(2923213) | $— |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPM | 1045207 | (991187) | 54020 | (54020) |  |
|  | $3968748 | $(991515) | $2977233 | $(2977233) | $— |

---

(1) Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and
market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the
Fund's OTC derivative exposure by counterparty.

See Notes to Financial Statements.

------

**Statement of Assets and Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp; Investments at value, including securities on loan of $3,118,080: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,714,032,989) | $1563854105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,203,174) | 3208119 |
| &nbsp;&nbsp; Receivable for investments sold | 82084512 |
| &nbsp;&nbsp; Dividends and interest receivable | 7387356 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 4101249 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 3968748 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 337191 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 60970 |
| &nbsp;&nbsp; **Total Assets** | 1665002250 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 170071767 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 3739761 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 3167381 |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $1,521,270) | 1522969 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 991187 |
| &nbsp;&nbsp; Management fee payable | 336853 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 217778 |
| &nbsp;&nbsp; Due to broker—variation margin swaps and swaptions | 85465 |
| &nbsp;&nbsp; Dividends payable | 50979 |
| &nbsp;&nbsp; Distribution fee payable | 35352 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 3311 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $0) | 221 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 107 |
| &nbsp;&nbsp; **Total Liabilities** | 180223131 |
| &nbsp;&nbsp; **Net Assets** | $1484779119 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $167270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 1699313499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (214701650) |
| &nbsp;&nbsp; **Net assets, January 31, 2023** | $1484779119 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 65

------

**Statement of Assets and Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** | |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($142,136,210 ÷ 16,015,804 shares of beneficial interest issued and outstanding) | $8.87 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.30 |
| &nbsp;&nbsp; Maximum offering price to public | $9.17 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($6,108,800 ÷ 687,975 shares of beneficial interest issued and outstanding) | $8.88 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($17,325 ÷ 1,953 shares of beneficial interest issued and outstanding) | $8.87 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($325,880,474 ÷ 36,712,477 shares of beneficial interest issued and outstanding) | $8.88 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,010,636,310 ÷ 113,851,351 shares of beneficial interest issued and outstanding) | $8.88 |

---

See Notes to Financial Statements.

------

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $23686645 |
| &nbsp;&nbsp; Unaffiliated dividend income | 807924 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 10046 |
| &nbsp;&nbsp; **Total income** | 24504615 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 2289545 |
| &nbsp;&nbsp; Distribution fee(a) | 205528 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $9,707)(a) | 195290 |
| &nbsp;&nbsp; Registration fees(a) | 70636 |
| &nbsp;&nbsp; Custodian and accounting fees | 60478 |
| &nbsp;&nbsp; Shareholders' reports | 58737 |
| &nbsp;&nbsp; Audit fee | 32767 |
| &nbsp;&nbsp; Professional fees | 13288 |
| &nbsp;&nbsp; Trustees' fees | 12142 |
| &nbsp;&nbsp; SEC registration fees | 1133 |
| &nbsp;&nbsp; Miscellaneous | 19851 |
| &nbsp;&nbsp; **Total expenses** | 2959395 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (387268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (21) |
| &nbsp;&nbsp; **Net expenses** | 2572106 |
| &nbsp;&nbsp; Net investment income (loss) | 21932509 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $7,227) | (7749905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (13254864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 386511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 2133007 |
|  | (18485251) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $1,415) | (31669657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (910827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (16159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 2482367 |
|  | (30114276) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (48599527) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(26667018) |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 67

------

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R6** |
|  Distribution fee | 177132 | 28333 | 63 |  |  |
|  Transfer agent's fees and expenses | 46561 | 3725 | 51 | 137643 | 7310 |
|  Registration fees | 11515 | 5884 | 3727 | 32112 | 17398 |
|  Fee waiver and/or expense reimbursement | (19705) | (6717) | (3767) | (195838) | (161241) |
|  Distribution fee waiver |  |  | (21) |  |  |

---

See Notes to Financial Statements.

------

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | **Six Months Ended**<br> **January 31, 2023**<br> | **Year Ended**<br> **July 31, 2022**<br> |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $21932509 | $29268054 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (18485251) | (31457354) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (30114276) | (168711503) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (26667018) | (170900803) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (2186943) | (3450956) |
| &nbsp;&nbsp; Class C | (65078) | (73660) |
| &nbsp;&nbsp; Class R | (236) | (315) |
| &nbsp;&nbsp; Class Z | (5163469) | (6349977) |
| &nbsp;&nbsp; Class R6 | (16788084) | (23674479) |
|  | (24203810) | (33549387) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 295510211 | 743729983 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 24131102 | 33431934 |
| &nbsp;&nbsp; Cost of shares purchased | (255001616) | (547126234) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 64639697 | 230035683 |
| &nbsp;&nbsp; Total increase (decrease) | 13768869 | 25585493 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 1471010250 | 1445424757 |
| &nbsp;&nbsp; End of period | $1484779119 | $1471010250 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 69

------

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** | &nbsp;&nbsp;&nbsp;**Class A Shares** |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.21 | $10.53 | $10.78 | $10.09 | $9.63 | $9.99 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.12 | 0.16 | 0.15 | 0.21 | 0.26 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.32) | (1.29) | (0.13) | 0.74 | 0.49 | (0.33) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.20) | (1.13) | 0.02 | 0.95 | 0.75 | (0.11) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.19) | (0.20) | (0.26) | (0.29) | (0.25) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | - | (0.07) | (-)<sup>(b)</sup> | - | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.14) | (0.19) | (0.27) | (0.26) | (0.29) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.87 | $9.21 | $10.53 | $10.78 | $10.09 | $9.63 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (2.17)% | (10.81)% | 0.17% | 9.50% | 7.90% | (1.14)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $142136 | $148963 | $216235 | $181510 | $75923 | $53967 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $140550 | $180069 | $202963 | $119286 | $59735 | $48790 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.65 %<sup>(e)</sup> | 0.65% | 0.66% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.68 %<sup>(e)</sup> | 0.68% | 0.69% | 0.75% | 0.82% | 0.84% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.77 %<sup>(e)</sup> | 1.62% | 1.42% | 2.01% | 2.66% | 2.23% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 110% | 141% | 117% | 90% | 69% | 172% |

---

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

(b) Amount rounds to zero.

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

(d) Does not include expenses of the investment companies in which the Fund invests.

(e) Annualized.

(f) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can
increase its portfolio turnover rate.

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

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** | &nbsp;&nbsp;&nbsp;**Class C Shares** |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.21 | $10.53 | $10.79 | $10.10 | $9.64 | $9.99 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.09 | 0.08 | 0.07 | 0.13 | 0.19 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.32) | (1.29) | (0.15) | 0.74 | 0.48 | (0.32) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.23) | (1.21) | (0.08) | 0.87 | 0.67 | (0.18) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.10) | (0.11) | (0.11) | (0.18) | (0.21) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | - | (0.07) | (-)<sup>(b)</sup> | - | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.10) | (0.11) | (0.18) | (0.18) | (0.21) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.88 | $9.21 | $10.53 | $10.79 | $10.10 | $9.64 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (2.46)% | (11.52)% | (0.71)% | 8.68% | 7.09% | (1.78)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $6109 | $5692 | $7664 | $8596 | $4042 | $3530 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5620 | $6519 | $8268 | $6244 | $3593 | $3635 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.45 %<sup>(e)</sup> | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.69 %<sup>(e)</sup> | 1.64% | 1.60% | 1.78% | 1.95% | 1.99% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.98 %<sup>(e)</sup> | 0.84% | 0.64% | 1.25% | 1.91% | 1.47% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 110% | 141% | 117% | 90% | 69% | 172% |

---

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

(b) Amount rounds to zero.

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

(d) Does not include expenses of the investment companies in which the Fund invests.

(e) Annualized.

(f) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can
increase its portfolio turnover rate.

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

See Notes to Financial Statements.

PGIM Core Bond Fund 71

------

**Financial Highlights** (unaudited) (continued)

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** | &nbsp;&nbsp;&nbsp;**Class R Shares** |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.20 | $10.52 | $10.78 | $10.09 | $9.63 | $9.99 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.11 | 0.13 | 0.12 | 0.19 | 0.23 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment<br> and foreign currency transactions | (0.32) | (1.29) | (0.14) | 0.73 | 0.49 | (0.34) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.21) | (1.16) | (0.02) | 0.92 | 0.72 | (0.14) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.16) | (0.17) | (0.23) | (0.26) | (0.22) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | - | (0.07) | (-)<sup>(b)</sup> | - | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.12) | (0.16) | (0.24) | (0.23) | (0.26) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.87 | $9.20 | $10.52 | $10.78 | $10.09 | $9.63 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (2.21)% | (11.10)% | (0.22)% | 9.23% | 7.63% | (1.39)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $17 | $18 | $21 | $18 | $16 | $15 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $17 | $19 | $18 | $17 | $15 | $13 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.95 %<sup>(e)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 45.67 %<sup>(e)</sup> | 38.21% | 55.36% | 102.99% | 89.73% | 113.11% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.47 %<sup>(e)</sup> | 1.34% | 1.13% | 1.80% | 2.41% | 1.99% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 110% | 141% | 117% | 90% | 69% | 172% |

---

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

(b) Amount rounds to zero.

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

(d) Does not include expenses of the investment companies in which the Fund invests.

(e) Annualized.

(f) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can
increase its portfolio turnover rate.

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

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** | &nbsp;&nbsp;&nbsp;**Class Z Shares** |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.21 | $10.53 | $10.78 | $10.09 | $9.63 | $9.99 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.14 | 0.20 | 0.19 | 0.25 | 0.28 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.32) | (1.30) | (0.14) | 0.73 | 0.49 | (0.33) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.18) | (1.10) | 0.05 | 0.98 | 0.77 | (0.09) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.22) | (0.23) | (0.29) | (0.31) | (0.27) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | - | (0.07) | (-)<sup>(b)</sup> | - | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.15) | (0.22) | (0.30) | (0.29) | (0.31) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.88 | $9.21 | $10.53 | $10.78 | $10.09 | $9.63 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.90)% | (10.53)% | 0.41% | 9.98% | 8.17% | (0.90)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $325880 | $291666 | $276537 | $282256 | $162803 | $101369 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $299266 | $279332 | $285073 | $220426 | $115704 | $84455 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.33 %<sup>(e)</sup> | 0.33% | 0.33% | 0.35% | 0.44% | 0.45% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.46 %<sup>(e)</sup> | 0.47% | 0.46% | 0.49% | 0.53% | 0.52% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.10 %<sup>(e)</sup> | 1.99% | 1.76% | 2.38% | 2.92% | 2.48% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 110% | 141% | 117% | 90% | 69% | 172% |

---

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

(b) Amount rounds to zero.

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

(d) Does not include expenses of the investment companies in which the Fund invests.

(e) Annualized.

(f) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can
increase its portfolio turnover rate.

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

See Notes to Financial Statements.

PGIM Core Bond Fund 73

------

**Financial Highlights** (unaudited) (continued)

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** | &nbsp;&nbsp;&nbsp;**Class R6 Shares** |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.21 | $10.53 | $10.79 | $10.10 | $9.64 | $9.99 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.14 | 0.20 | 0.19 | 0.25 | 0.29 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.32) | (1.30) | (0.15) | 0.73 | 0.49 | (0.32) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.18) | (1.10) | 0.04 | 0.98 | 0.78 | (0.07) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.22) | (0.23) | (0.29) | (0.32) | (0.28) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | - | (0.07) | (-)<sup>(b)</sup> | - | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.15) | (0.22) | (0.30) | (0.29) | (0.32) | (0.28) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.88 | $9.21 | $10.53 | $10.79 | $10.10 | $9.64 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.90)% | (10.52)% | 0.42% | 10.00% | 8.12% | (0.74)% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1010636 | $1024671 | $944968 | $716750 | $367985 | $290530 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $973847 | $1045549 | $836649 | $595755 | $309110 | $254525 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.32 %<sup>(e)</sup> | 0.32% | 0.32% | 0.33% | 0.39% | 0.40% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.35 %<sup>(e)</sup> | 0.35% | 0.36% | 0.38% | 0.44% | 0.45% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.10 %<sup>(e)</sup> | 1.98% | 1.76% | 2.39% | 2.97% | 2.54% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 110% | 141% | 117% | 90% | 69% | 172% |

---

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

(b) Amount rounds to zero.

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

(d) Does not include expenses of the investment companies in which the Fund invests.

(e) Annualized.

(f) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can
increase its portfolio turnover rate.

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

See Notes to Financial Statements.

------

**Notes to Financial Statements** (unaudited)

**1.** **Organization** 

The Target Portfolio Trust (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Core Bond Fund (the "Fund"), a series of the RIC. The fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is total return.

**2. Accounting Policies** 

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

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated to PGIM Investments LLC ("PGIM Investments" or the "Manager") as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

PGIM Core Bond Fund 75

------

**Notes to Financial Statements** (unaudited) (continued)

of the Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund's investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 - Fair Value Measurement.

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchange-traded 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.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach

------

when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

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

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

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held

PGIM Core Bond Fund 77

------

**Notes to Financial Statements** (unaudited) (continued)

at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Options:* The Fund purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use options to gain additional market exposure. The Fund's principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears

------

the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges' clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised. The Fund entered into options on swaps that are executed through a central clearing facility, such as a registered exchange. Such options pay or receive an amount known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to 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 since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

PGIM Core Bond Fund 79

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**Notes to Financial Statements** (unaudited) (continued)

*Swap Agreements:* The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

*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.

*Total Return Swaps:* In a total return swap, one party receives payments based on the market value of the security or the commodity involved, or total return of a specific referenced asset, such as an equity, index or bond, and in return pays a defined amount. The Fund is subject to risk exposures associated with the referenced asset in the normal course of pursuing its investment objectives. The Fund entered into total return swaps to manage its exposure to a security or an index. The Fund's maximum risk of loss from counterparty credit risk is the change in the value of the security, in the Fund's favor, from the point of entering into the contract.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These

PGIM Core Bond Fund 81

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**Notes to Financial Statements** (unaudited) (continued)

adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund's exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The RIC, on behalf of the Fund, is a party to International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund's custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund's net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund's counterparties to elect early termination could impact the Fund's future derivative activity.

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid

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market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

*Delayed-Delivery Transactions:* The Fund purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeits its eligibility to realize future gains (losses) with respect to the security.

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

PGIM Core Bond Fund 83

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**Notes to Financial Statements** (unaudited) (continued)

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

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of

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dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

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| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
| &nbsp;&nbsp; Net Investment Income | | Monthly |
| &nbsp;&nbsp; Short-Term Capital Gains | | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | | Annually |

---

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

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

**3.** **Agreements** 

The RIC, on behalf of the Fund, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services and supervises each subadviser's performance of such services, and pursuant to which it renders administrative services.

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its business unit PGIM Fixed Income, and PGIM Limited (collectively, the "subadviser"). The Manager pays for the services of the subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended January 31, 2023, the contractual and effective management fee rates were as follows:

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| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers** <br> **and/or expense reimbursements** |
| &nbsp;&nbsp; 0.32% of average daily net assets up to $10 billion; | 0.32% |
| &nbsp;&nbsp; 0.31% of average daily net assets over $10 billion. |  |

---

The Manager has contractually agreed, through November 30, 2023, to limit total annual fund operating expenses, after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a

PGIM Core Bond Fund 85

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**Notes to Financial Statements** (unaudited) (continued)

certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each class are as follows:

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| | |
|:---|:---|
| **Class** | **Expense**<br> **Limitations**  |
| &nbsp;&nbsp; A | 0.70% |
| &nbsp;&nbsp; C | 1.45 |
| &nbsp;&nbsp; R | 0.95 |
| &nbsp;&nbsp; Z | 0.33 |
| &nbsp;&nbsp; R6 | 0.32 |

---

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class R, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund's Class A, Class C and Class R shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through November 30, 2023 to limit such fees on certain classes based on daily net assets. The distribution fees are accrued daily and payable monthly.

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

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| | | |
|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; A | 0.25% | 0.25% |
| &nbsp;&nbsp; C | 1.00 | 1.00 |
| &nbsp;&nbsp; R | 0.75 | 0.50 |
| &nbsp;&nbsp; Z | N/A | N/A |
| &nbsp;&nbsp; R6 | N/A | N/A |

---

For the reporting period ended January 31, 2023, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

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| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
| &nbsp;&nbsp; A | $52780 | $2023 |
| &nbsp;&nbsp; C |  | 402 |

---

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

**4.** **Other Transactions with Affiliates** 

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

The Fund may invest its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Money Market Fund. In addition to the realized and unrealized gains on investments in the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Income from securities lending, net".

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended January 31, 2023, no 17a-7 transactions were entered into by the Fund.

**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2023, were as follows:

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| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| $1579260700 | $1529863324 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended January 31, 2023, is presented as follows:

PGIM Core Bond Fund 87

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**Notes to Financial Statements** (unaudited) (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value,**<br> **Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Period** | **Cost of**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Purchases**  | **Proceeds**<br> &nbsp;&nbsp;&nbsp;&nbsp;**from Sales**  | **Change in**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized** <br> **Gain**<br> **(Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized** <br> **Gain**<br> **(Loss)** | **Value,**<br> **End of**<br> **Period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares,** <br> **End**<br> **of**<br> **Period** | **Income** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | | | | |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp; $12036712 | $56880810 | $65718045 | $1415 | $7227 | $3208119 | 3208761 | $10046<sup>(2)</sup> |

---

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

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

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

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

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

The United States federal income tax basis of the Fund's investments and the net unrealized depreciation as of January 31, 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unrealized** <br> **Appreciation** | **Gross**<br> **Unrealized**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Depreciation**  | **Net**<br> **Unrealized**<br> **Depreciation** |
| $1716358335 | $9459378 | $(158204890) | $(148745512) |

---

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

For federal income tax purposes, the Fundhad a capital loss carryforward as of July 31, 2022 of approximately $39,741,000 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.

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2022 are subject to such review.

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

The Fund offers Class A, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a

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CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share.

As of January 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
|  &nbsp;&nbsp;&nbsp;&nbsp;R | 1192 | 61.0% |

---

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

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| | | |
|:---|:---|:---|
| | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; Affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| &nbsp;&nbsp; Unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;4 | 85.0 |

---

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** | | |
| &nbsp;&nbsp; Six months ended January 31, 2023: |  |  |
| &nbsp;&nbsp; Shares sold | 2257414 | $19749427 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 252285 | 2184305 |
| &nbsp;&nbsp; Shares purchased | (2678386) | (23227498) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (168687) | (1293766) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 165410 | 1441221 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (161068) | (1404388) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (164345) | $(1256933) |

---

PGIM Core Bond Fund 89

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**Notes to Financial Statements** (unaudited) (continued)

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| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2022:** | | |
| &nbsp;&nbsp; Shares sold | 3864332 | $&nbsp;&nbsp;&nbsp;&nbsp;38395260 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 350869 | 3446859 |
| &nbsp;&nbsp; Shares purchased | (8561190) | (85692504) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (4345989) | (43850385) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 206275 | 2027543 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (223925) | (2223098) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (4363639) | $(44045940) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 235230 | $2049559 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7477 | 64777 |
| &nbsp;&nbsp; Shares purchased | (136829) | (1188994) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 105878 | 925342 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (35856) | (308392) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 70022 | $616950 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 227080 | $2115961 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7530 | 73559 |
| &nbsp;&nbsp; Shares purchased | (323314) | (3092271) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (88704) | (902751) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (20988) | (214098) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (109692) | $(1116849) |
| &nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 17 | $144 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 27 | 236 |
| &nbsp;&nbsp; Shares purchased | (1) | (8) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 43 | $372 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 29 | $288 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 32 | 315 |
| &nbsp;&nbsp; Shares purchased | (101) | (905) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (40) | $(302) |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class Z** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 18444054 | $159449147 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 593731 | 5145424 |
| &nbsp;&nbsp; Shares purchased | (14057622) | (121987226) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 4980163 | 42607345 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 187623 | 1651764 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (131112) | (1146766) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5036674 | $43112343 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 29602702 | $276525681 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 641544 | 6243194 |
| &nbsp;&nbsp; Shares purchased | (24819410) | (232333545) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 5424836 | 50435330 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 260697 | 2639490 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (277673) | (2775804) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5407860 | $50299016 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 13150374 | $114261934 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1932151 | 16736360 |
| &nbsp;&nbsp; Shares purchased | (12479392) | (108597890) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2603133 | 22400404 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 78036 | 677959 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (102964) | (911398) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2578205 | $22166965 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 42297535 | $426692793 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2425563 | 23668007 |
| &nbsp;&nbsp; Shares purchased | (23260300) | (226007009) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 21462798 | 224353791 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 187376 | 1902077 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (131812) | (1356110) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 21518362 | $224899758 |

---

**8.** **Borrowings** 

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary

PGIM Core Bond Fund 91

------

**Notes to Financial Statements** (unaudited) (continued)

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

---

| | | |
|:---|:---|:---|
| | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/2022 - 9/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/2021 – 9/29/2022 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on Borrowings** | 1.00% plus the higher of<br>(1) the effective federal<br>funds rate, (2) the daily<br>SOFR rate plus 0.10% or<br>(3) zero percent | 1.20% plus the higher of (1) the<br>effective federal funds rate, (2)<br>the one-month LIBOR rate or<br>(3) zero percent |

---

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

The Fund did not utilize the SCA during the reporting period ended January 31, 2023.

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

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

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

*Credit Risk:* This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer,

------

guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

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

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

*Foreign Securities Risk:* Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

Investments in emerging markets are subject to greater volatility and price declines.

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

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund's prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease.

PGIM Core Bond Fund 93

------

**Notes to Financial Statements** (unaudited) (continued)

Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine), geopolitical developments

------

(including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

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

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

*Market Risk:* Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

*Mortgage-Backed and Asset-Backed Securities Risk:* Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

*Reference Rate Risk:* The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate ("LIBOR") to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom's Financial Conduct Authority announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be

PGIM Core Bond Fund 95

------

**Notes to Financial Statements** (unaudited) (continued)

published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average ("EONIA"), ceased to be published or representative after December 31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future. Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate ("SOFR"), which is intended to replace the U.S. dollar LIBOR).

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR as well as loan facilities used by the Fund. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund's performance or net asset value.

*U.S. Government and Agency Securities Risk:* U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ⬛ **MAIL** | ⬛ **TELEPHONE** | ⬛ **WEBSITE** |
| &nbsp;&nbsp;&nbsp; 655 Broad Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800)225-1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pgim.com/investments |
| &nbsp;&nbsp;&nbsp; Newark, NJ 07102 |  |  |

---

**PROXY VOTING** 

The Board of Trustees of the Fund has delegated to the Fund's subadvisers 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 or by visiting the Securities and Exchange Commission's website at *sec.gov*. 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.

**TRUSTEES** 

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

**OFFICERS** 

Stuart S. Parker, *President* · Scott E. Benjamin, *Vice President* · Christian J. Kelly, *Chief Financial Officer* · Claudia DiGiacomo, *Chief Legal Officer* · Isabelle Sajous, *Chief Compliance Officer* · Kelly Florio, *Anti-Money Laundering Compliance Officer* · Andrew R. French, *Secretary* · Melissa Gonzalez*, Assistant Secretary* · Kelly A. Coyne, *Assistant Secretary* · Patrick E. McGuinness, *Assistant Secretary* · Debra Rubano, *Assistant Secretary* · Lana Lomuti, Assistant Treasurer · Russ Shupak, Treasurer and Principal Accounting Officer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer · Robert McCormack, Assistant Treasurer

---

| | | |
|:---|:---|:---|
| **MANAGER** | PGIM Investments LLC | 655 Broad Street Newark, NJ 07102 |
| **SUBADVISERS** | PGIM Fixed<br>Income PGIM Limited | 655 Broad Street<br> Newark, NJ 07102<br>Grand Buildings, 1-3 Strand<br> Trafalgar Square<br> London, WC2N 5HR<br> United Kingdom |
| **DISTRIBUTOR** | Prudential Investment<br> Management Services LLC | 655 Broad Street<br> Newark, NJ 07102 |
| **CUSTODIAN** | The Bank of New York Mellon | 240 Greenwich Street<br> New York, NY 10286 |
| **TRANSFER AGENT** | Prudential Mutual Fund Services LLC | PO Box 534432<br> Pittsburgh, PA 15253 |
| **INDEPENDENT REGISTERED**<br> **PUBLIC ACCOUNTING FIRM** | PricewaterhouseCoopers LLP | 300 Madison Avenue<br> New York, NY 10017 |
| **FUND COUNSEL** | Willkie Farr & Gallagher LLP | 787 Seventh Avenue<br> 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 pgim.com/investments 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 ***pgim.com/investments/resource/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 TRUSTEES** 

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

**AVAILABILITY OF PORTFOLIO HOLDINGS** 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund's Form N-PORT filings are available on the Commission's website at *sec.gov*. Form N-PORT is filed with the Commission quarterly, and the Fund's full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter at *sec.gov*.

&nbsp;&nbsp;&nbsp;&nbsp;**Mutual Funds:** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; ARE NOT INSURED BY THE FDIC OR ANY<br> FEDERAL GOVERNMENT AGENCY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE | ARE NOT A DEPOSIT OF OR GUARANTEED<br> BY ANY BANK OR ANY BANK AFFILIATE |

---

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![LOGO](g434465sp011.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **PGIM CORE BOND FUND** | **PGIM CORE BOND FUND** | **PGIM CORE BOND FUND** |  |  |  |
|  **SHARE CLASS** | **A** | **C** | **R** | **Z** | **R6** |
|  **NASDAQ** | TPCAX | TPCCX | TPCRX | TAIBX | TPCQX |
|  **CUSIP** | 875921769 | 875921751 | 875921736 | 875921801 | 875921744 |

---

MF226E2

------

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

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

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

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

Item 6 – 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 – There have been no material changes to these procedures.  |

---

Item 11 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There has been no significant change in the registrant's internal control over financial reporting (as
defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)(1) Code of Ethics – Not required, as this is not an annual filing.

(a)(2) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.](d434396dex99cert.htm)

(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(2)(2) Change in the registrant's independent public accountant – Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.](d434396dex99906cert.htm)

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Registrant: | <u>The Target Portfolio Trust</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | March 20, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  Date: | March 20, 2023 |
|  By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
|  Date: | March 20, 2023 |

---

## Ex-99.Cert

Item 13

**The Target Portfolio Trust** 

Semi-Annual period ending 1/31/23

File No. 811-07064

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

March 20, 2023

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| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

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Item 13

**The Target Portfolio Trust** 

Semi-Annual period ending 1/31/23

File No. 811-07064

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

March 20, 2023

---

| |
|:---|
| <u>/s/ Christian J. Kelly</u> |
| Christian J. Kelly |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>The Target Portfolio Trust</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| March 20, 2023 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| March 20, 2023 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*