# EDGAR Filing Document

**Accession Number:** 0000890339
**File Stem:** 0001193125-26-128837
**Filing Date:** 2026-3
**Character Count:** 520059
**Document Hash:** 117f45d44b245268b6886b97fd3ed4a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-128837.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001193125-26-128837

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TARGET PORTFOLIO TRUST
- **CENTRAL INDEX KEY:** 0000890339

**ORGANIZATION NAME:**
- **EIN:** 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:** 26806833

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

## Series and Classes Contracts Data

### 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           |

?xml version='1.0' encoding='ASCII'? The Target Portfolio Trust

#### 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: | 7/31/2026 |
| Date of reporting period: | 1/31/2026 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g59155g1tsrbanner_2026.jpg)

PGIM Quant Solutions Small-Cap Value Fund

Class A:

TSVAX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class A shares of the PGIM Quant Solutions Small-Cap Value Fund

(the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Small-Cap Value Fund—Class A | $61 | 1.08% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $397275586<br>|
| Number of fund holdings | 407 |
| Portfolio turnover rate for the period | 54% |

---

MF232E2A

![](g59155g1pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 15.3% |
| Biotechnology | 5.1% |
| Oil, Gas & Consumable Fuels | 4.9% |
| Metals & Mining | 4.1% |
| Machinery | 4.0% |
| Specialty Retail | 3.6% |
| Insurance | 3.6% |
| Pharmaceuticals | 3.4% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Electrical Equipment | 2.6% |
| Commercial Services & Supplies | 2.6% |
| Construction & Engineering | 2.5% |
| Health Care Providers & Services | 2.4% |
| Energy Equipment & Services | 2.3% |
| Financial Services | 2.1% |
| Real Estate Management & Development | 2.0% |
| Hotel & Resort REITs | 2.0% |
| Software | 1.8% |
| Consumer Finance | 1.8% |
| Electric Utilities | 1.7% |
| Semiconductors & Semiconductor Equipment | 1.5% |
| Communications Equipment | 1.4% |
| Marine Transportation | 1.4% |
| Diversified Consumer Services | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |
| Retail REITs | 1.3% |
| Trading Companies & Distributors | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Chemicals | 1.2% |
| Media | 1.2% |
| Gas Utilities | 1.1% |
| Automobile Components | 1.0% |
| Aerospace & Defense | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |
| Specialized REITs | 1.0% |
| Passenger Airlines | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| Diversified REITs | 0.8% |
| Multi-Utilities | 0.8% |
| Consumer Staples Distribution & Retail | 0.7% |
| IT Services | 0.7% |
| Containers & Packaging | 0.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% |
| Food Products | 0.5% |
| Technology Hardware, Storage & Peripherals | 0.5% |
| Capital Markets | 0.5% |
| Broadline Retail | 0.5% |
| Industrial REITs | 0.5% |
| Building Products | 0.5% |
| Others\* | 3.3% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

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

SHARE CLASS A <br> NASDAQ TSVAX <br> CUSIP 875921785

MF232E2A

![](g59155g1pgimlogo_2026.jpg)

------

![](g59155g2tsrbanner_2026.jpg)

PGIM Quant Solutions Small-Cap Value Fund

Class C:

TRACX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class C shares of the PGIM Quant Solutions Small-Cap Value Fund

(the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Small-Cap Value Fund—Class C | $175 | 3.13% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $397275586<br>|
| Number of fund holdings | 407 |
| Portfolio turnover rate for the period | 54% |

---

MF232E2C

![](g59155g2pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 15.3% |
| Biotechnology | 5.1% |
| Oil, Gas & Consumable Fuels | 4.9% |
| Metals & Mining | 4.1% |
| Machinery | 4.0% |
| Specialty Retail | 3.6% |
| Insurance | 3.6% |
| Pharmaceuticals | 3.4% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Electrical Equipment | 2.6% |
| Commercial Services & Supplies | 2.6% |
| Construction & Engineering | 2.5% |
| Health Care Providers & Services | 2.4% |
| Energy Equipment & Services | 2.3% |
| Financial Services | 2.1% |
| Real Estate Management & Development | 2.0% |
| Hotel & Resort REITs | 2.0% |
| Software | 1.8% |
| Consumer Finance | 1.8% |
| Electric Utilities | 1.7% |
| Semiconductors & Semiconductor Equipment | 1.5% |
| Communications Equipment | 1.4% |
| Marine Transportation | 1.4% |
| Diversified Consumer Services | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |
| Retail REITs | 1.3% |
| Trading Companies & Distributors | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Chemicals | 1.2% |
| Media | 1.2% |
| Gas Utilities | 1.1% |
| Automobile Components | 1.0% |
| Aerospace & Defense | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |
| Specialized REITs | 1.0% |
| Passenger Airlines | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| Diversified REITs | 0.8% |
| Multi-Utilities | 0.8% |
| Consumer Staples Distribution & Retail | 0.7% |
| IT Services | 0.7% |
| Containers & Packaging | 0.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% |
| Food Products | 0.5% |
| Technology Hardware, Storage & Peripherals | 0.5% |
| Capital Markets | 0.5% |
| Broadline Retail | 0.5% |
| Industrial REITs | 0.5% |
| Building Products | 0.5% |
| Others\* | 3.3% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

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

SHARE CLASS C <br> NASDAQ TRACX <br> CUSIP 875921710

MF232E2C

![](g59155g2pgimlogo_2026.jpg)

------

![](g59155g3tsrbanner_2026.jpg)

PGIM Quant Solutions Small-Cap Value Fund

Class R:

TSVRX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R shares of the PGIM Quant Solutions Small-Cap Value Fund

(the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Small-Cap Value Fund—Class R | $72 | 1.28% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $397275586<br>|
| Number of fund holdings | 407 |
| Portfolio turnover rate for the period | 54% |

---

MF232E2R

![](g59155g3pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 15.3% |
| Biotechnology | 5.1% |
| Oil, Gas & Consumable Fuels | 4.9% |
| Metals & Mining | 4.1% |
| Machinery | 4.0% |
| Specialty Retail | 3.6% |
| Insurance | 3.6% |
| Pharmaceuticals | 3.4% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Electrical Equipment | 2.6% |
| Commercial Services & Supplies | 2.6% |
| Construction & Engineering | 2.5% |
| Health Care Providers & Services | 2.4% |
| Energy Equipment & Services | 2.3% |
| Financial Services | 2.1% |
| Real Estate Management & Development | 2.0% |
| Hotel & Resort REITs | 2.0% |
| Software | 1.8% |
| Consumer Finance | 1.8% |
| Electric Utilities | 1.7% |
| Semiconductors & Semiconductor Equipment | 1.5% |
| Communications Equipment | 1.4% |
| Marine Transportation | 1.4% |
| Diversified Consumer Services | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |
| Retail REITs | 1.3% |
| Trading Companies & Distributors | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Chemicals | 1.2% |
| Media | 1.2% |
| Gas Utilities | 1.1% |
| Automobile Components | 1.0% |
| Aerospace & Defense | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |
| Specialized REITs | 1.0% |
| Passenger Airlines | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| Diversified REITs | 0.8% |
| Multi-Utilities | 0.8% |
| Consumer Staples Distribution & Retail | 0.7% |
| IT Services | 0.7% |
| Containers & Packaging | 0.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% |
| Food Products | 0.5% |
| Technology Hardware, Storage & Peripherals | 0.5% |
| Capital Markets | 0.5% |
| Broadline Retail | 0.5% |
| Industrial REITs | 0.5% |
| Building Products | 0.5% |
| Others\* | 3.3% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

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

SHARE CLASS R <br> NASDAQ TSVRX <br> CUSIP 875921843

MF232E2R

![](g59155g3pgimlogo_2026.jpg)

------

![](g59155g4tsrbanner_2026.jpg)

PGIM Quant Solutions Small-Cap Value Fund

Class Z:

TASVX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class Z shares of the PGIM Quant Solutions Small-Cap Value Fund

(the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Small-Cap Value Fund—Class Z | $44 | 0.79% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $397275586<br>|
| Number of fund holdings | 407 |
| Portfolio turnover rate for the period | 54% |

---

MF232E2Z

![](g59155g4pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 15.3% |
| Biotechnology | 5.1% |
| Oil, Gas & Consumable Fuels | 4.9% |
| Metals & Mining | 4.1% |
| Machinery | 4.0% |
| Specialty Retail | 3.6% |
| Insurance | 3.6% |
| Pharmaceuticals | 3.4% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Electrical Equipment | 2.6% |
| Commercial Services & Supplies | 2.6% |
| Construction & Engineering | 2.5% |
| Health Care Providers & Services | 2.4% |
| Energy Equipment & Services | 2.3% |
| Financial Services | 2.1% |
| Real Estate Management & Development | 2.0% |
| Hotel & Resort REITs | 2.0% |
| Software | 1.8% |
| Consumer Finance | 1.8% |
| Electric Utilities | 1.7% |
| Semiconductors & Semiconductor Equipment | 1.5% |
| Communications Equipment | 1.4% |
| Marine Transportation | 1.4% |
| Diversified Consumer Services | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |
| Retail REITs | 1.3% |
| Trading Companies & Distributors | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Chemicals | 1.2% |
| Media | 1.2% |
| Gas Utilities | 1.1% |
| Automobile Components | 1.0% |
| Aerospace & Defense | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |
| Specialized REITs | 1.0% |
| Passenger Airlines | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| Diversified REITs | 0.8% |
| Multi-Utilities | 0.8% |
| Consumer Staples Distribution & Retail | 0.7% |
| IT Services | 0.7% |
| Containers & Packaging | 0.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% |
| Food Products | 0.5% |
| Technology Hardware, Storage & Peripherals | 0.5% |
| Capital Markets | 0.5% |
| Broadline Retail | 0.5% |
| Industrial REITs | 0.5% |
| Building Products | 0.5% |
| Others\* | 3.3% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

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

SHARE CLASS Z <br> NASDAQ TASVX <br> CUSIP 875921306

MF232E2Z

![](g59155g4pgimlogo_2026.jpg)

------

![](g59155g5tsrbanner_2026.jpg)

PGIM Quant Solutions Small-Cap Value Fund

Class R2:

PSVDX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R2 shares of the PGIM Quant Solutions Small-Cap Value

Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Small-Cap Value Fund—Class R2 | $64 | 1.14% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $397275586<br>|
| Number of fund holdings | 407 |
| Portfolio turnover rate for the period | 54% |

---

MF232E2R2

![](g59155g5pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 15.3% |
| Biotechnology | 5.1% |
| Oil, Gas & Consumable Fuels | 4.9% |
| Metals & Mining | 4.1% |
| Machinery | 4.0% |
| Specialty Retail | 3.6% |
| Insurance | 3.6% |
| Pharmaceuticals | 3.4% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Electrical Equipment | 2.6% |
| Commercial Services & Supplies | 2.6% |
| Construction & Engineering | 2.5% |
| Health Care Providers & Services | 2.4% |
| Energy Equipment & Services | 2.3% |
| Financial Services | 2.1% |
| Real Estate Management & Development | 2.0% |
| Hotel & Resort REITs | 2.0% |
| Software | 1.8% |
| Consumer Finance | 1.8% |
| Electric Utilities | 1.7% |
| Semiconductors & Semiconductor Equipment | 1.5% |
| Communications Equipment | 1.4% |
| Marine Transportation | 1.4% |
| Diversified Consumer Services | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |
| Retail REITs | 1.3% |
| Trading Companies & Distributors | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Chemicals | 1.2% |
| Media | 1.2% |
| Gas Utilities | 1.1% |
| Automobile Components | 1.0% |
| Aerospace & Defense | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |
| Specialized REITs | 1.0% |
| Passenger Airlines | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| Diversified REITs | 0.8% |
| Multi-Utilities | 0.8% |
| Consumer Staples Distribution & Retail | 0.7% |
| IT Services | 0.7% |
| Containers & Packaging | 0.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% |
| Food Products | 0.5% |
| Technology Hardware, Storage & Peripherals | 0.5% |
| Capital Markets | 0.5% |
| Broadline Retail | 0.5% |
| Industrial REITs | 0.5% |
| Building Products | 0.5% |
| Others\* | 3.3% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

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

SHARE CLASS R2 <br> NASDAQ PSVDX <br> CUSIP 875921611

MF232E2R2

![](g59155g5pgimlogo_2026.jpg)

------

![](g59155g6tsrbanner_2026.jpg)

PGIM Quant Solutions Small-Cap Value Fund

Class R4:

PSVKX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R4 shares of the PGIM Quant Solutions Small-Cap Value

Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Small-Cap Value Fund—Class R4 | $50 | 0.89% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $397275586<br>|
| Number of fund holdings | 407 |
| Portfolio turnover rate for the period | 54% |

---

MF232E2R4

![](g59155g6pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 15.3% |
| Biotechnology | 5.1% |
| Oil, Gas & Consumable Fuels | 4.9% |
| Metals & Mining | 4.1% |
| Machinery | 4.0% |
| Specialty Retail | 3.6% |
| Insurance | 3.6% |
| Pharmaceuticals | 3.4% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Electrical Equipment | 2.6% |
| Commercial Services & Supplies | 2.6% |
| Construction & Engineering | 2.5% |
| Health Care Providers & Services | 2.4% |
| Energy Equipment & Services | 2.3% |
| Financial Services | 2.1% |
| Real Estate Management & Development | 2.0% |
| Hotel & Resort REITs | 2.0% |
| Software | 1.8% |
| Consumer Finance | 1.8% |
| Electric Utilities | 1.7% |
| Semiconductors & Semiconductor Equipment | 1.5% |
| Communications Equipment | 1.4% |
| Marine Transportation | 1.4% |
| Diversified Consumer Services | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |
| Retail REITs | 1.3% |
| Trading Companies & Distributors | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Chemicals | 1.2% |
| Media | 1.2% |
| Gas Utilities | 1.1% |
| Automobile Components | 1.0% |
| Aerospace & Defense | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |
| Specialized REITs | 1.0% |
| Passenger Airlines | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| Diversified REITs | 0.8% |
| Multi-Utilities | 0.8% |
| Consumer Staples Distribution & Retail | 0.7% |
| IT Services | 0.7% |
| Containers & Packaging | 0.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% |
| Food Products | 0.5% |
| Technology Hardware, Storage & Peripherals | 0.5% |
| Capital Markets | 0.5% |
| Broadline Retail | 0.5% |
| Industrial REITs | 0.5% |
| Building Products | 0.5% |
| Others\* | 3.3% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

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

SHARE CLASS R4 <br> NASDAQ PSVKX <br> CUSIP 875921595

MF232E2R4

![](g59155g6pgimlogo_2026.jpg)

------

![](g59155g7tsrbanner_2026.jpg)

PGIM Quant Solutions Small-Cap Value Fund

Class R6:

TSVQX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM Quant Solutions Small-Cap Value

Fund (the "Fund") for the period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Small-Cap Value Fund—Class R6 | $39 | 0.69% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $397275586<br>|
| Number of fund holdings | 407 |
| Portfolio turnover rate for the period | 54% |

---

MF232E2R6

![](g59155g7pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 15.3% |
| Biotechnology | 5.1% |
| Oil, Gas & Consumable Fuels | 4.9% |
| Metals & Mining | 4.1% |
| Machinery | 4.0% |
| Specialty Retail | 3.6% |
| Insurance | 3.6% |
| Pharmaceuticals | 3.4% |
| Electronic Equipment, Instruments & Components | 3.1% |
| Electrical Equipment | 2.6% |
| Commercial Services & Supplies | 2.6% |
| Construction & Engineering | 2.5% |
| Health Care Providers & Services | 2.4% |
| Energy Equipment & Services | 2.3% |
| Financial Services | 2.1% |
| Real Estate Management & Development | 2.0% |
| Hotel & Resort REITs | 2.0% |
| Software | 1.8% |
| Consumer Finance | 1.8% |
| Electric Utilities | 1.7% |
| Semiconductors & Semiconductor Equipment | 1.5% |
| Communications Equipment | 1.4% |
| Marine Transportation | 1.4% |
| Diversified Consumer Services | 1.4% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.1% represents investments purchased with <br>collateral from securities on loan)<br>| 1.3% |
| Retail REITs | 1.3% |
| Trading Companies & Distributors | 1.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Chemicals | 1.2% |
| Media | 1.2% |
| Gas Utilities | 1.1% |
| Automobile Components | 1.0% |
| Aerospace & Defense | 1.0% |
| Textiles, Apparel & Luxury Goods | 1.0% |
| Specialized REITs | 1.0% |
| Passenger Airlines | 0.9% |
| Life Sciences Tools & Services | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| Diversified REITs | 0.8% |
| Multi-Utilities | 0.8% |
| Consumer Staples Distribution & Retail | 0.7% |
| IT Services | 0.7% |
| Containers & Packaging | 0.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% |
| Food Products | 0.5% |
| Technology Hardware, Storage & Peripherals | 0.5% |
| Capital Markets | 0.5% |
| Broadline Retail | 0.5% |
| Industrial REITs | 0.5% |
| Building Products | 0.5% |
| Others\* | 3.3% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

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

SHARE CLASS R6 <br> NASDAQ TSVQX <br> CUSIP 875921777

MF232E2R6

![](g59155g7pgimlogo_2026.jpg)

------

![](g59155g8tsrbanner_2026.jpg)

PGIM Core Bond Fund

Class A:

TPCAX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class A shares of the PGIM Core Bond Fund (the "Fund") for the

period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Core Bond Fund—Class A | $33 | 0.65% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $2433148757<br>|
| Number of fund holdings | 1284 |
| Portfolio turnover rate for the period | 51% |

---

MF226E2A

![](g59155g8pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) | Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) |
| AAA | 34.1 |
| AA | 35.6 |
| A | 9.5 |
| BBB | 13.5 |
| BB | 1.5 |
| B | 0.3 |
| Not Rated | 7.1 |
| Cash/Cash Equivalents | (1.6) |
| Total | 100 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Core Bond Fund

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

SHARE CLASS A <br> NASDAQ TPCAX <br> CUSIP 875921769

MF226E2A

![](g59155g8pgimlogo_2026.jpg)

------

![](g59155g9tsrbanner_2026.jpg)

PGIM Core Bond Fund

Class C:

TPCCX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class C shares of the PGIM Core Bond Fund (the "Fund") for the

period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Core Bond Fund—Class C | $74 | 1.45% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $2433148757<br>|
| Number of fund holdings | 1284 |
| Portfolio turnover rate for the period | 51% |

---

MF226E2C

![](g59155g9pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) | Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) |
| AAA | 34.1 |
| AA | 35.6 |
| A | 9.5 |
| BBB | 13.5 |
| BB | 1.5 |
| B | 0.3 |
| Not Rated | 7.1 |
| Cash/Cash Equivalents | (1.6) |
| Total | 100 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Core Bond Fund

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

SHARE CLASS C <br> NASDAQ TPCCX <br> CUSIP 875921751

MF226E2C

![](g59155g9pgimlogo_2026.jpg)

------

![](g59155g10tsrbanner_2026.jpg)

PGIM Core Bond Fund

Class R:

TPCRX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R shares of the PGIM Core Bond Fund (the "Fund") for the

period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Core Bond Fund—Class R | $49 | 0.95% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $2433148757<br>|
| Number of fund holdings | 1284 |
| Portfolio turnover rate for the period | 51% |

---

MF226E2R

![](g59155g10pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) | Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) |
| AAA | 34.1 |
| AA | 35.6 |
| A | 9.5 |
| BBB | 13.5 |
| BB | 1.5 |
| B | 0.3 |
| Not Rated | 7.1 |
| Cash/Cash Equivalents | (1.6) |
| Total | 100 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Core Bond Fund

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

SHARE CLASS R <br> NASDAQ TPCRX <br> CUSIP 875921736

MF226E2R

![](g59155g10pgimlogo_2026.jpg)

------

![](g59155g11tsrbanner_2026.jpg)

PGIM Core Bond Fund

Class Z:

TAIBX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class Z shares of the PGIM Core Bond Fund (the "Fund") for the

period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Core Bond Fund—Class Z | $17 | 0.33% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $2433148757<br>|
| Number of fund holdings | 1284 |
| Portfolio turnover rate for the period | 51% |

---

MF226E2Z

![](g59155g11pgimlogo_2026.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) | Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) |
| AAA | 34.1 |
| AA | 35.6 |
| A | 9.5 |
| BBB | 13.5 |
| BB | 1.5 |
| B | 0.3 |
| Not Rated | 7.1 |
| Cash/Cash Equivalents | (1.6) |
| Total | 100 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Core Bond Fund

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

SHARE CLASS Z <br> NASDAQ TAIBX <br> CUSIP 875921801

MF226E2Z

![](g59155g11pgimlogo_2026.jpg)

------

![](g59155g12tsrbanner_2026.jpg)

PGIM Core Bond Fund

Class R6:

TPCQX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM Core Bond Fund (the "Fund") for the

period of August 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Core Bond Fund—Class R6 | $16 | 0.32% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $2433148757<br>|
| Number of fund holdings | 1284 |
| Portfolio turnover rate for the period | 51% |

---

MF226E2R6

![](g59155g12pgimlogo_2026.jpg)

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WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

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| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) | Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) |
| AAA | 34.1 |
| AA | 35.6 |
| A | 9.5 |
| BBB | 13.5 |
| BB | 1.5 |
| B | 0.3 |
| Not Rated | 7.1 |
| Cash/Cash Equivalents | (1.6) |
| Total | 100 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

![](g59155g12qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Core Bond Fund

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

SHARE CLASS R6 <br> NASDAQ TPCQX <br> CUSIP 875921744

MF226E2R6

![](g59155g12pgimlogo_2026.jpg)

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(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – 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 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g59155g85e28.jpg)

## THE TARGET PORTFOLIO TRUST
PGIM Quant Solutions Small-Cap Value Fund

  

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### JANUARY 31, 2026
![LOGO](g59155snap9.jpg)

------

<u> **Table of Contents** </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Other Information </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 31, 2026 </u>

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

---

| | |
|:---|:---|
|  [PGIM Quant Solutions Small-Cap Value Fund](#edgar59155_1) | 1 |
|  [Notes to Financial Statements](#edgar59155_2) | 26 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar59155_3)

------

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS 99.6%** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 1.0%** |  |  |
| &nbsp;&nbsp; AAR Corp.\* | 5400 | $571914 |
| &nbsp;&nbsp; AerSale Corp.\* | 74700 | 559503 |
| &nbsp;&nbsp; ATI, Inc.\* | 3400 | 409020 |
| &nbsp;&nbsp; V2X, Inc.\* | 35700 | 2457231 |
|  |  | 3997668 |
| &nbsp;&nbsp; **Automobile Components 1.0%** |  |  |
| &nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc.\* | 86100 | 686217 |
| &nbsp;&nbsp; Cooper-Standard Holdings, Inc.\* | 11700 | 367029 |
| &nbsp;&nbsp; Dana, Inc. | 24300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702270 |
| &nbsp;&nbsp; Garrett Motion, Inc. (Switzerland) | 78700 | 1419748 |
| &nbsp;&nbsp; Phinia, Inc. | 3900 | 277563 |
| &nbsp;&nbsp; Visteon Corp. | 7300 | 663278 |
|  |  | 4116105 |
| &nbsp;&nbsp; **Automobiles 0.2%** |  |  |
| &nbsp;&nbsp; Winnebago Industries, Inc. | 14600 | 670286 |
| &nbsp;&nbsp; **Banks 15.4%** |  |  |
| &nbsp;&nbsp; 1st Source Corp. | 13800 | 929154 |
| &nbsp;&nbsp; Amalgamated Financial Corp. | 21400 | 831176 |
| &nbsp;&nbsp; Axos Financial, Inc.\* | 34300 | 3395357 |
| &nbsp;&nbsp; Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 51200 | 2652160 |
| &nbsp;&nbsp; Bank7 Corp. | 1100 | 48884 |
| &nbsp;&nbsp; BankUnited, Inc. | 2300 | 109181 |
| &nbsp;&nbsp; Bankwell Financial Group, Inc. | 3900 | 187941 |
| &nbsp;&nbsp; BayCom Corp. | 3800 | 110884 |
| &nbsp;&nbsp; Business First Bancshares, Inc. | 46100 | 1298637 |
| &nbsp;&nbsp; Byline Bancorp, Inc. | 13200 | 421476 |
| &nbsp;&nbsp; California BanCorp | 80300 | 1444597 |
| &nbsp;&nbsp; Carter Bankshares, Inc.\* | 4200 | 89922 |
| &nbsp;&nbsp; Cathay General Bancorp | 47400 | 2425932 |
| &nbsp;&nbsp; CF Bankshares, Inc. | 8700 | 253257 |
| &nbsp;&nbsp; Citizens Community Bancorp, Inc. | 12500 | 226750 |
| &nbsp;&nbsp; Civista Bancshares, Inc. | 57300 | 1382649 |
| &nbsp;&nbsp; Colony Bankcorp, Inc. | 6500 | 126490 |
| &nbsp;&nbsp; Commercial Bancgroup, Inc.\* | 2000 | 52680 |
| &nbsp;&nbsp; Community Trust Bancorp, Inc. | 11066 | 682772 |
| &nbsp;&nbsp; Eagle Bancorp Montana, Inc. | 16400 | 356044 |
| &nbsp;&nbsp; Enterprise Financial Services Corp. | 25000 | 1433750 |
| &nbsp;&nbsp; Farmers National Banc Corp. | 35900 | 465982 |
| &nbsp;&nbsp; First BanCorp. (Puerto Rico) | 22400 | 495488 |
| &nbsp;&nbsp; First Bank | 11700 | 195156 |
| &nbsp;&nbsp; First Business Financial Services, Inc. | 6000 | 343920 |
| &nbsp;&nbsp; First Financial Bancorp | 79651 | 2289170 |
| &nbsp;&nbsp; First Financial Corp. | 25359 | 1652392 |
| &nbsp;&nbsp; First Mid Bancshares, Inc. | 28200 | 1187220 |
| &nbsp;&nbsp; First United Corp. | 6100 | 233813 |
| &nbsp;&nbsp; FS Bancorp, Inc. | 2400 | 100752 |
| &nbsp;&nbsp; Fulton Financial Corp. | 122900 | 2537885 |
| &nbsp;&nbsp; Hancock Whitney Corp. | 2400 | 165120 |
| &nbsp;&nbsp; Hanmi Financial Corp. | 86778 | 2305692 |
| &nbsp;&nbsp; HBT Financial, Inc. | 8300 | 223934 |
| &nbsp;&nbsp; Home Bancorp, Inc. | 900 | 53721 |
| &nbsp;&nbsp; Investar Holding Corp. | 15900 | 452355 |
| &nbsp;&nbsp; Mercantile Bank Corp. | 4400 | 228712 |
| &nbsp;&nbsp; Meridian Corp. | 45200 | 855636 |
| &nbsp;&nbsp; Metropolitan Bank Holding Corp. | 10800 | 1000080 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 1

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp; Northeast Community Bancorp, Inc. | 48800 | $1151680 |
| &nbsp;&nbsp; Northpointe Bancshares, Inc. | 46900 | 808556 |
| &nbsp;&nbsp; Northrim BanCorp, Inc. | 38800 | 914128 |
| &nbsp;&nbsp; OFG Bancorp (Puerto Rico) | 48200 | 1942460 |
| &nbsp;&nbsp; OP Bancorp | 51000 | 712980 |
| &nbsp;&nbsp; Orrstown Financial Services, Inc. | 1200 | 43224 |
| &nbsp;&nbsp; Parke Bancorp, Inc. | 43200 | 1179792 |
| &nbsp;&nbsp; PCB Bancorp | 12100 | 271524 |
| &nbsp;&nbsp; Peoples Bancorp, Inc. | 60300 | 1960956 |
| &nbsp;&nbsp; Preferred Bank | 19100 | 1638207 |
| &nbsp;&nbsp; Provident Financial Services, Inc. | 108100 | 2393334 |
| &nbsp;&nbsp; RBB Bancorp | 15100 | 313174 |
| &nbsp;&nbsp; S&T Bancorp, Inc. | 26463 | 1128382 |
| &nbsp;&nbsp; Shore Bancshares, Inc. | 123300 | 2339001 |
| &nbsp;&nbsp; Sierra Bancorp | 2000 | 70820 |
| &nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 800 | 50056 |
| &nbsp;&nbsp; Southside Bancshares, Inc. | 15000 | 482850 |
| &nbsp;&nbsp; Third Coast Bancshares, Inc.\*(a) | 57900 | 2348424 |
| &nbsp;&nbsp; TriCo Bancshares | 8300 | 413506 |
| &nbsp;&nbsp; TrustCo Bank Corp. | 2400 | 104160 |
| &nbsp;&nbsp; Trustmark Corp. | 37400 | 1590248 |
| &nbsp;&nbsp; UMB Financial Corp. | 1500 | 190710 |
| &nbsp;&nbsp; Unity Bancorp, Inc. | 6700 | 361532 |
| &nbsp;&nbsp; Univest Financial Corp. | 65300 | 2164042 |
| &nbsp;&nbsp; Valley National Bancorp | 78800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981848 |
| &nbsp;&nbsp; WSFS Financial Corp. | 36100 | 2336753 |
|  |  | 61139068 |
| &nbsp;&nbsp; **Biotechnology 5.1%** |  |  |
| &nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 35800 | 899654 |
| &nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 14600 | 400624 |
| &nbsp;&nbsp; Alkermes PLC\* | 40300 | 1365767 |
| &nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. (Canada)\* | 67300 | 977869 |
| &nbsp;&nbsp; CareDx, Inc.\* | 20200 | 415110 |
| &nbsp;&nbsp; Celcuity, Inc.\* | 2500 | 273550 |
| &nbsp;&nbsp; Cogent Biosciences, Inc.\* | 23200 | 833112 |
| &nbsp;&nbsp; CRISPR Therapeutics AG (Switzerland)\* | 12500 | 624500 |
| &nbsp;&nbsp; Cytokinetics, Inc.\* | 18300 | 1156377 |
| &nbsp;&nbsp; Denali Therapeutics, Inc.\* | 3700 | 80438 |
| &nbsp;&nbsp; Design Therapeutics, Inc.\* | 41100 | 419631 |
| &nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 60200 | 682668 |
| &nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 33700 | 434730 |
| &nbsp;&nbsp; Erasca, Inc.\* | 5800 | 60958 |
| &nbsp;&nbsp; Exelixis, Inc.\* | 21600 | 893376 |
| &nbsp;&nbsp; GRAIL, Inc.\* | 8000 | 782560 |
| &nbsp;&nbsp; Ideaya Biosciences, Inc.\* | 4000 | 128760 |
| &nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 123800 | 605382 |
| &nbsp;&nbsp; MiMedx Group, Inc.\* | 38900 | 198779 |
| &nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 6300 | 194607 |
| &nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\* | 23500 | 482220 |
| &nbsp;&nbsp; Olema Pharmaceuticals, Inc.\* | 15900 | 408948 |
| &nbsp;&nbsp; Praxis Precision Medicines, Inc.\* | 5200 | 1632800 |
| &nbsp;&nbsp; PTC Therapeutics, Inc.\* | 16900 | 1276457 |
| &nbsp;&nbsp; Puma Biotechnology, Inc.\* | 164900 | 1068552 |
| &nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 13700 | 477582 |
| &nbsp;&nbsp; Travere Therapeutics, Inc.\* | 18100 | 562729 |
| &nbsp;&nbsp; United Therapeutics Corp.\* | 1900 | 892031 |
| &nbsp;&nbsp; Vaxcyte, Inc.\* | 19300 | 1033901 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp; Veracyte, Inc.\* | 17000 | $647360 |
| &nbsp;&nbsp; Zymeworks, Inc.\* | 14200 | 319926 |
|  |  | 20230958 |
| &nbsp;&nbsp; **Broadline Retail 0.5%** |  |  |
| &nbsp;&nbsp; Kohl's Corp. | 109200 | 1907724 |
| &nbsp;&nbsp; **Building Products 0.5%** |  |  |
| &nbsp;&nbsp; Janus International Group, Inc.\* | 71300 | 489118 |
| &nbsp;&nbsp; Masterbrand, Inc.\* | 90300 | 1094436 |
| &nbsp;&nbsp; UFP Industries, Inc. | 2600 | 268528 |
|  |  | 1852082 |
| &nbsp;&nbsp; **Capital Markets 0.5%** |  |  |
| &nbsp;&nbsp; Artisan Partners Asset Management, Inc. (Class A Stock) | 39900 | 1776348 |
| &nbsp;&nbsp; Virtus Investment Partners, Inc. | 1700 | 277525 |
|  |  | 2053873 |
| &nbsp;&nbsp; **Chemicals 1.2%** |  |  |
| &nbsp;&nbsp; Avient Corp. | 78000 | 2819700 |
| &nbsp;&nbsp; Core Molding Technologies, Inc.\* | 26100 | 509472 |
| &nbsp;&nbsp; Mativ Holdings, Inc. | 71400 | 860370 |
| &nbsp;&nbsp; NewMarket Corp. | 420 | 281732 |
| &nbsp;&nbsp; Perimeter Solutions, Inc.\* | 13400 | 350410 |
|  |  | 4821684 |
| &nbsp;&nbsp; **Commercial Services & Supplies 2.6%** |  |  |
| &nbsp;&nbsp; Cimpress PLC (Ireland)\* | 25800 | 2040522 |
| &nbsp;&nbsp; Deluxe Corp. | 113300 | 2991120 |
| &nbsp;&nbsp; Healthcare Services Group, Inc.\* | 54900 | 1033218 |
| &nbsp;&nbsp; HNI Corp. | 10400 | 497016 |
| &nbsp;&nbsp; Interface, Inc. | 93500 | 2942445 |
| &nbsp;&nbsp; MillerKnoll, Inc. | 2100 | 42168 |
| &nbsp;&nbsp; OPENLANE, Inc.\* | 9900 | 297396 |
| &nbsp;&nbsp; Pitney Bowes, Inc. | 55500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578865 |
|  |  | 10422750 |
| &nbsp;&nbsp; **Communications Equipment 1.4%** |  |  |
| &nbsp;&nbsp; Digi International, Inc.\* | 21500 | 926005 |
| &nbsp;&nbsp; NetScout Systems, Inc.\* | 82500 | 2294325 |
| &nbsp;&nbsp; Viasat, Inc.\* | 24900 | 1124733 |
| &nbsp;&nbsp; Vistance Networks, Inc.\* | 75000 | 1350000 |
|  |  | 5695063 |
| &nbsp;&nbsp; **Construction & Engineering 2.5%** |  |  |
| &nbsp;&nbsp; Arcosa, Inc. | 8500 | 972995 |
| &nbsp;&nbsp; Concrete Pumping Holdings, Inc.\* | 16800 | 97104 |
| &nbsp;&nbsp; Fluor Corp.\* | 40500 | 1870695 |
| &nbsp;&nbsp; NWPX Infrastructure, Inc.\* | 33200 | 2239340 |
| &nbsp;&nbsp; Primoris Services Corp. | 7700 | 1141525 |
| &nbsp;&nbsp; Tutor Perini Corp. | 34200 | 2698038 |
| &nbsp;&nbsp; Valmont Industries, Inc. | 2000 | 891120 |
|  |  | 9910817 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 3

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Consumer Finance 1.8%** |  |  |
| &nbsp;&nbsp; Atlanticus Holdings Corp.\* | 7400 | $382062 |
| &nbsp;&nbsp; Bread Financial Holdings, Inc. | 48500 | 3518190 |
| &nbsp;&nbsp; LendingClub Corp.\* | 23200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392312 |
| &nbsp;&nbsp; Oportun Financial Corp.\* | 64000 | 346880 |
| &nbsp;&nbsp; PROG Holdings, Inc. | 68800 | 2231872 |
| &nbsp;&nbsp; Regional Management Corp. | 3000 | 111150 |
|  |  | 6982466 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 0.7%** |  |  |
| &nbsp;&nbsp; Andersons, Inc. (The) | 5800 | 359542 |
| &nbsp;&nbsp; United Natural Foods, Inc.\* | 28100 | 1046163 |
| &nbsp;&nbsp; Village Super Market, Inc. (Class A Stock) | 40400 | 1440664 |
|  |  | 2846369 |
| &nbsp;&nbsp; **Containers & Packaging 0.7%** |  |  |
| &nbsp;&nbsp; Ardagh Metal Packaging SA | 32900 | 144431 |
| &nbsp;&nbsp; Greif, Inc. (Class A Stock) | 32400 | 2288088 |
| &nbsp;&nbsp; Myers Industries, Inc. | 15000 | 310050 |
|  |  | 2742569 |
| &nbsp;&nbsp; **Distributors 0.4%** |  |  |
| &nbsp;&nbsp; GigaCloud Technology, Inc. (Class A Stock)\* | 37300 | 1489389 |
| &nbsp;&nbsp; **Diversified Consumer Services 1.4%** |  |  |
| &nbsp;&nbsp; European Wax Center, Inc. (Class A Stock)\* | 138200 | 543126 |
| &nbsp;&nbsp; Graham Holdings Co. (Class B Stock) | 1880 | 2193264 |
| &nbsp;&nbsp; Laureate Education, Inc.\* | 39900 | 1368570 |
| &nbsp;&nbsp; Perdoceo Education Corp. | 37500 | 1201125 |
| &nbsp;&nbsp; Phoenix Education Partners, Inc. | 6000 | 183060 |
|  |  | 5489145 |
| &nbsp;&nbsp; **Diversified REITs 0.8%** |  |  |
| &nbsp;&nbsp; American Assets Trust, Inc. | 110100 | 1988406 |
| &nbsp;&nbsp; Broadstone Net Lease, Inc. | 55900 | 1034709 |
|  |  | 3023115 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 0.1%** |  |  |
| &nbsp;&nbsp; IDT Corp. (Class B Stock) | 5300 | 257739 |
| &nbsp;&nbsp; **Electric Utilities 1.7%** |  |  |
| &nbsp;&nbsp; Oklo, Inc.\* | 11700 | 931554 |
| &nbsp;&nbsp; Otter Tail Corp. | 27300 | 2434068 |
| &nbsp;&nbsp; Portland General Electric Co. | 64700 | 3251175 |
|  |  | 6616797 |
| &nbsp;&nbsp; **Electrical Equipment 2.6%** |  |  |
| &nbsp;&nbsp; Allient, Inc. | 12500 | 762625 |
| &nbsp;&nbsp; Array Technologies, Inc.\* | 32800 | 371460 |
| &nbsp;&nbsp; Atkore, Inc. | 13400 | 930630 |
| &nbsp;&nbsp; EnerSys | 23600 | 4252484 |
| &nbsp;&nbsp; Nextpower, Inc. (Class A Stock)\* | 2400 | 281016 |
| &nbsp;&nbsp; Power Solutions International, Inc.\* | 6600 | 472956 |
| &nbsp;&nbsp; Preformed Line Products Co. | 6900 | 1731486 |
| &nbsp;&nbsp; Sensata Technologies Holding PLC | 10000 | 345900 |
| &nbsp;&nbsp; Shoals Technologies Group, Inc. (Class A Stock)\* | 78500 | 741040 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Electrical Equipment (cont'd.)** |  |  |
| &nbsp;&nbsp; Sunrun, Inc.\* | 17200 | $326800 |
| &nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 5900 | 266975 |
|  |  | 10483372 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 3.1%** |  |  |
| &nbsp;&nbsp; Benchmark Electronics, Inc. | 15900 | 829026 |
| &nbsp;&nbsp; CTS Corp. | 5300 | 272473 |
| &nbsp;&nbsp; Daktronics, Inc.\* | 47400 | 1097310 |
| &nbsp;&nbsp; ePlus, Inc. | 8200 | 703642 |
| &nbsp;&nbsp; Jabil, Inc. | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308347 |
| &nbsp;&nbsp; Kimball Electronics, Inc.\* | 74400 | 2247624 |
| &nbsp;&nbsp; Sanmina Corp.\* | 15500 | 2196040 |
| &nbsp;&nbsp; ScanSource, Inc.\* | 50400 | 2166696 |
| &nbsp;&nbsp; TTM Technologies, Inc.\* | 27000 | 2651400 |
|  |  | 12472558 |
| &nbsp;&nbsp; **Energy Equipment & Services 2.3%** |  |  |
| &nbsp;&nbsp; Bristow Group, Inc.\* | 42500 | 1868300 |
| &nbsp;&nbsp; Expro Group Holdings NV\* | 13300 | 212933 |
| &nbsp;&nbsp; Nabors Industries Ltd.\* | 5300 | 354252 |
| &nbsp;&nbsp; National Energy Services Reunited Corp.\* | 12500 | 246000 |
| &nbsp;&nbsp; Natural Gas Services Group, Inc. | 3000 | 103920 |
| &nbsp;&nbsp; Oceaneering International, Inc.\* | 32900 | 990290 |
| &nbsp;&nbsp; Oil States International, Inc.\* | 120100 | 1017247 |
| &nbsp;&nbsp; Patterson-UTI Energy, Inc. | 300700 | 2264271 |
| &nbsp;&nbsp; ProPetro Holding Corp.\* | 47600 | 546924 |
| &nbsp;&nbsp; Ranger Energy Services, Inc. (Class A Stock) | 90800 | 1400136 |
| &nbsp;&nbsp; Transocean Ltd.\* | 17100 | 84987 |
| &nbsp;&nbsp; Valaris Ltd.\* | 2600 | 150098 |
|  |  | 9239358 |
| &nbsp;&nbsp; **Entertainment 0.0%** |  |  |
| &nbsp;&nbsp; Playtika Holding Corp. | 11500 | 41630 |
| &nbsp;&nbsp; **Financial Services 2.1%** |  |  |
| &nbsp;&nbsp; Enact Holdings, Inc. | 40800 | 1622616 |
| &nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 4900 | 147049 |
| &nbsp;&nbsp; Jackson Financial, Inc. (Class A Stock) | 28900 | 3436788 |
| &nbsp;&nbsp; NMI Holdings, Inc.\* | 8300 | 321376 |
| &nbsp;&nbsp; Pagseguro Digital Ltd. (Brazil) (Class A Stock) | 15600 | 175500 |
| &nbsp;&nbsp; Radian Group, Inc. | 83466 | 2746032 |
|  |  | 8449361 |
| &nbsp;&nbsp; **Food Products 0.5%** |  |  |
| &nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 37000 | 1467420 |
| &nbsp;&nbsp; Seneca Foods Corp. (Class A Stock)\* | 5700 | 680181 |
|  |  | 2147601 |
| &nbsp;&nbsp; **Gas Utilities 1.1%** |  |  |
| &nbsp;&nbsp; Brookfield Infrastructure Corp. (Canada) (Class A Stock)(a) | 7100 | 339735 |
| &nbsp;&nbsp; National Fuel Gas Co. | 11800 | 988250 |
| &nbsp;&nbsp; Southwest Gas Holdings, Inc. | 29000 | 2401780 |
| &nbsp;&nbsp; Spire, Inc. | 8300 | 701267 |
|  |  | 4431032 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 5

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 0.9%** |  |  |
| &nbsp;&nbsp; CONMED Corp. | 4200 | $161238 |
| &nbsp;&nbsp; Embecta Corp. | 137500 | 1458875 |
| &nbsp;&nbsp; LivaNova PLC\* | 13600 | 893656 |
| &nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 32500 | 937950 |
|  |  | 3451719 |
| &nbsp;&nbsp; **Health Care Providers & Services 2.4%** |  |  |
| &nbsp;&nbsp; AdaptHealth Corp.\* | 63000 | 633150 |
| &nbsp;&nbsp; Ardent Health, Inc.\* | 6200 | 50654 |
| &nbsp;&nbsp; Aveanna Healthcare Holdings, Inc.\* | 147600 | 1239840 |
| &nbsp;&nbsp; Enhabit, Inc.\* | 21100 | 224293 |
| &nbsp;&nbsp; LifeStance Health Group, Inc.\* | 40400 | 285628 |
| &nbsp;&nbsp; National HealthCare Corp. | 15700 | 2246827 |
| &nbsp;&nbsp; PACS Group, Inc.\* | 28700 | 968912 |
| &nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 112800 | 2411664 |
| &nbsp;&nbsp; Select Medical Holdings Corp. | 28800 | 433440 |
| &nbsp;&nbsp; Tenet Healthcare Corp.\* | 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151424 |
| &nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 5300 | 1066678 |
|  |  | 9712510 |
| &nbsp;&nbsp; **Hotel & Resort REITs 2.0%** |  |  |
| &nbsp;&nbsp; Apple Hospitality REIT, Inc. | 221200 | 2574768 |
| &nbsp;&nbsp; Braemar Hotels & Resorts, Inc. | 88700 | 236829 |
| &nbsp;&nbsp; DiamondRock Hospitality Co. | 278900 | 2560302 |
| &nbsp;&nbsp; Host Hotels & Resorts, Inc. | 50300 | 932059 |
| &nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 109600 | 1616600 |
|  |  | 7920558 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.4%** |  |  |
| &nbsp;&nbsp; BJ's Restaurants, Inc.\*(a) | 13300 | 556206 |
| &nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 111900 | 1133547 |
|  |  | 1689753 |
| &nbsp;&nbsp; **Household Durables 0.4%** |  |  |
| &nbsp;&nbsp; Flexsteel Industries, Inc. | 2400 | 96072 |
| &nbsp;&nbsp; Hamilton Beach Brands Holding Co. (Class A Stock) | 5300 | 101177 |
| &nbsp;&nbsp; La-Z-Boy, Inc. | 1200 | 43692 |
| &nbsp;&nbsp; Leggett & Platt, Inc. | 110200 | 1286034 |
| &nbsp;&nbsp; M/I Homes, Inc.\* | 900 | 120330 |
|  |  | 1647305 |
| &nbsp;&nbsp; **Household Products 0.2%** |  |  |
| &nbsp;&nbsp; Central Garden & Pet Co. (Class A Stock)\* | 19200 | 588864 |
| &nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 3200 | 203872 |
|  |  | 792736 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.2%** |  |  |
| &nbsp;&nbsp; AES Corp. (The) | 52700 | 772055 |
| &nbsp;&nbsp; Hallador Energy Co.\* | 7100 | 131279 |
|  |  | 903334 |
| &nbsp;&nbsp; **Industrial REITs 0.5%** |  |  |
| &nbsp;&nbsp; Innovative Industrial Properties, Inc. | 21100 | 1019552 |
| &nbsp;&nbsp; LXP Industrial Trust | 17700 | 877035 |
|  |  | 1896587 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Insurance 3.6%** |  |  |
| &nbsp;&nbsp; CNO Financial Group, Inc. | 71900 | $3023395 |
| &nbsp;&nbsp; Hamilton Insurance Group Ltd. (Bermuda) (Class B Stock)\* | 114500 | 3177375 |
| &nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 60000 | 1564200 |
| &nbsp;&nbsp; Lincoln National Corp. | 13200 | 549252 |
| &nbsp;&nbsp; Mercury General Corp. | 16500 | 1445235 |
| &nbsp;&nbsp; SiriusPoint Ltd. (Sweden)\* | 11200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228592 |
| &nbsp;&nbsp; Slide Insurance Holdings, Inc.\* | 127700 | 2200271 |
| &nbsp;&nbsp; United Fire Group, Inc. | 29500 | 1060230 |
| &nbsp;&nbsp; Universal Insurance Holdings, Inc. | 31800 | 968310 |
|  |  | 14216860 |
| &nbsp;&nbsp; **Interactive Media & Services 0.2%** |  |  |
| &nbsp;&nbsp; Ziff Davis, Inc.\* | 19600 | 749112 |
| &nbsp;&nbsp; **IT Services 0.7%** |  |  |
| &nbsp;&nbsp; ASGN, Inc.\* | 34700 | 1807523 |
| &nbsp;&nbsp; Fastly, Inc. (Class A Stock)\* | 27000 | 249750 |
| &nbsp;&nbsp; Information Services Group, Inc. | 134700 | 750279 |
|  |  | 2807552 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 0.9%** |  |  |
| &nbsp;&nbsp; Azenta, Inc.\* | 13700 | 532656 |
| &nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 1700 | 357816 |
| &nbsp;&nbsp; CryoPort, Inc.\* | 79500 | 756045 |
| &nbsp;&nbsp; Medpace Holdings, Inc.\* | 1800 | 1048464 |
| &nbsp;&nbsp; Niagen Bioscience, Inc.\* | 26800 | 160532 |
| &nbsp;&nbsp; Sotera Health Co.\* | 35600 | 645072 |
|  |  | 3500585 |
| &nbsp;&nbsp; **Machinery 4.0%** |  |  |
| &nbsp;&nbsp; Aebi Schmidt Holding AG (Switzerland) | 23900 | 349896 |
| &nbsp;&nbsp; Alamo Group, Inc. | 800 | 156248 |
| &nbsp;&nbsp; Allison Transmission Holdings, Inc. | 2800 | 304360 |
| &nbsp;&nbsp; Astec Industries, Inc. | 41800 | 2036496 |
| &nbsp;&nbsp; Douglas Dynamics, Inc. | 38200 | 1439376 |
| &nbsp;&nbsp; Eastern Co. (The) | 1500 | 28050 |
| &nbsp;&nbsp; Enpro, Inc. | 4500 | 1074510 |
| &nbsp;&nbsp; Greenbrier Cos., Inc. (The) | 50800 | 2561336 |
| &nbsp;&nbsp; Helios Technologies, Inc. | 8900 | 576542 |
| &nbsp;&nbsp; Kennametal, Inc. | 52100 | 1791719 |
| &nbsp;&nbsp; L.B. Foster Co. (Class A Stock)\* | 2000 | 60100 |
| &nbsp;&nbsp; Luxfer Holdings PLC (United Kingdom) | 38600 | 584404 |
| &nbsp;&nbsp; Manitowoc Co., Inc. (The)\* | 20400 | 263568 |
| &nbsp;&nbsp; Mueller Industries, Inc. | 10000 | 1361400 |
| &nbsp;&nbsp; Park-Ohio Holdings Corp. | 2500 | 56400 |
| &nbsp;&nbsp; Proto Labs, Inc.\* | 9600 | 505440 |
| &nbsp;&nbsp; Terex Corp. | 9400 | 535800 |
| &nbsp;&nbsp; Wabash National Corp. | 68800 | 696944 |
| &nbsp;&nbsp; Worthington Enterprises, Inc. | 27500 | 1528175 |
|  |  | 15910764 |
| &nbsp;&nbsp; **Marine Transportation 1.4%** |  |  |
| &nbsp;&nbsp; Costamare, Inc. (Monaco) | 158300 | 2656274 |
| &nbsp;&nbsp; Matson, Inc. | 15100 | 2420530 |
| &nbsp;&nbsp; Pangaea Logistics Solutions Ltd. | 71700 | 608016 |
|  |  | 5684820 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 7

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Media 1.2%** |  |  |
| &nbsp;&nbsp; EchoStar Corp. (Class A Stock)\*(a) | 21500 | $2434230 |
| &nbsp;&nbsp; EW Scripps Co. (The) (Class A Stock)\* | 84600 | 283410 |
| &nbsp;&nbsp; Gray Media, Inc. | 327000 | 1474770 |
| &nbsp;&nbsp; USA TODAY Co., Inc.\* | 73800 | 436896 |
|  |  | 4629306 |
| &nbsp;&nbsp; **Metals & Mining 4.1%** |  |  |
| &nbsp;&nbsp; Alcoa Corp. | 3700 | 210197 |
| &nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 2900 | 608420 |
| &nbsp;&nbsp; Caledonia Mining Corp. PLC (South Africa) | 6200 | 170128 |
| &nbsp;&nbsp; Coeur Mining, Inc.\* | 92200 | 1884568 |
| &nbsp;&nbsp; Commercial Metals Co. | 55000 | 4227850 |
| &nbsp;&nbsp; Constellium SE\* | 84600 | 1900962 |
| &nbsp;&nbsp; Hecla Mining Co. | 111700 | 2515484 |
| &nbsp;&nbsp; Kaiser Aluminum Corp. | 12200 | 1495964 |
| &nbsp;&nbsp; Materion Corp. | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235076 |
| &nbsp;&nbsp; SSR Mining, Inc. (Canada)\* | 104700 | 2390301 |
| &nbsp;&nbsp; Worthington Steel, Inc. | 12600 | 506898 |
|  |  | 16145848 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 0.6%** |  |  |
| &nbsp;&nbsp; Angel Oak Mortgage REIT, Inc. | 9300 | 83421 |
| &nbsp;&nbsp; MFA Financial, Inc. | 60200 | 580328 |
| &nbsp;&nbsp; Nexpoint Real Estate Finance, Inc. | 7000 | 103390 |
| &nbsp;&nbsp; PennyMac Mortgage Investment Trust | 15500 | 183365 |
| &nbsp;&nbsp; Sunrise Realty Trust, Inc. | 10800 | 101520 |
| &nbsp;&nbsp; TPG Mortgage Investment Trust, Inc. | 141900 | 1220340 |
| &nbsp;&nbsp; TPG RE Finance Trust, Inc. | 8700 | 78561 |
|  |  | 2350925 |
| &nbsp;&nbsp; **Multi-Utilities 0.7%** |  |  |
| &nbsp;&nbsp; Avista Corp. | 72600 | 2997654 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 4.9%** |  |  |
| &nbsp;&nbsp; APA Corp. | 10800 | 285228 |
| &nbsp;&nbsp; California Resources Corp. | 46400 | 2482400 |
| &nbsp;&nbsp; CNX Resources Corp.\* | 26600 | 1032080 |
| &nbsp;&nbsp; DHT Holdings, Inc. | 74400 | 1066152 |
| &nbsp;&nbsp; Murphy Oil Corp. | 72600 | 2184534 |
| &nbsp;&nbsp; Navigator Holdings Ltd. | 27100 | 502163 |
| &nbsp;&nbsp; Northern Oil & Gas, Inc. | 39600 | 990000 |
| &nbsp;&nbsp; Ovintiv, Inc. | 25200 | 1095444 |
| &nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 30100 | 1135974 |
| &nbsp;&nbsp; PBF Energy, Inc. (Class A Stock) | 17800 | 595588 |
| &nbsp;&nbsp; Peabody Energy Corp. | 41200 | 1452712 |
| &nbsp;&nbsp; Riley Exploration Permian, Inc. | 24400 | 684420 |
| &nbsp;&nbsp; SandRidge Energy, Inc. | 101200 | 1604020 |
| &nbsp;&nbsp; Scorpio Tankers, Inc. (Monaco) | 10300 | 655286 |
| &nbsp;&nbsp; Talos Energy, Inc.\* | 46400 | 553088 |
| &nbsp;&nbsp; Teekay Corp. Ltd. (Bermuda) | 184200 | 1884366 |
| &nbsp;&nbsp; Teekay Tankers Ltd. (Canada) (Class A Stock) | 16200 | 1045224 |
| &nbsp;&nbsp; VAALCO Energy, Inc. | 42600 | 218964 |
| &nbsp;&nbsp; World Kinect Corp. | 6900 | 185679 |
|  |  | 19653322 |
| &nbsp;&nbsp; **Paper & Forest Products 0.1%** |  |  |
| &nbsp;&nbsp; Sylvamo Corp. | 8700 | 425778 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Passenger Airlines 0.9%** |  |  |
| &nbsp;&nbsp; Allegiant Travel Co.\* | 15200 | $1347176 |
| &nbsp;&nbsp; SkyWest, Inc.\* | 24268 | 2342347 |
|  |  | 3689523 |
| &nbsp;&nbsp; **Pharmaceuticals 3.4%** |  |  |
| &nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 90000 | 1231200 |
| &nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 13200 | 349668 |
| &nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 20200 | 927584 |
| &nbsp;&nbsp; Elanco Animal Health, Inc.\* | 23300 | 561064 |
| &nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 24200 | 883784 |
| &nbsp;&nbsp; Indivior Pharmaceuticals, Inc.\* | 66200 | 2342156 |
| &nbsp;&nbsp; Innoviva, Inc.\* | 69800 | 1396000 |
| &nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 5500 | 1056550 |
| &nbsp;&nbsp; Pacira BioSciences, Inc.\* | 30700 | 630578 |
| &nbsp;&nbsp; Phibro Animal Health Corp. (Class A Stock) | 13500 | 542025 |
| &nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 21300 | 1373211 |
| &nbsp;&nbsp; Rapport Therapeutics, Inc.\* | 1400 | 37254 |
| &nbsp;&nbsp; SIGA Technologies, Inc. | 93600 | 627120 |
| &nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226352 |
| &nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 29900 | 1034540 |
| &nbsp;&nbsp; Theravance Biopharma, Inc.\* | 10500 | 198870 |
|  |  | 13417956 |
| &nbsp;&nbsp; **Professional Services 0.4%** |  |  |
| &nbsp;&nbsp; IBEX Holdings Ltd.\* | 34000 | 1264800 |
| &nbsp;&nbsp; Kforce, Inc. | 4500 | 158985 |
|  |  | 1423785 |
| &nbsp;&nbsp; **Real Estate Management & Development 2.0%** |  |  |
| &nbsp;&nbsp; Compass, Inc. (Class A Stock)\* | 13300 | 166516 |
| &nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 160100 | 2632044 |
| &nbsp;&nbsp; Forestar Group, Inc.\* | 7600 | 197752 |
| &nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 2440 | 873300 |
| &nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 111100 | 1094335 |
| &nbsp;&nbsp; Newmark Group, Inc. (Class A Stock) | 130000 | 2317900 |
| &nbsp;&nbsp; RE/MAX Holdings, Inc. (Class A Stock)\* | 110800 | 862024 |
|  |  | 8143871 |
| &nbsp;&nbsp; **Residential REITs 0.1%** |  |  |
| &nbsp;&nbsp; Veris Residential, Inc. | 17400 | 264306 |
| &nbsp;&nbsp; **Retail REITs 1.3%** |  |  |
| &nbsp;&nbsp; Brixmor Property Group, Inc. | 19400 | 519726 |
| &nbsp;&nbsp; CBL & Associates Properties, Inc. | 63200 | 2262560 |
| &nbsp;&nbsp; SITE Centers Corp. | 268000 | 1640160 |
| &nbsp;&nbsp; Whitestone REIT | 42700 | 608048 |
|  |  | 5030494 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 1.5%** |  |  |
| &nbsp;&nbsp; Axcelis Technologies, Inc.\* | 10700 | 942349 |
| &nbsp;&nbsp; Cirrus Logic, Inc.\* | 2400 | 312816 |
| &nbsp;&nbsp; Diodes, Inc.\* | 9500 | 562305 |
| &nbsp;&nbsp; MKS, Inc. | 3500 | 823935 |
| &nbsp;&nbsp; Photronics, Inc.\* | 70600 | 2440642 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 9

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment (cont'd.)** |  |  |
| &nbsp;&nbsp; SkyWater Technology, Inc.\* | 7300 | $231118 |
| &nbsp;&nbsp; Synaptics, Inc.\* | 6200 | 511562 |
|  |  | 5824727 |
| &nbsp;&nbsp; **Software 1.8%** |  |  |
| &nbsp;&nbsp; Adeia, Inc. | 32000 | 578880 |
| &nbsp;&nbsp; Cerence, Inc.\* | 25400 | 287782 |
| &nbsp;&nbsp; Cipher Mining, Inc.\*(a) | 31500 | 502740 |
| &nbsp;&nbsp; Cleanspark, Inc.\* | 17800 | 210752 |
| &nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 73500 | 1569960 |
| &nbsp;&nbsp; Digital Turbine, Inc.\* | 119300 | 622746 |
| &nbsp;&nbsp; Hut 8 Corp. (Canada)\* | 4400 | 245652 |
| &nbsp;&nbsp; Mitek Systems, Inc.\* | 43600 | 436872 |
| &nbsp;&nbsp; N-able, Inc.\* | 51500 | 312605 |
| &nbsp;&nbsp; NCR Voyix Corp.\* | 34000 | 337280 |
| &nbsp;&nbsp; Porch Group, Inc.\* | 36100 | 284829 |
| &nbsp;&nbsp; RingCentral, Inc. (Class A Stock)\* | 11000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284680 |
| &nbsp;&nbsp; Riot Platforms, Inc.\* | 32300 | 499681 |
| &nbsp;&nbsp; Teradata Corp.\* | 33700 | 961124 |
|  |  | 7135583 |
| &nbsp;&nbsp; **Specialized REITs 1.0%** |  |  |
| &nbsp;&nbsp; EPR Properties | 16600 | 900384 |
| &nbsp;&nbsp; Outfront Media, Inc. | 41700 | 1014144 |
| &nbsp;&nbsp; Safehold, Inc. | 136795 | 1930178 |
|  |  | 3844706 |
| &nbsp;&nbsp; **Specialty Retail 3.6%** |  |  |
| &nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 23500 | 1292735 |
| &nbsp;&nbsp; American Eagle Outfitters, Inc. | 85500 | 1993005 |
| &nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 13600 | 3189335 |
| &nbsp;&nbsp; Buckle, Inc. (The) | 700 | 33110 |
| &nbsp;&nbsp; Gap, Inc. (The) | 3500 | 97930 |
| &nbsp;&nbsp; Group 1 Automotive, Inc. | 1300 | 460538 |
| &nbsp;&nbsp; Haverty Furniture Cos., Inc. | 8500 | 215220 |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc.\* | 175500 | 472095 |
| &nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 90800 | 1381976 |
| &nbsp;&nbsp; Signet Jewelers Ltd. | 22200 | 2048394 |
| &nbsp;&nbsp; Sonic Automotive, Inc. (Class A Stock) | 3600 | 215856 |
| &nbsp;&nbsp; Urban Outfitters, Inc.\* | 33700 | 2387645 |
| &nbsp;&nbsp; Zumiez, Inc.\* | 26400 | 649704 |
|  |  | 14437543 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 0.5%** |  |  |
| &nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 11200 | 772912 |
| &nbsp;&nbsp; Immersion Corp. | 198400 | 1333248 |
|  |  | 2106160 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 1.0%** |  |  |
| &nbsp;&nbsp; Carter's, Inc. | 4400 | 152284 |
| &nbsp;&nbsp; Crocs, Inc.\* | 8700 | 730104 |
| &nbsp;&nbsp; G-III Apparel Group Ltd. | 76400 | 2242340 |
| &nbsp;&nbsp; Rocky Brands, Inc. | 26900 | 865911 |
|  |  | 3990639 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Tobacco 0.1%** |  |  |
| &nbsp;&nbsp; Universal Corp. | 7100 | $401789 |
| &nbsp;&nbsp; **Trading Companies & Distributors 1.2%** |  |  |
| &nbsp;&nbsp; DNOW, Inc.\* | 133600 | 2029384 |
| &nbsp;&nbsp; Hudson Technologies, Inc.\* | 103200 | 739944 |
| &nbsp;&nbsp; NPK International, Inc.\* | 116600 | 1610246 |
| &nbsp;&nbsp; Rush Enterprises, Inc. (Class A Stock) | 9100 | 584129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4963703 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.2%** |  |  |
| &nbsp;&nbsp; Telephone & Data Systems, Inc. | 14600 | 658898 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $324,101,851) |  | 395951290 |
| &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUND 0.3%** |  |  |
| &nbsp;&nbsp; iShares Russell 2000 Value ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,188,962) | 6100 | 1182668 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $325,290,813) |  | 397133958 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.805%)(wb) | 707904 | 707904 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<br>(cost $4,339,054; includes $4,326,055 of cash collateral for securities on loan)(b)(wb) | 4341887 | 4339283 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $5,046,958) |  | 5047187 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.2%**<br> (cost $330,337,771) |  | 402181145 |
| &nbsp;&nbsp; Liabilities in excess of other assets (1.2)% |  | (4905559) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $397275586 |

---

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

ETF—Exchange-Traded Fund

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $4,210,515; cash collateral of $4,326,055 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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 Quant Solutions Small-Cap Value Fund 11

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

The following is a summary of the inputs used as of January 31, 2026 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;&nbsp;&nbsp; Aerospace & Defense | $3997668 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 4116105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 670286 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 61139068 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 20230958 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 1907724 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 1852082 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 2053873 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 4821684 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 10422750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 5695063 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 9910817 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 6982466 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 2846369 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 2742569 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributors | 1489389 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 5489145 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 3023115 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 257739 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 6616797 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 10483372 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 12472558 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 9239358 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 41630 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 8449361 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 2147601 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 4431032 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 3451719 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 9712510 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 7920558 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 1689753 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 1647305 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products | 792736 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 903334 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 1896587 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 14216860 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 749112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 2807552 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 3500585 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 15910764 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 5684820 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 4629306 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 16145848 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 2350925 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 2997654 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 19653322 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 425778 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 3689523 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 13417956 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 1423785 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 8143871 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 264306 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 5030494 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 5824727 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 7135583 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 3844706 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 14437543 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 2106160 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 3990639 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 401789 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 4963703 |  |  |

---

See Notes to Financial Statements.

------

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **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;&nbsp;&nbsp; Wireless Telecommunication Services | $658898 | $— | $— |
|  Unaffiliated Exchange-Traded Fund | 1182668 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 5047187 |  |  |
|  **Total** | $**402181145** | **$—** | **$—** |

---

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Banks | 15.4 |
|  Biotechnology | 5.1 |
|  Oil, Gas & Consumable Fuels | 4.9 |
|  Metals & Mining | 4.1 |
|  Machinery | 4 |
|  Specialty Retail | 3.6 |
|  Insurance | 3.6 |
|  Pharmaceuticals | 3.4 |
|  Electronic Equipment, Instruments & Components | 3.1 |
|  Electrical Equipment | 2.6 |
|  Commercial Services & Supplies | 2.6 |
|  Construction & Engineering | 2.5 |
|  Health Care Providers & Services | 2.4 |
|  Energy Equipment & Services | 2.3 |
|  Financial Services | 2.1 |
|  Real Estate Management & Development | 2 |
|  Hotel & Resort REITs | 2 |
|  Software | 1.8 |
|  Consumer Finance | 1.8 |
|  Electric Utilities | 1.7 |
|  Semiconductors & Semiconductor Equipment | 1.5 |
|  Communications Equipment | 1.4 |
|  Marine Transportation | 1.4 |
|  Diversified Consumer Services | 1.4 |
|  Retail REITs | 1.3 |
|  Affiliated Mutual Funds (1.1% represents investments purchased with collateral from securities on loan) | 1.3 |
|  Trading Companies & Distributors | 1.2 |
|  Chemicals | 1.2 |
|  Media | 1.2 |
|  Gas Utilities | 1.1 |
|  Automobile Components | 1 |
|  Aerospace & Defense | 1 |
|  Textiles, Apparel & Luxury Goods | 1 |
|  Specialized REITs | 1 |
|  Passenger Airlines | 0.9 |
|  Life Sciences Tools & Services | 0.9 |

---

---

| | |
|:---|:---|
|  Health Care Equipment & Supplies | 0.9% |
|  Diversified REITs | 0.8 |
|  Multi-Utilities | 0.7 |
|  Consumer Staples Distribution & Retail | 0.7 |
|  IT Services | 0.7 |
|  Containers & Packaging | 0.7 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.6 |
|  Food Products | 0.5 |
|  Technology Hardware, Storage & Peripherals | 0.5 |
|  Capital Markets | 0.5 |
|  Broadline Retail | 0.5 |
|  Industrial REITs | 0.5 |
|  Building Products | 0.5 |
|  Hotels, Restaurants & Leisure | 0.4 |
|  Household Durables | 0.4 |
|  Distributors | 0.4 |
|  Professional Services | 0.4 |
|  Unaffiliated Exchange-Traded Fund | 0.3 |
|  Independent Power & Renewable Electricity Producers | 0.2 |
|  Household Products | 0.2 |
|  Interactive Media & Services | 0.2 |
|  Automobiles | 0.2 |
|  Wireless Telecommunication Services | 0.2 |
|  Paper & Forest Products | 0.1 |
|  Tobacco | 0.1 |
|  Residential REITs | 0.1 |
|  Diversified Telecommunication Services | 0.1 |
|  Entertainment | 0.0 \* |
|  | 101.2 |
|  Liabilities in excess of other assets | (1.2) |
|  | 100.0% |

---

\* Less than 0.05% 

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 13

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market<br>Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
|  Securities on Loan | $4210515 | $(4210515) | $— |

---

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

See Notes to Financial Statements.

------

Statement of Assets and Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $4,210,515: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $325,290,813) | $397133958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $5,046,958) | 5047187 |
| &nbsp;&nbsp; Dividends receivable | 150698 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 60814 |
| &nbsp;&nbsp; Tax reclaim receivable | 5358 |
| &nbsp;&nbsp; Prepaid expenses | 4297 |
| &nbsp;&nbsp; **Total Assets** | 402402312 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 4326055 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 375767 |
| &nbsp;&nbsp; Management fee payable | 196927 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 154093 |
| &nbsp;&nbsp; Distribution fee payable | 62404 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 10859 |
| &nbsp;&nbsp; Trustees' fees payable | 621 |
| &nbsp;&nbsp; **Total Liabilities** | 5126726 |
| &nbsp;&nbsp; **Net Assets** | $397275586 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $19873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 318842653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 78413060 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $397275586 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 15

------

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

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($98,529,984 ÷ 4,899,567 shares of beneficial interest issued and outstanding) | $20.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $21.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($813,705 ÷ 41,155 shares of beneficial interest issued and outstanding) | $19.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($97,164,727 ÷ 4,942,664 shares of beneficial interest issued and outstanding) | $19.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($148,022,391 ÷ 7,368,571 shares of beneficial interest issued and outstanding) | $20.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($84,422 ÷ 4,208 shares of beneficial interest issued and outstanding) | $20.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($17,045 ÷ 847 shares of beneficial interest issued and outstanding) | $20.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($52,643,312 ÷ 2,615,746 shares of beneficial interest issued and outstanding) | $20.13 |

---

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

See Notes to Financial Statements.

------

**Statement of Operations**(unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | &nbsp;&nbsp; **Net Investment Income (Loss)** |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $10,490 foreign withholding tax) | $3694008 |
| &nbsp;&nbsp; Affiliated dividend income | 15839 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $12,436) | 14865 |
| &nbsp;&nbsp; **Total income** | 3724712 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1148639 |
| &nbsp;&nbsp; Distribution fee(a) | 509231 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 24 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $25,227)(a) | 227733 |
| &nbsp;&nbsp; Shareholders' reports | 34458 |
| &nbsp;&nbsp; Registration fees(a) | 34062 |
| &nbsp;&nbsp; Custodian and accounting fees | 31059 |
| &nbsp;&nbsp; Professional fees | 17377 |
| &nbsp;&nbsp; Audit fee | 14268 |
| &nbsp;&nbsp; Trustees' fees | 7168 |
| &nbsp;&nbsp; Miscellaneous | 19239 |
| &nbsp;&nbsp; **Total expenses** | 2043258 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (24555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (144710) |
| &nbsp;&nbsp; **Net expenses** | 1873993 |
| &nbsp;&nbsp; Net investment income (loss) | 1850719 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $2,376) | 20643936 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $(339)) | 54795339 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 75439275 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $77289994 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R2** | **Class R4** | **Class R6** |
|  Distribution fee | 141127 | 4434 | 363566 |  | 104 |  |  |
|  Shareholder servicing fees |  |  |  |  | 24 |  |  |
|  Transfer agent's fees and expenses | 78031 | 3237 | 54522 | 89316 | 168 | 25 | 2434 |
|  Registration fees | 6050 | 3312 | 4265 | 7561 | 2656 | 2656 | 7562 |
|  Fee waiver and/or expense reimbursement | (4704) | (44) | (4848) | (7043) | (2755) | (2661) | (2500) |
|  Distribution fee waiver | (23521) |  | (121189) |  |  |  |  |

---

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 17

------

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **January 31, 2026** | **Year Ended**<br> **July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1850719 | $4077658 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 20643936 | 5509708 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 54795339 | (37821574) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 77289994 | (28234208) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (964180) | (11799589) |
| &nbsp;&nbsp; Class C | (3091) | (149933) |
| &nbsp;&nbsp; Class R | (811752) | (12225022) |
| &nbsp;&nbsp; Class Z | (1819863) | (16913464) |
| &nbsp;&nbsp; Class R2 | (814) | (24829) |
| &nbsp;&nbsp; Class R4 | (189) | (1745) |
| &nbsp;&nbsp; Class R6 | (694123) | (6511303) |
|  | (4294012) | (47625885) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 16150178 | 97348825 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 4242661 | 46980708 |
| &nbsp;&nbsp; Cost of shares purchased | (46052378) | (149378187) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (25659539) | (5048654) |
| &nbsp;&nbsp; Total increase (decrease) | 47336443 | (80908747) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 349939143 | 430847890 |
| &nbsp;&nbsp; End of period | $397275586 | $349939143 |

---

See Notes to Financial Statements.

------

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $16.55 | $20.06 | $17.66 | $21.09 | $20.70 | $11.39 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.08 | 0.17 | 0.28 | 0.33 | 0.27 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.68 | (1.35) | 2.69 | (0.25) | 0.38 | 9.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.76 | (1.18) | 2.97 | 0.08 | 0.65 | 9.47 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.23) | (0.41) | (0.39) | (0.26) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) | (2.10) | (0.16) | (3.12) |  |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.20) | (2.33) | (0.57) | (3.51) | (0.26) | (0.16) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $20.11 | $16.55 | $20.06 | $17.66 | $21.09 | $20.70 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 22.73% | (6.73)% | 17.23% | 2.02% | 3.17% | 83.49% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $98530 | $85339 | $106910 | $103703 | $117179 | $123223 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $93318 | $92356 | $97614 | $103993 | $123533 | $103593 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.08 %<sup>(d)</sup> | 1.09% | 1.10% | 1.13% | 1.09% | 1.11% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.14 %<sup>(d)</sup> | 1.15% | 1.16% | 1.19% | 1.15% | 1.17% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.85 %<sup>(d)</sup> | 1.00% | 1.63% | 1.91% | 1.25% | 0.95% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 54% | 122% | 78% | 75% | 62% | 63% |

---

(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 Quant Solutions Small-Cap Value Fund 19

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $16.34 | $19.90 | $17.56 | $21.00 | $20.63 | $11.39 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.10)<sup>(b)</sup> | (0.11)<sup>(b)</sup> | 0.05 | 0.11 <sup>(b)</sup> | (-)<sup>(b)(c)</sup> | - <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.60 | (1.35) | 2.64 | (0.27)<sup>(d)</sup> | 0.39 | 9.27 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.50 | (1.46) | 2.69 | (0.16) | 0.39 | 9.27 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income |  |  | (0.19) | (0.16) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) | (2.10) | (0.16) | (3.12) |  |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.07) | (2.10) | (0.35) | (3.28) | (0.02) | (0.03) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $19.77 | $16.34 | $19.90 | $17.56 | $21.00 | $20.63 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(e)</sup>:** | 21.42% | (8.23)% | 15.56% | 0.70% | 1.89% | 81.41% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $814 | $875 | $1612 | $2057 | $2685 | $3138 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $880 | $1188 | $1659 | $2311 | $3025 | $6774 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(f)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 3.13 %<sup>(g)</sup> | 2.76% | 2.49% | 2.46% | 2.36% | 2.19% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 3.14 %<sup>(g)</sup> | 2.77% | 2.50% | 2.47% | 2.37% | 2.20% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.08)%<sup>(g)</sup> | (0.65)% | 0.30% | 0.61% | (0.01)% | 0.01% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup> | 54% | 122% | 78% | 75% | 62% | 63% |

---

(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) 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 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.

(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.

------

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $16.17 | $19.66 | $17.32 | $20.75 | $20.37 | $11.23 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.06 | 0.13 | 0.25 | 0.30 | 0.22 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.59 | (1.32) | 2.64 | (0.26) | 0.38 | 9.15 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.65 | (1.19) | 2.89 | 0.04 | 0.60 | 9.29 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.09) | (0.20) | (0.39) | (0.35) | (0.22) | (0.15) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) | (2.10) | (0.16) | (3.12) |  |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.16) | (2.30) | (0.55) | (3.47) | (0.22) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $19.66 | $16.17 | $19.66 | $17.32 | $20.75 | $20.37 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 22.60% | (6.92)% | 17.06% | 1.83% | 2.93% | 83.14% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $97165 | $93381 | $114603 | $112225 | $113963 | $135981 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $96161 | $97057 | $101985 | $104012 | $131067 | $137399 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.28 %<sup>(d)</sup> | 1.32% | 1.26% | 1.30% | 1.29% | 1.28% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.54 %<sup>(d)</sup> | 1.58% | 1.52% | 1.56% | 1.55% | 1.54% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.71 %<sup>(d)</sup> | 0.77% | 1.46% | 1.73% | 1.05% | 0.88% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 54% | 122% | 78% | 75% | 62% | 63% |

---

(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 Quant Solutions Small-Cap Value Fund 21

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $16.55 | $20.06 | $17.66 | $21.09 | $20.70 | $11.40 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.11 | 0.21 | 0.34 | 0.40 | 0.33 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.68 | (1.33) | 2.69 | (0.26) | 0.38 | 9.29 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.79 | (1.12) | 3.03 | 0.14 | 0.71 | 9.52 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.29) | (0.47) | (0.45) | (0.32) | (0.22) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) | (2.10) | (0.16) | (3.12) |  |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.25) | (2.39) | (0.63) | (3.57) | (0.32) | (0.22) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $20.09 | $16.55 | $20.06 | $17.66 | $21.09 | $20.70 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 22.92% | (6.45)% | 17.56% | 2.38% | 3.42% | 84.07% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $148022 | $125198 | $89854 | $99147 | $136495 | $177808 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $139709 | $112447 | $87277 | $110217 | $165086 | $199626 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.79 %<sup>(d)</sup> | 0.80% | 0.79% | 0.82% | 0.79% | 0.77% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.80 %<sup>(d)</sup> | 0.81% | 0.80% | 0.83% | 0.80% | 0.78% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.14 %<sup>(d)</sup> | 1.23% | 1.96% | 2.25% | 1.56% | 1.34% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 54% | 122% | 78% | 75% | 62% | 63% |

---

(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;**Class R2 Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $16.52 | $20.01 | $17.63 | $21.05 | $20.65 | $11.38 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.08 | 0.19 | 0.26 | 0.19 | 0.28 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.65 | (1.36) | 2.69 | (0.11) | 0.37 | 9.25 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.73 | (1.17) | 2.95 | 0.08 | 0.65 | 9.44 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.12) | (0.22) | (0.41) | (0.38) | (0.25) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) | (2.10) | (0.16) | (3.12) |  |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.19) | (2.32) | (0.57) | (3.50) | (0.25) | (0.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $20.06 | $16.52 | $20.01 | $17.63 | $21.05 | $20.65 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 22.61% | (6.71)% | 17.13% | 2.03% | 3.11% | 83.38% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $84 | $79 | $168 | $102 | $73 | $157 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $82 | $128 | $108 | $88 | $154 | $192 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.14 %<sup>(d)</sup> | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 7.79 %<sup>(d)</sup> | 5.21% | 5.95% | 6.57% | 5.21% | 5.24% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.82 %<sup>(d)</sup> | 1.08% | 1.48% | 1.12% | 1.30% | 1.21% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 54% | 122% | 78% | 75% | 62% | 63% |

---

(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 Quant Solutions Small-Cap Value Fund 23

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R4 Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $16.58 | $20.08 | $17.68 | $21.10 | $20.71 | $11.40 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.10 | 0.21 | 0.32 | 0.37 | 0.37 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.68 | (1.35) | 2.69 | (0.24) | 0.32 | 9.20 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.78 | (1.14) | 3.01 | 0.13 | 0.69 | 9.51 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.16) | (0.26) | (0.45) | (0.43) | (0.30) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) | (2.10) | (0.16) | (3.12) |  |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.23) | (2.36) | (0.61) | (3.55) | (0.30) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $20.13 | $16.58 | $20.08 | $17.68 | $21.10 | $20.71 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 22.82% | (6.52)% | 17.44% | 2.31% | 3.29% | 83.98% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $17 | $14 | $18 | $15 | $14 | $245 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $16 | $14 | $15 | $13 | $41 | $237 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.89 %<sup>(d)</sup> | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 34.62 %<sup>(d)</sup> | 35.92% | 34.32% | 36.45% | 15.86% | 4.13% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.01 %<sup>(d)</sup> | 1.20% | 1.81% | 2.10% | 1.78% | 2.21% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 54% | 122% | 78% | 75% | 62% | 63% |

---

(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;**Class R6 Shares** | | | | | | |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $16.59 | $20.09 | $17.69 | $21.13 | $20.73 | $11.41 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.12 | 0.27 | 0.35 | 0.41 | 0.37 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.68 | (1.37) | 2.70 | (0.26) | 0.38 | 9.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.80 | (1.10) | 3.05 | 0.15 | 0.75 | 9.55 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.30) | (0.49) | (0.47) | (0.35) | (0.23) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.07) | (2.10) | (0.16) | (3.12) |  |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.26) | (2.40) | (0.65) | (3.59) | (0.35) | (0.23) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $20.13 | $16.59 | $20.09 | $17.69 | $21.13 | $20.73 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 22.99% | (6.31)% | 17.67% | 2.48% | 3.58% | 84.26% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $52643 | $45053 | $117684 | $101918 | $123662 | $226506 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $49594 | $68136 | $105401 | $99623 | $143522 | $209675 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.69 %<sup>(d)</sup> | 0.68% | 0.68% | 0.68% | 0.67% | 0.66% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.70 %<sup>(d)</sup> | 0.69% | 0.69% | 0.69% | 0.67% | 0.66% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.24 %<sup>(d)</sup> | 1.50% | 2.02% | 2.35% | 1.74% | 1.46% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 54% | 122% | 78% | 75% | 62% | 63% |

---

(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 Quant Solutions Small-Cap Value Fund 25

------

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.

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Fund's financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund's subadviser.

The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

------

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

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

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

*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 the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending 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.

*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 expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

PGIM Quant Solutions Small-Cap Value Fund 27

------

Notes to Financial Statements (unaudited) (continued)

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

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

---

| | |
|:---|:---|
|  **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
|  Net Investment Income | Annually |
|  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 entered into a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services.

The Manager has entered into a subadvisory agreement with PGIM 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, 2026, the contractual and effective management fee rates were as follows:

---

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

---

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, 2026, 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, 2026, 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 waiver/reimbursement and/or recoupment for that fiscal year, as applicable. The expense limitations attributable to each class are as follows:

---

| | |
|:---|:---|
| **Class** | **Expense<br>Limitations** |
|  A | —% |
|  C |  |
|  R |  |
|  Z |  |
|  R2 | 1.14 |
|  R4 | 0.89 |
|  R6 |  |

---

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, 2026 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** |
|  A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;N/A% |
|  C | 1.00 | 1.00 | N/A |
|  R | 0.75 | 0.50 | N/A |
|  Z | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | N/A |
|  R2 | 0.25 | 0.25 | 0.10 |
|  R4 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | 0.10 |
|  R6 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | N/A |

---

For the reporting period ended January 31, 2026, 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:

---

| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
|  A | $7244 | $— |
|  C |  | 30 |

---

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 overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core

PGIM Quant Solutions Small-Cap Value Fund 29

------

Notes to Financial Statements (unaudited) (continued)

Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income" and "Income from securities lending, net", respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended January 31, 2026, no Rule 17a-7 transactions were entered into by the Fund.

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

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2026, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| $202277528 | $229092376 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended January 31, 2026, is presented as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&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> **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<br>of<br>Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup> |  |  |  |
| $214447 | $21467619 | $20974162 | $— | $— | $707904 | 707904 | $15839 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;20699873 | 50246367 | 66608994 | (339) | 2376 | 4339283 | 4341887 | 12436<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— |
| $20914320 | $71713986 | $87583156 | $(339) | $2376 | $5047187 |  | $28275 | $— |

---

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

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

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

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

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.

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

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | **Total Dividends**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Distributions**  |
| $22160571 | $25465315 | $— | $47625886 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | **Total Dividends**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Distributions**  |
| $13757290 | $— | $— | $13757290 |

---

------

For the latest tax period ended October 31, 2025, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | |
|:---|:---|
| **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Long-Term**<br> **Capital Gains** |
| $1941700 | $1298517 |

---

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of January 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation** |
| $332845061 | $81601676 | $(12265592) | $69336084 |

---

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

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, 2025 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 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, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
|  Z | 62478 | 0.8% |
|  R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | 19.8 |
|  R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 | 100.0 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of Shareholders** | **Percentage of Outstanding Shares** |
|  Affiliated |  | —% |
|  Unaffiliated | 6 | 77.9 |

---

PGIM Quant Solutions Small-Cap Value Fund 31

------

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class A** |  |  |
|  **Six months ended January 31, 2026:** |  |  |
|  Shares sold | 52095 | $966144 |
|  Shares issued in reinvestment of dividends and distributions | 48815 | 950913 |
|  Shares purchased | (347806) | (6491962) |
|  Net increase (decrease) in shares outstanding before conversion | (246896) | (4574905) |
|  Shares issued upon conversion from other share class(es) | 10048 | 188162 |
|  Shares purchased upon conversion into other share class(es) | (18763) | (344876) |
|  Net increase (decrease) in shares outstanding | (255611) | $(4731619) |
|  **Year ended July 31, 2025:** |  |  |
|  Shares sold | 113770 | $1958673 |
|  Shares issued in reinvestment of dividends and distributions | 651128 | 11629141 |
|  Shares purchased | (920178) | (15875003) |
|  Net increase (decrease) in shares outstanding before conversion | (155280) | (2287189) |
|  Shares issued upon conversion from other share class(es) | 18938 | 306639 |
|  Shares purchased upon conversion into other share class(es) | (38442) | (678330) |
|  Net increase (decrease) in shares outstanding | (174784) | $(2658880) |
|  **Class C** |  |  |
|  **Six months ended January 31, 2026:** |  |  |
|  Shares sold | 1038 | $18762 |
|  Shares issued in reinvestment of dividends and distributions | 156 | 3005 |
|  Shares purchased | (5569) | (100932) |
|  Net increase (decrease) in shares outstanding before conversion | (4375) | (79165) |
|  Shares purchased upon conversion into other share class(es) | (8026) | (148207) |
|  Net increase (decrease) in shares outstanding | (12401) | $(227372) |
|  **Year ended July 31, 2025:** |  |  |
|  Shares sold | 2819 | $48050 |
|  Shares issued in reinvestment of dividends and distributions | 8264 | 147257 |
|  Shares purchased | (21684) | (367429) |
|  Net increase (decrease) in shares outstanding before conversion | (10601) | (172122) |
|  Shares purchased upon conversion into other share class(es) | (16822) | (272962) |
|  Net increase (decrease) in shares outstanding | (27423) | $(445084) |
|  **Class R** |  |  |
|  **Six months ended January 31, 2026:** |  |  |
|  Shares sold | 41623 | $762814 |
|  Shares issued in reinvestment of dividends and distributions | 42634 | 811751 |
|  Shares purchased | (916180) | (16713272) |
|  Net increase (decrease) in shares outstanding | (831923) | $(15138707) |
|  **Year ended July 31, 2025:** |  |  |
|  Shares sold | 462982 | $7310112 |
|  Shares issued in reinvestment of dividends and distributions | 699372 | 12225022 |
|  Shares purchased | (1217121) | (20926064) |
|  Net increase (decrease) in shares outstanding | (54767) | $(1390930) |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class Z** |  |  |
|  **Six months ended January 31, 2026:** |  |  |
|  Shares sold | 710471 | $13113364 |
|  Shares issued in reinvestment of dividends and distributions | 93232 | 1813362 |
|  Shares purchased | (1011176) | (18878213) |
|  Net increase (decrease) in shares outstanding before conversion | (207473) | (3951487) |
|  Shares issued upon conversion from other share class(es) | 19366 | 355537 |
|  Shares purchased upon conversion into other share class(es) | (6377) | (114808) |
|  Net increase (decrease) in shares outstanding | (194484) | $(3710758) |
|  **Year ended July 31, 2025:** |  |  |
|  Shares sold | 4110757 | $80223621 |
|  Shares issued in reinvestment of dividends and distributions | 945137 | 16851799 |
|  Shares purchased | (2462860) | (42669419) |
|  Net increase (decrease) in shares outstanding before conversion | 2593034 | 54406001 |
|  Shares issued upon conversion from other share class(es) | 498864 | 10252343 |
|  Shares purchased upon conversion into other share class(es) | (8122) | (141720) |
|  Net increase (decrease) in shares outstanding | 3083776 | $64516624 |
|  **Class R2** |  |  |
|  **Six months ended January 31, 2026:** |  |  |
|  Shares sold | 447 | $8283 |
|  Shares issued in reinvestment of dividends and distributions | 42 | 814 |
|  Shares purchased | (1074) | (19451) |
|  Net increase (decrease) in shares outstanding | (585) | $(10354) |
|  **Year ended July 31, 2025:** |  |  |
|  Shares sold | 2975 | $55380 |
|  Shares issued in reinvestment of dividends and distributions | 1393 | 24829 |
|  Shares purchased | (7962) | (131992) |
|  Net increase (decrease) in shares outstanding | (3594) | $(51783) |
|  **Class R4** |  |  |
|  **Six months ended January 31, 2026:** |  |  |
|  Shares issued in reinvestment of dividends and distributions | 10 | $189 |
|  Net increase (decrease) in shares outstanding | 10 | $189 |
|  **Year ended July 31, 2025:** |  |  |
|  Shares issued in reinvestment of dividends and distributions | 98 | $1745 |
|  Shares purchased | (136) | (2625) |
|  Net increase (decrease) in shares outstanding | (38) | $(880) |
|  **Class R6** |  |  |
|  **Six months ended January 31, 2026:** |  |  |
|  Shares sold | 69335 | $1280811 |
|  Shares issued in reinvestment of dividends and distributions | 34016 | 662627 |
|  Shares purchased | (206516) | (3848548) |
|  Net increase (decrease) in shares outstanding before conversion | (103165) | (1905110) |
|  Shares issued upon conversion from other share class(es) | 4204 | 75287 |
|  Shares purchased upon conversion into other share class(es) | (602) | (11095) |
|  Net increase (decrease) in shares outstanding | (99563) | $(1840918) |

---

PGIM Quant Solutions Small-Cap Value Fund 33

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Year ended July 31, 2025:** |  |  |
|  Shares sold | 425451 | $7752989 |
|  Shares issued in reinvestment of dividends and distributions | 341597 | 6100915 |
|  Shares purchased | (3454617) | (69405655) |
|  Net increase (decrease) in shares outstanding before conversion | (2687569) | (55551751) |
|  Shares issued upon conversion from other share class(es) | 12657 | 229762 |
|  Shares purchased upon conversion into other share class(es) | (466300) | (9695732) |
|  Net increase (decrease) in shares outstanding | (3141212) | $(65017721) |

---

**8.** **Borrowings** 

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

---

| | | |
|:---|:---|:---|
|  | **Current SCA** | **Prior SCA** |
|  **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
|  **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent |

---

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

The Fund utilized the SCA during the reporting period ended January 31, 2026. The average daily balance for the 12 days that the Fund had loans outstanding during the period was approximately $735,750, borrowed at a weighted average interest rate of 4.89%. The maximum loan outstanding amount during the period was $4,956,000. At January 31, 2026, the Fund did not have an outstanding loan amount.

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

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

*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 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 and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

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

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

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

*Portfolio Turnover Risk:* The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the

PGIM Quant Solutions Small-Cap Value Fund 35

------

Notes to Financial Statements (unaudited) (continued)

sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance. markets could adversely affect issuers worldwide.

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

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

*Sector Exposure Risk:* At times, the Fund may have a significant portion of its assets invested in the same economic sector, including the financial and industrials sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*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.

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

During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

**11.** **Subsequent Event** 

The Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of January 31, 2026.

------

#### Other Information
**Form N-CSR Item 8 -** Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9 -** Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10 -** Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11 -** Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

![LOGO](g214961g15a15.jpg)

## THE TARGET PORTFOLIO TRUST
PGIM Core Bond Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### JANUARY 31, 2026
![LOGO](g214961g56f90.jpg)

------

<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Other Information </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 31, 2026 </u>

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

---

| | |
|:---|:---|
|  [PGIM Core Bond Fund](#edgar214961_1) | 1 |
|  [Notes to Financial Statements](#edgar214961_2) | 50 |

---

[**Other Information** - Form N-CSR Items 8-11](#edgar214961_3)

------

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.7%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.7%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.7%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.7%** | &nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.7%** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 16.1%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 16.1%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 16.1%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 16.1%** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES 16.1%** |
| &nbsp;&nbsp; **Automobiles 6.0%** | &nbsp;&nbsp; **Automobiles 6.0%** | &nbsp;&nbsp; **Automobiles 6.0%** | &nbsp;&nbsp; **Automobiles 6.0%** | &nbsp;&nbsp; **Automobiles 6.0%** |
| &nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class C | 1.410% | 08/18/27 | 586 | $582643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | 5.800 | 12/18/28 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class C | 6.000 | 07/18/29 | 900 | 924228 |
| &nbsp;&nbsp; ARI Fleet Lease Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2, 144A | 4.590 | 03/15/34 | 7200 | 7248949 |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | 1.660 | 02/20/28 | 3800 | 3724745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A | 3.830 | 08/21/28 | 4800 | 4784358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | 5.250 | 04/20/29 | 6600 | 6743193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A, 144A | 5.200 | 10/20/27 | 1800 | 1808718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.360 | 06/20/30 | 1900 | 1961556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A | 5.230 | 12/20/30 | 1800 | 1849471 |
| &nbsp;&nbsp; BOF VII AL Funding Trust I, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class A2, 144A | 6.291 | 07/26/32 | 861 | 875750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CAR03, Class B, 144A | 6.632 | 07/26/32 | 334 | 339467 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class C | 2.200 | 11/15/27 | 1300 | 1296472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class D | 2.470 | 07/17/28 | 600 | 598354 |
| &nbsp;&nbsp; Chesapeake Funding II LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | 5.520 | 05/15/36 | 735 | 743415 |
| &nbsp;&nbsp; Enterprise Fleet Financing LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A2, 144A | 4.500 | 04/20/28 | 2200 | 2211761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class A2, 144A | 4.050 | 08/20/28 | 3800 | 3807305 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | 1.610 | 10/17/33 | 630 | 626518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class B, 144A | 1.910 | 05/15/34 | 600 | 589307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A, 144A | 4.850 | 08/15/35 | 4200 | 4275183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | 5.280 | 02/15/36 | 2800 | 2890328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | 4.370(cc) | 02/15/38 | 11182 | 11255656 |
| &nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03, Class A1, 144A | 4.300 | 09/15/29 | 7700 | 7749450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class A1 | 4.630 | 04/15/30 | 5700 | 5786065 |
| &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class B | 6.160 | 04/16/29 | 1100 | 1130976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | 6.410 | 05/16/29 | 700 | 720688 |
| &nbsp;&nbsp; GM Financial Revolving Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class B, 144A | 1.490 | 06/12/34 | 200 | 196708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02, Class A, 144A | 5.770 | 08/11/36 | 500 | 523182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A | 4.980 | 12/11/36 | 2600 | 2675370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A, 144A | 4.520 | 03/11/37 | 7000 | 7095311 |
| &nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04A, Class A1, 144A | 4.730 | 11/15/29 | 4400 | 4462630 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | 5.410 | 11/14/29 | 4800 | 4837886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.360 | 04/16/35 | 8200 | 8467355 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C | 5.090 | 05/15/30 | 667 | 669829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03, Class C | 5.770 | 11/15/30 | 1500 | 1527145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04, Class C | 6.040 | 12/15/31 | 2500 | 2569123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class B | 5.980 | 04/16/29 | 1100 | 1113944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | 6.400 | 03/17/31 | 300 | 309965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class C | 5.840 | 06/17/30 | 1000 | 1021057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-04, Class C | 4.950 | 04/15/30 | 3400 | 3431638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class C | 4.780 | 01/15/31 | 3000 | 3027155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01, Class C | 5.040 | 03/17/31 | 6500 | 6579351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class C | 4.680 | 09/15/31 | 3800 | 3827277 |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | 5.710 | 01/22/30 | 300 | 307059 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 1

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |
| &nbsp;&nbsp; **Automobiles (cont'd.)** | &nbsp;&nbsp; **Automobiles (cont'd.)** | &nbsp;&nbsp; **Automobiles (cont'd.)** | &nbsp;&nbsp; **Automobiles (cont'd.)** | &nbsp;&nbsp; **Automobiles (cont'd.)** | &nbsp;&nbsp; **Automobiles (cont'd.)** |
| &nbsp;&nbsp; SFS Auto Receivables Securitization Trust, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | 5.970% | 02/20/31 | 500 | $| 514084 |
| &nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 4.650 | 05/25/38 | 5400 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5508239 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class B, 144A | 4.630 | 01/15/31 | 2400 |  | 2418903 |
| &nbsp;&nbsp; Wheels Fleet Lease Funding LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | 5.800 | 04/18/38 | 1220 |  | 1227439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A | 5.490 | 02/18/39 | 1752 |  | 1772580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A | 4.410 | 05/18/40 | 5600 |  | 5641904 |
|  |  |  |  |  | 146387534 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 7.3%** | &nbsp;&nbsp; **Collateralized Loan Obligations 7.3%** | &nbsp;&nbsp; **Collateralized Loan Obligations 7.3%** | &nbsp;&nbsp; **Collateralized Loan Obligations 7.3%** | &nbsp;&nbsp; **Collateralized Loan Obligations 7.3%** | &nbsp;&nbsp; **Collateralized Loan Obligations 7.3%** |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.199(c) | 07/22/37 | 10000 |  | 10031598 |
| &nbsp;&nbsp; Ares Loan Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.852(c) | 03/31/38 | 10500 |  | 10530620 |
| &nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A1R, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 4.988(c) | 03/31/38 | 7000 |  | 7037695 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.038(c) | 10/20/37 | 14750 |  | 14821638 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.288(c) | 04/20/37 | 10000 |  | 10024728 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.018(c) | 10/20/37 | 14750 |  | 14819178 |
| &nbsp;&nbsp; Kennedy Lewis CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1R2, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.048(c) | 01/20/38 | 14750 |  | 14811608 |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 5.114(c) | 01/15/31 | 35 |  | 35281 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class A1R2, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 4.848(c) | 03/25/38 | 11230 |  | 11259401 |
| &nbsp;&nbsp; Marble Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1RR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 4.858(c) | 10/20/36 | 11750 |  | 11782826 |
| &nbsp;&nbsp; Octagon Alto Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 4.808(c) | 10/20/36 | 11750 |  | 11774675 |
| &nbsp;&nbsp; Park Blue CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A1R, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%) | 4.912(c) | 01/25/39 | 11000 |  | 11003014 |
| &nbsp;&nbsp; Romark WM-R Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 4.959(c) | 04/20/31 | 18 |  | 18282 |
| &nbsp;&nbsp; Sixth Street CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | 5.458(c) | 01/20/37 | 4750 |  | 4750000 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.104(c) | 07/15/34 | 2200 |  | 2203185 |
| &nbsp;&nbsp; Texas Debt Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 4.808(c) | 04/24/38 | 10000 |  | 10010158 |
| &nbsp;&nbsp; THL Credit Wind River CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | 5.238(c) | 07/20/37 | 12000 |  | 12020814 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | 5.538(c) | 01/20/36 | 10500 |  | 10508731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 4.888(c) | 02/25/38 | 10500 |  | 10535810 |
| &nbsp;&nbsp; Voya CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &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%) | 4.999(c) | 01/20/31 | 5 |  | 5500 |
|  |  |  |  |  | 177984742 |
| &nbsp;&nbsp; **Consumer Loans 1.3%** | &nbsp;&nbsp; **Consumer Loans 1.3%** | &nbsp;&nbsp; **Consumer Loans 1.3%** | &nbsp;&nbsp; **Consumer Loans 1.3%** | &nbsp;&nbsp; **Consumer Loans 1.3%** | &nbsp;&nbsp; **Consumer Loans 1.3%** |
| &nbsp;&nbsp; Affirm Asset Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1A, 144A | 5.610 | 02/15/29 | 6300 |  | 6309906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class A, 144A | 5.220 | 12/17/29 | 17 |  | 16566 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |
| &nbsp;&nbsp; **Consumer Loans (cont'd.)** | &nbsp;&nbsp; **Consumer Loans (cont'd.)** | &nbsp;&nbsp; **Consumer Loans (cont'd.)** | &nbsp;&nbsp; **Consumer Loans (cont'd.)** | &nbsp;&nbsp; **Consumer Loans (cont'd.)** | &nbsp;&nbsp; **Consumer Loans (cont'd.)** |
| &nbsp;&nbsp; Affirm Master Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | 4.670% | 07/15/33 | 5100 | $| 5136151 |
| &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A | 4.930 | 06/25/60 | 1005 |  | 1008781 |
| &nbsp;&nbsp; GreenSky Home Improvement Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A2, 144A | 5.880 | 06/25/59 | 102 |  | 102727 |
| &nbsp;&nbsp; Onemain Financial Issuance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 4.820 | 07/14/38 | 9100 |  | 9221219 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 1.750 | 09/14/35 | 1839 |  | 1812425 |
| &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%) | 4.468(c) | 06/16/36 | 2800 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A, 144A | 4.890 | 10/14/34 | 215 |  | 215493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A | 5.840 | 09/15/36 | 5300 |  | 5406885 |
|  |  |  |  |  | 32033161 |
| &nbsp;&nbsp; **Equipment 0.3%** | &nbsp;&nbsp; **Equipment 0.3%** | &nbsp;&nbsp; **Equipment 0.3%** | &nbsp;&nbsp; **Equipment 0.3%** | &nbsp;&nbsp; **Equipment 0.3%** | &nbsp;&nbsp; **Equipment 0.3%** |
| &nbsp;&nbsp; Barings Equipment Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A3, 144A | 4.130 | 10/13/32 | 2500 |  | 2506905 |
| &nbsp;&nbsp; CCG Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A2, 144A | 4.140 | 08/15/34 | 3250 |  | 3256657 |
| &nbsp;&nbsp; Dell Equipment Finance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A3, 144A | 4.120 | 03/24/31 | 1250 |  | 1254486 |
| &nbsp;&nbsp; MMAF Equipment Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B, Class A5, 144A | 2.290 | 11/12/41 | 808 |  | 802419 |
|  |  |  |  |  | 7820467 |
| &nbsp;&nbsp; **Home Equity Loans 1.0%** | &nbsp;&nbsp; **Home Equity Loans 1.0%** | &nbsp;&nbsp; **Home Equity Loans 1.0%** | &nbsp;&nbsp; **Home Equity Loans 1.0%** | &nbsp;&nbsp; **Home Equity Loans 1.0%** | &nbsp;&nbsp; **Home Equity Loans 1.0%** |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 4.960(cc) | 07/26/55 | 2504 |  | 2510196 |
| &nbsp;&nbsp; COOPR Residential Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1A, 144A | 5.502(cc) | 06/25/60 | 3786 |  | 3829576 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1, 144A | 5.522(cc) | 01/26/60 | 3119 |  | 3149200 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | 4.902(c) | 02/25/55 | 2267 |  | 2269799 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | 6.591(cc) | 05/25/44 | 589 |  | 598150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | 5.344(cc) | 09/25/44 | 3202 |  | 3220839 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.036(cc) | 09/25/55 | 2224 |  | 2235719 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | 7.294(cc) | 10/25/63 | 659 |  | 667068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 5.848(cc) | 01/25/64 | 166 |  | 166646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | 6.290(cc) | 05/25/64 | 1599 |  | 1619720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES04, Class A1, 144A | 5.122(cc) | 09/25/64 | 2000 |  | 2004069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.705(cc) | 02/25/55 | 2200 |  | 2225354 |
|  |  |  |  |  | 24496336 |
| &nbsp;&nbsp; **Other 0.1%** | &nbsp;&nbsp; **Other 0.1%** | &nbsp;&nbsp; **Other 0.1%** | &nbsp;&nbsp; **Other 0.1%** | &nbsp;&nbsp; **Other 0.1%** | &nbsp;&nbsp; **Other 0.1%** |
| &nbsp;&nbsp; Home Partners of America Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class A, 144A | 2.200 | 01/17/41 | 1002 |  | 943450 |
| &nbsp;&nbsp; **Student Loans 0.1%** | &nbsp;&nbsp; **Student Loans 0.1%** | &nbsp;&nbsp; **Student Loans 0.1%** | &nbsp;&nbsp; **Student Loans 0.1%** | &nbsp;&nbsp; **Student Loans 0.1%** | &nbsp;&nbsp; **Student Loans 0.1%** |
| &nbsp;&nbsp; ELFI Graduate Loan Program LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A, 144A | 1.730 | 08/25/45 | 648 |  | 596205 |
| &nbsp;&nbsp; Navient Private Education Refi Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CA, Class A2, 144A | 3.130 | 02/15/68 | 80 |  | 79256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 144A | 2.120 | 01/15/69 | 263 |  | 252620 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 3

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |
| &nbsp;&nbsp; **Student Loans (cont'd.)** | &nbsp;&nbsp; **Student Loans (cont'd.)** | &nbsp;&nbsp; **Student Loans (cont'd.)** | &nbsp;&nbsp; **Student Loans (cont'd.)** | &nbsp;&nbsp; **Student Loans (cont'd.)** |
| &nbsp;&nbsp; Navient Private Education Refi Loan Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DA, Class A, 144A | 1.690% | 05/15/69 | 191 | $183123 |
| &nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%) | 4.342(c) | 05/25/70 | 939 | 921775 |
| &nbsp;&nbsp; SoFi Professional Loan Program LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class A2FX, 144A | 3.690 | 06/15/48 | 119 | 118818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C, Class A2FX, 144A | 2.370 | 11/16/48 | 214 | 207848 |
| &nbsp;&nbsp; SoFi Professional Loan Program Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2FX, 144A | 2.540 | 05/15/46 | 421 | 407505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C, Class AFX, 144A | 1.950 | 02/15/46 | 249 | 234609 |
|  |  |  |  | 3001759 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br>(cost $390,027,851) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392667449 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 8.2%** |  |  |  |  |
| &nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A4, 144A | 2.252 | 06/15/54 | 8900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8008023 |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN17, Class A3 | 3.456 | 04/15/52 | 4116 | 4034793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | 2.758 | 09/15/62 | 5504 | 5222467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN23, Class A2 | 2.669 | 12/15/52 | 2188 | 2068455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A4 | 2.399 | 01/15/63 | 6200 | 5826479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN26, Class A3 | 2.155 | 03/15/63 | 5000 | 4639614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN27, Class A4 | 1.901 | 04/15/63 | 4700 | 4182940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | 1.742 | 11/15/53 | 2554 | 2279157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A4 | 2.349 | 04/15/54 | 9000 | 8259601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN34, Class A4 | 2.156 | 06/15/63 | 7000 | 6302192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN38, Class A4 | 2.275 | 12/15/64 | 5700 | 5021279 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | 2.937 | 08/14/36 | 500 | 491612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C07, Class A4 | 1.786 | 04/15/53 | 5700 | 5140113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C21, Class A2 | 6.296(cc) | 09/15/56 | 3316 | 3473305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C22, Class A2 | 6.728 | 11/15/56 | 4109 | 4166817 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B01, Class A4 | 3.402 | 01/15/51 | 392 | 388474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A4 | 3.761 | 04/10/51 | 4437 | 4410718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | 3.455 | 03/15/62 | 2464 | 2409146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | 2.042 | 03/15/53 | 1800 | 1648265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | 1.704 | 12/17/53 | 2600 | 2343765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG03, Class A2, 144A | 2.475 | 09/15/48 | 1784 | 1753576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B24, Class A3 | 2.010 | 03/15/54 | 2600 | 2363824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B38, Class A2 | 5.626 | 04/15/56 | 6000 | 6118816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B39, Class A2 | 6.573(cc) | 07/15/56 | 7000 | 7267814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V13, Class A4 | 5.815(cc) | 02/15/58 | 8500 | 8933050 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 | 6.534(cc) | 08/15/56 | 7200 | 7528801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C2, Class A3 | 7.055(cc) | 11/15/56 | 9000 | 9602140 |
| &nbsp;&nbsp; Cantor Commercial Real Estate Lending, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CF03, Class A3 | 2.752 | 01/15/53 | 2900 | 2722732 |
| &nbsp;&nbsp; CD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CD01, Class A3 | 2.459 | 08/10/49 | 561 | 559556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CD08, Class A3 | 2.657 | 08/15/57 | 2577 | 2448471 |
| &nbsp;&nbsp; CF Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-P01, Class A1, 144A | 2.840(cc) | 04/15/52 | 2774 | 2759573 |
| &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | 3.585 | 12/10/54 | 1760 | 1747205 |
| &nbsp;&nbsp; CIP Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SBAY, Class A, 144A, 1 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.080(c) | 10/15/37 | 5400 | 5406750 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal 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; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC31, Class A4 | 3.762% | 06/10/48 | 433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A3 | 2.896 | 11/15/49 | 653 | 648145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | 3.203 | 09/15/50 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C07, Class A3 | 2.860 | 12/15/72 | 818 | 778899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | 2.620 | 08/10/56 | 3000 | 2840766 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | 2.826 | 10/10/49 | 734 | 729271 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C20, Class A2 | 2.486 | 03/15/54 | 5343 | 4969355 |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | 2.632 | 08/10/49 | 461 | 459515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C09, Class A4 | 1.644 | 08/15/53 | 5800 | 5291048 |
| &nbsp;&nbsp; Fannie Mae-Aces, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M21, Class 3A1 | 2.100 | 06/25/34 | 282 | 280127 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KW08, Class A2 | 3.600 | 01/25/29 | 4500 | 4460759 |
| &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP05, Class A4 | 3.457 | 03/15/50 | 102 | 101917 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.414 | 03/15/50 | 791 | 783354 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | 2.559 | 08/15/49 | 259 | 258615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | 2.627 | 08/15/49 | 1833 | 1819232 |
| &nbsp;&nbsp; Ladder Capital Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-LC26, Class A3, 144A | 3.289 | 07/12/50 | 1135 | 1121788 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK02, Class A3 | 2.791 | 11/15/49 | 783 | 775081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB11, Class A3 | 2.531 | 08/15/49 | 1649 | 1640729 |
| &nbsp;&nbsp; SCG Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SNIP, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.180(c) | 09/15/42 | 5550 | 5573243 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.212 | 11/15/50 | 1183 | 1166441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class A3 | 3.854 | 03/15/51 | 657 | 649885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | 4.180 | 12/15/51 | 1014 | 1013889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class A3 | 2.782 | 12/15/52 | 4400 | 4174165 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK01, Class A2 | 2.399 | 08/15/49 | 1018 | 1013579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class A3 | 2.674 | 07/15/48 | 1099 | 1094701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C38, Class A4 | 3.190 | 07/15/50 | 876 | 864685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 | 3.374 | 03/15/50 | 976 | 967761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46, Class A3 | 3.888 | 08/15/51 | 2000 | 1993454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class A4 | 3.466 | 05/15/52 | 2448 | 2400869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C57, Class A3 | 1.864 | 08/15/53 | 5300 | 4824807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A3 | 1.958 | 04/15/54 | 5921 | 5468440 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $207,870,675) |  |  |  | 199795576 |
| &nbsp;&nbsp; **CORPORATE BONDS 28.4%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.9%** |  |  |  |  |
| &nbsp;&nbsp; BAE Systems PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.400 | 04/15/30 | 335 | 323705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/26/29 | 2570 | 2644310 |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 | 6505 | 6505000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 02/01/26 | 2799 | 2799000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 06/15/46 | 3557 | 2519849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 03/01/38 | 495 | 417089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.600 | 05/01/34 | 1160 | 1055777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 11/01/48 | 455 | 337523 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 5

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** | &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** |
| &nbsp;&nbsp; Boeing Co. (The), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900% | 05/01/49 | 1405 | $1050123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.705 | 05/01/40 | 190 | 194246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930 | 05/01/60 | 1950 | 1919485 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.250 | 07/01/31 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114313 |
| &nbsp;&nbsp; HEICO Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 08/01/28 | 725 | 745156 |
|  |  |  |  | 21625576 |
| &nbsp;&nbsp; **Agriculture 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Altria Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 05/06/30 | 630 | 607383 |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.259 | 03/25/28 | 1910 | 1839961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.726 | 03/25/31 | 2180 | 2009296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.557 | 08/15/27 | 120 | 119156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.390 | 08/15/37 | 5500 | 5028668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.343 | 08/02/30 | 710 | 766003 |
| &nbsp;&nbsp; BAT International Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.931 | 02/02/29 | 1295 | 1358107 |
|  |  |  |  | 11728574 |
| &nbsp;&nbsp; **Airlines 0.0%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines 2015-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.375 | 11/01/28 | 50 | 49174 |
| &nbsp;&nbsp; Delta Air Lines 2020-1 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 2.000 | 12/10/29 | 463 | 446991 |
| &nbsp;&nbsp; United Airlines 2016-2 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 2.875 | 04/07/30 | 241 | 232250 |
| &nbsp;&nbsp; United Airlines 2019-2 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates(a) | 2.700 | 11/01/33 | 329 | 304974 |
|  |  |  |  | 1033389 |
| &nbsp;&nbsp; **Auto Manufacturers 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/15/43 | 205 | 164312 |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/10/29 | 4250 | 4027656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.271 | 01/09/27 | 3200 | 3198659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.875 | 11/07/29 | 575 | 592872 |
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/01/45 | 950 | 856450 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 01/05/28 | 490 | 488574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 10/15/28 | 1385 | 1324444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/20/27 | 375 | 367315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 06/23/28 | 2705 | 2802368 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 2.000 | 06/15/28 | 2550 | 2424154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.300 | 01/08/30 | 4560 | 4700631 |
| &nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.800 | 01/05/34 | 1376 | 1391888 |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.950 | 08/15/29 | 2370 | 2403715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.250 | 03/22/29 | 2840 | 2903873 |
|  |  |  |  | 27646911 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** | &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** | &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** | &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** | &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750% | 02/15/30 | 1050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096936 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 08/15/33 | 80 | 82612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 | 130 | 132370 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.000 | 11/17/28 | 875 | 879856 |
|  |  |  |  | 2191774 |
| &nbsp;&nbsp; **Banks 7.7%** | &nbsp;&nbsp; **Banks 7.7%** | &nbsp;&nbsp; **Banks 7.7%** | &nbsp;&nbsp; **Banks 7.7%** | &nbsp;&nbsp; **Banks 7.7%** |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.538(ff) | 03/14/30 | 1000 | 1035375 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 12960 | 11883213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.288(ff) | 04/25/34 | 1530 | 1571206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.593(ff) | 07/21/28 | 1595 | 1585225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 2.496(ff) | 02/13/31 | 2705 | 2520893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.972(ff) | 02/04/33 | 1555 | 1421462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.824(ff) | 01/20/28 | 1720 | 1717227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.974(ff) | 02/07/30 | 3380 | 3363690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.271(ff) | 07/23/29 | 320 | 321378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | 1.658(ff) | 03/11/27 | 105 | 104726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | 2.651(ff) | 03/11/32 | 4500 | 4128311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 4.450 | 03/03/26 | 1500 | 1500425 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.279(ff) | 11/24/27 | 4370 | 4306583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.837(ff) | 09/10/28 | 400 | 404377 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 1.675(ff) | 06/30/27 | 1425 | 1410330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 1.904(ff) | 09/30/28 | 1385 | 1334917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 3.132(ff) | 01/20/33 | 475 | 432597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 5.176(ff) | 01/09/30 | 465 | 476369 |
| &nbsp;&nbsp; BPCE SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, MTN | 3.250 | 01/11/28 | 625 | 615517 |
| &nbsp;&nbsp; Cassa Depositi e Prestiti SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 10/01/30 | 1000 | 997069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/30/29 | 800 | 839917 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.561(ff) | 05/01/32 | 1415 | 1282866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 1510 | 1414468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.668(ff) | 07/24/28 | 490 | 487507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.887(ff) | 01/10/28 | 670 | 669129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 07/23/48 | 440 | 387088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.174(ff) | 09/11/36 | 115 | 115609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.450 | 09/29/27 | 840 | 845577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.600 | 03/09/26 | 945 | 945432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.827(ff) | 02/13/35 | 865 | 894665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 6.020(ff) | 01/24/36 | 6708 | 7000367 |
| &nbsp;&nbsp; Credit Agricole SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.222(ff) | 05/27/31 | 1080 | 1106838 |
| &nbsp;&nbsp; Danske Bank A/S (Denmark), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.613(ff) | 10/02/30 | 2255 | 2270083 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 4.950(ff) | 08/04/31 | 1230 | 1242592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.373(ff) | 01/10/29 | 525 | 536013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes | 4.469(ff) | 12/10/31 | 3215 | 3203049 |
| &nbsp;&nbsp; Fifth Third Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.339(ff) | 07/27/29 | 1310 | 1376410 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 7

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Banks (cont'd.)** | &nbsp;&nbsp; **Banks (cont'd.)** | &nbsp;&nbsp; **Banks (cont'd.)** | &nbsp;&nbsp; **Banks (cont'd.)** | &nbsp;&nbsp; **Banks (cont'd.)** |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.431%(ff) | 03/09/27 | 3075 | $3066631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.542(ff) | 09/10/27 | 3405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 1585 | 1575140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 01/26/27 | 475 | 475034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.223(ff) | 05/01/29 | 125 | 125259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.065(ff) | 01/21/37 | 2830 | 2817813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.727(ff) | 04/25/30 | 6135 | 6405261 |
| &nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.709(ff) | 02/02/35 | 1240 | 1289978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.208(ff) | 08/21/29 | 630 | 660237 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, Series XR, 144A, MTN | 4.000 | 09/23/29 | 1790 | 1768972 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | 6.406(c) | 04/01/26(oo) | 3920 | 3934273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.040(ff) | 02/04/27 | 4160 | 4160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.578(ff) | 04/22/27 | 215 | 213817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.522(ff) | 04/22/31 | 1281 | 1192912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 2565 | 2341469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.739(ff) | 10/15/30 | 7000 | 6652479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.947(ff) | 02/24/28 | 215 | 212695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.964(ff) | 11/15/48 | 355 | 285522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.323(ff) | 04/26/28 | 165 | 165672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.140(ff) | 01/24/31 | 5605 | 5781046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 2.956(ff) | 05/13/31 | 510 | 480439 |
| &nbsp;&nbsp; KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.401(ff) | 03/06/35 | 3120 | 3378617 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.593(ff) | 05/04/27 | 5600 | 5564800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.493(ff) | 01/16/32 | 4785 | 4781237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.449(ff) | 07/20/29 | 1930 | 1989370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 6460 | 5729309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 760 | 755874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 1200 | 1208033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 | 4245 | 3729432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.591(cc) | 07/22/28 | 310 | 307977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.831(ff) | 04/19/35 | 505 | 533893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | 4.350 | 09/08/26 | 3800 | 3807661 |
| &nbsp;&nbsp; NatWest Group PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.642(ff) | 06/14/27 | 1830 | 1814501 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.582(ff) | 06/12/29 | 2655 | 2747998 |
| &nbsp;&nbsp; Santander UK Group Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.320(ff) | 09/22/29 | 1035 | 1035132 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.439(ff) | 10/03/36 | 6020 | 6041626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 1.792(ff) | 06/09/27 | 1020 | 1011107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN(a) | 6.691(ff) | 01/10/34 | 805 | 876077 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.954(ff) | 07/08/33 | 6400 | 6495069 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.867(ff) | 06/08/34 | 330 | 349385 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.126(ff) | 08/13/30 | 1180 | 1133144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.869(ff) | 01/12/29 | 870 | 865092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.194(ff) | 04/01/31 | 250 | 247267 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.150(ff) | 04/23/31 | 2424 | 2496235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.244(ff) | 01/24/31 | 1680 | 1735238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.389(ff) | 04/24/34 | 4350 | 4496695 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Wells Fargo & Co., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.491%(ff) | 10/23/34 | 1245 | $1369746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 2.572(ff) | 02/11/31 | 2740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.013(ff) | 04/04/51 | 2300 | 2100904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.574(ff) | 07/25/29 | 5045 | 5220063 |
|  |  |  |  | 187088202 |
| &nbsp;&nbsp; **Beverages 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 02/01/36 | 180 | 177545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/01/46 | 1551 | 1426528 |
| &nbsp;&nbsp; Constellation Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.650 | 11/15/28 | 450 | 455862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.250 | 08/01/31 | 1030 | 916213 |
| &nbsp;&nbsp; Diageo Capital PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.125 | 04/29/32 | 1665 | 1449843 |
|  |  |  |  | 4425991 |
| &nbsp;&nbsp; **Biotechnology 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 11/15/41 | 910 | 877591 |
| &nbsp;&nbsp; **Building Materials 0.3%** |  |  |  |  |
| &nbsp;&nbsp; CRH SMW Finance DAC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 01/09/30 | 2650 | 2728672 |
| &nbsp;&nbsp; Martin Marietta Materials, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 07/15/31 | 715 | 644952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 12/01/34 | 2510 | 2557859 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.375 | 01/15/31 | 1225 | 1130336 |
|  |  |  |  | 7061819 |
| &nbsp;&nbsp; **Chemicals 0.3%** |  |  |  |  |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.419 | 11/15/48 | 22 | 20789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.725 | 11/15/28 | 1292 | 1309017 |
| &nbsp;&nbsp; FMC Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 10/01/49 | 1795 | 1123645 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 01/15/45 | 248 | 231084 |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.100 | 04/30/30 | 1485 | 1544860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 05/02/34 | 1858 | 1990457 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 09/27/28 | 400 | 397624 |
|  |  |  |  | 6617476 |
| &nbsp;&nbsp; **Commercial Services 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Experian Finance PLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.750 | 03/08/30 | 1735 | 1632734 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.625 | 06/15/29 | 1100 | 1138383 |
| &nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.885 | 07/01/2116 | 700 | 482638 |
| &nbsp;&nbsp; President & Fellows of Harvard College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.300 | 07/15/56 | 160 | 109741 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 9

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Trustees of Boston College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.129% | 07/01/52 | 637 | $440152 |
| &nbsp;&nbsp; University of Notre Dame du Lac, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | 3.394 | 02/15/48 | 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274492 |
| &nbsp;&nbsp; Verisk Analytics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 03/15/29 | 1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184559 |
|  |  |  |  | 5262699 |
| &nbsp;&nbsp; **Computers 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Accenture Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.500 | 10/04/34 | 2095 | 2058526 |
| &nbsp;&nbsp; Booz Allen Hamilton, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 08/04/33 | 2320 | 2412936 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 | 2000 | 2142691 |
|  |  |  |  | 6614153 |
| &nbsp;&nbsp; **Diversified Financial Services 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.200 | 12/12/28 | 1155 | 1229858 |
| &nbsp;&nbsp; Cboe Global Markets, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 1.625 | 12/15/30 | 2900 | 2566053 |
| &nbsp;&nbsp; Charles Schwab Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/11/31 | 2970 | 2606727 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.625 | 10/15/31 | 95 | 84556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 07/21/28 | 1210 | 1257640 |
| &nbsp;&nbsp; LPL Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 05/20/27 | 1295 | 1319000 |
| &nbsp;&nbsp; Nomura Holdings, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.608 | 07/14/31 | 565 | 509389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.070 | 07/12/28 | 3905 | 4067912 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 | 1175 | 1142673 |
| &nbsp;&nbsp; Rocket Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/30 | 1100 | 1126585 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.875 | 10/15/26 | 1150 | 1134702 |
|  |  |  |  | 17045095 |
| &nbsp;&nbsp; **Electric 2.2%** |  |  |  |  |
| &nbsp;&nbsp; Abu Dhabi National Energy Co. PJSC (United Arab Emirates), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 2.000 | 04/29/28 | 515 | 490301 |
| &nbsp;&nbsp; AEP Transmission Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 09/15/48 | 830 | 682868 |
| &nbsp;&nbsp; Alfa Desarrollo SpA (Chile), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.550 | 09/27/51 | 650 | 519155 |
| &nbsp;&nbsp; Ameren Illinois Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 12/01/47 | 625 | 477872 |
| &nbsp;&nbsp; Arizona Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 12/15/31 | 2875 | 2528447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.350 | 05/15/50 | 485 | 334497 |
| &nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series Z | 2.400 | 09/01/26 | 190 | 188368 |
| &nbsp;&nbsp; Cleco Corporate Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 09/15/29 | 305 | 287929 |
| &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.688 | 05/15/29 | 1600 | 1595520 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.045% | 01/28/34 | 3995 | $4004948 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 03/01/45 | 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.000 | 03/01/48 | 115 | 91488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 123 | 3.750 | 08/15/47 | 775 | 595644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 130 | 3.125 | 03/15/51 | 95 | 63024 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2017 | 3.875 | 06/15/47 | 805 | 625063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | 4.300 | 12/01/56 | 40 | 31418 |
| &nbsp;&nbsp; Delmarva Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.150 | 05/15/45 | 60 | 50777 |
| &nbsp;&nbsp; Dominion Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | 2.850 | 08/15/26 | 55 | 54676 |
| &nbsp;&nbsp; DTE Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series A | 4.050 | 05/15/48 | 370 | 299284 |
| &nbsp;&nbsp; DTE Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.850 | 10/01/26 | 350 | 347528 |
| &nbsp;&nbsp; Duke Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 09/01/26 | 145 | 143949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 08/15/47 | 185 | 142326 |
| &nbsp;&nbsp; Duke Energy Florida LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.400 | 10/01/46 | 185 | 134945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.200 | 07/15/48 | 205 | 166306 |
| &nbsp;&nbsp; Duke Energy Indiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage(a) | 2.750 | 04/01/50 | 1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144171 |
| &nbsp;&nbsp; Duke Energy Progress LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 10/15/46 | 75 | 57468 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.500 | 04/06/28 | 475 | 468974 |
| &nbsp;&nbsp; Entergy Arkansas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage(a) | 2.650 | 06/15/51 | 2220 | 1319161 |
| &nbsp;&nbsp; Entergy Louisiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust Bond | 4.000 | 03/15/33 | 170 | 163576 |
| &nbsp;&nbsp; Entergy Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 03/30/39 | 1000 | 925497 |
| &nbsp;&nbsp; Eversource Energy, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | 3.300 | 01/15/28 | 335 | 330221 |
| &nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.600 | 06/01/29 | 1435 | 1407460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.200 | 04/01/28 | 865 | 883747 |
| &nbsp;&nbsp; Fortis, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.055 | 10/04/26 | 217 | 215429 |
| &nbsp;&nbsp; Georgia Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 2.650 | 09/15/29 | 1005 | 957243 |
| &nbsp;&nbsp; IPALCO Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 05/01/30 | 240 | 235225 |
| &nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | 4.250 | 08/14/28 | 235 | 232577 |
| &nbsp;&nbsp; MidAmerican Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 08/01/47 | 225 | 178515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.250 | 07/15/49 | 350 | 287238 |
| &nbsp;&nbsp; Narragansett Electric Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.395 | 04/09/30 | 915 | 881394 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/28/28 | 3870 | 3940331 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 2.450 | 12/02/27 | 1215 | 1175087 |
| &nbsp;&nbsp; NSTAR Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/01/34 | 1130 | 1169766 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 11

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Ohio Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150% | 04/01/48 | 250 | $200719 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 07/01/40 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.950 | 07/01/50 | 1460 | 1237340 |
| &nbsp;&nbsp; PacifiCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.700 | 09/15/30 | 890 | 820758 |
| &nbsp;&nbsp; PECO Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.000 | 09/15/49 | 180 | 118553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.050 | 03/15/51 | 1540 | 1007673 |
| &nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.000 | 10/01/49 | 235 | 155911 |
| &nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.100 | 06/15/48 | 235 | 186866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series 34 | 3.200 | 03/01/50 | 720 | 488574 |
| &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 2.250 | 09/15/26 | 370 | 366398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 2.700 | 05/01/50 | 390 | 243324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 3.200 | 05/15/29 | 1265 | 1233161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 3.600 | 12/01/47 | 95 | 71326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 3.700 | 05/01/28 | 590 | 587867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, MTN | 4.650 | 03/15/33 | 2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112625 |
| &nbsp;&nbsp; Public Service Enterprise Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 1.600 | 08/15/30 | 1155 | 1024428 |
| &nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.150 | 05/15/48 | 420 | 337611 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.650 | 02/01/50 | 290 | 202420 |
| &nbsp;&nbsp; Southwestern Electric Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series K | 2.750 | 10/01/26 | 675 | 669573 |
| &nbsp;&nbsp; Southwestern Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 08/15/47 | 355 | 266759 |
| &nbsp;&nbsp; SP PowerAssets Ltd. (Singapore), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 3.000 | 09/26/27 | 465 | 458685 |
| &nbsp;&nbsp; Tucson Electric Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.000 | 06/15/50 | 1315 | 1014783 |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 3.500 | 03/15/27 | 185 | 184291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 3.800 | 04/01/28 | 290 | 289213 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 1075 | 1094715 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 07/31/27 | 3000 | 3001954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 | 2175 | 2175760 |
| &nbsp;&nbsp; Wisconsin Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 10/15/27 | 535 | 527274 |
| &nbsp;&nbsp; Xcel Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.350 | 12/01/26 | 510 | 507687 |
|  |  |  |  | 53058730 |
| &nbsp;&nbsp; **Engineering & Construction 0.2%** |  |  |  |  |
| &nbsp;&nbsp; AECOM, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 08/01/33 | 225 | 230393 |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/30/28 | 1018 | 996083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 | 1972 | 1967760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 | 1800 | 1550250 |
|  |  |  |  | 4744486 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Entertainment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625% | 10/15/29 | 1175 | $1128090 |
| &nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/01/29 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129505 |
|  |  |  |  | 2257595 |
| &nbsp;&nbsp; **Foods 0.3%** |  |  |  |  |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.000 | 09/15/28 | 1075 | 1014808 |
| &nbsp;&nbsp; Campbell's Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.375 | 04/24/30 | 1935 | 1778216 |
| &nbsp;&nbsp; Cencosud SA (Chile), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 07/17/27 | 1320 | 1319868 |
| &nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 04/01/33 | 1900 | 1979768 |
| &nbsp;&nbsp; Kroger Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 10/15/46 | 65 | 50525 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143185 |
| &nbsp;&nbsp; **Gas 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Atmos Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 09/15/49 | 1200 | 844077 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.700 | 02/15/31 | 785 | 690010 |
| &nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/29 | 440 | 430954 |
|  |  |  |  | 1965041 |
| &nbsp;&nbsp; **Healthcare-Products 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 | 1175 | 1150202 |
| &nbsp;&nbsp; **Healthcare-Services 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Aetna, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/42 | 1000 | 858004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 12/15/37 | 170 | 186775 |
| &nbsp;&nbsp; AHS Hospital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 5.024 | 07/01/45 | 200 | 187183 |
| &nbsp;&nbsp; Ascension Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 3.106 | 11/15/39 | 265 | 210152 |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 03/01/27 | 325 | 323226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.375 | 10/15/28 | 1100 | 1108919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.375 | 03/15/31 | 3336 | 3022971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.400 | 03/15/30 | 1681 | 1564194 |
| &nbsp;&nbsp; CommonSpirit Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.318 | 12/01/34 | 4510 | 4580611 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 09/01/32 | 1075 | 1106157 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 2.810 | 06/01/41 | 2410 | 1790139 |
| &nbsp;&nbsp; Laboratory Corp. of America Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.950 | 12/01/29 | 595 | 568506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800 | 10/01/34 | 4810 | 4745232 |
| &nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2015 | 4.200 | 07/01/55 | 35 | 28379 |
| &nbsp;&nbsp; MyMichigan Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | 3.409 | 06/01/50 | 740 | 514569 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 13

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; OhioHealth Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 3.042% | 11/15/50 | 795 | $| 543230 |
| &nbsp;&nbsp; Piedmont Healthcare, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2032(a) | 2.044 | 01/01/32 | 2670 |  | 2335685 |
| &nbsp;&nbsp; Providence St. Joseph Health Obligated Group, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | 2.532 | 10/01/29 | 420 |  | 394762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series H | 2.746 | 10/01/26 | 40 |  | 39545 |
| &nbsp;&nbsp; Quest Diagnostics, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 06/30/30 | 1910 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809173 |
| &nbsp;&nbsp; Stanford Health Care, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | 3.795 | 11/15/48 | 450 |  | 349671 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 05/15/41 | 1150 |  | 864429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/33 | 500 |  | 493392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 05/15/52 | 1900 |  | 1631897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.050 | 04/15/53 | 2140 |  | 1921454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 04/15/64 | 865 |  | 807565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 07/15/64 | 1495 |  | 1448562 |
|  |  |  |  |  | 33434382 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 | 2170 |  | 2302844 |
| &nbsp;&nbsp; **Home Builders 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/01/30 | 1150 |  | 1124355 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/01/28 | 1075 |  | 1127801 |
| &nbsp;&nbsp; **Insurance 0.8%** | &nbsp;&nbsp; **Insurance 0.8%** | &nbsp;&nbsp; **Insurance 0.8%** | &nbsp;&nbsp; **Insurance 0.8%** | &nbsp;&nbsp; **Insurance 0.8%** | &nbsp;&nbsp; **Insurance 0.8%** |
| &nbsp;&nbsp; Arch Capital Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.031 | 12/15/46 | 95 |  | 88673 |
| &nbsp;&nbsp; Arch Capital Group US, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.144 | 11/01/43 | 100 |  | 94454 |
| &nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 02/15/32 | 1680 |  | 1715496 |
| &nbsp;&nbsp; Berkshire Hathaway Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 2.850 | 10/15/50 | 1175 |  | 747938 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 12/07/33 | 5900 |  | 6238449 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.950 | 05/15/60 | 185 |  | 128700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.951 | 10/15/50 | 450 |  | 333632 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.300 | 10/09/37 | 115 |  | 122423 |
| &nbsp;&nbsp; Markel Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.350 | 09/17/29 | 1625 |  | 1573821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 04/05/46 | 217 |  | 196405 |
| &nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.650 | 03/15/30 | 6335 |  | 6449465 |
| &nbsp;&nbsp; Principal Financial Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.100 | 11/15/26 | 105 |  | 104329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 11/15/46 | 140 |  | 117125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 05/15/43 | 20 |  | 17183 |
| &nbsp;&nbsp; Teachers Insurance & Annuity Association of America, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 3.300 | 05/15/50 | 930 |  | 639292 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Teachers Insurance & Annuity Association of America, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 4.900% | 09/15/44 | 120 | $109365 |
| &nbsp;&nbsp; Unum Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 06/15/54 | 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502582 |
| &nbsp;&nbsp; W.R. Berkley Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 05/12/50 | 545 | 421527 |
|  |  |  |  | 19600859 |
| &nbsp;&nbsp; **Internet 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Alphabet, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 11/15/32 | 540 | 541474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.700 | 11/15/35 | 1555 | 1547290 |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(h) | 6.581 | 05/30/49 | 7216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7538377 |
| &nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.600 | 11/15/32 | 920 | 921730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 11/15/35 | 805 | 795410 |
|  |  |  |  | 11344281 |
| &nbsp;&nbsp; **Iron/Steel 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 07/15/32 | 760 | 813200 |
| &nbsp;&nbsp; Steel Dynamics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 04/15/30 | 5710 | 5519364 |
|  |  |  |  | 6332564 |
| &nbsp;&nbsp; **Lodging 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Hyatt Hotels Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 06/30/29 | 1460 | 1504648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 01/30/27 | 730 | 741375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.750 | 04/23/30 | 3290 | 3440100 |
| &nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 08/18/26 | 1230 | 1223824 |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 04/15/29 | 510 | 521324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | 3.125 | 06/15/26 | 250 | 249197 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.125 | 09/15/29 | 1100 | 1124623 |
|  |  |  |  | 8805091 |
| &nbsp;&nbsp; **Media 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 2.300 | 02/01/32 | 445 | 383616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.500 | 03/01/42 | 440 | 305517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.050 | 03/30/29 | 2160 | 2183746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.375 | 05/01/47 | 530 | 436600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 | 275 | 259340 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.450 | 09/01/34 | 2750 | 2691527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.600 | 06/15/31 | 3535 | 3158511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.500 | 08/15/27 | 2000 | 1979120 |
| &nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 09/01/41 | 2180 | 1910491 |
|  |  |  |  | 13308468 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 15

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Mining 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750% | 05/01/43 | 190 | $| 193107 |
| &nbsp;&nbsp; BHP Billiton Finance USA Ltd. (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/08/33 | 4245 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 02/21/35 | 430 |  | 442964 |
| &nbsp;&nbsp; Freeport Indonesia PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 4.763 | 04/14/27 | 225 |  | 225540 |
| &nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 03/15/34 | 6205 |  | 6460728 |
| &nbsp;&nbsp; Rio Tinto Finance USA PLC (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 03/14/35 | 320 |  | 327860 |
| &nbsp;&nbsp; Yamana Gold, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.630 | 08/15/31 | 3120 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818605 |
|  |  |  |  |  | 14856689 |
| &nbsp;&nbsp; **Multi-National 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Corp. Andina de Fomento (Supranational Bank), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/24/29 | 1535 |  | 1582585 |
| &nbsp;&nbsp; **Office/Business Equipment 0.2%** | &nbsp;&nbsp; **Office/Business Equipment 0.2%** | &nbsp;&nbsp; **Office/Business Equipment 0.2%** | &nbsp;&nbsp; **Office/Business Equipment 0.2%** | &nbsp;&nbsp; **Office/Business Equipment 0.2%** | &nbsp;&nbsp; **Office/Business Equipment 0.2%** |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.670 | 12/01/26 | 3145 |  | 3108755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 03/01/30 | 765 |  | 779749 |
|  |  |  |  |  | 3888504 |
| &nbsp;&nbsp; **Oil & Gas 1.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.100 | 07/15/31 | 770 |  | 707003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 01/15/30 | 3695 |  | 3575589 |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.000 | 12/15/29 | 1955 |  | 2007738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 03/15/38 | 175 |  | 184506 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 02/15/52 | 1685 |  | 1190043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/47 | 229 |  | 209909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 11/15/39 | 4115 |  | 4500553 |
| &nbsp;&nbsp; Continental Resources, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.268 | 11/15/26 | 330 |  | 325068 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 03/15/33 | 6065 |  | 6541674 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 | 2105 |  | 2254981 |
| &nbsp;&nbsp; Equinor ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.375 | 05/22/30 | 1110 |  | 1032949 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 | 1150 |  | 1110594 |
| &nbsp;&nbsp; Korea National Oil Corp. (South Korea), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 04/03/26 | 510 |  | 510510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 04/03/28 | 530 |  | 539111 |
| &nbsp;&nbsp; Marathon Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 04/01/28 | 380 |  | 378212 |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 05/01/31 | 100 |  | 112630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.875 | 09/15/31 | 250 |  | 287204 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 01/28/31 | 398 |  | 387811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 06/15/38 | 46 |  | 42200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 | 1979 |  | 1975418 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Phillips 66 Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.150% | 12/15/29 | 5000 | $4814020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 10/01/26 | 310 | 309300 |
| &nbsp;&nbsp; QatarEnergy (Qatar), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.375 | 09/12/26 | 500 | 490215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.250 | 07/12/31 | 1090 | 976084 |
| &nbsp;&nbsp; Santos Finance Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 09/19/33 | 1010 | 1105152 |
| &nbsp;&nbsp; SM Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 | 1050 | 1085737 |
| &nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.000 | 09/15/28 | 1075 | 1109352 |
| &nbsp;&nbsp; Var Energi ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 05/22/30 | 4461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632813 |
|  |  |  |  | 42396376 |
| &nbsp;&nbsp; **Packaging & Containers 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 09/15/33 | 735 | 747579 |
| &nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 1.512 | 04/15/26 | 3070 | 3049852 |
|  |  |  |  | 3797431 |
| &nbsp;&nbsp; **Pharmaceuticals 0.6%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 11/21/39 | 285 | 253370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 03/15/35 | 360 | 353870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 05/14/45 | 1170 | 1056743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 03/15/45 | 1008 | 917329 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 08/21/30 | 3215 | 2856681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 07/20/45 | 465 | 417456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 12/05/43 | 155 | 143764 |
| &nbsp;&nbsp; Eli Lilly & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 02/09/54 | 1455 | 1343951 |
| &nbsp;&nbsp; Johnson & Johnson, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 03/03/37 | 3205 | 2897832 |
| &nbsp;&nbsp; Mylan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 04/15/48 | 625 | 510362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 11/29/43 | 860 | 746746 |
| &nbsp;&nbsp; Shire Acquisitions Investments Ireland DAC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 09/23/26 | 28 | 27863 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 1887 | 1884061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/46 | 730 | 605460 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 920 | 707312 |
|  |  |  |  | 14722800 |
| &nbsp;&nbsp; **Pipelines 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/01/34 | 400 | 403950 |
| &nbsp;&nbsp; Boardwalk Pipelines LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 02/15/31 | 1300 | 1228307 |
| &nbsp;&nbsp; Colonial Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.250 | 05/15/30 | 1730 | 1628025 |
| &nbsp;&nbsp; Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.150 | 08/15/26 | 555 | 554748 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 17

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.927% | 08/15/30 | 935 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990657 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 06/15/28 | 430 | 437592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 05/15/50 | 565 | 477462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 10/01/47 | 1800 | 1631208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 04/15/49 | 910 | 907377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.400 | 12/01/30 | 520 | 562766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 12/01/33 | 2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500376 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 01/31/51 | 445 | 327166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 01/31/50 | 555 | 446708 |
| &nbsp;&nbsp; Greensaif Pipelines Bidco Sarl (Saudi Arabia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.510 | 02/23/42 | 725 | 785943 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 08/15/30 | 4920 | 4561726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/38 | 270 | 246256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 03/01/47 | 5 | 4492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 06/01/34 | 3340 | 3411064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/15/49 | 210 | 193597 |
| &nbsp;&nbsp; ONEOK Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 02/01/41 | 300 | 310345 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.100 | 03/15/30 | 2415 | 2291878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 03/15/45 | 275 | 213136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.050 | 09/01/33 | 2510 | 2659777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.250 | 10/15/55 | 2085 | 2097752 |
| &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 12/15/29 | 350 | 340991 |
| &nbsp;&nbsp; Spectra Energy Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 10/15/26 | 140 | 139461 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 02/15/35 | 1192 | 1221031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 03/15/33 | 1240 | 1324495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 07/01/52 | 1305 | 1322661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 03/30/34 | 930 | 1016824 |
| &nbsp;&nbsp; Texas Eastern Transmission LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.500 | 01/15/28 | 300 | 296631 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 05/15/50 | 625 | 482768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 03/15/48 | 500 | 433881 |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 4.125 | 08/15/31 | 1200 | 1107413 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.500 | 01/15/34 | 700 | 726982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.750 | 01/15/36 | 700 | 733961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.750 | 05/01/35 | 1000 | 1115302 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 03/01/48 | 320 | 278232 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/34 | 90 | 91259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/04/44 | 400 | 384002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 03/15/35 | 3765 | 3909660 |
|  |  |  |  | 43797862 |
| &nbsp;&nbsp; **Real Estate 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 02/01/29 | 4190 | 4174117 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.000% | 05/18/32 | 1645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 04/15/35 | 425 | 410176 |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 01/15/30 | 1040 | 987168 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.050 | 07/01/30 | 3665 | 3610169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/15/34 | 895 | 919152 |
| &nbsp;&nbsp; COPT Defense Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.900 | 12/01/33 | 1400 | 1194769 |
| &nbsp;&nbsp; CubeSmart LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 2.250 | 12/15/28 | 3360 | 3196473 |
| &nbsp;&nbsp; Healthpeak OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.875 | 01/15/31 | 630 | 584973 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 02/01/35 | 6035 | 5880965 |
| &nbsp;&nbsp; Prologis LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 1.750 | 02/01/31 | 2660 | 2354065 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.800 | 03/15/33 | 325 | 270075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 01/15/31 | 985 | 935776 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 11/01/28 | 1095 | 1042245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 07/15/31 | 2228 | 2023681 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 02/01/27 | 4680 | 4728199 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 02/15/27 | 775 | 766001 |
|  |  |  |  | 30299941 |
| &nbsp;&nbsp; **Retail 0.3%** |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000 | 10/15/30 | 1200 | 1144788 |
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.550 | 07/26/27 | 940 | 932587 |
| &nbsp;&nbsp; AutoZone, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 1.650 | 01/15/31 | 620 | 543772 |
| &nbsp;&nbsp; Brinker International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 07/15/30 | 1025 | 1081677 |
| &nbsp;&nbsp; Ferguson Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/03/34 | 1805 | 1811509 |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.875 | 10/01/31 | 1250 | 1158120 |
|  |  |  |  | 6672453 |
| &nbsp;&nbsp; **Semiconductors 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.419 | 04/15/33 | 4847 | 4475302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 07/15/32 | 2600 | 2651866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 07/12/29 | 1914 | 1971703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.137 | 11/15/35 | 287 | 246881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.187 | 11/15/36 | 1000 | 846652 |
|  |  |  |  | 10192404 |
| &nbsp;&nbsp; **Shipbuilding 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Huntington Ingalls Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 05/01/30 | 5328 | 5287030 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 19

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Software 0.1%** |  |  |  |  |
| &nbsp;&nbsp; SS&C Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500% | 09/30/27 | 1325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323923 |
| &nbsp;&nbsp; Workday, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.800 | 04/01/32 | 2435 | 2325356 |
|  |  |  |  | 3649279 |
| &nbsp;&nbsp; **Telecommunications 1.3%** |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 02/01/32 | 6860 | 6028288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.550 | 12/01/33 | 58 | 49316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 09/15/53 | 1734 | 1156980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 09/15/59 | 1717 | 1131655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 12/01/57 | 1128 | 775258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/35 | 205 | 196056 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 04/15/34 | 2020 | 2079694 |
| &nbsp;&nbsp; Rogers Communications, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.300 | 02/15/34 | 3365 | 3405957 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.550 | 02/15/31 | 1635 | 1494880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 02/15/41 | 640 | 474366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 04/15/27 | 970 | 967532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 04/15/30 | 4780 | 4695875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 04/15/40 | 380 | 339198 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.355 | 03/15/32 | 8190 | 7214692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 03/21/31 | 2729 | 2492516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.401 | 07/02/37 | 147 | 148231 |
|  |  |  |  | 32650494 |
| &nbsp;&nbsp; **Transportation 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.300 | 09/15/51 | 875 | 604922 |
| &nbsp;&nbsp; Canadian Pacific Railway Co. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 05/01/50 | 1585 | 1142618 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 | 2200 | 2103915 |
|  |  |  |  | 3851455 |
| &nbsp;&nbsp; **Trucking & Leasing 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/24/26 | 2930 | 2940637 |
| &nbsp;&nbsp; **Water 0.0%** |  |  |  |  |
| &nbsp;&nbsp; American Water Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 12/01/46 | 145 | 115192 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $706,502,588) |  |  |  | 690794383 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.5%** |  |  |  |  |
| &nbsp;&nbsp; **Alabama 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Alabama Economic Settlement Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 4.263 | 09/15/32 | 40 | 39979 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **California 0.0%** |  |  |  |  |
| &nbsp;&nbsp; City of Los Angeles Department of Airports, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | 6.582% | 05/15/39 | 245 | $263235 |
| &nbsp;&nbsp; University of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | 3.931 | 05/15/45 | 30 | 27508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | 4.131 | 05/15/45 | 30 | 27269 |
|  |  |  |  | 318012 |
| &nbsp;&nbsp; **Maryland 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Economic Development Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 5.433 | 05/31/56 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719349 |
| &nbsp;&nbsp; **New Jersey 0.0%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | 7.102 | 01/01/41 | 250 | 289461 |
| &nbsp;&nbsp; **New York 0.2%** |  |  |  |  |
| &nbsp;&nbsp; City of New York, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, General Obligation Unlimited, Series D-1 | 5.094 | 10/01/49 | 725 | 690923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, General Obligation Unlimited, Series D-1 | 5.114 | 10/01/54 | 1155 | 1080152 |
| &nbsp;&nbsp; Port Authority of New York & New Jersey, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds | 5.072 | 07/15/53 | 2525 | 2397651 |
|  |  |  |  | 4168726 |
| &nbsp;&nbsp; **Pennsylvania 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania State University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series D | 2.840 | 09/01/50 | 745 | 499170 |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | 6.105 | 12/01/39 | 70 | 75350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | 5.511 | 12/01/45 | 150 | 148833 |
|  |  |  |  | 723353 |
| &nbsp;&nbsp; **Texas 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Grand Parkway Transportation Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series E | 5.184 | 10/01/42 | 775 | 783375 |
| &nbsp;&nbsp; Permanent University Fund - University of Texas System, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 3.376 | 07/01/47 | 555 | 416337 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 3.922 | 12/31/49 | 340 | 271468 |
|  |  |  |  | 1471180 |
| &nbsp;&nbsp; **Virginia 0.1%** |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 2.256 | 09/01/50 | 3850 | 2217307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | 4.179 | 09/01/2117 | 130 | 95255 |
|  |  |  |  | 2312562 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $12,360,101) |  |  |  | 11042622 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.1%** |  |  |  |  |
| &nbsp;&nbsp; Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-J03, Class 2A1 | 6.250 | 12/25/33 | 1 | 1504 |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-11, Class A1, 144A | 4.975(cc) | 10/25/70 | 2218 | 2225017 |
| &nbsp;&nbsp; ATLX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 3.850(cc) | 04/25/63 | 4661 | 4559535 |
| &nbsp;&nbsp; BCAP LLC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-RR04, Class 7A1, 144A | 5.250 | 04/26/37 | 99 | 53513 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 21

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | 5.000%(cc) | 05/25/63 | 2620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | 5.333(cc) | 06/25/65 | 1808 | 1827256 |
| &nbsp;&nbsp; Chase Home Lending Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-RPL01, Class A1, 144A | 3.500(cc) | 06/25/62 | 1551 | 1434378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL03, Class A1A, 144A | 3.250(cc) | 09/25/64 | 1326 | 1184373 |
| &nbsp;&nbsp; CIM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | 4.750(cc) | 06/25/64 | 2235 | 2225468 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 5.197(c) | 10/25/43 | 490 | 491380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%) | 4.697(c) | 05/25/45 | 1754 | 1755592 |
| &nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-08, Class 5A1 | 6.500 | 04/25/33 | 1 | 554 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | 3.904(cc) | 04/25/62 | 915 | 879294 |
| &nbsp;&nbsp; Fannie Mae Interest Strips, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 430, Class C56, IO | 3.000 | 08/25/52 | 1494 | 259888 |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-11, Class VB | 4.500 | 04/25/42 | 460 | 464531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%) | 2.238(c) | 04/25/50 | 1023 | 132641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-101, Class AI, IO | 3.500 | 01/25/51 | 5398 | 1025207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-06, Class FC, 30 Day Average SOFR + 1.600% (Cap 6.000%, Floor 1.600%) | 5.297(c) | 02/25/55 | 1156 | 1170388 |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, |  |  |  |  |
| &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%) | 5.347(c) | 01/25/34 | 68 | 68138 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T-59, Class 1A2 | 7.000 | 10/25/43 | 48 | 50580 |
| &nbsp;&nbsp; Freddie Mac REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4249, Class GW | 3.500 | 10/15/41 | 605 | 580548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4978, Class MI, IO | 4.000 | 05/25/40 | 1509 | 223975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5019, Class IP, IO | 3.000 | 10/25/50 | 715 | 126894 |
| &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 | 3191 | 81782 |
| &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 | 394 | 7232 |
| &nbsp;&nbsp; Freddie Mac Strips, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class C20, IO | 4.000 | 05/25/53 | 5324 | 1144043 |
| &nbsp;&nbsp; Freddie Mac Structured Agency Credit Risk Debt Notes, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA01, Class A1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%) | 4.647(c) | 01/25/45 | 4553 | 4558502 |
| &nbsp;&nbsp; Government National Mortgage Assoc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-99, Class AX | 3.000(cc) | 07/20/43 | 458 | 424484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-46, Class JE | 2.500 | 11/20/45 | 101 | 94015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%) | 0.070(c) | 09/20/48 | 1405 | 31699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%) | 0.050(c) | 10/20/48 | 1789 | 39190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-151, Class SL, IO, 1 Month SOFR x (1) + 3.686% (Cap 3.800%, Floor 0.000%) | 0.010(c) | 11/20/48 | 1628 | 40996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-023, Class SW, IO, 1 Month SOFR x (1) + 6.086% (Cap 6.200%, Floor 0.000%) | 2.408(c) | 07/16/43 | 3235 | 237539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%) | 0.000(c) | 07/20/49 | 5862 | 50778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%) | 0.000(c) | 08/20/49 | 2861 | 50683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-126, Class BI, IO | 3.000 | 08/20/50 | 2736 | 455930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-114, Class TI, IO | 3.000 | 06/20/51 | 3607 | 495619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%) | 0.000(c) | 01/20/50 | 643 | 262 |
| &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 | 4490 | 74624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%) | 0.147(c) | 04/20/52 | 101 | 2574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-093, Class IO, IO | 3.000 | 08/20/51 | 10240 | 1103725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%) | 2.287(c) | 07/20/52 | 2575 | 203868 |
| &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%) | 0.057(c) | 07/20/52 | 5265 | 99670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%) | 0.247(c) | 07/20/52 | 14219 | 304020 |
| &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 | 2022 | 32887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-178, Class SA, IO, 30 Day Average SOFR x (1) + 4.900% (Cap 4.900%, Floor 0.000%) | 1.197(c) | 10/20/52 | 21072 | 945170 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | 5.021(cc) | 02/25/66 | 1700 | 1705507 |
| &nbsp;&nbsp; HOMES Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM01, Class A1, 144A | 4.800(cc) | 09/25/70 | 2200 | 2200746 |
| &nbsp;&nbsp; Legacy Mortgage Asset Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS01, Class A1, 144A | 5.892(cc) | 10/25/66 | 229 | 229486 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; MFA Trust,<br>Series 2021-RPL01, Class A1, 144A | 1.131%(cc) | 07/25/60 | 1535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415126 |
| &nbsp;&nbsp; Mill City Mortgage Loan Trust,<br>Series 2018-01, Class A1, 144A | 3.250(cc) | 05/25/62 | 16 | 16395 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust,<br>Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864%<br>(Cap N/A, Floor 0.750%) | 4.537(c) | 01/25/48 | 34 | 33731 |
| &nbsp;&nbsp; OBX Trust,<br>Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764%<br>(Cap N/A, Floor 0.000%) | 4.437(c) | 06/25/57 | 78 | 76962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM21, Class A1FC, 144A | 4.917(cc) | 10/25/65 | 3912 | 3927941 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL04, Class A1, 144A | 4.000(cc) | 12/25/54 | 3704 | 3643243 |
| &nbsp;&nbsp; Sequoia Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10, Class 2A11 Month SOFR + 0.874%<br>(Cap 11.750%, Floor 0.760%) | 4.550(c) | 10/20/27 | — (r) | 382 |
| &nbsp;&nbsp; Structured Asset Mortgage Investments II Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR05, Class A11 Month SOFR + 0.614%<br>(Cap 11.000%, Floor 0.500%) | 4.290(c) | 07/19/35 | 12 | 11635 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114%<br>(Cap N/A, Floor 1.000%) | 4.787(c) | 10/25/59 | 63 | 63550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04, Class A1, 144A | 1.750 | 10/25/60 | 453 | 415515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ01, Class A1, 144A | 2.250(cc) | 07/25/68 | 807 | 785601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SJ02, Class A1A, 144A | 2.250(cc) | 12/25/61 | 1232 | 1206413 |
| &nbsp;&nbsp; Washington Mutual Mortgage Pass-Through Certificates Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR06, Class A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.400% (Cap N/A, Floor 1.400%) | 5.068(c) | 06/25/42 | 15 | 14274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR09, Class 1A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.400% (Cap N/A, Floor 1.400%) | 5.068(c) | 08/25/42 | 1 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR13, Class A1A1, 1 Month SOFR + 0.694% (Cap 10.500%, Floor 0.580%) | 4.367(c) | 10/25/45 | 117 | 113868 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $49,575,248) |  |  |  | 49714912 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Bermuda Government International Bond (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 08/20/30 | 555 | 504530 |
| &nbsp;&nbsp; Export-Import Bank of India (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 02/01/28 | 290 | 287970 |
| &nbsp;&nbsp; Hungary Government International Bond (Hungary), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 09/26/30 | 2190 | 2237633 |
| &nbsp;&nbsp; Indonesia Government International Bond (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 01/11/28 | 1420 | 1407220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.600 | 01/15/35 | 4950 | 5180620 |
| &nbsp;&nbsp; Israel Government International Bond (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | 5.375 | 02/19/30 | 4014 | 4139128 |
| &nbsp;&nbsp; Mexico Government International Bond (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 02/12/34 | 970 | 836140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 05/07/36 | 1527 | 1540743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 05/13/37 | 3290 | 3490690 |
| &nbsp;&nbsp; Oman Government International Bond (Oman), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 06/15/26 | 3073 | 3073953 |
| &nbsp;&nbsp; Panama Government International Bond (Panama), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/16/50 | 200 | 152775 |
| &nbsp;&nbsp; Peruvian Government International Bond (Peru), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.783 | 01/23/31 | 701 | 648425 |
| &nbsp;&nbsp; Province of Alberta (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.300 | 07/22/30 | 175 | 155400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.300 | 03/15/28 | 110 | 108991 |
| &nbsp;&nbsp; Province of Manitoba (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 06/22/26 | 100 | 99455 |
| &nbsp;&nbsp; Province of Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | 7.140 | 02/27/26 | 45 | 45091 |
| &nbsp;&nbsp; Republic of Poland Government International Bond (Poland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, Series 10Y | 5.375 | 02/12/35 | 3355 | 3442666 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 23

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750% | 09/16/30 | 7960 | $8203098 |
| &nbsp;&nbsp; Saudi Government International Bond (Saudi Arabia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 01/13/28 | 3440 | 3503425 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $38,286,567) |  |  |  | 39057953 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 26.6%** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 10/01/35 | 2499 | 2271670 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 02/01/36 | 659 | 596550 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 11/01/50 | 1578 | 1225063 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 01/01/32 | 174 | 166747 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 10/01/40 | 317 | 280694 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 09/01/50 | 10735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800077 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 11/01/50 | 490 | 401676 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 12/01/50 | 1647 | 1348094 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 03/01/51 | 2131 | 1742688 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 04/01/51 | 88 | 71887 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 05/01/51 | 1113 | 910643 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 06/01/51 | 5431 | 4435516 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 07/01/51 | 3753 | 3063912 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 09/01/51 | 389 | 320774 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/29 | 66 | 65214 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/32 | 204 | 196643 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/32 | 397 | 383981 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/35 | 1741 | 1661525 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/46 | 130 | 113766 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/46 | 408 | 356716 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/49 | 693 | 600236 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/50 | 2296 | 1970186 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 | 829 | 714231 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 9357 | 8019120 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 | 3404 | 2915946 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 387 | 331029 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/51 | 775 | 663379 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/51 | 63 | 53576 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/51 | 254 | 219492 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/51 | 5103 | 4365269 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/51 | 2678 | 2290321 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 | 407 | 348047 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/52 | 4519 | 3880090 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/52 | 9466 | 8068452 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/32 | 367 | 358926 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/37 | 101 | 95909 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/37 | 40 | 38106 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/43 | 1118 | 1033794 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/43 | 189 | 174808 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/46 | 316 | 288651 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 09/01/46 | 1833 | 1669813 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/46 | 6576 | 5983877 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/47 | 333 | 301938 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/50 | 2060 | 1847693 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 09/01/50 | 1909 | 1697451 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 3519 | 3126143 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/52 | 5235 | 4648923 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/37 | 489 | 474007 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/37 | 94 | 90553 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/42 | 138 | 131388 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/42 | 145 | 137713 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 07/01/42 | 143 | 135698 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 09/01/42 | 180 | 171464 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/42 | 222 | 211239 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500% | 06/01/43 | 97 | $91867 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/45 | 121 | 115072 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 01/01/47 | 90 | 85185 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/47 | 204 | 191774 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/47 | 135 | 126734 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 03/01/48 | 2881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715331 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 08/01/48 | 54 | 50766 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/48 | 205 | 191697 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 01/01/50 | 1181 | 1113263 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 01/01/52 | 121 | 112092 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 | 5371 | 4973367 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 09/01/37 | 1303 | 1286711 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/40 | 39 | 38325 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 01/01/41 | 147 | 143486 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 04/01/42 | 124 | 121716 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 10/01/45 | 76 | 74483 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 02/01/46 | 1069 | 1048311 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/46 | 68 | 66219 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/46 | 114 | 110446 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 11/01/47 | 69 | 66934 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 04/01/48 | 107 | 104326 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/48 | 122 | 118721 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 07/01/48 | 230 | 223788 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 07/01/49 | 300 | 293171 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 04/01/52 | 1280 | 1238798 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 09/01/52 | 8915 | 8530341 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 10/01/52 | 9229 | 8843583 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 02/01/53 | 1126 | 1085055 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/42 | 48 | 47626 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/44 | 62 | 62623 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/45 | 148 | 149125 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 04/01/47 | 575 | 574631 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 66 | 65651 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 153 | 152445 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 11/01/47 | 257 | 256859 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 02/01/48 | 71 | 71124 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/48 | 165 | 164433 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 05/01/52 | 353 | 347449 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/52 | 5647 | 5555908 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/52 | 3346 | 3288586 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 08/01/52 | 3097 | 3046712 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/52 | 9049 | 8906549 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 10/01/52 | 3569 | 3510439 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/53 | 1439 | 1414994 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/53 | 1744 | 1711736 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/40 | 143 | 146950 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 12/01/47 | 93 | 94259 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 02/01/48 | 168 | 171422 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/52 | 3953 | 3969033 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/52 | 1554 | 1563646 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/53 | 7894 | 7924258 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 06/01/53 | 7506 | 7532047 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/53 | 1577 | 1580399 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/54 | 1535 | 1535042 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 02/01/53 | 13003 | 13231766 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 04/01/54 | 7430 | 7538139 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 02/01/55 | 5601 | 5681511 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 0.875 | 08/05/30 | 235 | 206992 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 01/01/36 | 1723 | 1562474 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 04/01/36 | 725 | 656381 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 02/01/42 | 391 | 330637 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 10/01/50 | 328 | 254268 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 11/01/50 | 930 | 720995 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 25

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500% | 12/01/50 | 7100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502196 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 01/01/51 | 3473 | 2695621 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 06/01/51 | 613 | 475166 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 07/01/51 | 728 | 564200 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 03/01/31 | 817 | 785742 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/32 | 1723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640494 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/40 | 1606 | 1427426 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 02/01/41 | 1523 | 1341057 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/41 | 3063 | 2690417 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 10/01/50 | 10576 | 8665543 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/50 | 322 | 263703 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/50 | 34 | 28094 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 3150 | 2580026 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 02/01/51 | 3315 | 2713032 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 02/01/51 | 7172 | 5859099 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 03/01/51 | 4902 | 4009359 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 04/01/51 | 2500 | 2042206 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 04/01/51 | 3785 | 3094742 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/51 | 15699 | 12830331 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 07/01/51 | 1830 | 1494233 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/51 | 1861 | 1518213 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | TBA | 3000 | 2546018 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/30 | 99 | 96591 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/32 | 509 | 490829 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/32 | 572 | 552224 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/32 | 538 | 519280 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/35 | 1818 | 1746602 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/36 | 1719 | 1633213 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/43 | 54 | 48066 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/46 | 268 | 237438 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/46 | 137 | 119884 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/46 | 84 | 73574 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/46 | 151 | 131126 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/50 | 560 | 483590 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 1416 | 1215056 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 3590 | 3079701 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/50 | 2506 | 2171829 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/50 | 230 | 199030 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/51 | 545 | 472479 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/51 | 4578 | 3922369 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/51 | 1872 | 1603812 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 | 3357 | 2864737 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/51 | 401 | 343446 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/51 | 724 | 619349 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/51 | 2826 | 2417296 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/51 | 434 | 374910 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/52 | 394 | 336590 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/52 | 756 | 652074 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | TBA | 11500 | 10191151 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/30 | 55 | 54520 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/31 | 25 | 24868 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/31 | 72 | 70813 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/32 | 82 | 79982 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 09/01/32 | 30 | 29371 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/36 | 70 | 66136 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/37 | 4521 | 4341887 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/42 | 94 | 87282 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/42 | 149 | 137964 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/43 | 140 | 129959 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/43 | 176 | 163084 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/43 | 234 | 216429 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/45 | 329 | 303862 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/46 | 410 | 374013 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000% | 09/01/46 | 434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400926 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/46 | 1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210532 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 493 | 448310 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/46 | 1055 | 958720 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/47 | 363 | 329554 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/47 | 760 | 691081 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/49 | 1848 | 1659229 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/50 | 770 | 684570 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/50 | 685 | 617898 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/50 | 1388 | 1245198 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/50 | 333 | 298277 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/51 | 884 | 790331 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/51 | 945 | 843332 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/51 | 3551 | 3149558 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 2076 | 1866087 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 1478 | 1313484 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/52 | 2852 | 2533487 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/52 | 2912 | 2615089 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 7344 | 6528373 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/29 | 23 | 22402 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/30 | 33 | 32375 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/31 | 129 | 127543 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/31 | 157 | 155338 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/33 | 62 | 61282 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/33 | 25 | 24831 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/41 | 54 | 51706 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/42 | 120 | 114106 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/42 | 119 | 112371 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/42 | 751 | 717595 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/42 | 317 | 301004 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/42 | 184 | 176431 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/42 | 203 | 192959 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/42 | 409 | 388026 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/43 | 106 | 100166 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/45 | 124 | 117060 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/45 | 199 | 188719 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/45 | 175 | 165916 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/45 | 185 | 175050 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/46 | 61 | 57630 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/46 | 152 | 143587 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/46 | 1642 | 1551857 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/46 | 75 | 70459 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/47 | 270 | 254639 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/47 | 173 | 163037 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/47 | 798 | 758906 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/47 | 130 | 121735 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/47 | 216 | 203160 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/47 | 767 | 722150 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/47 | 700 | 656006 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/48 | 129 | 121167 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/48 | 186 | 174956 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/48 | 2617 | 2452197 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/48 | 352 | 328914 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/48 | 529 | 495734 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/48 | 279 | 261540 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/48 | 187 | 175231 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/48 | 137 | 127360 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/49 | 628 | 591597 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/49 | 259 | 243569 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/49 | 7019 | 6593566 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/51 | 33 | 30516 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/52 | 367 | 342074 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 10157 | 9404411 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 27

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500% | 06/01/52 | 5763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335852 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | TBA | 9000 | 8594375 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/40 | 91 | 89316 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 11/01/40 | 384 | 377977 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/41 | 153 | 150644 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/41 | 251 | 246499 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/41 | 163 | 160193 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/43 | 124 | 122783 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/44 | 71 | 69176 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/44 | 158 | 154178 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/45 | 56 | 54962 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/46 | 54 | 52276 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 08/01/46 | 84 | 81534 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/46 | 739 | 725843 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/47 | 266 | 259366 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/47 | 363 | 351169 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/47 | 214 | 208486 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/47 | 68 | 65858 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 11/01/47 | 131 | 127721 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/47 | 138 | 135076 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/48 | 129 | 124724 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/48 | 1009 | 981780 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 10/01/48 | 184 | 179475 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/49 | 523 | 508332 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/49 | 804 | 782108 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 07/01/49 | 178 | 171656 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/50 | 1510 | 1466546 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/50 | 1613 | 1559144 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 1130 | 1081926 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/52 | 15125 | 14482389 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 07/01/52 | 489 | 468787 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 07/01/52 | 1076 | 1035286 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 08/01/52 | 532 | 509268 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 09/01/52 | 170 | 162726 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.336(s) | 03/17/31 | 520 | 423613 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | TBA | 1500 | 1469425 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/40 | 44 | 43850 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 04/01/41 | 53 | 52981 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/41 | 103 | 103944 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/41 | 62 | 62073 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/41 | 153 | 153605 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/44 | 160 | 159831 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 82 | 82010 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 11/01/47 | 98 | 96867 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/48 | 132 | 131188 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/48 | 1141 | 1126565 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 12/01/48 | 105 | 103992 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/49 | 33 | 32870 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/52 | 1852 | 1821715 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/52 | 640 | 629654 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 09/01/52 | 6872 | 6759842 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 12/01/52 | 1213 | 1193378 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/53 | 4956 | 4874375 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 19000 | 18994765 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/30 | 5 | 5061 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/40 | 72 | 74050 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/42 | 148 | 151340 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/47 | 124 | 125891 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 01/01/48 | 31 | 31451 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 06/01/49 | 754 | 767558 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 6051 | 6075372 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 1064 | 1067833 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/52 | 1125 | 1129777 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000% | 10/01/52 | 1273 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278074 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 02/01/53 | 1229 | 1234051 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/53 | 13047 | 13097763 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 01/01/40 | 73 | 75546 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 04/01/53 | 1603 | 1630959 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 5.500 | 05/01/53 | 15433 | 15701079 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/53 | 4247 | 4317241 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 10/01/36 | 38 | 40119 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 07/01/41 | 42 | 43896 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/53 | 6922 | 7118280 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 03/01/53 | 1670 | 1721205 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/53 | 3056 | 3144139 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/53 | 1463 | 1504932 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 6.625 | 11/15/30 | 485 | 543786 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 7.125 | 01/15/30 | 80 | 89946 |
| &nbsp;&nbsp; Federal National Mortgage Assoc., Enterprise 11th District COFI Institutional Replacement Index + 1.254% (Cap 12.750%, Floor 5.750%) | 5.750(c) | 12/01/30 | — (r) | 112 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/50 | 6178 | 5141575 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 01/20/51 | 2341 | 1947978 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 03/20/51 | 895 | 745312 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 07/20/51 | 4694 | 3906983 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 11/20/51 | 420 | 349833 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 04/20/52 | 434 | 360850 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 12/20/46 | 194 | 171565 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 10/20/50 | 3535 | 3070668 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 01/20/51 | 3720 | 3226633 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/42 | 289 | 267693 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/20/43 | 197 | 182623 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/43 | 37 | 34223 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/43 | 73 | 67517 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/44 | 70 | 64652 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 05/20/45 | 69 | 63583 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/15/45 | 78 | 71091 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 05/20/46 | 431 | 394618 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/46 | 686 | 628477 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/46 | 38 | 34554 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/20/47 | 449 | 410637 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 11/20/47 | 3719 | 3396409 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/48 | 57 | 52349 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/48 | 931 | 852102 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/49 | 320 | 290333 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/49 | 397 | 360150 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 12/20/49 | 444 | 401944 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/50 | 2057 | 1864573 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/15/42 | 48 | 45082 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/42 | 140 | 132694 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/43 | 208 | 197488 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 02/20/43 | 95 | 89361 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 08/20/43 | 336 | 318034 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/43 | 443 | 419368 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/45 | 46 | 43394 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/45 | 260 | 244394 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/46 | 498 | 467836 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/46 | 306 | 285457 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/46 | 609 | 571882 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/46 | 597 | 560268 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/47 | 427 | 401016 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 05/20/47 | 332 | 311794 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/47 | 114 | 106449 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/47 | 587 | 550574 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/48 | 159 | 149228 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/48 | 95 | 89163 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/48 | 187 | 174711 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 29

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500% | 12/20/48 | 67 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63147 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 02/20/49 | 161 | 150353 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 05/20/49 | 250 | 234169 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 06/20/49 | 3256 | 3043026 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 08/20/49 | 4974 | 4633390 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/49 | 2211 | 2061464 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/50 | 4577 | 4266026 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/51 | 1581 | 1469977 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 02/20/52 | 1864 | 1723841 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 05/20/52 | 6625 | 6146436 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/40 | 107 | 103527 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/41 | 46 | 44474 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/15/41 | 61 | 59305 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/42 | 112 | 108071 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 04/20/43 | 75 | 71735 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/43 | 63 | 60690 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/43 | 138 | 133653 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 09/20/44 | 81 | 78698 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/45 | 134 | 129014 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/45 | 63 | 61350 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/46 | 122 | 118196 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/46 | 90 | 87168 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/47 | 80 | 76933 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 05/20/47 | 126 | 121113 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/47 | 493 | 476004 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/47 | 333 | 321057 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/47 | 79 | 76142 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 04/20/48 | 57 | 54975 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/48 | 1078 | 1037440 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/48 | 151 | 144725 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/48 | 2249 | 2162261 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 09/20/48 | 134 | 128649 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/48 | 4667 | 4491351 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/48 | 56 | 54145 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 01/20/49 | 68 | 65043 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 02/20/49 | 137 | 131296 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/49 | 84 | 81015 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 04/20/49 | 408 | 390956 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 01/20/50 | 46 | 43974 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 02/20/50 | 66 | 63759 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/50 | 101 | 96447 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/52 | 1550 | 1479002 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/52 | 876 | 835579 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/52 | 4223 | 4027405 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 12/20/41 | 228 | 229128 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 10/20/43 | 34 | 33543 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/44 | 46 | 45824 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 04/20/44 | 152 | 152260 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/45 | 37 | 36909 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/46 | 75 | 75220 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/46 | 65 | 64524 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 11/20/46 | 58 | 57561 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/47 | 366 | 365808 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/48 | 46 | 46145 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/48 | 293 | 291811 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/48 | 32 | 31604 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/48 | 50 | 50125 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/48 | 19 | 19181 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 12/20/48 | 96 | 94991 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 05/20/52 | 1986 | 1955337 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 10/20/52 | 7691 | 7571266 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/53 | 5954 | 5846202 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 11/20/54 | 4706 | 4600338 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000% | TBA | 500 | $499881 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 10/20/37 | 4 | 4274 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 09/20/40 | 44 | 44765 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 04/20/45 | 23 | 23022 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 08/20/45 | 93 | 95515 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 10/20/52 | 105 | 105808 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 11/20/52 | 201 | 202203 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 12/20/52 | 158 | 158495 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 03/20/53 | 3100 | 3110106 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 10/20/54 | 4941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946068 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 11/20/54 | 11795 | 11805977 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 12/20/54 | 901 | 902359 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 08/20/54 | 3723 | 3769634 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 12/15/39 | 58 | 61348 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 06/20/54 | 3718 | 3810878 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 06/20/54 | 3141 | 3241617 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 07/20/54 | 1950 | 2012844 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 11/20/54 | 1458 | 1502611 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 02/20/55 | 1075 | 1107139 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 03/20/55 | 2362 | 2432948 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 1.500 | 09/15/31 | 465 | 406721 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 5.250 | 02/01/55 | 2525 | 2499024 |
| &nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | 4.724(s) | 07/15/34 | 155 | 104487 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $660,392,387) |  |  |  | 646861258 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 10.1%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.000 | 08/15/51 | 18965 | 10827830 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 02/15/42 | 6425 | 4712336 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.875 | 05/15/52 | 8560 | 5954550 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h) | 3.375 | 08/15/42 | 48320 | 40717150 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.875 | 02/15/43 | 3765 | 3374970 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h) | 4.000 | 11/15/52 | 71135 | 61398397 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.125 | 08/15/44 | 8245 | 7541598 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.250 | 08/15/54 | 20485 | 18423697 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.375 | 08/15/43 | 9385 | 8933347 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 05/15/44 | 4950 | 4840945 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 11/15/55 | 355 | 340079 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/43 | 16085 | 16019655 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/53 | 275 | 268555 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 5.000 | 05/15/45 | 22080 | 22563000 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.750 | 01/31/31 | 390 | 389040 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 09/30/32 | 11605 | 11517962 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.750(s) | 08/15/42 | 415 | 182410 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.069(s) | 05/15/41 | 32525 | 15436543 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.324(s) | 05/15/42 | 1195 | 533611 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.335(s) | 08/15/44 | 1620 | 633422 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.395(s) | 11/15/43 | 2 | 816 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.436(s) | 02/15/46 | 415 | 149701 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.508(s) | 11/15/42 | 14640 | 6341034 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.270(s) | 11/15/45 | 865 | 316113 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.097(s) | 11/15/41 | 3110 | 1435183 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.474(s) | 02/15/41 | 3675 | 1770607 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.608(s) | 11/15/48 | 95 | 29715 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.652(s) | 05/15/49 | 1210 | 368957 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.924(s) | 02/15/49 | 280 | 86394 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.038(s) | 08/15/43 | 2305 | 954841 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $261,117,026) |  |  |  | 246062458 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 31

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 7.1%** |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | 2359000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121582860 |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF  | 575000 | 29074760 |
| &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | 450000 | 22867875 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $172,777,987)(wa) |  | 173525495 |
| &nbsp;&nbsp; **PREFERRED STOCK 0.0%** |  |  |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers**<br>|  |  |
| &nbsp;&nbsp; Tennessee Valley Authority, Series D, 2.134%(c), U.S. Treasury 30-YR CMT + 0.940%, Maturing 06/01/28 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $32,812) | 1400 | 34104 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,498,943,242) |  | 2449556210 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.4%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.805%)(wa) | 26799683 | 26799683 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.853%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $56,580,751; includes $56,427,247 of cash collateral for securities on loan)(b)(wa) | 56619567 | 56585596 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $83,380,434) |  | 83385279 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $35,838) |  | 30715 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $83,416,272) |  | 83415994 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,582,359,514) |  | 2532972204 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $30,096) |  | (24161) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 104.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,582,329,418) |  | 2532948043 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (4.1)% |  | (99799286) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433148757 |

---

---

| |
|:---|
|  Below is a list of the abbreviation(s) used in the semiannual report: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USD—US Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A—Annual payment frequency for swaps |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aces—Alternative Credit Enhancements Securities |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BABs—Build America Bonds |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BARC—Barclays Bank PLC |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP—BNP Paribas S.A. |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOA—Bank of America, N.A. |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDX—Credit Derivative Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CGM—Citigroup Global Markets, Inc. |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CITI—Citibank, N.A. |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLO—Collateralized Loan Obligation |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS—Constant Maturity Swap |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMT—Constant Maturity Treasury |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COFI—Cost of Funds Index |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAC—Designated Activity Company |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF—Exchange-Traded Fund |

---

See Notes to Financial Statements.

------

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

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

IO—Interest Only (Principal amount represents notional) <br>

JPM—JPMorgan Chase Bank N.A.

LP—Limited Partnership

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

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.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $55,257,303; cash collateral of $56,427,247 (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, 2026.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2026. 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.

(wa) Represents investments in Funds affiliated with the Manager.

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 03/13/26 | $96.38 | 31 | 78 | $3100 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,503) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  | 1727 | $— |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  | 3455 |  |
|  **Total OTC Traded** (cost $3,843) |  |  |  |  |  |  | $— |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.680% | 3.21%(A) | 4850 | $27614 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.680% | 8.19%(A) | 4850 | 1 |
|  **Total OTC Swaptions** (cost $28,492) |  |  |  |  |  |  |  | $27615 |
|  **Total Options Purchased** (cost $35,838) |  |  |  |  |  |  |  | $30715 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 33

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br> **Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call | 03/13/26 | $96.50 | 31 | 78 | $(1356) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $1,665) |  |  |  |  |  |  |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.680% | 4850 | $(14368) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% | 4850 | (8437) |
|  **Total OTC Swaptions** (premiums received $28,431) | **Total OTC Swaptions** (premiums received $28,431) | **Total OTC Swaptions** (premiums received $28,431) |  |  |  |  |  | $(22805) |
|  **Total Options Written** (premiums received $30,096) | **Total Options Written** (premiums received $30,096) | **Total Options Written** (premiums received $30,096) |  |  |  |  |  | $(24161) |

---

#### Futures contracts outstanding at January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | 2 Year U.S. Treasury Notes | Mar. 2026 | $73597742 | $&nbsp;&nbsp;&nbsp;&nbsp;(75646) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | 5 Year U.S. Treasury Notes | Mar. 2026 | 117861925 | (200816) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | 10 Year U.S. Treasury Notes | Mar. 2026 | 57815143 | (315725) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | 10 Year U.S. Ultra Treasury Notes | Mar. 2026 | 59018781 | (663089) |
|  |  |  |  | (1255276) |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | 20 Year U.S. Treasury Bonds | Mar. 2026 | 7598250 | 29368 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | 30 Year U.S. Ultra Treasury Bonds | Mar. 2026 | 3170813 | 5021 |
|  |  |  |  | 34389 |
|  |  |  |  | $(1220887) |

---

#### Credit default swap agreements outstanding at January 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of<br> France | 12/20/30 | 0.250%(Q) | 1990 | $(12317) | $(5807) | $(6510) | BARC |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>January 31,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>January 31,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>January 31,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>January 31,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate**  | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>January 31,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815 | 0.329% | $80207 | $68024 | $12183 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) | 4835 | 0.256% | 37144 | 29475 | 7669 | GSI |
|  Hellenic Republic | 12/20/26 | 1.000%(Q) | 2309 | 0.061% | 21736 | 18550 | 3186 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) | 545 | 0.097% | 7340 | 5254 | 2086 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) | 410 | 0.113% | 7163 | 4882 | 2281 | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000%(Q) | 1910 | 0.169% | 16154 | 14183 | 1971 | MSI |
|  Kingdom of Norway | 12/20/26 | —%(Q) | 5500 | 0.039% | (1898) | (2423) | 525 | BARC |

---

See Notes to Financial Statements.

------

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

#### Credit default swap agreements outstanding at January 31, 2026 (continued):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br> Rate** | **Notional**<br>**Amount<br> (000)#(3)** | **Notional**<br>**Amount<br> (000)#(3)** | **Implied<br>Credit<br>Spread at<br>January 31,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) |  | 120 | 0.269% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | $&nbsp;&nbsp;&nbsp;&nbsp;136 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) |  | 120 | 0.274% | 473 | 339 | 134 | CITI |
|  Kingdom of Spain | 06/20/26 | 1.000%(Q) | EUR | 1607 | 0.029% | 9368 | 6967 | 2401 | BARC |
|  Petroleos Mexicanos | 03/20/26 | 1.000%(T) |  | 225 | 1.433% | 125 | (89) | 214 | BARC |
|  Petroleos Mexicanos | 03/20/26 | 1.000%(T) |  | 190 | 1.433% | 105 | (75) | 180 | BARC |
|  Petroleos Mexicanos | 03/20/26 | 1.000%(T) |  | 60 | 1.433% | 33 | (24) | 57 | BARC |
|  Republic of France | 06/20/27 | 0.250%(Q) |  | 1075 | 0.094% | 2593 | 1818 | 775 | BARC |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 1990 | 0.250% | 602 | (11960) | 12562 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 780 | 0.523% | (16461) | (25847) | 9386 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 505 | 0.523% | (10657) | (17297) | 6640 | BARC |
|  Republic of Italy | 06/20/26 | 1.000%(Q) |  | 1533 | 0.038% | 7491 | 5610 | 1881 | BARC |
|  Republic of Panama | 03/20/26 | 1.000%(T) |  | 348 | 0.478% | 641 | 238 | 403 | CITI |
|  Republic of Panama | 06/20/26 | 1.000%(Q) |  | 779 | 0.478% | 2458 | 1491 | 967 | CITI |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000%(Q) |  | 1690 | 0.111% | 15154 | 13147 | 2007 | MSI |
|  Slovak Republic | 12/20/27 | 1.000%(Q) |  | 800 | 0.134% | 13676 | 12165 | 1511 | BARC |
|  Standard Chartered PLC | 12/20/26 | 1.000%(Q) |  | 1062 | 0.180% | 8873 | 7700 | 1173 | MSI |
|  State of Qatar | 12/20/26 | 1.000%(Q) |  | 1140 | 0.095% | 10387 | 8774 | 1613 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | 3110 | 0.073% | 3587 | 1847 | 1740 | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) |  | 1140 | 0.156% | 5018 | 3157 | 1861 | GSI |
|  |  |  |  |  |  | $221567 | $146025 | $75542 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **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,<br>2026** | **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):** |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 30980 | $(649297) | $(733664) | $(84367) |

---

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

See Notes to Financial Statements.

PGIM Core Bond Fund 35

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

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. <br>

(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.

#### Interest rate swap agreements outstanding at January 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating<br>Rate** | **Value at<br>Trade Date** | **Value at<br>January 31,<br>2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |
| 26965 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.680% | $— | $(141016) | $(141016) |
| 2245 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.680% | 415 | (20321) | (20736) |
| 48850 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.680% | 7761 | 716609 | 708848 |
| 30400 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.680% | (32323) | (778432) | (746109) |
| 2800 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.680% | 1278108 | 1394060 | 115952 |
|  |  |  |  | $1253961 | $1170900 | $(83061) |

---

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

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

#### Total return swap agreements outstanding at January 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums**<br>**Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR -54bps(T)/ 3.140% | JPM | 03/17/26 | (7775) | $256576 | $— | $256576 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +26bps(T)/ 3.900% | BOA | 03/11/26 | 29165 | (612105) |  | (612105) |
|  U.S. Treasury Bond(T) | 1 Day USOIS +25bps(T)/ 3.890% | JPM | 04/27/26 | 40665 | (1115015) |  | (1115015) |
|  U.S. Treasury Bond(T) | 1 Day USOIS +26bps(T)/ 3.900% | JPM | 05/04/26 | 19925 | (307228) |  | (307228) |
|  |  |  |  |  | $(1777772) | $— | $(1777772) |

---

(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 Agreements | $203740 | $(63522) | $332118 | $(2040858) |

---

See Notes to Financial Statements.

------

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

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $— | $5098443 |

---

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

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

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

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

The following is a summary of the inputs used as of January 31, 2026 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 | $— | $146387534 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 177984742 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 32033161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 7820467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 24496336 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 943450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 3001759 |  |
|  Commercial Mortgage-Backed Securities |  | 199795576 |  |
|  Corporate Bonds |  | 690794383 |  |
|  Municipal Bonds |  | 11042622 |  |
|  Residential Mortgage-Backed Securities |  | 49714912 |  |
|  Sovereign Bonds |  | 39057953 |  |
|  U.S. Government Agency Obligations |  | 646861258 |  |
|  U.S. Treasury Obligations |  | 246062458 |  |
|  Affiliated Exchange-Traded Funds | 173525495 |  |  |
|  Preferred Stock. | 34104 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 83385279 |  |  |
|  Options Purchased | 3100 | 27615 |  |
|  **Total** | $**256947978** | $**2276024226** | **$—** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(1356)** | $**(22805)** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $34389 | $— | **$—** |
|  OTC Credit Default Swap Agreements |  | 250583 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 824800 |  |
|  OTC Total Return Swap Agreement |  | 256576 |  |
|  **Total** | $**34389** | $**1331959** | **$—** |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(1255276) | $— | $— |
|  Centrally Cleared Credit Default Swap Agreement |  | (84367) |  |
|  OTC Credit Default Swap Agreements |  | (41333) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (907861) |  |
|  OTC Total Return Swap Agreements |  | (2034348) |  |
|  **Total** | $**(1255276)** | $**(3067909)** | **$—** |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 37

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

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

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 26.6 |
|  U.S. Treasury Obligations | 10.1 |
|  Commercial Mortgage-Backed Securities | 8.2 |
|  Banks | 7.7 |
|  Collateralized Loan Obligations | 7.3 |
|  Affiliated Exchange-Traded Funds | 7.1 |
|  Automobiles | 6 |
|  Affiliated Mutual Funds (2.3% represents investments purchased with collateral from securities on loan) | 3.4 |
|  Electric | 2.2 |
|  Residential Mortgage-Backed Securities | 2.1 |
|  Pipelines | 1.8 |
|  Oil & Gas | 1.7 |
|  Sovereign Bonds | 1.6 |
|  Healthcare-Services | 1.4 |
|  Telecommunications | 1.3 |
|  Consumer Loans | 1.3 |
|  Real Estate Investment Trusts (REITs) | 1.2 |
|  Auto Manufacturers | 1.1 |
|  Home Equity Loans | 1 |
|  Aerospace & Defense | 0.9 |
|  Insurance | 0.8 |
|  Diversified Financial Services | 0.7 |
|  Mining | 0.6 |
|  Pharmaceuticals | 0.6 |
|  Media | 0.5 |
|  Agriculture | 0.5 |
|  Internet | 0.5 |
|  Municipal Bonds | 0.5 |
|  Semiconductors | 0.4 |
|  Lodging | 0.4 |
|  Equipment | 0.3 |
|  Building Materials | 0.3 |
|  Retail | 0.3 |
|  Chemicals | 0.3 |
|  Computers | 0.3 |

---

---

| | |
|:---|:---|
|  Iron/Steel | 0.3 |
|  Foods | 0.3 |
|  Shipbuilding | 0.2 |
|  Commercial Services | 0.2 |
|  Engineering & Construction | 0.2 |
|  Beverages | 0.2 |
|  Real Estate | 0.2 |
|  Office/Business Equipment | 0.2 |
|  Transportation | 0.2 |
|  Packaging & Containers | 0.2 |
|  Software | 0.1 |
|  Student Loans | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Holding Companies-Diversified | 0.1 |
|  Entertainment | 0.1 |
|  Auto Parts & Equipment | 0.1 |
|  Gas | 0.1 |
|  Multi-National | 0.1 |
|  Other | 0.1 |
|  Healthcare-Products | 0.0 |
|  Housewares | 0.0 |
|  Home Builders | 0.0 |
|  Airlines | 0.0 |
|  Biotechnology | 0.0 |
|  Water | 0.0 |
|  Independent Power & Renewable Electricity Producers | 0.0 |
|  Options Purchased | 0.0 |
|  | 104.1 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (4.1) |
|  | 100.0 |

---

\* Less than 0.05% 

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

Fair values of derivative instruments as of January 31, 2026 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<br>Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair<br>Value** |
|  Credit contracts |  | $— | Due from/to broker-variation margin swaps | $84367 \* |
|  Credit contracts | Premiums paid for OTC swap agreements | 203740 | Premiums received for OTC swap agreements | 63522 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 75542 | Unrealized depreciation on OTC swap agreements | 6510 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $&nbsp;&nbsp;&nbsp;&nbsp;34389 \* | Due from/to broker-variation margin futures | $1,255,276\* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 824800 \* | Due from/to broker-variation margin swaps | 907861 \* |
|  Interest rate contracts | Unaffiliated investments Unrealized appreciation on | 30715 | Options written outstanding, at value | 24161 |
|  Interest rate contracts | OTC swap agreements | 256576 | Unrealized depreciation on<br> OTC swap agreements | 2034348 |
|  |  | $1425762 |  | $4376045 |

---

\* 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, 2026 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 | $— | $— | $— | $(253429) |
|  Interest rate contracts | (2040) | 268 | 4979439 | (52934) |
|  **Total** | $(2040) | $268 | $4979439 | $(306363) |

---

(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 | $— | $— | $— | $36843 |
|  Interest rate contracts | (6136) | 6396 | (3359466) | 468928 |
|  **Total** | $(6136) | $6396 | $(3359466) | $505771 |

---

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

For the six months ended January 31, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $13394 |
|  Options Written (2) | 3557500 |
|  Futures Contracts - Long Positions (2) | 346170768 |
|  Futures Contracts - Short Positions (2) | 14241429 |
|  Credit Default Swap Agreements - Buy Protection (2) | 58373333 |
|  Credit Default Swap Agreements - Sell Protection (2) | 32275235 |
|  Interest Rate Swap Agreements (2) | 124860000 |
|  Total Return Swap Agreements (2) | 97508278 |

---

\* Average volume is based on average quarter end balances for the six months ended January 31, 2026.

(1) Cost.

(2) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Core Bond Fund 39

------

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(2)** | **Net**<br> **Amount** |
|  Securities on Loan | $55257303 | $(55257303) | $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Amounts of<br>Recognized<br>Assets(1)** | **Gross Amounts of<br>Recognized<br>Liabilities(1)** | **Net Amounts of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net Amount** |
|  BARC | $112905 | $(70032) | $42873 | $— | $42873 |
|  BNP | 27615 | (22805) | 4810 |  | 4810 |
|  BOA |  | (612105) | (612105) | 612105 |  |
|  CITI | 3827 |  | 3827 |  | 3827 |
|  GSI | 122369 |  | 122369 | (120000) | 2369 |
|  JPM | 256576 | (1422243) | (1165667) | 1165667 |  |
|  MSI | 40181 |  | 40181 |  | 40181 |
|  | $563473 | $(2127185) | $(1563712) | $1657772 | $94060 |

---

(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, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $55,257,303: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $2,326,201,093) | $2276061430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $256,158,421) | 256910774 |
| &nbsp;&nbsp; Foreign currency, at value (cost $29,119) | 30788 |
| &nbsp;&nbsp; Receivable for investments sold | 15690359 |
| &nbsp;&nbsp; Dividends and interest receivable | 15683725 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 2273966 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 332118 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 203740 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 7508 |
| &nbsp;&nbsp; Prepaid expenses | 10673 |
| &nbsp;&nbsp; **Total Assets** | 2567205081 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 71595681 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 56427247 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 2400938 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 2040858 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 837072 |
| &nbsp;&nbsp; Management fee payable | 521837 |
| &nbsp;&nbsp; Dividends and Distributions payable | 86744 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 63522 |
| &nbsp;&nbsp; Distribution fee payable | 43145 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $30,096) | 24161 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 9576 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 5543 |
| &nbsp;&nbsp; **Total Liabilities** | 134056324 |
| &nbsp;&nbsp; **Net Assets** | $2433148757 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $275955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 2645480928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (212608126) |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $2433148757 |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 41

------

Statement of Assets and Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($181,886,035 ÷ 20,632,963 shares of beneficial interest issued and outstanding) | $8.82 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.30 |
| &nbsp;&nbsp; Maximum offering price to public | $9.12 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($5,344,089 ÷ 605,897 shares of beneficial interest issued and outstanding) | $8.82 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($24,185 ÷ 2,744 shares of beneficial interest issued and outstanding) | $8.81 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,128,867,160 ÷ 128,058,996 shares of beneficial interest issued and outstanding) | $8.82 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,117,027,288 ÷ 126,654,447 shares of beneficial interest issued and outstanding) | $8.82 |

---

See Notes to Financial Statements.

------

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | &nbsp;&nbsp; **Net Investment Income (Loss)** |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $50142060 |
| &nbsp;&nbsp; Affiliated dividend income | 4074908 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $33,932) | 33935 |
| &nbsp;&nbsp; Unaffiliated dividend income | 975 |
| &nbsp;&nbsp; **Total income** | 54251878 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 3772079 |
| &nbsp;&nbsp; Distribution fee(a) | 249244 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $15,818)(a) | 414706 |
| &nbsp;&nbsp; Custodian and accounting fees | 74041 |
| &nbsp;&nbsp; Shareholders' reports | 61132 |
| &nbsp;&nbsp; Registration fees(a) | 56628 |
| &nbsp;&nbsp; Audit fee | 37780 |
| &nbsp;&nbsp; Professional fees | 25970 |
| &nbsp;&nbsp; Trustees' fees | 19187 |
| &nbsp;&nbsp; SEC registration fees | 3793 |
| &nbsp;&nbsp; Miscellaneous | 31462 |
| &nbsp;&nbsp; **Total expenses** | 4746022 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (603139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (30) |
| &nbsp;&nbsp; **Net expenses** | 4142853 |
| &nbsp;&nbsp; Net investment income (loss) | 50109025 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** | &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(470)) | 716376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 36446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 4979439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (306363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1623 |
|  | 5427789 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $232,729) | 33386847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (3359466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 6396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 505771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (388) |
|  | 30539160 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 35966949 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $86075974 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R6** |
|  Distribution fee | 222349 | 26805 | 90 |  |  |
|  Transfer agent's fees and expenses | 54510 | 3189 | 81 | 334082 | 22844 |
|  Registration fees | 11511 | 7303 | 3141 | 17509 | 17164 |
|  Fee waiver and/or expense reimbursement | (19259) | (7583) | (3207) | (411798) | (161292) |
|  Distribution fee waiver |  |  | (30) |  |  |

---

See Notes to Financial Statements.

PGIM Core Bond Fund 43

------

Statements of Changes in Net Assets (unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Year Ended** |
|  | **January 31, 2026** | **July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $50109025 | $91797738 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 5427789 | (35465373) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 30539160 | 18470470 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 86075974 | 74802835 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (3597871) | (7061289) |
| &nbsp;&nbsp; Class C | (86893) | (188853) |
| &nbsp;&nbsp; Class R | (448) | (833) |
| &nbsp;&nbsp; Class Z | (22726407) | (22434881) |
| &nbsp;&nbsp; Class R6 | (24720467) | (65980502) |
|  | (51132086) | (95666358) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 367374194 | 801459294 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 50643944 | 94034548 |
| &nbsp;&nbsp; Cost of shares purchased | (272383983) | (578429615) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 145634155 | 317064227 |
| &nbsp;&nbsp; Total increase (decrease) | 180578043 | 296200704 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 2252570714 | 1956370010 |
| &nbsp;&nbsp; End of period | $2433148757 | $2252570714 |

---

See Notes to Financial Statements.

------

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.68 | $8.76 | $8.62 | $9.21 | $10.53 | $10.78 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.18 | 0.35 | 0.33 | 0.27 | 0.16 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and<br> foreign currency transactions | 0.14 | (0.07) | 0.17 | (0.57) | (1.29) | (0.13) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.32 | 0.28 | 0.50 | (0.30) | (1.13) | 0.02 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.36) | (0.36) | (0.29) | (0.19) | (0.20) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.18) | (0.36) | (0.36) | (0.29) | (0.19) | (0.27) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.82 | $8.68 | $8.76 | $8.62 | $9.21 | $10.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 3.70% | 3.28% | 5.97% | (3.20)% | (10.81)% | 0.17% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $181886 | $167933 | $160305 | $141074 | $148963 | $216235 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $176429 | $169613 | $147083 | $140822 | $180069 | $202963 |
| &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% | 0.65% | 0.65% | 0.65% | 0.66% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.67 %<sup>(e)</sup> | 0.67% | 0.68% | 0.68% | 0.68% | 0.69% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.96 %<sup>(e)</sup> | 3.98% | 3.90% | 3.07% | 1.62% | 1.42% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 51% | 121% | 125% | 207% | 141% | 117% |

---

(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 45

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.69 | $8.76 | $8.63 | $9.21 | $10.53 | $10.79 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.14 | 0.28 | 0.26 | 0.20 | 0.08 | 0.07 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and<br> foreign currency transactions | 0.13 | (0.06) | 0.16 | (0.56) | (1.29) | (0.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.27 | 0.22 | 0.42 | (0.36) | (1.21) | (0.08) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.29) | (0.29) | (0.22) | (0.11) | (0.11) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.14) | (0.29) | (0.29) | (0.22) | (0.11) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.82 | $8.69 | $8.76 | $8.63 | $9.21 | $10.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 3.17% | 2.58% | 5.01% | (3.87)% | (11.52)% | (0.71)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $5344 | $5347 | $5724 | $5920 | $5692 | $7664 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5317 | $5619 | $5899 | $5784 | $6519 | $8268 |
| &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 | 1.73 %<sup>(e)</sup> | 1.73% | 1.71% | 1.74% | 1.64% | 1.60% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.16 %<sup>(e)</sup> | 3.18% | 3.10% | 2.28% | 0.84% | 0.64% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 51% | 121% | 125% | 207% | 141% | 117% |

---

(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.68 | $8.75 | $8.62 | $9.20 | $10.52 | $10.78 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.16 | 0.32 | 0.31 | 0.24 | 0.13 | 0.12 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and<br> foreign currency transactions | 0.14 | (0.05) | 0.15 | (0.56) | (1.29) | (0.14) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.30 | 0.27 | 0.46 | (0.32) | (1.16) | (0.02) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.34) | (0.33) | (0.26) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.17) | (0.34) | (0.33) | (0.26) | (0.16) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.81 | $8.68 | $8.75 | $8.62 | $9.20 | $10.52 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 3.43% | 3.09% | 5.53% | (3.39)% | (11.10)% | (0.22)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $24 | $23 | $21 | $18 | $18 | $21 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $24 | $22 | $19 | $17 | $19 | $18 |
| &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 | 27.96 %<sup>(e)</sup> | 30.44% | 39.64% | 39.10% | 38.21% | 55.36% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.65 %<sup>(e)</sup> | 3.68% | 3.60% | 2.77% | 1.34% | 1.13% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 51% | 121% | 125% | 207% | 141% | 117% |

---

(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 47

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Financial Highlights (unaudited) (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup> :** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.68 | $8.76 | $8.62 | $9.21 | $10.53 | $10.78 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.19 | 0.37 | 0.36 | 0.30 | 0.20 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and<br> foreign currency transactions | 0.14 | (0.06) | 0.17 | (0.57) | (1.30) | (0.14) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.33 | 0.31 | 0.53 | (0.27) | (1.10) | 0.05 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.39) | (0.39) | (0.32) | (0.22) | (0.23) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.19) | (0.39) | (0.39) | (0.32) | (0.22) | (0.30) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.82 | $8.68 | $8.76 | $8.62 | $9.21 | $10.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup> :** | 3.87% | 3.61% | 6.18% | (2.78)% | (10.53)% | 0.41% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1128867 | $960092 | $399522 | $363763 | $291666 | $276537 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1035092 | $502687 | $392772 | $311324 | $279332 | $285073 |
| &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% | 0.33% | 0.33% | 0.33% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.41 %<sup>(e)</sup> | 0.45% | 0.45% | 0.47% | 0.47% | 0.46% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.27 %<sup>(e)</sup> | 4.29% | 4.22% | 3.40% | 1.99% | 1.76% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 51% | 121% | 125% | 207% | 141% | 117% |

---

(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.69 | $8.76 | $8.62 | $9.21 | $10.53 | $10.79 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.19 | 0.38 | 0.36 | 0.30 | 0.20 | 0.19 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and<br> foreign currency transactions | 0.13 | (0.06) | 0.17 | (0.57) | (1.30) | (0.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.32 | 0.32 | 0.53 | (0.27) | (1.10) | 0.04 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.39) | (0.39) | (0.32) | (0.22) | (0.23) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.19) | (0.39) | (0.39) | (0.32) | (0.22) | (0.30) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.82 | $8.69 | $8.76 | $8.62 | $9.21 | $10.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 3.75% | 3.74% | 6.20% | (2.77)% | (10.52)% | 0.42% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1117027 | $1119176 | $1390798 | $1063282 | $1024671 | $944968 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1121468 | $1467995 | $1141091 | $1000004 | $1045549 | $836649 |
| &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% | 0.32% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.35 %<sup>(e)</sup> | 0.35% | 0.36% | 0.35% | 0.35% | 0.36% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.29 %<sup>(e)</sup> | 4.31% | 4.23% | 3.40% | 1.98% | 1.76% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 51% | 121% | 125% | 207% | 141% | 117% |

---

(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 49

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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.

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Fund's financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund's subadviser.

The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*Securities Valuation:* The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

------

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

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

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

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors' valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

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

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

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

PGIM Core Bond Fund 51

------

Notes to Financial Statements (unaudited) (continued)

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on 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 deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Fund each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty ("OTC-traded") or through a central clearing

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

facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as "variation margin", based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

*Interest Rate Swaps:* Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Fund used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Fund's maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract's remaining life.

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

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

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

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

PGIM Core Bond Fund 53

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

In addition to each instrument's primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

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

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

------

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

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

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

*Mortgage Dollar Rolls:* The Fund entered into mortgage dollar rolls in which the Fund sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Fund is subject to the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price.

*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.

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

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

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

---

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

---

PGIM Core Bond Fund 55

------

Notes to Financial Statements (unaudited) (continued)

\* 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 entered into a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services.

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended January 31, 2026, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers and/or expense<br>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, 2026, 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 certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable. The expense limitations attributable to each class are as follows:

---

| | |
|:---|:---|
| **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, 2026 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:

---

| | | |
|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; A | 0.25% | 0.25% |

---

------

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

---

| | | |
|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &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, 2026, 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:

---

| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
| &nbsp;&nbsp; A | $88069 | $6199 |
| &nbsp;&nbsp; C |  | 392 |

---

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

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

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

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended January 31, 2026, no Rule 17a-7 transactions were entered into by the Fund.

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

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2026, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| &nbsp;&nbsp; $1112789108 | $1068842837 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended January 31, 2026, is presented as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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**<br> **of**<br> **Period** | **Shares,<br>End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |
| PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF | PGIM AAA CLO ETF |
| $106503268 | $&nbsp;&nbsp;&nbsp;&nbsp;14876033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $203559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $121582860 | 2359000 | $2940325 | $— |
| PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF |
|  | 28971079 |  | 103681 |  | 29074760 | 575000 | 311327 | 12046 |

---

PGIM Core Bond Fund 57

------

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)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized** <br> **Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Period** | **Shares,**<br> **End**<br> **of**<br> **Period** | **Income** | **Capital**<br> **Gain<br> Distributions**  |
| PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22944412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(76537) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $22867875 | 450000 | $160929 | $24400 |
| $106503268 | $66791524 | $— | $230703 | $— | $173525495 |  | $3412581 | $36446 |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |
| PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wa)</sup> |
| 10616464 | 446372268 | 430189049 |  |  | 26799683 | 26799683 | 662327 |  |
| PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wa)</sup> |
| 38371094 | 163253239 | 145040293 | 2026 | (470) | 56585596 | 56619567 | 33932<sup>(1)</sup> |  |
| $48987558 | $609625507 | $575229342 | $2026 | $(470) | $83385279 |  | $696259 | $— |
| $155490826 | $676417031 | $575229342 | $232729 | $(470) | $256910774 |  | $4108840 | $36446 |

---

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

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

(wa) Represents investments in Funds affiliated with the Manager.

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

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of January 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net**<br> **Unrealized**<br> **Depreciation** |
| &nbsp;&nbsp; $2582635879 | $26280178 | $(78924851) | $(52644673) |

---

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of July 31, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | |
|:---|:---|
| **Capital Loss**<br> **Carryforward** | **Capital Loss**<br> **Carryforward Utilized** |
| &nbsp;&nbsp; $155300000 | $— |

---

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, 2025 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 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.

------

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

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, 2026, 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 | 1334 | 48.6% |
| &nbsp;&nbsp; Z | 32608 | 0.1 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; Affiliated |  | —% |
| &nbsp;&nbsp; Unaffiliated | 6 | 84.8 |

---

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 3083497 | $27223082 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 407460 | 3595183 |
| &nbsp;&nbsp; Shares purchased | (2101621) | (18547235) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1389336 | 12271030 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 121560 | 1073860 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (223049) | (1968377) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1287847 | $11376513 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5733344 | $50152319 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 808391 | 7047619 |
| &nbsp;&nbsp; Shares purchased | (5344818) | (46442887) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1196917 | 10757051 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 178758 | 1559858 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (338311) | (2938454) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1037364 | $9378455 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 70742 | $624724 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9827 | 86731 |
| &nbsp;&nbsp; Shares purchased | (53656) | (473186) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 26913 | 238269 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (36673) | (323428) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (9760) | $(85159) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 194695 | $1702049 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 21531 | 187801 |
| &nbsp;&nbsp; Shares purchased | (192682) | (1678692) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 23544 | 211158 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (61247) | (534897) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (37703) | $(323739) |
| &nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 36 | $320 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 51 | 448 |
| &nbsp;&nbsp; Shares purchased | (1) | (12) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 86 | $756 |

---

PGIM Core Bond Fund 59

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 163 | $1416 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 96 | 833 |
| &nbsp;&nbsp; Shares purchased | (2) | (21) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 257 | $2228 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 24312828 | $214860276 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2573888 | 22710724 |
| &nbsp;&nbsp; Shares purchased | (9463066) | (83462528) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 17423650 | 154108472 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 154710 | 1366012 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (118792) | (1049592) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 17459568 | $154424892 |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 42365016 | $368897545 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2573547 | 22423170 |
| &nbsp;&nbsp; Shares purchased | (27555910) | (239088745) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 17382653 | 152231970 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 47861983 | 413085001 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (264656) | (2338172) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 64979980 | $562978799 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 14121314 | $124665792 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2747661 | 24250858 |
| &nbsp;&nbsp; Shares purchased | (19178443) | (169901022) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2309468) | (20984372) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 169781 | 1499055 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (67599) | (597530) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2207286) | $(20082847) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 43527862 | $380705965 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7383097 | 64375125 |
| &nbsp;&nbsp; Shares purchased | (33569571) | (291219270) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 17341388 | 153861820 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 395512 | 3471285 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (47672276) | (412304621) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (29935376) | $(254971516) |

---

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

---

------

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

---

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

---

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

The Fund did not utilize the SCA during the reporting period ended January 31, 2026.

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

*Derivatives Risk:* Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on its subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Fund. and therefore may magnify or otherwise increase investment losses to the Fund. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund's derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to

PGIM Core Bond Fund 61

------

Notes to Financial Statements (unaudited) (continued)

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. 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." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

*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.

------

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

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

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

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

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

*U.S. Government and Agency Securities Risk:* U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

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

During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

PGIM Core Bond Fund 63

------

Notes to Financial Statements (unaudited) (continued)

**11.** **Subsequent Event** 

The Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of January 31, 2026.

------

#### Other Information
**Form N-CSR Item 8 -** Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9 -** Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10 -** Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11 -** Statement Regarding Basis for Approval of Investment Advisory Contract - None.

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

---

Item 16 – Controls and Procedures

(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) Code of Ethics – Not required, as this is not an annual filing.

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d59155dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940- Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d59155dex99906cert.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 18, 2026 |

---

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 18, 2026 |
|  By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
|  Date: | March 18, 2026 |

---

## Ex-99.Cert

Item 19

**The Target Portfolio Trust** 

Semi-Annual period ending 1/31/26

File No. 811-07064

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 18, 2026

---

| |
|:---|
|  <u>/s/ Stuart S. Parker</u> |
|  Stuart S. Parker |
|  President and Principal Executive Officer |

---

------

Item 19

**The Target Portfolio Trust** 

Semi-Annual period ending 1/31/26

File No. 811-07064

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 18, 2026

---

| |
|:---|
|  <u>/s/ Christian J. Kelly</u> |
|  Christian J. Kelly |
|  Chief Financial Officer<br> (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 18, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  March 18, 2026 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

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*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.*