# EDGAR Filing Document

**Accession Number:** 0001104631
**File Stem:** 0001193125-25-260389
**Filing Date:** 2025-10
**Character Count:** 577463
**Document Hash:** 567d5c65331fe5262d7fe0371e0cc136
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-260389.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001193125-25-260389

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 3
- **CENTRAL INDEX KEY:** 0001104631

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09805
- **FILM NUMBER:** 251439430

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD ST.
- **STREET 2:** 6TH FL
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD ST.
- **STREET 2:** 6TH FL
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JENNISONDRYDEN OPPORTUNITY FUNDS
- **DATE OF NAME CHANGE:** 20080530

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STRATEGIC PARTNERS OPPORTUNITY FUNDS
- **DATE OF NAME CHANGE:** 20010906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STRATEGIC PARTNERS SERIES
- **DATE OF NAME CHANGE:** 20000131

## Series and Classes Contracts Data

### PGIM JENNISON FOCUSED GROWTH FUND (Series ID: S000004751)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012929 | Class A      | SPFAX           |
| C000012931 | Class C      | SPFCX           |
| C000012932 | Class Z      | SPFZX           |
| C000113086 | Class R6     | PSGQX           |

### PGIM QUANT SOLUTIONS LARGE-CAP VALUE FUND (Series ID: S000004753)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012937 | Class A      | SUVAX           |
| C000012939 | Class C      | SUVCX           |
| C000012940 | Class Z      | SUVZX           |
| C000153486 | Class R      | PRVRX           |
| C000183668 | Class R6     | SUVQX           |

### PGIM Strategic Bond Fund (Series ID: S000050053)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000158016 | Class A      | PUCAX           |
| C000158017 | Class C      | PUCCX           |
| C000158018 | Class Z      | PUCZX           |
| C000183669 | Class R6     | PUCQX           |

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios 3

#### 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: | 811-09805 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 3 |
| (This Form N-CSR relates solely to the Registrant's: PGIM Jennison Focused Growth Fund, PGIM Quant Solutions Large-Cap Value Fund and PGIM Strategic Bond Fund) | (This Form N-CSR relates solely to the Registrant's: PGIM Jennison Focused Growth Fund, PGIM Quant Solutions Large-Cap Value Fund and PGIM Strategic Bond Fund) |
| 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: | 2/28/2026 |
| Date of reporting period: | 8/31/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g80622g1tsrbanner.jpg)

PGIM Jennison Focused Growth Fund

Class A:

SPFAX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

This semiannual shareholder report contains important information about the Class A shares of the PGIM Jennison Focused Growth Fund (the

"Fund") for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Jennison Focused Growth Fund—Class A | $55 | 1.03% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1735629000<br>|
| Number of fund holdings | 37 |
| Portfolio turnover rate for the period | 14% |

---

MF500E2A

![](g80622g1pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 18.3% |
| Software | 17.3% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 10.2% |
| Entertainment | 8.0% |
| Technology Hardware, Storage & Peripherals | 8.0% |
| Financial Services | 5.2% |
| Aerospace & Defense | 4.6% |
| Consumer Staples Distribution & Retail | 3.5% |
| Pharmaceuticals | 3.3% |
| IT Services | 2.5% |
| Automobiles | 2.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Health Care Equipment & Supplies | 1.4% |
| Electric Utilities | 1.4% |
| Biotechnology | 1.3% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.9% represents investments purchased with <br>collateral from securities on loan)<br>| 0.9% |
| Ground Transportation | 0.9% |
| Specialty Retail | 0.8% |
|  | 100.9% |
| Liabilities in excess of other assets | (0.9)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Growth Fund

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

SHARE CLASS A <br> NASDAQ SPFAX <br> CUSIP 74440K504

MF500E2A

![](g80622g1pgim_investments.jpg)

------

![](g80622g2tsrbanner.jpg)

PGIM Jennison Focused Growth Fund

Class C:

SPFCX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

This semiannual shareholder report contains important information about the Class C shares of the PGIM Jennison Focused Growth Fund (the

"Fund") for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Jennison Focused Growth Fund—Class C | $95 | 1.78% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1735629000<br>|
| Number of fund holdings | 37 |
| Portfolio turnover rate for the period | 14% |

---

MF500E2C

![](g80622g2pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 18.3% |
| Software | 17.3% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 10.2% |
| Entertainment | 8.0% |
| Technology Hardware, Storage & Peripherals | 8.0% |
| Financial Services | 5.2% |
| Aerospace & Defense | 4.6% |
| Consumer Staples Distribution & Retail | 3.5% |
| Pharmaceuticals | 3.3% |
| IT Services | 2.5% |
| Automobiles | 2.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Health Care Equipment & Supplies | 1.4% |
| Electric Utilities | 1.4% |
| Biotechnology | 1.3% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.9% represents investments purchased with <br>collateral from securities on loan)<br>| 0.9% |
| Ground Transportation | 0.9% |
| Specialty Retail | 0.8% |
|  | 100.9% |
| Liabilities in excess of other assets | (0.9)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Growth Fund

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

SHARE CLASS C <br> NASDAQ SPFCX <br> CUSIP 74440K702

MF500E2C

![](g80622g2pgim_investments.jpg)

------

![](g80622g3tsrbanner.jpg)

PGIM Jennison Focused Growth Fund

Class Z:

SPFZX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

This semiannual shareholder report contains important information about the Class Z shares of the PGIM Jennison Focused Growth Fund (the

"Fund") for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Jennison Focused Growth Fund—Class Z | $40 | 0.75% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1735629000<br>|
| Number of fund holdings | 37 |
| Portfolio turnover rate for the period | 14% |

---

MF500E2Z

![](g80622g3pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 18.3% |
| Software | 17.3% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 10.2% |
| Entertainment | 8.0% |
| Technology Hardware, Storage & Peripherals | 8.0% |
| Financial Services | 5.2% |
| Aerospace & Defense | 4.6% |
| Consumer Staples Distribution & Retail | 3.5% |
| Pharmaceuticals | 3.3% |
| IT Services | 2.5% |
| Automobiles | 2.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Health Care Equipment & Supplies | 1.4% |
| Electric Utilities | 1.4% |
| Biotechnology | 1.3% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.9% represents investments purchased with <br>collateral from securities on loan)<br>| 0.9% |
| Ground Transportation | 0.9% |
| Specialty Retail | 0.8% |
|  | 100.9% |
| Liabilities in excess of other assets | (0.9)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Growth Fund

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

SHARE CLASS Z <br> NASDAQ SPFZX <br> CUSIP 74440K868

MF500E2Z

![](g80622g3pgim_investments.jpg)

------

![](g80622g4tsrbanner.jpg)

PGIM Jennison Focused Growth Fund

Class R6:

PSGQX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM Jennison Focused Growth Fund (the

"Fund") for the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Jennison Focused Growth Fund—Class R6 | $36 | 0.67% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1735629000<br>|
| Number of fund holdings | 37 |
| Portfolio turnover rate for the period | 14% |

---

MF500E2R6

![](g80622g4pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 18.3% |
| Software | 17.3% |
| Interactive Media & Services | 11.1% |
| Broadline Retail | 10.2% |
| Entertainment | 8.0% |
| Technology Hardware, Storage & Peripherals | 8.0% |
| Financial Services | 5.2% |
| Aerospace & Defense | 4.6% |
| Consumer Staples Distribution & Retail | 3.5% |
| Pharmaceuticals | 3.3% |
| IT Services | 2.5% |
| Automobiles | 2.2% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Health Care Equipment & Supplies | 1.4% |
| Electric Utilities | 1.4% |
| Biotechnology | 1.3% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.9% represents investments purchased with <br>collateral from securities on loan)<br>| 0.9% |
| Ground Transportation | 0.9% |
| Specialty Retail | 0.8% |
|  | 100.9% |
| Liabilities in excess of other assets | (0.9)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Focused Growth Fund

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

SHARE CLASS R6 <br> NASDAQ PSGQX <br> CUSIP 74440K751

MF500E2R6

![](g80622g4pgim_investments.jpg)

------

![](g80622g5tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Value Fund

Class A:

SUVAX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

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

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Large-Cap Value Fund—Class A | $57 | 1.11% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $252002126<br>|
| Number of fund holdings | 261 |
| Portfolio turnover rate for the period | 60% |

---

MF502E2A

![](g80622g5pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Capital Markets | 6.3% |
| Insurance | 5.6% |
| Pharmaceuticals | 5.4% |
| Oil, Gas & Consumable Fuels | 5.1% |
| Banks | 4.7% |
| Health Care Providers & Services | 3.8% |
| Financial Services | 3.7% |
| Interactive Media & Services | 3.5% |
| Software | 3.4% |
| Semiconductors & Semiconductor Equipment | 3.1% |
| Machinery | 2.8% |
| IT Services | 2.7% |
| Biotechnology | 2.3% |
| Electronic Equipment, Instruments & Components | 2.2% |
| Life Sciences Tools & Services | 2.1% |
| Building Products | 2.1% |
| Multi-Utilities | 2.1% |
| Electric Utilities | 2.0% |
| Tobacco | 1.9% |
| Food Products | 1.9% |
| Consumer Staples Distribution & Retail | 1.8% |
| Health Care Equipment & Supplies | 1.8% |
| Hotels, Restaurants & Leisure | 1.8% |
| Media | 1.7% |
| Entertainment | 1.6% |
| Aerospace & Defense | 1.6% |
| Communications Equipment | 1.6% |
| Electrical Equipment | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Metals & Mining | 1.5% |
| Broadline Retail | 1.4% |
| Diversified Telecommunication Services | 1.3% |
| Wireless Telecommunication Services | 1.3% |
| Chemicals | 1.1% |
| Real Estate Management & Development | 1.1% |
| Ground Transportation | 1.1% |
| Diversified Consumer Services | 0.9% |
| Gas Utilities | 0.9% |
| Passenger Airlines | 0.9% |
| Household Products | 0.9% |
| Specialized REITs | 0.8% |
| Technology Hardware, Storage & Peripherals | 0.7% |
| Industrial Conglomerates | 0.7% |
| Automobile Components | 0.6% |
| Trading Companies & Distributors | 0.6% |
| Automobiles | 0.6% |
| Consumer Finance | 0.5% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.1% represents investments purchased with <br>collateral from securities on loan)<br>| 0.1% |
| Others\* | 2.4% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 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/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Large-Cap Value Fund

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

SHARE CLASS A <br> NASDAQ SUVAX <br> CUSIP 74440K108

MF502E2A

![](g80622g5pgim_investments.jpg)

------

![](g80622g6tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Value Fund

Class C:

SUVCX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

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

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Large-Cap Value Fund—Class C | $110 | 2.13% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $252002126<br>|
| Number of fund holdings | 261 |
| Portfolio turnover rate for the period | 60% |

---

MF502E2C

![](g80622g6pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Capital Markets | 6.3% |
| Insurance | 5.6% |
| Pharmaceuticals | 5.4% |
| Oil, Gas & Consumable Fuels | 5.1% |
| Banks | 4.7% |
| Health Care Providers & Services | 3.8% |
| Financial Services | 3.7% |
| Interactive Media & Services | 3.5% |
| Software | 3.4% |
| Semiconductors & Semiconductor Equipment | 3.1% |
| Machinery | 2.8% |
| IT Services | 2.7% |
| Biotechnology | 2.3% |
| Electronic Equipment, Instruments & Components | 2.2% |
| Life Sciences Tools & Services | 2.1% |
| Building Products | 2.1% |
| Multi-Utilities | 2.1% |
| Electric Utilities | 2.0% |
| Tobacco | 1.9% |
| Food Products | 1.9% |
| Consumer Staples Distribution & Retail | 1.8% |
| Health Care Equipment & Supplies | 1.8% |
| Hotels, Restaurants & Leisure | 1.8% |
| Media | 1.7% |
| Entertainment | 1.6% |
| Aerospace & Defense | 1.6% |
| Communications Equipment | 1.6% |
| Electrical Equipment | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Metals & Mining | 1.5% |
| Broadline Retail | 1.4% |
| Diversified Telecommunication Services | 1.3% |
| Wireless Telecommunication Services | 1.3% |
| Chemicals | 1.1% |
| Real Estate Management & Development | 1.1% |
| Ground Transportation | 1.1% |
| Diversified Consumer Services | 0.9% |
| Gas Utilities | 0.9% |
| Passenger Airlines | 0.9% |
| Household Products | 0.9% |
| Specialized REITs | 0.8% |
| Technology Hardware, Storage & Peripherals | 0.7% |
| Industrial Conglomerates | 0.7% |
| Automobile Components | 0.6% |
| Trading Companies & Distributors | 0.6% |
| Automobiles | 0.6% |
| Consumer Finance | 0.5% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.1% represents investments purchased with <br>collateral from securities on loan)<br>| 0.1% |
| Others\* | 2.4% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 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/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Large-Cap Value Fund

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

SHARE CLASS C <br> NASDAQ SUVCX <br> CUSIP 74440K306

MF502E2C

![](g80622g6pgim_investments.jpg)

------

![](g80622g7tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Value Fund

Class R:

PRVRX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

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

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Large-Cap Value Fund—Class R | $68 | 1.32% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $252002126<br>|
| Number of fund holdings | 261 |
| Portfolio turnover rate for the period | 60% |

---

MF502E2R

![](g80622g7pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Capital Markets | 6.3% |
| Insurance | 5.6% |
| Pharmaceuticals | 5.4% |
| Oil, Gas & Consumable Fuels | 5.1% |
| Banks | 4.7% |
| Health Care Providers & Services | 3.8% |
| Financial Services | 3.7% |
| Interactive Media & Services | 3.5% |
| Software | 3.4% |
| Semiconductors & Semiconductor Equipment | 3.1% |
| Machinery | 2.8% |
| IT Services | 2.7% |
| Biotechnology | 2.3% |
| Electronic Equipment, Instruments & Components | 2.2% |
| Life Sciences Tools & Services | 2.1% |
| Building Products | 2.1% |
| Multi-Utilities | 2.1% |
| Electric Utilities | 2.0% |
| Tobacco | 1.9% |
| Food Products | 1.9% |
| Consumer Staples Distribution & Retail | 1.8% |
| Health Care Equipment & Supplies | 1.8% |
| Hotels, Restaurants & Leisure | 1.8% |
| Media | 1.7% |
| Entertainment | 1.6% |
| Aerospace & Defense | 1.6% |
| Communications Equipment | 1.6% |
| Electrical Equipment | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Metals & Mining | 1.5% |
| Broadline Retail | 1.4% |
| Diversified Telecommunication Services | 1.3% |
| Wireless Telecommunication Services | 1.3% |
| Chemicals | 1.1% |
| Real Estate Management & Development | 1.1% |
| Ground Transportation | 1.1% |
| Diversified Consumer Services | 0.9% |
| Gas Utilities | 0.9% |
| Passenger Airlines | 0.9% |
| Household Products | 0.9% |
| Specialized REITs | 0.8% |
| Technology Hardware, Storage & Peripherals | 0.7% |
| Industrial Conglomerates | 0.7% |
| Automobile Components | 0.6% |
| Trading Companies & Distributors | 0.6% |
| Automobiles | 0.6% |
| Consumer Finance | 0.5% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.1% represents investments purchased with <br>collateral from securities on loan)<br>| 0.1% |
| Others\* | 2.4% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 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/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Large-Cap Value Fund

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

SHARE CLASS R <br> NASDAQ PRVRX <br> CUSIP 74440K736

MF502E2R

![](g80622g7pgim_investments.jpg)

------

![](g80622g8tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Value Fund

Class Z:

SUVZX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

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

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Large-Cap Value Fund—Class Z | $41 | 0.79% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $252002126<br>|
| Number of fund holdings | 261 |
| Portfolio turnover rate for the period | 60% |

---

MF502E2Z

![](g80622g8pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Capital Markets | 6.3% |
| Insurance | 5.6% |
| Pharmaceuticals | 5.4% |
| Oil, Gas & Consumable Fuels | 5.1% |
| Banks | 4.7% |
| Health Care Providers & Services | 3.8% |
| Financial Services | 3.7% |
| Interactive Media & Services | 3.5% |
| Software | 3.4% |
| Semiconductors & Semiconductor Equipment | 3.1% |
| Machinery | 2.8% |
| IT Services | 2.7% |
| Biotechnology | 2.3% |
| Electronic Equipment, Instruments & Components | 2.2% |
| Life Sciences Tools & Services | 2.1% |
| Building Products | 2.1% |
| Multi-Utilities | 2.1% |
| Electric Utilities | 2.0% |
| Tobacco | 1.9% |
| Food Products | 1.9% |
| Consumer Staples Distribution & Retail | 1.8% |
| Health Care Equipment & Supplies | 1.8% |
| Hotels, Restaurants & Leisure | 1.8% |
| Media | 1.7% |
| Entertainment | 1.6% |
| Aerospace & Defense | 1.6% |
| Communications Equipment | 1.6% |
| Electrical Equipment | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Metals & Mining | 1.5% |
| Broadline Retail | 1.4% |
| Diversified Telecommunication Services | 1.3% |
| Wireless Telecommunication Services | 1.3% |
| Chemicals | 1.1% |
| Real Estate Management & Development | 1.1% |
| Ground Transportation | 1.1% |
| Diversified Consumer Services | 0.9% |
| Gas Utilities | 0.9% |
| Passenger Airlines | 0.9% |
| Household Products | 0.9% |
| Specialized REITs | 0.8% |
| Technology Hardware, Storage & Peripherals | 0.7% |
| Industrial Conglomerates | 0.7% |
| Automobile Components | 0.6% |
| Trading Companies & Distributors | 0.6% |
| Automobiles | 0.6% |
| Consumer Finance | 0.5% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.1% represents investments purchased with <br>collateral from securities on loan)<br>| 0.1% |
| Others\* | 2.4% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 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/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Large-Cap Value Fund

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

SHARE CLASS Z <br> NASDAQ SUVZX <br> CUSIP 74440K405

MF502E2Z

![](g80622g8pgim_investments.jpg)

------

![](g80622g9tsrbanner.jpg)

PGIM Quant Solutions Large-Cap Value Fund

Class R6:

SUVQX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

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

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Large-Cap Value Fund—Class R6 | $41 | 0.79% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $252002126<br>|
| Number of fund holdings | 261 |
| Portfolio turnover rate for the period | 60% |

---

MF502E2R6

![](g80622g9pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Capital Markets | 6.3% |
| Insurance | 5.6% |
| Pharmaceuticals | 5.4% |
| Oil, Gas & Consumable Fuels | 5.1% |
| Banks | 4.7% |
| Health Care Providers & Services | 3.8% |
| Financial Services | 3.7% |
| Interactive Media & Services | 3.5% |
| Software | 3.4% |
| Semiconductors & Semiconductor Equipment | 3.1% |
| Machinery | 2.8% |
| IT Services | 2.7% |
| Biotechnology | 2.3% |
| Electronic Equipment, Instruments & Components | 2.2% |
| Life Sciences Tools & Services | 2.1% |
| Building Products | 2.1% |
| Multi-Utilities | 2.1% |
| Electric Utilities | 2.0% |
| Tobacco | 1.9% |
| Food Products | 1.9% |
| Consumer Staples Distribution & Retail | 1.8% |
| Health Care Equipment & Supplies | 1.8% |
| Hotels, Restaurants & Leisure | 1.8% |
| Media | 1.7% |
| Entertainment | 1.6% |
| Aerospace & Defense | 1.6% |
| Communications Equipment | 1.6% |
| Electrical Equipment | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Metals & Mining | 1.5% |
| Broadline Retail | 1.4% |
| Diversified Telecommunication Services | 1.3% |
| Wireless Telecommunication Services | 1.3% |
| Chemicals | 1.1% |
| Real Estate Management & Development | 1.1% |
| Ground Transportation | 1.1% |
| Diversified Consumer Services | 0.9% |
| Gas Utilities | 0.9% |
| Passenger Airlines | 0.9% |
| Household Products | 0.9% |
| Specialized REITs | 0.8% |
| Technology Hardware, Storage & Peripherals | 0.7% |
| Industrial Conglomerates | 0.7% |
| Automobile Components | 0.6% |
| Trading Companies & Distributors | 0.6% |
| Automobiles | 0.6% |
| Consumer Finance | 0.5% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.5% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.1% represents investments purchased with <br>collateral from securities on loan)<br>| 0.1% |
| Others\* | 2.4% |
|  | 100.1% |
| Liabilities in excess of other assets | (0.1)% |
|  | 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/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Large-Cap Value Fund

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

SHARE CLASS R6 <br> NASDAQ SUVQX <br> CUSIP 74440K538

MF502E2R6

![](g80622g9pgim_investments.jpg)

------

![](g80622g10tsrbanner.jpg)

PGIM Strategic Bond Fund

Class A:

PUCAX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Strategic Bond Fund—Class A | $49 | 0.95% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1141810482<br>|
| Number of fund holdings | 945 |
| Portfolio turnover rate for the period | 62% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.2 |
| AA | 40.6 |
| A | 5.6 |
| BBB | 14.6 |
| BB | 19.0 |
| B | 6.7 |
| CCC | 2.0 |
| Not Rated | 4.6 |
| Cash/Cash Equivalents | (1.4) |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

MF231E2A

![](g80622g10pgim_investments.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Strategic Bond Fund

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

SHARE CLASS A <br> NASDAQ PUCAX <br> CUSIP 74440K678

MF231E2A

![](g80622g10pgim_investments.jpg)

------

![](g80622g11tsrbanner.jpg)

PGIM Strategic Bond Fund

Class C:

PUCCX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Strategic Bond Fund—Class C | $89 | 1.74% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1141810482<br>|
| Number of fund holdings | 945 |
| Portfolio turnover rate for the period | 62% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.2 |
| AA | 40.6 |
| A | 5.6 |
| BBB | 14.6 |
| BB | 19.0 |
| B | 6.7 |
| CCC | 2.0 |
| Not Rated | 4.6 |
| Cash/Cash Equivalents | (1.4) |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

MF231E2C

![](g80622g11pgim_investments.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Strategic Bond Fund

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

SHARE CLASS C <br> NASDAQ PUCCX <br> CUSIP 74440K660

MF231E2C

![](g80622g11pgim_investments.jpg)

------

![](g80622g12tsrbanner.jpg)

PGIM Strategic Bond Fund

Class Z:

PUCZX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Strategic Bond Fund—Class Z | $32 | 0.62% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1141810482<br>|
| Number of fund holdings | 945 |
| Portfolio turnover rate for the period | 62% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.2 |
| AA | 40.6 |
| A | 5.6 |
| BBB | 14.6 |
| BB | 19.0 |
| B | 6.7 |
| CCC | 2.0 |
| Not Rated | 4.6 |
| Cash/Cash Equivalents | (1.4) |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

MF231E2Z

![](g80622g12pgim_investments.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g12qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Strategic Bond Fund

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

SHARE CLASS Z <br> NASDAQ PUCZX <br> CUSIP 74440K652

MF231E2Z

![](g80622g12pgim_investments.jpg)

------

![](g80622g13tsrbanner.jpg)

PGIM Strategic Bond Fund

Class R6:

PUCQX

SEMIANNUAL SHAREHOLDER REPORT – August 31, 2025

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

the period of March 1, 2025 to August 31, 2025.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST 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 Strategic Bond Fund—Class R6 | $30 | 0.59% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $1141810482<br>|
| Number of fund holdings | 945 |
| Portfolio turnover rate for the period | 62% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 8/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 8/31/2025 (%) |
| AAA | 8.2 |
| AA | 40.6 |
| A | 5.6 |
| BBB | 14.6 |
| BB | 19.0 |
| B | 6.7 |
| CCC | 2.0 |
| Not Rated | 4.6 |
| Cash/Cash Equivalents | (1.4) |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

MF231E2R6

![](g80622g13pgim_investments.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g80622g13qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Strategic Bond Fund

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

SHARE CLASS R6 <br> NASDAQ PUCQX <br> CUSIP 74440K520

MF231E2R6

![](g80622g13pgim_investments.jpg)

------

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

Item 2 – Code of Ethics – 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](g80622dsp1.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 3
PGIM Jennison Focused Growth Fund

PGIM Quant Solutions Large-Cap Value Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### AUGUST 31, 2025
![LOGO](g80622dsp1a.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information</u>   <u> August 31, 2025 </u>

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

---

| | |
|:---|:---|
|  [Glossary](#edgar80622_1) | 1 |
|  [PGIM Jennison Focused Growth Fund](#edgar80622_2) | 2 |
|  [PGIM Quant Solutions Large-Cap Value Fund](#edgar80622_3) | 14 |
|  [Notes to Financial Statements](#edgar80622_4) | 34 |

---

**[Other Information -](#edgar80622_5)**[Form N-CSR Items 8-11](#edgar80622_5)

------

#### Glossary
The following abbreviations are used in the Funds' descriptions:

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

------

PGIM Jennison Focused Growth Fund

Schedule of Investments (unaudited)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.0%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 4.6%** |  |  |
| &nbsp;&nbsp; Boeing Co. (The)\* | 171475 | $40241753 |
| &nbsp;&nbsp; General Electric Co. | 145952 | 40165990 |
|  |  | 80407743 |
| &nbsp;&nbsp; **Automobiles 2.2%** |  |  |
| &nbsp;&nbsp; Tesla, Inc.\* | 115053 | 38412745 |
| &nbsp;&nbsp; **Biotechnology 1.3%** |  |  |
| &nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 58009 | 22682679 |
| &nbsp;&nbsp; **Broadline Retail 10.2%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 634928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145398512 |
| &nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 12739 | 31502401 |
|  |  | 176900913 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 3.5%** |  |  |
| &nbsp;&nbsp; Costco Wholesale Corp. | 48140 | 45411425 |
| &nbsp;&nbsp; Walmart, Inc. | 156783 | 15204815 |
|  |  | 60616240 |
| &nbsp;&nbsp; **Electric Utilities 1.4%** |  |  |
| &nbsp;&nbsp; Constellation Energy Corp. | 77481 | 23862598 |
| &nbsp;&nbsp; **Entertainment 8.0%** |  |  |
| &nbsp;&nbsp; Netflix, Inc.\* | 61356 | 74133387 |
| &nbsp;&nbsp; Spotify Technology SA\* | 40382 | 27535678 |
| &nbsp;&nbsp; Walt Disney Co. (The) | 316382 | 37453301 |
|  |  | 139122366 |
| &nbsp;&nbsp; **Financial Services 5.2%** |  |  |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 131019 | 77994301 |
| &nbsp;&nbsp; Toast, Inc. (Class A Stock)\* | 267211 | 12051216 |
|  |  | 90045517 |
| &nbsp;&nbsp; **Ground Transportation 0.9%** |  |  |
| &nbsp;&nbsp; Uber Technologies, Inc.\*(a) | 158409 | 14850844 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 1.4%** |  |  |
| &nbsp;&nbsp; Edwards Lifesciences Corp.\* | 108711 | 8842553 |
| &nbsp;&nbsp; Intuitive Surgical, Inc.\* | 32706 | 15479586 |
|  |  | 24322139 |
| &nbsp;&nbsp; **Interactive Media & Services 11.1%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 185412 | 39476069 |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock)(a) | 187533 | 40043922 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 153126 | 113114176 |
|  |  | 192634167 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **IT Services 2.5%** |  |  |
| &nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 141598 | $20004965 |
| &nbsp;&nbsp; Snowflake, Inc.\* | 96278 | 22977708 |
|  |  | 42982673 |
| &nbsp;&nbsp; **Pharmaceuticals 3.3%** |  |  |
| &nbsp;&nbsp; Eli Lilly & Co. | 55023 | 40308749 |
| &nbsp;&nbsp; UCB SA (Belgium) | 75759 | 17771463 |
|  |  | 58080212 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 18.4%** |  |  |
| &nbsp;&nbsp; Broadcom, Inc. | 285275 | 84837932 |
| &nbsp;&nbsp; NVIDIA Corp. | 1187925 | 206912776 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 116849 | 26976929 |
|  |  | 318727637 |
| &nbsp;&nbsp; **Software 17.3%** |  |  |
| &nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 48927 | 23415973 |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 123029 | 43113052 |
| &nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 76768 | 32526602 |
| &nbsp;&nbsp; Datadog, Inc. (Class A Stock)\*(a) | 71883 | 9824968 |
| &nbsp;&nbsp; Microsoft Corp. | 315495 | 159858162 |
| &nbsp;&nbsp; ServiceNow, Inc.\* | 33715 | 30932164 |
|  |  | 299670921 |
| &nbsp;&nbsp; **Specialty Retail 0.8%** |  |  |
| &nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 276511 | 13676062 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 7.9%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 594776 | 138071301 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $766,320,672) |  | 1735066757 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 0.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)(wb) | 335439 | 335439 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<br>(cost $15,148,784; includes $15,138,180 of cash collateral for securities on loan)(b)(wb) | 15158478 | 15147867 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $15,484,223) |  | 15483306 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.9%**<br> (cost $781,804,895) |  | 1750550063 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.9)% |  | (14921063) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735629000 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $14,442,379; cash collateral of $15,138,180 (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.

See Notes to Financial Statements.

PGIM Jennison Focused Growth Fund 3

------

PGIM Jennison Focused Growth Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

(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.

The following is a summary of the inputs used as of August 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $80407743 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 38412745 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 22682679 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 176900913 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 60616240 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 23862598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 139122366 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 90045517 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 14850844 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 24322139 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 192634167 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 42982673 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 40308749 | 17771463 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 318727637 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 299670921 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  | 13676062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 138071301 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 15483306 |  |  |
|  **Total** | $1719102538 | $31447525 | $— |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 18.4 |
|  Software | 17.3 |
|  Interactive Media & Services | 11.1 |
|  Broadline Retail | 10.2 |
|  Entertainment | 8.0 |
|  Technology Hardware, Storage & Peripherals | 7.9 |
|  Financial Services | 5.2 |
|  Aerospace & Defense | 4.6 |
|  Consumer Staples Distribution & Retail | 3.5 |
|  Pharmaceuticals | 3.3 |
|  IT Services | 2.5 |
|  Automobiles | 2.2 |
|  Health Care Equipment & Supplies | 1.4 |
|  Electric Utilities | 1.4 |
|  Biotechnology | 1.3 |
|  Affiliated Mutual Funds (0.9% represents investments purchased with collateral from securities on loan) | 0.9 |
|  Ground Transportation | 0.9 |
|  Specialty Retail | 0.8 |

---

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

---

| | |
|:---|:---|
|  | 100.9% |
|  Liabilities in excess of other assets | (0.9) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| Description | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Securities on Loan | $14442379 | $(14442379) | $— |

---

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

See Notes to Financial Statements.

PGIM Jennison Focused Growth Fund 5

------

PGIM Jennison Focused Growth Fund

Statement of Assets & Liabilities (unaudited)

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $14,442,379: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $766,320,672) | $1735066757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $15,484,223) | 15483306 |
| &nbsp;&nbsp; Foreign currency, at value (cost $23) | 23 |
| &nbsp;&nbsp; Receivable for investments sold | 1519942 |
| &nbsp;&nbsp; Dividends receivable | 456575 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 351554 |
| &nbsp;&nbsp; Tax reclaim receivable | 335281 |
| &nbsp;&nbsp; Prepaid expenses | 190 |
| &nbsp;&nbsp; **Total Assets** | 1753213628 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 15138180 |
| &nbsp;&nbsp; Management fee payable | 953038 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 820658 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 318666 |
| &nbsp;&nbsp; Distribution fee payable | 280199 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 67037 |
| &nbsp;&nbsp; Trustees' fees payable | 6850 |
| &nbsp;&nbsp; **Total Liabilities** | 17584628 |
| &nbsp;&nbsp; **Net Assets** | $1735629000 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $57545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 756079187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 979492268 |
| &nbsp;&nbsp; **Net assets, August 31, 2025** | $1735629000 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br>($1,142,941,497 ÷ 38,873,084 shares of beneficial interest issued and outstanding) | $29.40 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.71 |
| &nbsp;&nbsp; Maximum offering price to public | $31.11 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($43,179,574 ÷ 2,140,357 shares of beneficial interest issued and outstanding) | $20.17 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($425,024,028 ÷ 12,797,731 shares of beneficial interest issued and outstanding) | $33.21 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($124,483,901 ÷ 3,733,913 shares of beneficial interest issued and outstanding) | $33.34 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Growth Fund 7

------

PGIM Jennison Focused Growth Fund

Statement of Operations (unaudited)

Six Months Ended August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $171,201 foreign withholding tax) | $3199093 |
| &nbsp;&nbsp; Affiliated dividend income | 325783 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $21,365) | 26208 |
| &nbsp;&nbsp; **Total income** | 3551084 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 5338381 |
| &nbsp;&nbsp; Distribution fee(a) | 1807174 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $199,463)(a) | 801294 |
| &nbsp;&nbsp; Custodian and accounting fees | 58303 |
| &nbsp;&nbsp; Shareholders' reports | 45874 |
| &nbsp;&nbsp; Registration fees(a) | 41007 |
| &nbsp;&nbsp; Professional fees | 20413 |
| &nbsp;&nbsp; Trustees' fees | 15393 |
| &nbsp;&nbsp; Audit fee | 13438 |
| &nbsp;&nbsp; Miscellaneous | 40684 |
| &nbsp;&nbsp; **Total expenses** | 8181961 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (186192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (266424) |
| &nbsp;&nbsp; **Net expenses** | 7729345 |
| &nbsp;&nbsp; Net investment income (loss) | (4178261) |
| &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 $(3564)) | 27202784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 310 |
|  | 27203094 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(917)) | 159993440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 18499 |
|  | 160011939 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 187215033 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $183036772 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class Z | Class R6 |
|  Distribution fee | 1598544 | 208630 |  |  |
|  Transfer agent's fees and expenses | 599076 | 27326 | 171705 | 3187 |
|  Registration fees | 11870 | 8418 | 10586 | 10133 |
|  Fee waiver and/or expense reimbursement | (87373) | (16219) | (59554) | (23046) |
|  Distribution fee waiver | (266424) |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth Fund

Statements of Changes in Net Assets (unaudited)

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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br>August 31, 2025 | Year Ended<br>February 28, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $(4178261) | $(8527252) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 27203094 | 197284670 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 160011939 | 33934160 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 183036772 | 222691578 |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 68525258 | 114574682 |
| &nbsp;&nbsp; Cost of shares purchased | (137875383) | (298133822) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (69350125) | (183559140) |
| &nbsp;&nbsp; Total increase (decrease) | 113686647 | 39132438 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 1621942353 | 1582809915 |
| &nbsp;&nbsp; End of period | $1735629000 | $1621942353 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Growth Fund 9

------

PGIM Jennison Focused Growth Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **August 31,** | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $26.28 | $22.94 | $14.58 | $18.46 | $24.34 | $15.84 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.08) | (0.15) | (0.09) | (0.08) | (0.20) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.20 | 3.49 | 8.45 | (3.80) | (2.10) | 10.85 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.12 | 3.34 | 8.36 | (3.88) | (2.30) | 10.67 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (3.58) | (2.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $29.40 | $26.28 | $22.94 | $14.58 | $18.46 | $24.34 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.87% | 14.56% | 57.34% | (21.02)% | (12.51)% | 67.82% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1142941 | $1077302 | $1037945 | $739492 | $1078256 | $485590 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1057008 | $1077815 | $870689 | $829415 | $653573 | $393844 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.03 %<sup>(d)</sup> | 1.02% | 1.05% | 1.05% | 1.05% | 1.07% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.10 %<sup>(d)</sup> | 1.09% | 1.14% | 1.14% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.59)%<sup>(d)</sup> | (0.59)% | (0.49)% | (0.53)% | (0.86)% | (0.84)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 14% | 33% | 34% | 49% | 67% | 74% |

---

(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 Jennison Focused Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **August 31,** | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $18.10 | $15.92 | $10.19 | $13.00 | $18.25 | $12.29 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.12) | (0.23) | (0.15) | (0.13) | (0.28) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.19 | 2.41 | 5.88 | (2.68) | (1.39) | 8.38 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.07 | 2.18 | 5.73 | (2.81) | (1.67) | 8.13 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (3.58) | (2.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $20.17 | $18.10 | $15.92 | $10.19 | $13.00 | $18.25 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 11.44% | 13.69% | 56.23% | (21.62)% | (13.27)% | 66.59% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $43180 | $44074 | $47880 | $36391 | $60205 | $59185 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $41386 | $46914 | $41006 | $43727 | $60666 | $51793 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.78 %<sup>(d)</sup> | 1.78% | 1.78% | 1.78% | 1.79% | 1.79% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.86 %<sup>(d)</sup> | 1.83% | 1.87% | 1.87% | 1.82% | 1.82% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.34)%<sup>(d)</sup> | (1.35)% | (1.22)% | (1.26)% | (1.61)% | (1.56)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 14% | 33% | 34% | 49% | 67% | 74% |

---

(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 Jennison Focused Growth Fund 11

------

PGIM Jennison Focused Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **August 31,** | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $29.64 | $25.80 | $16.35 | $20.64 | $26.76 | $17.23 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.05) | (0.09) | (0.04) | (0.04) | (0.15) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.62 | 3.93 | 9.49 | (4.25) | (2.39) | 11.82 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.57 | 3.84 | 9.45 | (4.29) | (2.54) | 11.70 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (3.58) | (2.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $33.21 | $29.64 | $25.80 | $16.35 | $20.64 | $26.76 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.04% | 14.88% | 57.80% | (20.78)% | (12.27)% | 68.34% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $425024 | $378525 | $369697 | $232765 | $538780 | $593796 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $382359 | $382188 | $303068 | $347807 | $587500 | $453422 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.75 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.78 %<sup>(d)</sup> | 0.78% | 0.80% | 0.80% | 0.81% | 0.81% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.31)%<sup>(d)</sup> | (0.32)% | (0.20)% | (0.24)% | (0.56)% | (0.52)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 14% | 33% | 34% | 49% | 67% | 74% |

---

(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 Jennison Focused Growth Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **August 31,** | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $29.75 | $25.87 | $16.38 | $20.66 | $26.76 | $17.21 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.03) | (0.07) | (0.02) | (0.03) | (0.13) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.62 | 3.95 | 9.51 | (4.25) | (2.39) | 11.83 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.59 | 3.88 | 9.49 | (4.28) | (2.52) | 11.72 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (3.58) | (2.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $33.34 | $29.75 | $25.87 | $16.38 | $20.66 | $26.76 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 12.07% | 15.00% | 57.94% | (20.72)% | (12.19)% | 68.44% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $124484 | $122041 | $127289 | $101583 | $158547 | $137574 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $117666 | $127844 | $116341 | $119659 | $180823 | $58252 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.67 %<sup>(d)</sup> | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.71 %<sup>(d)</sup> | 0.70% | 0.71% | 0.71% | 0.71% | 0.75% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.23)%<sup>(d)</sup> | (0.24)% | (0.12)% | (0.15)% | (0.48)% | (0.46)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 14% | 33% | 34% | 49% | 67% | 74% |

---

(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 Jennison Focused Growth Fund 13

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.0%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS 99.7%** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 1.6%** |  |  |
| &nbsp;&nbsp; General Dynamics Corp. | 9200 | $2986044 |
| &nbsp;&nbsp; General Electric Co. | 700 | 192640 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 200 | 118008 |
| &nbsp;&nbsp; Textron, Inc. | 9200 | 737472 |
|  |  | 4034164 |
| &nbsp;&nbsp; **Air Freight & Logistics 0.2%** |  |  |
| &nbsp;&nbsp; FedEx Corp. | 2300 | 531461 |
| &nbsp;&nbsp; **Automobile Components 0.6%** |  |  |
| &nbsp;&nbsp; Aptiv PLC (United Kingdom)\* | 17200 | 1367916 |
| &nbsp;&nbsp; Garrett Motion, Inc. (Switzerland) | 9600 | 124704 |
| &nbsp;&nbsp; Visteon Corp. | 1100 | 136356 |
|  |  | 1628976 |
| &nbsp;&nbsp; **Automobiles 0.6%** |  |  |
| &nbsp;&nbsp; Ford Motor Co. | 23400 | 275418 |
| &nbsp;&nbsp; General Motors Co. | 21896 | 1282887 |
|  |  | 1558305 |
| &nbsp;&nbsp; **Banks 4.7%** |  |  |
| &nbsp;&nbsp; Bank of America Corp. | 11711 | 594216 |
| &nbsp;&nbsp; Bank OZK | 30300 | 1589841 |
| &nbsp;&nbsp; Civista Bancshares, Inc. | 5000 | 105950 |
| &nbsp;&nbsp; Columbia Banking System, Inc. | 34500 | 923565 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 21864 | 6590247 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 700 | 145208 |
| &nbsp;&nbsp; Regions Financial Corp. | 5500 | 150645 |
| &nbsp;&nbsp; Third Coast Bancshares, Inc.\* | 3600 | 143388 |
| &nbsp;&nbsp; U.S. Bancorp | 2009 | 98099 |
| &nbsp;&nbsp; Wells Fargo & Co. | 15832 | 1301074 |
| &nbsp;&nbsp; Zions Bancorp NA | 4200 | 243642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11885875 |
| &nbsp;&nbsp; **Biotechnology 2.3%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 1200 | 252480 |
| &nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 400 | 178604 |
| &nbsp;&nbsp; Amgen, Inc. | 3800 | 1093298 |
| &nbsp;&nbsp; Exelixis, Inc.\* | 19400 | 725948 |
| &nbsp;&nbsp; Gilead Sciences, Inc. | 18200 | 2056054 |
| &nbsp;&nbsp; Incyte Corp.\* | 8900 | 753029 |
| &nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 100 | 58070 |
| &nbsp;&nbsp; United Therapeutics Corp.\* | 1900 | 579044 |
|  |  | 5696527 |
| &nbsp;&nbsp; **Broadline Retail 1.4%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 12400 | 2839600 |
| &nbsp;&nbsp; Dillard's, Inc. (Class A Stock) | 300 | 159864 |
| &nbsp;&nbsp; eBay, Inc. | 6400 | 579904 |
|  |  | 3579368 |
| &nbsp;&nbsp; **Building Products 2.1%** |  |  |
| &nbsp;&nbsp; Carrier Global Corp. | 21300 | 1388760 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Building Products (cont'd.)** |  |  |
| &nbsp;&nbsp; Johnson Controls International PLC | 17900 | $1913331 |
| &nbsp;&nbsp; Masco Corp. | 19100 | 1401749 |
| &nbsp;&nbsp; Trane Technologies PLC | 1300 | 540280 |
|  |  | 5244120 |
| &nbsp;&nbsp; **Capital Markets 6.2%** |  |  |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 16510 | 1743456 |
| &nbsp;&nbsp; Charles Schwab Corp. (The) | 17200 | 1648448 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 4790 | 3569748 |
| &nbsp;&nbsp; Janus Henderson Group PLC | 20200 | 895264 |
| &nbsp;&nbsp; Morgan Stanley | 25462 | 3831522 |
| &nbsp;&nbsp; Northern Trust Corp. | 13600 | 1785408 |
| &nbsp;&nbsp; Raymond James Financial, Inc. | 6800 | 1152192 |
| &nbsp;&nbsp; SEI Investments Co. | 6500 | 573820 |
| &nbsp;&nbsp; State Street Corp. | 618 | 71051 |
| &nbsp;&nbsp; XP, Inc. (Brazil) (Class A Stock) | 12900 | 234006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15504915 |
| &nbsp;&nbsp; **Chemicals 1.1%** |  |  |
| &nbsp;&nbsp; CF Industries Holdings, Inc. | 15100 | 1308113 |
| &nbsp;&nbsp; DuPont de Nemours, Inc. | 10600 | 815352 |
| &nbsp;&nbsp; Element Solutions, Inc. | 18600 | 478392 |
| &nbsp;&nbsp; Mosaic Co. (The) | 4700 | 156980 |
|  |  | 2758837 |
| &nbsp;&nbsp; **Commercial Services & Supplies 0.3%** |  |  |
| &nbsp;&nbsp; Cimpress PLC (Ireland)\* | 7500 | 473362 |
| &nbsp;&nbsp; Deluxe Corp. | 11700 | 230022 |
|  |  | 703384 |
| &nbsp;&nbsp; **Communications Equipment 1.6%** |  |  |
| &nbsp;&nbsp; Cisco Systems, Inc. | 56400 | 3896676 |
| &nbsp;&nbsp; F5, Inc.\* | 400 | 125256 |
|  |  | 4021932 |
| &nbsp;&nbsp; **Construction & Engineering 0.2%** |  |  |
| &nbsp;&nbsp; Primoris Services Corp. | 3200 | 379360 |
| &nbsp;&nbsp; Valmont Industries, Inc. | 400 | 146848 |
|  |  | 526208 |
| &nbsp;&nbsp; **Construction Materials 0.1%** |  |  |
| &nbsp;&nbsp; CRH PLC | 1700 | 192015 |
| &nbsp;&nbsp; **Consumer Finance 0.5%** |  |  |
| &nbsp;&nbsp; Synchrony Financial | 17800 | 1358852 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 1.8%** |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc. (Class A Stock) | 32500 | 632450 |
| &nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 700 | 68376 |
| &nbsp;&nbsp; Dollar General Corp. | 5100 | 554676 |
| &nbsp;&nbsp; Kroger Co. (The) | 28200 | 1913088 |
| &nbsp;&nbsp; Target Corp. | 4100 | 393518 |
| &nbsp;&nbsp; Walmart, Inc. | 11156 | 1081909 |
|  |  | 4644017 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 15

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Diversified Consumer Services 0.9%** |  |  |
| &nbsp;&nbsp; ADT, Inc. | 256800 | $2236728 |
| &nbsp;&nbsp; H&R Block, Inc. | 2900 | 146015 |
|  |  | 2382743 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 1.3%** |  |  |
| &nbsp;&nbsp; AT&T, Inc. | 16003 | 468728 |
| &nbsp;&nbsp; Verizon Communications, Inc. | 64316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844697 |
|  |  | 3313425 |
| &nbsp;&nbsp; **Electric Utilities 2.0%** |  |  |
| &nbsp;&nbsp; American Electric Power Co., Inc. | 3700 | 410774 |
| &nbsp;&nbsp; Constellation Energy Corp. | 700 | 215586 |
| &nbsp;&nbsp; Edison International | 16900 | 948597 |
| &nbsp;&nbsp; Exelon Corp. | 59841 | 2613855 |
| &nbsp;&nbsp; NRG Energy, Inc. | 6100 | 887916 |
|  |  | 5076728 |
| &nbsp;&nbsp; **Electrical Equipment 1.6%** |  |  |
| &nbsp;&nbsp; AMETEK, Inc. | 2600 | 480480 |
| &nbsp;&nbsp; Eaton Corp. PLC | 800 | 279312 |
| &nbsp;&nbsp; Emerson Electric Co. | 8300 | 1095600 |
| &nbsp;&nbsp; EnerSys | 3000 | 307950 |
| &nbsp;&nbsp; Rockwell Automation, Inc. | 3400 | 1167662 |
| &nbsp;&nbsp; Sensata Technologies Holding PLC | 17700 | 575958 |
|  |  | 3906962 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 2.2%** |  |  |
| &nbsp;&nbsp; Coherent Corp.\* | 9600 | 868512 |
| &nbsp;&nbsp; Corning, Inc. | 13400 | 898202 |
| &nbsp;&nbsp; Flex Ltd.\* | 22000 | 1179640 |
| &nbsp;&nbsp; Jabil, Inc. | 2600 | 532558 |
| &nbsp;&nbsp; ScanSource, Inc.\* | 13300 | 580545 |
| &nbsp;&nbsp; TD SYNNEX Corp. | 900 | 133263 |
| &nbsp;&nbsp; Trimble, Inc.\* | 4200 | 339444 |
| &nbsp;&nbsp; Vontier Corp. | 24900 | 1068459 |
|  |  | 5600623 |
| &nbsp;&nbsp; **Entertainment 1.7%** |  |  |
| &nbsp;&nbsp; Electronic Arts, Inc. | 600 | 103170 |
| &nbsp;&nbsp; Netflix, Inc.\* | 600 | 724950 |
| &nbsp;&nbsp; Walt Disney Co. (The) | 28100 | 3326478 |
|  |  | 4154598 |
| &nbsp;&nbsp; **Financial Services 3.7%** |  |  |
| &nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 11498 | 5783264 |
| &nbsp;&nbsp; Enact Holdings, Inc. | 3800 | 143070 |
| &nbsp;&nbsp; Euronet Worldwide, Inc.\* | 1100 | 102509 |
| &nbsp;&nbsp; Global Payments, Inc. | 8200 | 728324 |
| &nbsp;&nbsp; MGIC Investment Corp. | 49600 | 1380368 |
| &nbsp;&nbsp; PayPal Holdings, Inc.\* | 14200 | 996698 |
| &nbsp;&nbsp; Voya Financial, Inc. | 1700 | 127653 |
|  |  | 9261886 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Food Products 1.9%** |  |  |
| &nbsp;&nbsp; Archer-Daniels-Midland Co. | 11100 | $695304 |
| &nbsp;&nbsp; Cal-Maine Foods, Inc. | 6000 | 693840 |
| &nbsp;&nbsp; Darling Ingredients, Inc.\* | 700 | 23772 |
| &nbsp;&nbsp; Dole PLC | 5600 | 82432 |
| &nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 3400 | 123352 |
| &nbsp;&nbsp; Ingredion, Inc. | 2000 | 259080 |
| &nbsp;&nbsp; Mission Produce, Inc.\* | 14900 | 186399 |
| &nbsp;&nbsp; Pilgrim's Pride Corp. | 24900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106805 |
| &nbsp;&nbsp; Smithfield Foods, Inc. | 67300 | 1711439 |
|  |  | 4882423 |
| &nbsp;&nbsp; **Gas Utilities 0.9%** |  |  |
| &nbsp;&nbsp; MDU Resources Group, Inc. | 60600 | 987174 |
| &nbsp;&nbsp; Southwest Gas Holdings, Inc. | 800 | 63904 |
| &nbsp;&nbsp; UGI Corp. | 36000 | 1247040 |
|  |  | 2298118 |
| &nbsp;&nbsp; **Ground Transportation 1.1%** |  |  |
| &nbsp;&nbsp; Uber Technologies, Inc.\* | 1500 | 140625 |
| &nbsp;&nbsp; Union Pacific Corp. | 11300 | 2526341 |
|  |  | 2666966 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 1.8%** |  |  |
| &nbsp;&nbsp; Abbott Laboratories | 16900 | 2241954 |
| &nbsp;&nbsp; Edwards Lifesciences Corp.\* | 15500 | 1260770 |
| &nbsp;&nbsp; Embecta Corp. | 7200 | 104256 |
| &nbsp;&nbsp; ResMed, Inc. | 2000 | 549020 |
| &nbsp;&nbsp; Solventum Corp.\* | 3400 | 248506 |
| &nbsp;&nbsp; STERIS PLC | 300 | 73518 |
|  |  | 4478024 |
| &nbsp;&nbsp; **Health Care Providers & Services 3.8%** |  |  |
| &nbsp;&nbsp; Cardinal Health, Inc. | 6000 | 892680 |
| &nbsp;&nbsp; Cigna Group (The) | 3100 | 932697 |
| &nbsp;&nbsp; CVS Health Corp. | 20000 | 1463000 |
| &nbsp;&nbsp; Encompass Health Corp. | 200 | 24352 |
| &nbsp;&nbsp; HCA Healthcare, Inc. | 3700 | 1494652 |
| &nbsp;&nbsp; McKesson Corp. | 400 | 274656 |
| &nbsp;&nbsp; Tenet Healthcare Corp.\* | 10800 | 1990764 |
| &nbsp;&nbsp; UnitedHealth Group, Inc. | 4300 | 1332441 |
| &nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 6100 | 1107638 |
|  |  | 9512880 |
| &nbsp;&nbsp; **Hotel & Resort REITs 0.1%** |  |  |
| &nbsp;&nbsp; DiamondRock Hospitality Co. | 30800 | 263648 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 1.8%** |  |  |
| &nbsp;&nbsp; Boyd Gaming Corp. | 2500 | 214650 |
| &nbsp;&nbsp; Carnival Corp.\* | 26800 | 854652 |
| &nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 37100 | 394373 |
| &nbsp;&nbsp; Las Vegas Sands Corp. | 11700 | 674271 |
| &nbsp;&nbsp; McDonald's Corp. | 627 | 196590 |
| &nbsp;&nbsp; MGM Resorts International\* | 8300 | 329427 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 17

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure (cont'd.)** |  |  |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 2200 | $799084 |
| &nbsp;&nbsp; Travel + Leisure Co. | 15700 | 992397 |
|  |  | 4455444 |
| &nbsp;&nbsp; **Household Durables 0.1%** |  |  |
| &nbsp;&nbsp; PulteGroup, Inc. | 2300 | 303646 |
| &nbsp;&nbsp; **Household Products 0.9%** |  |  |
| &nbsp;&nbsp; Kimberly-Clark Corp. | 11300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459282 |
| &nbsp;&nbsp; Procter & Gamble Co. (The) | 5272 | 827915 |
|  |  | 2287197 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.2%** |  |  |
| &nbsp;&nbsp; Vistra Corp. | 2300 | 434953 |
| &nbsp;&nbsp; **Industrial Conglomerates 0.7%** |  |  |
| &nbsp;&nbsp; 3M Co. | 8600 | 1337558 |
| &nbsp;&nbsp; Honeywell International, Inc. | 1800 | 395100 |
|  |  | 1732658 |
| &nbsp;&nbsp; **Insurance 5.6%** |  |  |
| &nbsp;&nbsp; Allstate Corp. (The) | 7100 | 1444495 |
| &nbsp;&nbsp; American International Group, Inc. | 18600 | 1512552 |
| &nbsp;&nbsp; Arch Capital Group Ltd. | 8300 | 759699 |
| &nbsp;&nbsp; Axis Capital Holdings Ltd. | 23900 | 2356062 |
| &nbsp;&nbsp; Chubb Ltd. | 3500 | 962745 |
| &nbsp;&nbsp; Hamilton Insurance Group Ltd. (Bermuda) (Class B Stock)\* | 22700 | 541168 |
| &nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 16300 | 2156653 |
| &nbsp;&nbsp; Lincoln National Corp. | 34200 | 1468206 |
| &nbsp;&nbsp; Mercury General Corp. | 1300 | 100529 |
| &nbsp;&nbsp; Old Republic International Corp. | 19000 | 759430 |
| &nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 100 | 24299 |
| &nbsp;&nbsp; Travelers Cos., Inc. (The) | 7314 | 1985824 |
| &nbsp;&nbsp; Universal Insurance Holdings, Inc. | 2600 | 63414 |
|  |  | 14135076 |
| &nbsp;&nbsp; **Interactive Media & Services 3.5%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 15200 | 3236232 |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 14000 | 2989420 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 3600 | 2659320 |
|  |  | 8884972 |
| &nbsp;&nbsp; **IT Services 2.7%** |  |  |
| &nbsp;&nbsp; Accenture PLC (Ireland) (Class A Stock) | 6800 | 1767796 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 35100 | 2535975 |
| &nbsp;&nbsp; International Business Machines Corp. | 4100 | 998309 |
| &nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 3800 | 120802 |
| &nbsp;&nbsp; VeriSign, Inc. | 4700 | 1284839 |
|  |  | 6707721 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 2.1%** |  |  |
| &nbsp;&nbsp; Agilent Technologies, Inc. | 3600 | 452376 |
| &nbsp;&nbsp; Danaher Corp. | 11000 | 2264020 |
| &nbsp;&nbsp; IQVIA Holdings, Inc.\* | 2600 | 496106 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Life Sciences Tools & Services (cont'd.)** |  |  |
| &nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 200 | $260208 |
| &nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 3600 | 1773792 |
|  |  | 5246502 |
| &nbsp;&nbsp; **Machinery 2.8%** |  |  |
| &nbsp;&nbsp; Allison Transmission Holdings, Inc. | 14400 | 1257264 |
| &nbsp;&nbsp; Caterpillar, Inc. | 500 | 209520 |
| &nbsp;&nbsp; Cummins, Inc. | 1500 | 597660 |
| &nbsp;&nbsp; Dover Corp. | 8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466652 |
| &nbsp;&nbsp; Gates Industrial Corp. PLC\* | 2200 | 56232 |
| &nbsp;&nbsp; Mueller Industries, Inc. | 19800 | 1899612 |
| &nbsp;&nbsp; Oshkosh Corp. | 1700 | 236929 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 1300 | 987155 |
| &nbsp;&nbsp; REV Group, Inc. | 6500 | 345865 |
|  |  | 7056889 |
| &nbsp;&nbsp; **Marine Transportation 0.3%** |  |  |
| &nbsp;&nbsp; Costamare, Inc. (Monaco) | 53200 | 608608 |
| &nbsp;&nbsp; Matson, Inc. | 1900 | 197695 |
|  |  | 806303 |
| &nbsp;&nbsp; **Media 1.7%** |  |  |
| &nbsp;&nbsp; Comcast Corp. (Class A Stock) | 53482 | 1816783 |
| &nbsp;&nbsp; Fox Corp. (Class A Stock) | 8600 | 513420 |
| &nbsp;&nbsp; Fox Corp. (Class B Stock) | 19100 | 1041905 |
| &nbsp;&nbsp; Gray Media, Inc. | 25600 | 156928 |
| &nbsp;&nbsp; Nexstar Media Group, Inc. | 4000 | 818120 |
|  |  | 4347156 |
| &nbsp;&nbsp; **Metals & Mining 1.5%** |  |  |
| &nbsp;&nbsp; Freeport-McMoRan, Inc. | 8200 | 364080 |
| &nbsp;&nbsp; Newmont Corp. | 36600 | 2723040 |
| &nbsp;&nbsp; Nucor Corp. | 2200 | 327206 |
| &nbsp;&nbsp; SunCoke Energy, Inc. | 37400 | 288728 |
|  |  | 3703054 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 0.5%** |  |  |
| &nbsp;&nbsp; AG Mortgage Investment Trust, Inc. | 42000 | 317520 |
| &nbsp;&nbsp; Rithm Capital Corp. | 66950 | 828841 |
|  |  | 1146361 |
| &nbsp;&nbsp; **Multi-Utilities 2.1%** |  |  |
| &nbsp;&nbsp; Ameren Corp. | 24400 | 2434632 |
| &nbsp;&nbsp; Avista Corp. | 8400 | 306936 |
| &nbsp;&nbsp; Consolidated Edison, Inc. | 6500 | 638495 |
| &nbsp;&nbsp; Dominion Energy, Inc. | 15800 | 946420 |
| &nbsp;&nbsp; Northwestern Energy Group, Inc. | 15500 | 891405 |
|  |  | 5217888 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 5.1%** |  |  |
| &nbsp;&nbsp; California Resources Corp. | 1600 | 79488 |
| &nbsp;&nbsp; Cheniere Energy, Inc. | 5700 | 1378374 |
| &nbsp;&nbsp; Chevron Corp. | 6738 | 1082123 |
| &nbsp;&nbsp; ConocoPhillips | 6415 | 634892 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 19

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels (cont'd.)** |  |  |
| &nbsp;&nbsp; Devon Energy Corp. | 14600 | $527060 |
| &nbsp;&nbsp; EOG Resources, Inc. | 23600 | 2945752 |
| &nbsp;&nbsp; Exxon Mobil Corp. | 30271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459673 |
| &nbsp;&nbsp; Marathon Petroleum Corp. | 3000 | 539130 |
| &nbsp;&nbsp; Ovintiv, Inc. | 9600 | 404352 |
| &nbsp;&nbsp; Peabody Energy Corp. | 24100 | 419340 |
| &nbsp;&nbsp; Permian Resources Corp. | 44300 | 633047 |
| &nbsp;&nbsp; Range Resources Corp. | 1000 | 34270 |
| &nbsp;&nbsp; Teekay Corp. Ltd. (Bermuda) | 96100 | 788020 |
|  |  | 12925521 |
| &nbsp;&nbsp; **Passenger Airlines 0.9%** |  |  |
| &nbsp;&nbsp; Delta Air Lines, Inc. | 9900 | 611622 |
| &nbsp;&nbsp; SkyWest, Inc.\* | 5000 | 607000 |
| &nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 12500 | 165625 |
| &nbsp;&nbsp; United Airlines Holdings, Inc.\* | 8600 | 903000 |
|  |  | 2287247 |
| &nbsp;&nbsp; **Pharmaceuticals 5.4%** |  |  |
| &nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 44300 | 423508 |
| &nbsp;&nbsp; Bristol-Myers Squibb Co. | 25200 | 1188936 |
| &nbsp;&nbsp; Johnson & Johnson | 31420 | 5566682 |
| &nbsp;&nbsp; Merck & Co., Inc. | 23700 | 1993644 |
| &nbsp;&nbsp; Pfizer, Inc. | 124686 | 3087225 |
| &nbsp;&nbsp; Zoetis, Inc. | 8000 | 1251200 |
|  |  | 13511195 |
| &nbsp;&nbsp; **Professional Services 0.3%** |  |  |
| &nbsp;&nbsp; Concentrix Corp.(a) | 2100 | 110796 |
| &nbsp;&nbsp; Leidos Holdings, Inc. | 2200 | 398024 |
| &nbsp;&nbsp; Upwork, Inc.\* | 15400 | 237006 |
|  |  | 745826 |
| &nbsp;&nbsp; **Real Estate Management & Development 1.1%** |  |  |
| &nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 8000 | 1296960 |
| &nbsp;&nbsp; Cushman & Wakefield PLC\* | 20900 | 329593 |
| &nbsp;&nbsp; Howard Hughes Holdings, Inc.\*(a) | 1700 | 129659 |
| &nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 3200 | 977824 |
|  |  | 2734036 |
| &nbsp;&nbsp; **Retail REITs 0.1%** |  |  |
| &nbsp;&nbsp; Kimco Realty Corp. | 5800 | 130442 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 3.1%** |  |  |
| &nbsp;&nbsp; Analog Devices, Inc. | 8300 | 2085873 |
| &nbsp;&nbsp; Broadcom, Inc. | 200 | 59478 |
| &nbsp;&nbsp; Cirrus Logic, Inc.\* | 8700 | 993453 |
| &nbsp;&nbsp; Lam Research Corp. | 11100 | 1111665 |
| &nbsp;&nbsp; Marvell Technology, Inc. | 3900 | 245173 |
| &nbsp;&nbsp; Micron Technology, Inc. | 13800 | 1642338 |
| &nbsp;&nbsp; MKS, Inc. | 5100 | 527034 |
| &nbsp;&nbsp; QUALCOMM, Inc. | 7700 | 1237621 |
|  |  | 7902635 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Software 3.4%** |  |  |
| &nbsp;&nbsp; ACI Worldwide, Inc.\* | 1700 | $83895 |
| &nbsp;&nbsp; Adobe, Inc.\* | 2700 | 963090 |
| &nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 100 | 47859 |
| &nbsp;&nbsp; Autodesk, Inc.\* | 1200 | 377640 |
| &nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 12900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342753 |
| &nbsp;&nbsp; Docusign, Inc.\* | 700 | 53662 |
| &nbsp;&nbsp; Gen Digital, Inc. | 29200 | 881840 |
| &nbsp;&nbsp; OneSpan, Inc. | 35300 | 533912 |
| &nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 700 | 109697 |
| &nbsp;&nbsp; Roper Technologies, Inc. | 1000 | 526310 |
| &nbsp;&nbsp; Salesforce, Inc. | 11400 | 2921250 |
| &nbsp;&nbsp; Zoom Communications, Inc.\* | 22300 | 1815666 |
|  |  | 8657574 |
| &nbsp;&nbsp; **Specialized REITs 0.8%** |  |  |
| &nbsp;&nbsp; EPR Properties | 2300 | 124775 |
| &nbsp;&nbsp; Rayonier, Inc. | 4500 | 118260 |
| &nbsp;&nbsp; VICI Properties, Inc. | 55500 | 1874790 |
|  |  | 2117825 |
| &nbsp;&nbsp; **Specialty Retail 0.1%** |  |  |
| &nbsp;&nbsp; Gap, Inc. (The) | 6700 | 147467 |
| &nbsp;&nbsp; ODP Corp. (The)\* | 2000 | 40520 |
| &nbsp;&nbsp; Ulta Beauty, Inc.\* | 100 | 49273 |
|  |  | 237260 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 0.7%** |  |  |
| &nbsp;&nbsp; Immersion Corp. | 45000 | 317700 |
| &nbsp;&nbsp; Western Digital Corp. | 19300 | 1550562 |
|  |  | 1868262 |
| &nbsp;&nbsp; **Tobacco 1.9%** |  |  |
| &nbsp;&nbsp; Altria Group, Inc. | 52100 | 3501641 |
| &nbsp;&nbsp; Philip Morris International, Inc. | 8343 | 1394366 |
|  |  | 4896007 |
| &nbsp;&nbsp; **Trading Companies & Distributors 0.6%** |  |  |
| &nbsp;&nbsp; United Rentals, Inc. | 1700 | 1625778 |
| &nbsp;&nbsp; **Water Utilities 0.1%** |  |  |
| &nbsp;&nbsp; Essential Utilities, Inc. | 3200 | 126432 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 1.3%** |  |  |
| &nbsp;&nbsp; T-Mobile US, Inc. | 13100 | 3301069 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $203,811,942) |  | 251200909 |
| &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUND 0.3%** |  |  |
| &nbsp;&nbsp; iShares Russell 1000 Value ETF<br>(cost $787,725) | 4000 | 806520 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $204,599,667) |  | 252007429 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 21

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 0.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)(wb) | 65520 | $65520 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<br>(cost $174,257; includes $170,038 of cash collateral for securities on loan)(b)(wb) | 174387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174265 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $239,777) |  | 239785 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.1%**<br>(cost $204,839,444) |  | 252247214 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.1)% |  | (245088) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $252002126 |

---

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $169,516; cash collateral of $170,038 (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.

The following is a summary of the inputs used as of August 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $4034164 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 531461 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 1628976 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 1558305 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 11885875 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 5696527 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 3579368 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 5244120 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 15504915 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 2758837 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 703384 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 4021932 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 526208 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 192015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 1358852 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 4644017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 2382743 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 3313425 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 5076728 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 3906962 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 5600623 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 4154598 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 9261886 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 4882423 |  |  |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | Level 3 |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | $2298118 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 2666966 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 4478024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 9512880 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 263648 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 4455444 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 303646 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 2287197 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 434953 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 1732658 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 14135076 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 8884972 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 6707721 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 5246502 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 7056889 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 806303 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 4347156 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 3703054 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 1146361 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 5217888 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 12925521 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 2287247 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 13511195 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 745826 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 2734036 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 130442 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 7902635 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 8657574 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 2117825 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 237260 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 1868262 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 4896007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 1625778 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 126432 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 3301069 |  |  |
|  Unaffiliated Exchange-Traded Fund | 806520 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 239785 |  |  |
|  **Total** | $252247214 | $— | $— |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Capital Markets | 6.2 |
|  Insurance | 5.6 |
|  Pharmaceuticals | 5.4 |
|  Oil, Gas & Consumable Fuels | 5.1 |
|  Banks | 4.7 |
|  Health Care Providers & Services | 3.8 |
|  Financial Services | 3.7 |
|  Interactive Media & Services | 3.5 |
|  Software | 3.4 |
|  Semiconductors & Semiconductor Equipment | 3.1 |
|  Machinery | 2.8 |
|  IT Services | 2.7 |
|  Biotechnology | 2.3 |
|  Electronic Equipment, Instruments & Components | 2.2 |

---

---

| | |
|:---|:---|
|  Life Sciences Tools & Services | 2.1 |
|  Building Products | 2.1 |
|  Multi-Utilities | 2.1 |
|  Electric Utilities | 2.0 |
|  Tobacco | 1.9 |
|  Food Products | 1.9 |
|  Consumer Staples Distribution & Retail | 1.8 |
|  Health Care Equipment & Supplies | 1.8 |
|  Hotels, Restaurants & Leisure | 1.8 |
|  Media | 1.7 |
|  Entertainment | 1.7 |
|  Aerospace & Defense | 1.6 |
|  Communications Equipment | 1.6 |
|  Electrical Equipment | 1.6 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 23

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Metals & Mining | 1.5 |
|  Broadline Retail | 1.4 |
|  Diversified Telecommunication Services | 1.3 |
|  Wireless Telecommunication Services | 1.3 |
|  Chemicals | 1.1 |
|  Real Estate Management & Development | 1.1 |
|  Ground Transportation | 1.1 |
|  Diversified Consumer Services | 0.9 |
|  Gas Utilities | 0.9 |
|  Passenger Airlines | 0.9 |
|  Household Products | 0.9 |
|  Specialized REITs | 0.8 |
|  Technology Hardware, Storage & Peripherals | 0.7 |
|  Industrial Conglomerates | 0.7 |
|  Automobile Components | 0.6 |
|  Trading Companies & Distributors | 0.6 |
|  Automobiles | 0.6 |
|  Consumer Finance | 0.5 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.5 |
|  Unaffiliated Exchange-Traded Fund | 0.3 |

---

---

| | |
|:---|:---|
|  Marine Transportation | 0.3% |
|  Professional Services | 0.3 |
|  Commercial Services & Supplies | 0.3 |
|  Air Freight & Logistics | 0.2 |
|  Construction & Engineering | 0.2 |
|  Independent Power & Renewable Electricity Producers | 0.2 |
|  Household Durables | 0.1 |
|  Hotel & Resort REITs | 0.1 |
|  Affiliated Mutual Funds (0.1% represents investments purchased with collateral from securities on loan) | 0.1 |
|  Specialty Retail | 0.1 |
|  Construction Materials | 0.1 |
|  Retail REITs | 0.1 |
|  Water Utilities | 0.1 |
|  | 100.1 |
|  Liabilities in excess of other assets | (0.1) |
|  | 100.0% |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| Description | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Securities on Loan | $169516 | $(169516) | $— |

---

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

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Statement of Assets & Liabilities (unaudited)

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $169,516: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $204,599,667) | $252007429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $239,777) | 239785 |
| &nbsp;&nbsp; Dividends receivable | 415641 |
| &nbsp;&nbsp; Tax reclaim receivable | 2451 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 815 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 144 |
| &nbsp;&nbsp; **Total Assets** | 252666265 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 170038 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 127988 |
| &nbsp;&nbsp; Management fee payable | 124181 |
| &nbsp;&nbsp; Distribution fee payable | 79598 |
| &nbsp;&nbsp; Transfer agent's fees and expenses payable | 56374 |
| &nbsp;&nbsp; Shareholders' reports fee payable | 31560 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 31199 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 23934 |
| &nbsp;&nbsp; Audit fee payable | 13438 |
| &nbsp;&nbsp; Trustees' fees payable | 3479 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 2350 |
| &nbsp;&nbsp; **Total Liabilities** | 664139 |
| &nbsp;&nbsp; **Net Assets** | $252002126 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $18934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 178072929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 73910263 |
| &nbsp;&nbsp; **Net assets, August 31, 2025** | $252002126 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 25

------

PGIM Quant Solutions Large-Cap Value Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br>($38,085,366 ÷ 2,963,832 shares of beneficial interest issued and outstanding) | $12.85 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.75 |
| &nbsp;&nbsp; Maximum offering price to public | $13.60 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($1,873,865 ÷ 169,501 shares of beneficial interest issued and outstanding) | $11.06 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($168,109,512 ÷ 12,537,052 shares of beneficial interest issued and outstanding) | $13.41 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($41,834,353 ÷ 3,107,408 shares of beneficial interest issued and outstanding) | $13.46 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($2,099,030 ÷ 156,076 shares of beneficial interest issued and outstanding) | $13.45 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Statement of Operations (unaudited)

Six Months Ended August 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $126 foreign withholding tax) | $2997740 |
| &nbsp;&nbsp; Affiliated dividend income | 10207 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 1055 |
| &nbsp;&nbsp; **Total income** | 3009002 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 961849 |
| &nbsp;&nbsp; Distribution fee(a) | 669969 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $7,234)(a) | 145994 |
| &nbsp;&nbsp; Custodian and accounting fees | 27955 |
| &nbsp;&nbsp; Registration fees(a) | 26213 |
| &nbsp;&nbsp; Shareholders' reports | 25863 |
| &nbsp;&nbsp; Professional fees | 16682 |
| &nbsp;&nbsp; Audit fee | 13437 |
| &nbsp;&nbsp; Trustees' fees | 6725 |
| &nbsp;&nbsp; Miscellaneous | 34213 |
| &nbsp;&nbsp; **Total expenses** | 1928900 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (255517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (210815) |
| &nbsp;&nbsp; **Net expenses** | 1462568 |
| &nbsp;&nbsp; Net investment income (loss) | 1546434 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $327) | 16307321 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $183) | (5378870) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 10928451 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $12474885 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class R | Class Z | Class R6 |
|  Distribution fee | 56543 | 9252 | 604174 |  |  |
|  Transfer agent's fees and expenses | 22877 | 2565 | 107605 | 12026 | 921 |
|  Registration fees | 8960 | 4535 | 3491 | 3318 | 5909 |
|  Fee waiver and/or expense reimbursement | (37824) | (4897) | (168834) | (36025) | (7937) |
|  Distribution fee waiver | (9424) |  | (201391) |  |  |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 27

------

PGIM Quant Solutions Large-Cap Value Fund

Statements of Changes in Net Assets (unaudited)

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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br>August 31, 2025 | Year Ended<br>February 28, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;1546434 | $3812917 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 16307321 | 47903515 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (5378870) | (14091225) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 12474885 | 37625207 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A |  | (6066641) |
| &nbsp;&nbsp; Class C |  | (361068) |
| &nbsp;&nbsp; Class R |  | (25098158) |
| &nbsp;&nbsp; Class Z |  | (6378330) |
| &nbsp;&nbsp; Class R6 |  | (433229) |
|  |  | (38337426) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 7639716 | 20818764 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions |  | 38231187 |
| &nbsp;&nbsp; Cost of shares purchased | (26687864) | (113988490) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (19048148) | (54938539) |
| &nbsp;&nbsp; Total increase (decrease) | (6573263) | (55650758) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 258575389 | 314226147 |
| &nbsp;&nbsp; End of period | $252002126 | $258575389 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |  |
|  | Six Months<br>Ended<br>August 31, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.19 | $12.61 | $12.15 | $13.86 | $12.74 | $10.47 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.08 | 0.17 | 0.22 | 0.21 | 0.20 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.58 | 1.53 | 0.69 | (0.72) | 2.21 | 2.29 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.66 | 1.70 | 0.91 | (0.51) | 2.41 | 2.48 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.40) | (0.13) | (0.23) | (0.24) | (0.17) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.72) | (0.32) | (0.97) | (1.05) | (0.04) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.12) | (0.45) | (1.20) | (1.29) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.85 | $12.19 | $12.61 | $12.15 | $13.86 | $12.74 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 5.50% | 13.55% | 7.66% | (3.63)% | 19.13% | 24.05% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $38085 | $39788 | $37602 | $37826 | $38102 | $30685 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $37388 | $39088 | $35169 | $37739 | $36266 | $24971 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.11 %<sup>(d)</sup> | 1.11 %<sup>(e)</sup> | 1.12% | 1.12% | 1.12% | 1.15% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.36 %<sup>(d)</sup> | 1.31% | 1.34% | 1.34% | 1.34% | 1.37% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.36 %<sup>(d)</sup> | 1.32% | 1.86% | 1.62% | 1.39% | 1.89% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 60% | 96% | 81% | 96% | 73% | 53% |

---

(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) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended February 28, 2025.

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

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 29

------

PGIM Quant Solutions Large-Cap Value Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |  |
|  | Six Months<br>Ended<br>August 31, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.54 | $11.16 | $10.81 | $12.48 | $11.59 | $9.56 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 | 0.04 | 0.09 | 0.07 | 0.06 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.50 | 1.34 | 0.60 | (0.65) | 2.00 | 2.07 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.52 | 1.38 | 0.69 | (0.58) | 2.06 | 2.14 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.28) | (0.02) | (0.12) | (0.12) | (0.07) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.72) | (0.32) | (0.97) | (1.05) | (0.04) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.00) | (0.34) | (1.09) | (1.17) | (0.11) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.06 | $10.54 | $11.16 | $10.81 | $12.48 | $11.59 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 4.84% | 12.54% | 6.50% | (4.60)% | 17.97% | 22.62% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $1874 | $2008 | $2425 | $3700 | $3977 | $3165 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1835 | $2257 | $2845 | $3753 | $3661 | $2561 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.13 %<sup>(d)</sup> | 2.13% | 2.16% | 2.14% | 2.09% | 2.29% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.66 %<sup>(d)</sup> | 2.46% | 2.37% | 2.31% | 2.26% | 2.46% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 %<sup>(d)</sup> | 0.32% | 0.83% | 0.59% | 0.44% | 0.76% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 60% | 96% | 81% | 96% | 73% | 53% |

---

(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 Large-Cap Value Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R Shares** |  |  |  |  |  |  |
|  | Six Months<br>Ended<br>August 31, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.73 | $13.09 | $12.60 | $14.32 | $13.13 | $10.78 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.07 | 0.15 | 0.20 | 0.19 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.61 | 1.58 | 0.71 | (0.74) | 2.27 | 2.38 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.68 | 1.73 | 0.91 | (0.55) | 2.44 | 2.55 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.37) | (0.10) | (0.20) | (0.20) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.72) | (0.32) | (0.97) | (1.05) | (0.04) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.09) | (0.42) | (1.17) | (1.25) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.41 | $12.73 | $13.09 | $12.60 | $14.32 | $13.13 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 5.34% | 13.36% | 7.41% | (3.79)% | 18.91% | 23.82% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $168110 | $172034 | $176559 | $173940 | $234737 | $240673 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $159799 | $177754 | $171600 | $189944 | $241292 | $197850 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.32 %<sup>(d)</sup> | 1.32 %<sup>(e)</sup> | 1.33% | 1.33% | 1.33% | 1.33% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.78 %<sup>(d)</sup> | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.15 %<sup>(d)</sup> | 1.11% | 1.65% | 1.39% | 1.19% | 1.69% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 60% | 96% | 81% | 96% | 73% | 53% |

---

(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) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended February 28, 2025.

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

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 31

------

PGIM Quant Solutions Large-Cap Value Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |  |
|  | Six Months<br>Ended<br>August 31, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.75 | $13.10 | $12.60 | $14.33 | $13.13 | $10.78 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.11 | 0.22 | 0.27 | 0.26 | 0.25 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.60 | 1.59 | 0.72 | (0.75) | 2.28 | 2.37 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.71 | 1.81 | 0.99 | (0.49) | 2.53 | 2.60 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.44) | (0.17) | (0.27) | (0.28) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.72) | (0.32) | (0.97) | (1.05) | (0.04) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.16) | (0.49) | (1.24) | (1.33) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.46 | $12.75 | $13.10 | $12.60 | $14.33 | $13.13 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 5.57% | 13.99% | 8.03% | (3.34)% | 19.58% | 24.37% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $41834 | $42067 | $42356 | $46000 | $55747 | $80486 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $40342 | $42833 | $41869 | $49467 | $71101 | $53264 |
| &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> | 0.79 %<sup>(e)</sup> | 0.80% | 0.80% | 0.80% | 0.81% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.97 %<sup>(d)</sup> | 0.95% | 0.95% | 0.95% | 0.96% | 0.98% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.68 %<sup>(d)</sup> | 1.64% | 2.18% | 1.93% | 1.69% | 2.17% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 60% | 96% | 81% | 96% | 73% | 53% |

---

(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) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended February 28, 2025.

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

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Financial Highlights (unaudited) (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | Six Months<br>Ended<br>August 31, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, | Year Ended February 28/29, |
|  | 2025 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.73 | $13.08 | $12.59 | $14.32 | $13.13 | $10.78 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.11 | 0.25 | 0.27 | 0.28 | 0.21 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.61 | 1.56 | 0.71 | (0.77) | 2.31 | 2.37 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.72 | 1.81 | 0.98 | (0.49) | 2.52 | 2.60 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.44) | (0.17) | (0.27) | (0.28) | (0.21) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  | (1.72) | (0.32) | (0.97) | (1.05) | (0.04) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions |  | (2.16) | (0.49) | (1.24) | (1.33) | (0.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.45 | $12.73 | $13.08 | $12.59 | $14.32 | $13.13 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 5.66% | 14.01% | 7.96% | (3.34)% | 19.52% | 24.37% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2099 | $2678 | $55285 | $35302 | $36200 | $618 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2156 | $33036 | $47186 | $49222 | $13569 | $362 |
| &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> | 0.79% | 0.80% | 0.80% | 0.80% | 0.81% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.52 %<sup>(d)</sup> | 0.90% | 0.90% | 0.90% | 0.98% | 4.98% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.69 %<sup>(d)</sup> | 1.84% | 2.18% | 2.07% | 1.37% | 2.15% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 60% | 96% | 81% | 96% | 73% | 53% |

---

(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 Large-Cap Value Fund 33

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Notes to Financial Statements (unaudited)

1. Organization

Prudential Investment Portfolios 3 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate to the following series of the RIC: PGIM Jennison Focused Growth Fund and PGIM Quant Solutions Large-Cap Value Fund (each, a "Fund" and collectively, the "Funds"). PGIM Jennison Focused Growth Fund is classified as a non-diversified fund for purposes of the 1940 Act and PGIM Quant Solutions Large-Cap Value Fund is classified as a diversified fund for purposes of the 1940 Act.

The Funds have the following investment objectives:

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| | |
|:---|:---|
| Fund | Investment Objective(s) |
| &nbsp;&nbsp; PGIM Jennison Focused Growth Fund<br> ("Jennison Focused Growth") | long-term growth of capital |
| &nbsp;&nbsp; PGIM Quant Solutions Large-Cap Value Fund<br>("Quant Solutions Large-Cap Value") | long-term growth of capital |

---

2. Accounting Policies

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

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

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

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

For the fiscal reporting 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 Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time each Fund is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

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

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

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

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

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

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

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

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

------

Notes to Financial Statements (unaudited) (continued)

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

*Securities Lending:* Certain Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the 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 Funds recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Funds also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

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

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

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

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

<u> Expected Distribution Schedule to Shareholders\*</u>   <u>Frequency</u>   <br> <u> Net Investment Income</u>     <u>Annually</u>  

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

---

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

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

3. Agreements

The RIC, on behalf of each Fund, has management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of each subadviser's performance of such services, and for rendering administrative services.

The Manager has entered into subadvisory agreements with the subadvisers listed below (each a "subadviser" and collectively the "subadvisers"). The Manager pays for the services of each subadviser.

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| | |
|:---|:---|
| Fund | Subadviser(s) |
| &nbsp;&nbsp; Jennison Focused Growth | Jennison Associates LLC ("Jennison")<br> (a wholly-owned subsidiary of PGIM, Inc.) |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | PGIM Quantitative Solutions LLC<br> ("PGIM Quantitative Solutions")<br> (a wholly-owned subsidiary of PGIM, Inc.) |

---

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

---

| | | |
|:---|:---|:---|
| Fund | Management Fee | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; Jennison Focused Growth | 0.67% up to $1 billion of average daily net assets;<br>0.65% from $1 billion to $3 billion of average daily net assets;<br>0.63% from $3 billion to $5 billion of average daily net assets;<br>0.62% from $5 billion to $10 billion of average daily net assets;<br>0.61% over $10 billion of average daily net assets | 0.66% |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 0.79% to $1 billion of average daily net assets;<br>0.75% over $1 billion of average daily net assets | 0.79 |

---

The Manager has contractually agreed, through June 30, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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| | |
|:---|:---|
| Fund | **Class Expense** <br> **Limitation**  |
| &nbsp;&nbsp; Jennison Focused Growth - Class A | 1.05% |
| &nbsp;&nbsp; Jennison Focused Growth - Class C | 1.78 |
| &nbsp;&nbsp; Jennison Focused Growth - Class Z | 0.75 |
| &nbsp;&nbsp; Jennison Focused Growth - Class R6 | 0.67 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class A | 1.11 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class C | 2.13 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class R | 1.32 |

---

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Notes to Financial Statements (unaudited) (continued)

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| | |
|:---|:---|
| Fund | **Class Expense** <br> **Limitation**  |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class Z | 0.79% |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class R6 | 0.79 |

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The RIC, on behalf of each Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class R, Class Z and Class R6 shares of each Fund. Each Fund compensates PIMS for distributing and servicing each 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, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through June 30, 2026 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

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

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| | | |
|:---|:---|:---|
| Fund | Gross Distribution Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Distribution Fee |
| &nbsp;&nbsp; Jennison Focused Growth - Class A | 0.30% | 0.25% |
| &nbsp;&nbsp; Jennison Focused Growth - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Jennison Focused Growth - Class Z | N/A | N/A |
| &nbsp;&nbsp; Jennison Focused Growth - Class R6 | N/A | N/A |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class A | 0.30 | 0.25 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class C | 1.00 | 1.00 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class R | 0.75 | 0.50 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class Z | N/A | N/A |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class R6 | N/A | N/A |

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The RIC, on behalf of each Fund, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Fund on whose behalf the trades were made. Commission recapture is paid solely to the Fund generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended August 31, 2025, brokerage commissions recaptured under these agreements was as follows:

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| | |
|:---|:---|
| Fund | Amount |
| &nbsp;&nbsp; Jennison Focused Growth | $11415 |

---

For the reporting period ended August 31, 2025, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

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| | | |
|:---|:---|:---|
| Fund | FESL | CDSC |
| &nbsp;&nbsp; Jennison Focused Growth - Class A | $167552 | $4884 |
| &nbsp;&nbsp; Jennison Focused Growth - Class C |  | 1828 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class A | 2112 |  |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class C |  | 40 |

---

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

4. Other Transactions with Affiliates

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

The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and

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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 Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended August 31, 2025, no Rule 17a-7 transactions were entered into by the Funds.

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 August 31, 2025, were as follows:

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| | | |
|:---|:---|:---|
| Fund | Cost of<br>Purchases | Proceeds<br>from Sales |
| &nbsp;&nbsp; Jennison Focused Growth | $225661610 | $295473557 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 147234452 | 164788797 |

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

#### Jennison Focused Growth

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Period** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | Change in<br>Unrealized<br>Gain<br>(Loss) | 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:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> |  |  |
| $31663 | $186644146 | $186340370 |  | $— | $— | $335439 | 335439 | $325783 | $— |
| PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 380442686 | 365290338 |  | (917) | (3564) | 15147867 | 15158478 | 21365<sup>(1)</sup> |  |
| $31663 | $567086832 | $551630708 |  | $(917) | $(3564) | $15483306 |  | $347148 | $— |
| Quant Solutions Large-Cap Value | Quant Solutions Large-Cap Value | Quant Solutions Large-Cap Value | Quant Solutions Large-Cap Value |  |  |  |  |  |  |
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value, 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:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wb)</sup> |  |  |
| $123253 | $16625484 | $16683217 |  | $— | $— | $65520 | 65520 | $10207 | $— |
| PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wb)</sup> |  |  |
| 1910770 | 23789406 | 25526421 |  | 183 | 327 | 174265 | 174387 | 1055<sup>(1)</sup> |  |
| $2034023 | $40414890 | $42209638 |  | $183 | $327 | $239785 |  | $11262 | $— |

---

(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. Tax Information

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund | Tax Basis | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net <br>Unrealized <br>Appreciation |
| &nbsp;&nbsp; Jennison Focused Growth | $786367494 | $973024679 | $(8842110) | $964182569 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 206752023 | 51982298 | (6487107) | 45495191 |

---

------

Notes to Financial Statements (unaudited) (continued)

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

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of February 28, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | | |
|:---|:---|:---|
| Fund | Capital Loss <br>Carryforward | Capital Loss<br> Carryforward Utilized |
| &nbsp;&nbsp; Jennison Focused Growth | $5902000 | $196515000 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value |  | 2159000 |

---

The Funds indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (February 28, 2026).

---

| | | |
|:---|:---|:---|
| Fund | Qualified Late-Year <br>Losses | Post-October<br> Capital Losses |
| &nbsp;&nbsp; Jennison Focused Growth | $1813000 | $— |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value |  |  |

---

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended February 28, 2025 are subject to such review.

7. Capital and Ownership

The Jennison Focused Growth Fund offers Class A, Class C, Class Z and Class R6 shares. The Quant Solutions Large-Cap Value 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 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, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

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

As of August 31, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| Fund | Number of Shares | Percentage of <br> Outstanding Shares |
| &nbsp;&nbsp; Jennison Focused Growth–Class Z | 35648 | 0.3% |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value–Class Z | 17937 | 0.6 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | Number of <br>Shareholders | Percentage of <br> Outstanding Shares |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; Jennison Focused Growth |  | —% |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value |  |  |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Jennison Focused Growth | 4 | 38.7 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 2 | 83.0 |

---

------

Transactions in shares of beneficial interest were as follows:

#### Jennison Focused Growth:

---

| | | |
|:---|:---|:---|
| Share Class | Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 482384 | $12679488 |
| &nbsp;&nbsp; Shares purchased | (2608345) | (68136446) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2125961) | (55456958) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 141149 | 3846652 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (133499) | (3545049) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2118311) | $(55155355) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1288625 | $33080529 |
| &nbsp;&nbsp; Shares purchased | (5478653) | (137495945) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (4190028) | (104415416) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 259541 | 6437540 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (331446) | (8176727) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (4261933) | $(106154603) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 106371 | $1952940 |
| &nbsp;&nbsp; Shares purchased | (219239) | (3899732) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (112868) | (1946792) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (181682) | (3376282) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (294550) | $(5323074) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 226062 | $3943709 |
| &nbsp;&nbsp; Shares purchased | (480933) | (8329802) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (254871) | (4386093) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (318283) | (5536871) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (573154) | $(9922964) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1528403 | $45823290 |
| &nbsp;&nbsp; Shares purchased | (1598816) | (46479243) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (70413) | (655953) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 123714 | 3698279 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (24940) | (761905) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 28361 | $2280421 |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2023734 | $56748054 |
| &nbsp;&nbsp; Shares purchased | (3767112) | (106108210) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1743378) | (49360156) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 292531 | 8184608 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (109012) | (3043816) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1559859) | $(44219364) |

---

------

Notes to Financial Statements (unaudited) (continued)

#### Jennison Focused Growth (cont'd.):

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 271325 | $8069540 |
| &nbsp;&nbsp; Shares purchased | (645313) | (19359962) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (373988) | (11290422) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 8193 | 240041 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3145) | (101736) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (368940) | $(11152117) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 735358 | $20802390 |
| &nbsp;&nbsp; Shares purchased | (1628632) | (46199865) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (893274) | (25397475) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 86519 | 2464430 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (11050) | (329164) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (817805) | $(23262209) |
| Quant Solutions Large-Cap Value: |  |  |
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 174384 | $1987884 |
| &nbsp;&nbsp; Shares purchased | (478958) | (5722258) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (304574) | (3734374) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5787 | 67947 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2634) | (31796) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (301421) | $(3698223) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 442366 | $5764441 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 497095 | 5989990 |
| &nbsp;&nbsp; Shares purchased | (637237) | (8181883) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 302224 | 3572548 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 19628 | 247055 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (39260) | (521832) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 282592 | $3297771 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2017 | $20956 |
| &nbsp;&nbsp; Shares purchased | (18504) | (187810) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (16487) | (166854) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (4573) | (47490) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (21060) | $(214344) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 14401 | $165923 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 33585 | 350623 |
| &nbsp;&nbsp; Shares purchased | (51679) | (584289) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (3693) | (67743) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (22964) | (252927) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (26657) | $(320670) |

---

------

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

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 335334 | $4276776 |
| &nbsp;&nbsp; Shares purchased | (1313527) | (16296423) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (978193) | $(12019647) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 351833 | $4692559 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1993499 | 25098158 |
| &nbsp;&nbsp; Shares purchased | (2322726) | (31776451) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 22606 | $(1985734) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 105290 | $1325349 |
| &nbsp;&nbsp; Shares purchased | (298105) | (3776593) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (192815) | (2451244) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1492 | 19197 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1762) | (20457) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (193085) | $(2452504) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 57477 | $786042 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 504756 | 6359921 |
| &nbsp;&nbsp; Shares purchased | (513337) | (6909962) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 48896 | 236001 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 32080 | 442779 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (14982) | (211274) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 65994 | $467506 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2383 | $28751 |
| &nbsp;&nbsp; Shares purchased | (57684) | (704780) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (55301) | (676029) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1025 | 12599 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (54276) | $(663430) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 688796 | $9409799 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 34380 | 432495 |
| &nbsp;&nbsp; Shares purchased | (4759144) | (66535905) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (4035968) | (56693611) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 21399 | 301339 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (366) | (5140) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (4014935) | $(56397412) |

---

8. Borrowings

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

---

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

---

------

Notes to Financial Statements (unaudited) (continued)

---

| | |
|:---|:---|
|  | SCA |
| &nbsp;&nbsp; **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 |

---

Subsequent to the reporting period end, the SCA has been renewed and effective September 26, 2025 will provide a commitment of $1,200,000,000 through September 24, 2026. The commitment fee allocated to the Participating Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent.

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

The Funds indicated below utilized the SCA during the reporting period ended August 31, 2025. The average balance outstanding is for the number of days the Funds utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | **Average**<br> **Balance**<br> **Outstanding** | **Weighted**<br> **Average**<br> **Interest<br>Rates** | **Number**<br> **of Days**<br> **Outstanding** | **Maximum**<br> **Balance**<br> **Outstanding** | **Balance** <br> **Outstanding at** <br> **August 31, 2025**  |
| &nbsp;&nbsp; Jennison Focused Growth | $727056 | 5.45% | 18 | $2994000 | $— |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 413059 | 5.43 | 17 | 3043000 |  |

---

9. Risks of Investing in the Funds

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

---

| | | |
|:---|:---|:---|
| Risks | **Jennison**<br> **Focused**<br> **Growth** | **Quant**<br> **Solutions<br>Large-Cap**<br> **Value** |
| &nbsp;&nbsp; Convertible Securities | X |  |
| &nbsp;&nbsp; Economic and Market Events | X | X |
| &nbsp;&nbsp; Equity and Equity-Related Securities | X | X |
| &nbsp;&nbsp; Foreign Securities | X |  |
| &nbsp;&nbsp; Growth Style | X |  |
| &nbsp;&nbsp; Increase in Expenses | X | X |
| &nbsp;&nbsp; Initial Public Offerings | X |  |
| &nbsp;&nbsp; Large Capitalization Company | X | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X |
| &nbsp;&nbsp; Management | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X |
| &nbsp;&nbsp; Market | X | X |
| &nbsp;&nbsp; Model Design |  | X |
| &nbsp;&nbsp; Model Implementation |  | X |
| &nbsp;&nbsp; Non-Diversified Investment Company | X |  |
| &nbsp;&nbsp; Preferred Securities | X |  |
| &nbsp;&nbsp; Sector Exposure | X | X |
| &nbsp;&nbsp; Value Style |  | X |

---

*Convertible Securities Risk:* The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer's credit rating

------

or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

*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.

*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.

*Growth Style Risk:* The Fund's growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

*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.

*Initial Public Offerings ("IPOs") Risk:* The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund's performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns.

*Large Capitalization Company Risk:* Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

*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

------

Notes to Financial Statements (unaudited) (continued)

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 Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

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

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

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

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

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

*Non-Diversified Investment Company Risk:* The Fund is non-diversified for purposes of the 1940 Act. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

*Preferred Securities Risk:* Preferred securities can experience sharp declines in value over short or extended periods of time, regardless of the success or failure of a company's operations. A redemption by the issuer may negatively impact the return of the security held by the Fund. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred securities may be less attractive and the price of preferred securities may decline. Preferred security

------

usually does not require the issuer to pay dividends and may permit the issuer to defer dividend payments. Deferred dividend payments could have adverse tax consequences for the Fund and may cause the preferred security to lose substantial value. Preferred securities also may have substantially lower trading volumes and less market depth than many other securities, such as common stock or U.S. Government securities.

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

*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

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

11. Subsequent Event

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of August 31, 2025.

------

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

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

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

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

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Approval of Advisory Agreements

#### PGIM Jennison Focused Growth Fund

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

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

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

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

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

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM and Jennison. The Board noted that Jennison and PGIM are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the sub-manager and the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the

<sup>1</sup> PGIM Jennison Focused Growth Fund is a series of Prudential Investment Portfolios 3.

PGIM Jennison Focused Growth Fund

------

Approval of Advisory Agreements (continued)

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

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

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

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

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

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

#### Other Benefits to PGIM Investments, PGIM and Jennison
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM and Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments or PGIM included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments and PGIM), benefits to

Visit our website at pgim.com/investments

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

their reputations as well as other intangible benefits resulting from PGIM Investments' and PGIM's association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments, PGIM and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

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

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended February 28, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Net Performance |
| &nbsp;&nbsp;&nbsp;Net Performance 2<sup>nd</sup> Quartile 4<sup>th</sup> Quartile 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile |

---

• The Board noted that, while the Fund underperformed its benchmark index over all periods, it had strong performance against peers.

• The Board noted that the Fund outperformed its peer universe median, with second quartile performance, over the one-year period.

• The Board considered that PGIM Investments is encouraged by the Fund's strong returns over the long term as demonstrated by its five- and ten-year performance versus its peers.

• The Board and PGIM Investments agreed to retain the existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 1.05% for Class A shares, 1.78% for Class C shares, 0.75% for Class Z shares, and 0.67% for Class R6 shares through June 30, 2026.

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

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

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

\* \* \*

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

PGIM Jennison Focused Growth Fund

------

Approval of Advisory Agreements

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

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

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

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

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

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and PGIM Quantitative Solutions, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

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

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

<sup>1</sup> PGIM Quant Solutions Large-Cap Value Fund is a series of Prudential Investment Portfolios 3.

Visit our website at pgim.com/investments

------

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

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

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

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

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

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

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

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

PGIM Quant Solutions Large-Cap Value Fund

------

Approval of Advisory Agreements (continued)

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

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

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended February 28, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Net Performance |
| &nbsp;&nbsp;&nbsp;Net Performance 4<sup>th</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile |

---

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

• The Board considered PGIM Investments' assertion that effective year-end 2024, the portfolio management team implemented enhancements to the Fund's value equity stock selection model that PGIM Investments expects will improve performance.

• The Board also considered the Fund's improving performance, noting that the Fund outperformed its benchmark index for the fourth quarter of 2024.

• The Board requested and PGIM Investments agreed to a contractual cap on Fund expenses that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.11% of average daily net assets for Class A shares, 2.13% of average daily net assets for Class C shares, 1.32% of average daily net assets for Class R shares, and 0.79% of average daily net assets for Class Z shares and Class R6 shares through June 30, 2026.

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

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

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

\* \* \*

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

Visit our website at pgim.com/investments

------

![LOGO](g87879dsp1a.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 3
PGIM Strategic Bond Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### AUGUST 31, 2025
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![LOGO](g87879dsp1b.jpg)

------

<u> **Table of Contents**</u>   <u> Financial Statements and Other Information</u>   <u> August 31, 2025</u>

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

---

| | |
|:---|:---|
|  [PGIM Strategic Bond Fund](#edgar87879_1) | 1 |
|  [Notes to Financial Statements](#edgar87879_2) | 48 |

---

**[Other Information](#edgar87879_3)**[- Form N-CSR Items 8-11](#edgar87879_3)

------

**Schedule of Investments** (unaudited)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 101.0%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 13.3%** |  |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes,<br>Series 2024-A, Class E, 144A | 7.917% | 05/17/32 |  | 565 | $578449 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII Trust,<br>Series 2024-CAR1F, Class A, 144A | 6.971 | 07/29/32 |  | 374 | 374754 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust,<br>Series 2023-02, Class D, 144A | 6.600 | 02/15/36 |  | 1200 | 1250615 |
| &nbsp;&nbsp; Santander Consumer Auto Receivables Trust,<br>Series 2021-AA, Class E, 144A | 3.280 | 03/15/27 |  | 1000 | 993292 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197110 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 11.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Bilbao CLO DAC (Ireland),<br>Series 04A, Class B, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%) | 4.226(c) | 04/15/36 | EUR | 5900 | 6936193 |
| &nbsp;&nbsp; BlueMountain CLO Ltd. (Cayman Islands),<br>Series 2019-25A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 6.168(c) | 01/15/38 |  | 6000 | 6006485 |
| &nbsp;&nbsp; Carlyle Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2RA, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 3.625(c) | 03/15/32 | EUR | 8250 | 9675979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A2B, 144A | 2.100 | 10/15/35 | EUR | 9100 | 10047185 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands),<br>Series 2021-14A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 6.025(c) | 01/20/38 |  | 5750 | 5775029 |
| &nbsp;&nbsp; Fidelity Grand Harbour CLO DAC (Ireland),<br>Series 2021-01A, Class B1, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%) | 3.776(c) | 10/15/34 | EUR | 9000 | 10565504 |
| &nbsp;&nbsp; HPC Investment Partners CLO,<br>Series 2013-02RR, Class A2, 144A, 3 Month SOFR + 1.887% (Cap N/A, Floor 0.000%) | 6.212(c) | 10/20/29 |  | 299 | 298723 |
| &nbsp;&nbsp; Madison Park Euro Funding DAC (Ireland),<br>Series 14A, Class B1R, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 3.726(c) | 07/15/32 | EUR | 8050 | 9426761 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands),<br>Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.929(c) | 03/25/38 |  | 4000 | 4009527 |
| &nbsp;&nbsp; Menlo CLO Ltd. (Cayman Islands),<br>Series 2024-01A, Class C, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 6.575(c) | 01/20/38 |  | 5150 | 5179323 |
| &nbsp;&nbsp; Nassau Euro CLO DAC (Ireland),<br>Series 02A, Class BR, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | 3.839(c) | 04/25/39 | EUR | 5500 | 6430030 |
| &nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),<br>Series 2019-02A, Class A2R, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%) | 6.279(c) | 10/15/34 |  | 15000 | 15012903 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands),<br>Series 2019-01A, Class BRR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.118(c) | 10/15/37 |  | 5500 | 5515739 |
| &nbsp;&nbsp; St. Pauls CLO (Netherlands),<br>Series 11A, Class C2R, 144A | 2.500 | 01/17/32 | EUR | 8500 | 9349424 |
| &nbsp;&nbsp; St. Paul's CLO DAC (Ireland),<br>Series 04A, Class AR2B, 144A | 1.870 | 04/25/30 | EUR | 9200 | 10407362 |
| &nbsp;&nbsp; Tikehau CLO DAC (Ireland),<br>Series 09A, Class B1R, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) | 4.024(c) | 01/20/37 | EUR | 9500 | 11129799 |
|  |  |  |  |  | 125765966 |
| &nbsp;&nbsp; **Consumer Loans 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Affirm Asset Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1E, 144A | 9.170 | 02/15/29 |  | 900 | 908500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-X02, Class D, 144A | 6.080 | 12/17/29 |  | 1700 | 1715016 |
| &nbsp;&nbsp; Affirm Master Trust,<br>Series 2025-01A, Class D, 144A | 5.620 | 02/15/33 |  | 2500 | 2510517 |
| &nbsp;&nbsp; Island Finance Trust,<br>Series 2025-01A, Class A, 144A | 6.540 | 03/19/35 |  | 1000 | 1019023 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust,<br>Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 |  | 2600 | 2686995 |
|  |  |  |  |  | 8840051 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 1

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Equipment 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; MetroNet Infrastructure Issuer LLC,<br>Series 2025-02A, Class C, 144A | 7.830% | 08/20/55 |  | 2000 | $2028811 |
| &nbsp;&nbsp; **Home Equity Loans 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Towd Point Mortgage Trust,<br>Series 2025-CES01, Class M2B, 144A | 6.872(cc) | 02/25/55 |  | 2200 | 2250716 |
| &nbsp;&nbsp; **Other 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03C, Class A, 144A | 6.500 | 07/20/55 |  | 409 | 399180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | 6.250 | 06/20/57 |  | 807 | 791667 |
| &nbsp;&nbsp; Invitation Homes Trust,<br>Series 2024-SFR01, Class C, 144A | 4.250 | 09/17/41 |  | 1800 | 1751331 |
| &nbsp;&nbsp; PMT Issuer Trust - FMSR,<br>Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 7.069(c) | 12/25/27 |  | 2000 | 2013237 |
| &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC,<br>Series 2023-02A, Class D, 144A | 9.720 | 04/20/40 |  | 548 | 576799 |
| &nbsp;&nbsp; Sunrun Bacchus Issuer LLC,<br>Series 2025-01A, Class A1, 144A | 5.990 | 04/30/60 |  | 956 | 962763 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6494977 |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; LSF11 Boson Investments Sarl Compartment 2 (Spain),<br>Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.049(c) | 11/25/60 | EUR | 69 | 78261 |
| &nbsp;&nbsp; PRET LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL02, Class A1, 144A | 5.835(cc) | 03/25/55 |  | 1907 | 1921452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL07, Class A1, 144A | 5.657(cc) | 07/25/55 |  | 1478 | 1480551 |
| &nbsp;&nbsp; TFS (Spain),<br>Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%^ | 5.163(c) | 03/15/26 | EUR | 198 | 172473 |
|  |  |  |  |  | 3652737 |
| &nbsp;&nbsp; **Student Loan 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Laurel Road Prime Student Loan Trust,<br>Series 2019-A, Class R, 144A | 0.000 | 10/25/48 |  | 390 | 146310 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br>(cost $151,306,423) |  |  |  |  | 152376678 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 6.5%** |  |  |  |  |  |
| &nbsp;&nbsp; 20 Times Square Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class F, 144A(x) | 3.203(cc) | 05/15/35 |  | 4900 | 4385500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A(x) | 3.203(cc) | 05/15/35 |  | 5000 | 4325000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A(x) | 3.203(cc) | 05/15/35 |  | 100 | 84000 |
| &nbsp;&nbsp; ARES Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class C, 144A, 1 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.463(c) | 04/15/42 |  | 1130 | 1130000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class D, 144A, 1 Month SOFR + 2.550% (Cap N/A, Floor 2.550%) | 6.913(c) | 04/15/42 |  | 1060 | 1060963 |
| &nbsp;&nbsp; BANK5, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR03, Class XD, IO, 144A | 3.559(cc) | 09/15/56 |  | 11949 | 1034602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class XD, IO, 144A | 3.858(cc) | 12/15/56 |  | 10349 | 983125 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class E, 144A | 3.729(cc) | 08/14/36 |  | 250 | 228368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | 4.409(cc) | 08/05/38 |  | 250 | 218256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class XB, IO | 1.254(cc) | 08/15/52 |  | 43170 | 1683354 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V05, Class XD, IO, 144A | 3.205(cc) | 01/10/57 |  | 13473 | 1172127 |
| &nbsp;&nbsp; BFLD Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class B, 144A, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.589%) | 6.952(c) | 07/15/41 |  | 1700 | 1695753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class E, 144A, 1 Month SOFR + 3.689% (Cap N/A, Floor 3.689%) | 8.052(c) | 08/15/26 |  | 1205 | 1202083 |

---

See Notes to Financial Statements.

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; BLP Commercial Mortgage Trust,<br>Series 2025-IND, Class D, 144A, 1 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 6.613%(c) | 03/15/42 | 1740 | $1731305 |
| &nbsp;&nbsp; BMO Mortgage Trust,<br>Series 2024-05C04, Class XD, IO, 144A | 3.003(cc) | 05/15/57 | 16130 | 1328447 |
| &nbsp;&nbsp; BPR Commercial Mortgage Trust,<br>Series 2024-PARK, Class C, 144A | 6.389(cc) | 11/05/39 | 2240 | 2283937 |
| &nbsp;&nbsp; BPR Trust,<br>Series 2023-BRK02, Class C, 144A | 8.630(cc) | 10/05/38 | 3800 | 3979629 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class A, 144A, 1 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.730(c) | 08/15/42 | 2350 | 2352203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class E, 144A, 1 Month SOFR + 3.690% (Cap N/A, Floor 3.690%) | 8.053(c) | 04/15/40 | 1098 | 1097478 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class E, 144A, 1 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 7.363(c) | 02/15/35 | 2110 | 2110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class D, 144A, 1 Month SOFR + 1.993% (Cap N/A, Floor 1.993%) | 6.356(c) | 03/15/30 | 1873 | 1860992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class E, 144A, 1 Month SOFR + 3.300% (Cap N/A, Floor 3.300%) | 7.663(c) | 06/15/35 | 1040 | 1036979 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | 6.338 | 08/10/44 | 600 | 634061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.894(cc) | 08/10/44 | 1900 | 49350 |
| &nbsp;&nbsp; DBWF Mortgage Trust,<br>Series 2016-85T, Class D, 144A | 3.935(cc) | 12/10/36 | 250 | 234557 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K055, Class X1, IO | 1.469(cc) | 03/25/26 | 959 | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class X1, IO | 0.866(cc) | 06/25/27 | 6854 | 68995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K103, Class X1, IO | 0.752(cc) | 11/25/29 | 146453 | 3371923 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class F, 144A, 1 Month SOFR + 4.664% (Cap N/A, Floor 4.550%) | 9.028(c) | 10/15/36 | 3090 | 3040862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-800D, Class A, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 7.010(c) | 11/25/41 | 2155 | 2158954 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class D, 144A | 6.551(cc) | 01/13/40 | 1895 | 1974726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class E, 144A | 6.901(cc) | 01/13/40 | 970 | 1007069 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust,<br>Series 2018-AON, Class D, 144A | 4.767(cc) | 07/05/31 | 2300 | 1001328 |
| &nbsp;&nbsp; MHC Commercial Mortgage Trust,<br>Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | 7.078(c) | 04/15/38 | 2188 | 2190051 |
| &nbsp;&nbsp; NYC Commercial Mortgage Trust,<br>Series 2025-03BP, Class E, 144A, 1 Month SOFR + 3.540% (Cap N/A, Floor 3.540%) | 7.903(c) | 02/15/42 | 2110 | 2096603 |
| &nbsp;&nbsp; ONE Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | 5.977(c) | 03/15/36 | 772 | 733020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class E, 144A, 1 Month SOFR + 1.864% (Cap N/A, Floor 1.750%) | 6.227(c) | 03/15/36 | 400 | 370803 |
| &nbsp;&nbsp; ROCK Trust,<br>Series 2024-CNTR, Class E, 144A | 8.819 | 11/13/41 | 1895 | 2001320 |
| &nbsp;&nbsp; SCG Commercial Mortgage Trust,<br>Series 2025-DLFN, Class D, 144A, 1 Month SOFR + 2.150% (Cap N/A, Floor 2.150%) | 6.513(c) | 03/15/35 | 1355 | 1348229 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | 8.978(c) | 05/15/31 | 11200 | 11229983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GRP, Class B, 144A, 1 Month SOFR + 2.291% (Cap N/A, Floor 2.291%) | 6.654(c) | 10/15/41 | 700 | 702492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GRP, Class C, 144A, 1 Month SOFR + 2.940% (Cap N/A, Floor 2.940%) | 7.303(c) | 10/15/41 | 1100 | 1101696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B33RP, Class A, 144A, 1 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.700(c) | 08/15/42 | 1750 | 1749994 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $76,610,116) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74054865 |
| &nbsp;&nbsp; **CORPORATE BONDS 34.8%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 02/01/27 | 1035 | 1011648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 08/01/59 | 1500 | 1034236 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 | 2750 | 2755280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 06/15/33 | 595 | 617967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 04/15/27 | 689 | 690723 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 3

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Embraer Netherlands Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000% | 07/28/30 |  | 1865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007649 |
|  |  |  |  |  | 8117503 |
| &nbsp;&nbsp; **Agriculture 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Altria Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 05/06/30 |  | 100 | 95817 |
| &nbsp;&nbsp; **Airlines 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.750 | 04/20/29 |  | 1925 | 1929812 |
| &nbsp;&nbsp; Delta Air Lines, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 10/28/29 |  | 1720 | 1668367 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 |  | 695 | 702941 |
| &nbsp;&nbsp; United Airlines 2019-2 Class AA Pass-Through Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 2.700 | 11/01/33 |  | 348 | 315744 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 04/15/26 |  | 850 | 847386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 |  | 400 | 394026 |
|  |  |  |  |  | 5858276 |
| &nbsp;&nbsp; **Apparel 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Kontoor Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 11/15/29 |  | 600 | 565156 |
| &nbsp;&nbsp; **Auto Manufacturers 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/12/32 |  | 875 | 749750 |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 |  | 1175 | 1151475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/16/28 |  | 550 | 521370 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 06/21/30 |  | 1365 | 1296159 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 07/17/33 | EUR | 2500 | 3045162 |
|  |  |  |  |  | 6763916 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.500 | 04/01/27 |  | 950 | 952573 |
| &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 |  | 50 | 51748 |
| &nbsp;&nbsp; Dana, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 11/15/27 |  | 3015 | 3014786 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 |  | 200 | 206721 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 |  | 135 | 137264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 08/15/33 |  | 80 | 82696 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 |  | 1975 | 1975497 |
|  |  |  |  |  | 6421285 |
| &nbsp;&nbsp; **Banks 6.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Banco de Credito del Peru SA (Peru), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | 3.250(ff) | 09/30/31 |  | 1315 | 1286727 |

---

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; Bangkok Bank PCL (Thailand), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 3.466%(ff) | 09/23/36 | 1185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076158 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 1605 | 1455787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.496(ff) | 02/13/31 | 2935 | 2709493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.884(ff) | 10/22/30 | 1200 | 1134709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.194(ff) | 07/23/30 | 1000 | 959991 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.894(ff) | 11/24/32 | 1270 | 1134927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.367(ff) | 02/25/31 | 2865 | 2955316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.437(ff) | 11/02/33 | 1375 | 1570826 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 3.052(ff) | 01/13/31 | 2020 | 1893679 |
| &nbsp;&nbsp; Cassa Depositi e Prestiti SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/05/26 | 400 | 403044 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | 4.000(ff) | 12/10/25(oo) | 605 | 600488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.976(ff) | 11/05/30 | 8950 | 8459222 |
| &nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.000 | 10/01/28 | 150 | 160311 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | 3.650(ff) | 08/10/26(oo) | 1415 | 1384119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 265 | 262259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 1040 | 1040154 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 4.198(ff) | 06/01/32 | 700 | 654214 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series KK | 3.650(ff) | 06/01/26(oo) | 18000 | 17776375 |
| &nbsp;&nbsp; Mizrahi Tefahot Bank Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 3.077(ff) | 04/07/31 | 2545 | 2502753 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 3780 | 3741208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 5500 | 5524091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.943(ff) | 01/21/33 | 3820 | 3442566 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.889(ff) | 06/09/32 | 745 | 662018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 3.337(ff) | 01/21/33 | 2580 | 2322852 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N | 6.669(ff) | 03/01/26(oo) | 710 | 710683 |
| &nbsp;&nbsp; U.S. Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 3.700(ff) | 01/15/27(oo) | 3660 | 3530597 |
| &nbsp;&nbsp; VTB Bank OJSC Via VTB Capital SA (Russia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 6.950 | 10/17/22(d) | 2240 | 112000 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.068(ff) | 04/30/41 | 3150 | 2397659 |
|  |  |  |  | 71864226 |
| &nbsp;&nbsp; **Building Materials 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 01/15/29 | 150 | 115610 |
| &nbsp;&nbsp; Griffon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 03/01/28 | 515 | 513989 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 | 450 | 442706 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 395 | 407334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/01/33 | 85 | 88058 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 5

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Building Materials (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000% | 11/01/28 |  | 1565 | $1569045 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 07/15/30 |  | 1200 | 1150273 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287015 |
| &nbsp;&nbsp; **Chemicals 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Ashland, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 09/01/31 |  | 575 | 511825 |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/10/28 |  | 212 | 163812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/31/30 |  | 262 | 183728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/12/31 |  | 4925 | 3743000 |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 06/23/31 |  | 200 | 183056 |
| &nbsp;&nbsp; Orbia Advance Corp. SAB de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.800 | 05/13/30 |  | 1560 | 1595880 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 09/18/26 |  | 730 | 723386 |
|  |  |  |  |  | 7104687 |
| &nbsp;&nbsp; **Commercial Services 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 |  | 728 | 725049 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 06/01/29 |  | 2025 | 2002653 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 |  | 680 | 663082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 |  | 420 | 410252 |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 |  | 365 | 347215 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/01/27 |  | 1000 | 983961 |
| &nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/15/31 |  | 200 | 212128 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 |  | 960 | 983140 |
| &nbsp;&nbsp; DP World Ltd. (United Arab Emirates), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 09/25/30 | GBP | 500 | 655526 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/33 |  | 120 | 125844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 06/15/30 |  | 285 | 296604 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 01/15/32 |  | 2050 | 1889588 |
|  |  |  |  |  | 9295042 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; CA Magnum Holdings (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.375 | 10/31/26 |  | 535 | 531656 |
| &nbsp;&nbsp; Gartner, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 07/01/28 |  | 350 | 346251 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 |  | 656 | 711392 |
|  |  |  |  |  | 1589299 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services 2.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes^ | 5.610% | 05/03/27 |  | 1250 | $1249026 |
| &nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.375 | 04/01/32 |  | 220 | 227231 |
| &nbsp;&nbsp; Greystone Commercial Capital Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, 144A, 1 Month LIBOR + 2.270%^(x) | 7.230(c) | 05/31/26(d) |  | 6293 | 5601043 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 01/23/30 |  | 350 | 345558 |
| &nbsp;&nbsp; Jerrold Finco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 06/15/31 | GBP | 2075 | 2872064 |
| &nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 12/15/30 |  | 150 | 151678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 08/15/28 |  | 1590 | 1588025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 01/15/27 |  | 800 | 800776 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 |  | 1800 | 1725418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 09/15/30 |  | 750 | 693527 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 |  | 1800 | 1735293 |
| &nbsp;&nbsp; Power Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.250 | 08/10/28 |  | 800 | 818056 |
| &nbsp;&nbsp; Sherwood Financing PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 3 Month EURIBOR + 5.500% | 7.475(c) | 12/15/29 | EUR | 2475 | 2884572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000 | 11/15/26 | GBP | 3250 | 4354264 |
| &nbsp;&nbsp; Stifel Financial Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.000 | 05/15/30 |  | 6525 | 6384119 |
| &nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 11/15/25 |  | 400 | 399500 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31830150 |
| &nbsp;&nbsp; **Electric 3.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Aydem Yenilenebilir Enerji A/S (Turkey), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 7.750 | 02/02/27 |  | 1208 | 1192671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 02/02/27 |  | 1516 | 1496762 |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 02/15/28 |  | 670 | 663832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 |  | 2775 | 2743150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 |  | 1175 | 1165433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 |  | 4000 | 3995720 |
| &nbsp;&nbsp; Cleco Corporate Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 09/15/29 |  | 295 | 276076 |
| &nbsp;&nbsp; CMS Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 4.750(ff) | 06/01/50 |  | 1550 | 1498360 |
| &nbsp;&nbsp; Eskom Holdings (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | 6.350 | 08/10/28 |  | 2485 | 2537806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 8.450 | 08/10/28 |  | 306 | 324837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 |  | 2504 | 2658146 |
| &nbsp;&nbsp; Light S/A (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 23.382(s) | 08/31/27 |  | 326 | 48859 |
| &nbsp;&nbsp; Light Servicos de Eletricidade SA (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, PIK 2.260% | 2.260 | 12/19/37 |  | 319 | 80808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.210 | 12/19/32 |  | 760 | 425215 |
| &nbsp;&nbsp; Mong Duong Finance Holdings BV (Vietnam), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.125 | 05/07/29 |  | 864 | 853401 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 |  | 225 | 225641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 |  | 200 | 189668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/31 |  | 3525 | 3251402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 02/15/32 |  | 1475 | 1357351 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 7

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; NRG Energy, Inc., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250% | 06/15/29 |  | 1275 | $1270697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) |  | 225 | 247948 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.250 | 06/01/31 |  | 1650 | 1513102 |
| &nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 11/05/31 | EUR | 1106 | 1157240 |
| &nbsp;&nbsp; PG&E Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.375(ff) | 03/15/55 |  | 350 | 347214 |
| &nbsp;&nbsp; Puget Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.100 | 06/15/30 |  | 4130 | 4023693 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) |  | 875 | 887015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) |  | 3125 | 3198005 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 |  | 225 | 220048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 07/31/27 |  | 405 | 404111 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38254211 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/15/29 |  | 205 | 211292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 03/15/32 |  | 160 | 166386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/28 |  | 975 | 989610 |
|  |  |  |  |  | 1367288 |
| &nbsp;&nbsp; **Electronics 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Sensata Technologies, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.750 | 02/15/31 |  | 665 | 611325 |
| &nbsp;&nbsp; **Engineering & Construction 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; AECOM, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 08/01/33 |  | 95 | 96762 |
| &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 |  | 2330 | 2275152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 10/31/46 |  | 938 | 796718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 |  | 6142 | 5191065 |
| &nbsp;&nbsp; TopBuild Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/15/32 |  | 875 | 816177 |
|  |  |  |  |  | 9175874 |
| &nbsp;&nbsp; **Entertainment 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Brightstar Lottery PLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/27 |  | 325 | 327860 |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625 | 10/15/29 |  | 2375 | 2265970 |
| &nbsp;&nbsp; CCM Merger, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 05/01/26 |  | 2175 | 2174730 |
| &nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 |  | 350 | 340314 |
| &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 |  | 1275 | 1233414 |
| &nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 01/15/27 |  | 3125 | 3123565 |
| &nbsp;&nbsp; Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 09/01/31 |  | 1025 | 609121 |
|  |  |  |  |  | 10074974 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Environmental Control 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750% | 01/15/31 |  | 210 | $218662 |
| &nbsp;&nbsp; **Foods 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 01/15/27 |  | 1775 | 1765192 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 |  | 1275 | 1219238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.000 | 09/15/28 |  | 575 | 565560 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.000 | 07/01/31 | EUR | 735 | 866326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.125 | 05/14/30 | GBP | 797 | 1027403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 07/01/31 | EUR | 275 | 326020 |
| &nbsp;&nbsp; Ingles Markets, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 06/15/31 |  | 150 | 140626 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 |  | 450 | 431602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 |  | 725 | 681830 |
| &nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 04/15/31 |  | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1928124 |
|  |  |  |  |  | 8951921 |
| &nbsp;&nbsp; **Forest Products & Paper 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; LD Celulose International GmbH (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.950 | 01/26/32 |  | 1615 | 1699787 |
| &nbsp;&nbsp; **Gas 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 05/20/27 |  | 295 | 294336 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 05/01/33 |  | 146 | 160218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 05/01/35 |  | 242 | 269520 |
|  |  |  |  |  | 724074 |
| &nbsp;&nbsp; **Healthcare-Products 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 |  | 975 | 936845 |
| &nbsp;&nbsp; **Healthcare-Services 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/31 |  | 100 | 91221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 |  | 2500 | 2406716 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 02/15/26 |  | 200 | 200185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.500 | 11/06/33 |  | 2000 | 2286167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 7.750 | 07/15/36 |  | 1500 | 1732016 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 06/01/29 |  | 325 | 316521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 |  | 875 | 849120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.625 | 06/15/28 |  | 825 | 815804 |
|  |  |  |  |  | 8697750 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 |  | 2881 | 3067997 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 9

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Home Builders 1.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625% | 08/01/29 |  | 675 | $649846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 04/01/30 |  | 825 | 779741 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 10/15/27 |  | 125 | 124731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 7.250 | 10/15/29 |  | 3233 | 3269988 |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 02/15/30 |  | 1325 | 1216641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 09/15/27 |  | 275 | 274048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 06/15/29 |  | 1200 | 1125336 |
| &nbsp;&nbsp; Empire Communities Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.750 | 05/01/29 |  | 550 | 564503 |
| &nbsp;&nbsp; KB Home, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/15/31 |  | 615 | 573795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 06/15/27 |  | 941 | 963063 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 |  | 800 | 791840 |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/01/30 |  | 3575 | 3439043 |
| &nbsp;&nbsp; Shea Homes LP/Shea Homes Funding Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 |  | 1925 | 1900518 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 06/15/27 |  | 400 | 403326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 08/01/30 |  | 530 | 528542 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16604961 |
| &nbsp;&nbsp; **Home Furnishings 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Whirlpool Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 06/15/30 |  | 90 | 91147 |
| &nbsp;&nbsp; **Household Products/Wares 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; ACCO Brands Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 03/15/29 |  | 1475 | 1324177 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.375 | 05/15/30 |  | 145 | 143143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.625 | 05/15/32 |  | 75 | 73438 |
|  |  |  |  |  | 216581 |
| &nbsp;&nbsp; **Insurance 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Teachers Insurance & Annuity Association of America, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 4.900 | 09/15/44 |  | 75 | 67417 |
| &nbsp;&nbsp; **Internet 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 |  | 266 | 273605 |
| &nbsp;&nbsp; United Group BV (Slovenia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.000 | 11/15/27 | EUR | 318 | 369713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.625 | 08/15/28 | EUR | 500 | 580680 |
|  |  |  |  |  | 1223998 |
| &nbsp;&nbsp; **Iron/Steel 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 01/31/29 |  | 975 | 977249 |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 07/15/32 |  | 775 | 806372 |

---

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; **Iron/Steel (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875% | 11/01/29 | 245 | $248676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.375 | 05/01/33 | 160 | 159558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 09/15/31 | 400 | 405657 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 10/01/28 | 450 | 469445 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066957 |
| &nbsp;&nbsp; **Leisure Time 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/30 | 150 | 153281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 100 | 98059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 08/01/32 | 1570 | 1595905 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.875 | 03/15/26 | 56 | 56028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 02/15/27 | 500 | 499230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/01/30 | 1100 | 1117875 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 04/01/28 | 25 | 25445 |
| &nbsp;&nbsp; Viking Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 09/15/27 | 300 | 299559 |
| &nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 02/15/29 | 1075 | 1073936 |
|  |  |  |  | 4919318 |
| &nbsp;&nbsp; **Lodging 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Gohl Capital Ltd. (Malaysia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 01/24/27 | 1020 | 1012636 |
| &nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 08/08/29 | 255 | 246014 |
| &nbsp;&nbsp; MGM China Holdings Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 02/01/27 | 2160 | 2141100 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 10/15/28 | 1500 | 1491124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 04/15/27 | 250 | 251571 |
| &nbsp;&nbsp; Wynn Macau Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 01/15/26 | 1400 | 1398600 |
|  |  |  |  | 6541045 |
| &nbsp;&nbsp; **Machinery-Diversified 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 | 125 | 130883 |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 | 900 | 953922 |
|  |  |  |  | 1084805 |
| &nbsp;&nbsp; **Media 1.3%** |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 06/01/29 | 1350 | 1339157 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 | 50 | 48606 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 | 1080 | 691049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 | 200 | 131616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 | 225 | 207337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 | 400 | 384981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 | 475 | 208468 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 11

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750% | 01/15/30 |  | 4000 | $1876774 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 |  | 225 | 185522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 |  | 500 | 452545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 |  | 4570 | 4443210 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750 | 11/15/27 |  | 525 | 555301 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 |  | 625 | 648540 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 01/15/30 | GBP | 2600 | 3234275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.250 | 05/15/29 | GBP | 500 | 654995 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15062376 |
| &nbsp;&nbsp; **Mining 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; AngloGold Ashanti Holdings PLC (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 11/01/28 |  | 1405 | 1353198 |
| &nbsp;&nbsp; Capstone Copper Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/31/33 |  | 155 | 159233 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 02/15/34 |  | 645 | 649031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.375 | 03/01/29 |  | 210 | 222579 |
| &nbsp;&nbsp; Freeport Indonesia PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.315 | 04/14/32 |  | 820 | 833325 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 |  | 277 | 280511 |
| &nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 04/01/26 |  | 900 | 893547 |
| &nbsp;&nbsp; Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.530 | 11/15/28 |  | 1710 | 1827563 |
| &nbsp;&nbsp; New Gold, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/01/32 |  | 105 | 109419 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 08/15/33 |  | 850 | 858353 |
| &nbsp;&nbsp; Yamana Gold, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.630 | 08/15/31 |  | 5000 | 4436461 |
|  |  |  |  |  | 11623220 |
| &nbsp;&nbsp; **Oil & Gas 2.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 01/15/31 |  | 150 | 143885 |
| &nbsp;&nbsp; Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes^ | 7.875 | 12/15/24(d) |  | 2950 | 3 |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 11/01/27 |  | 1004 | 1212632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 10/15/32 |  | 280 | 285091 |
| &nbsp;&nbsp; BP Capital Markets PLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375(ff) | 09/01/25(oo) |  | 638 | 638000 |
| &nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/26 |  | 1000 | 998422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 |  | 125 | 129760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 |  | 275 | 286274 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 04/01/32 |  | 470 | 468184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 01/15/34 |  | 575 | 583803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 02/15/28 |  | 224 | 233932 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 11/02/31 |  | 620 | 543790 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875% | 04/29/30 |  | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 |  | 2105 | 2280557 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 02/01/32 |  | 575 | 560008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 |  | 425 | 426876 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 02/01/29 |  | 675 | 667417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 |  | 675 | 650997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 |  | 700 | 703870 |
| &nbsp;&nbsp; MEG Energy Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 |  | 950 | 956688 |
| &nbsp;&nbsp; New Generation Gas Gathering LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%) | 9.955(c) | 09/30/29 |  | 45 | 43925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058(c) | 09/30/29 |  | 149 | 146419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058(c) | 09/30/29 |  | 178 | 175702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.058(c) | 09/30/29 |  | 149 | 146418 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 |  | 650 | 661864 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/16/34 | GBP | 730 | 971991 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 02/12/28 |  | 144 | 141097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 03/13/27 |  | 2662 | 2673979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 01/23/29 |  | 100 | 100455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 06/15/38 |  | 63 | 52593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 |  | 1137 | 1090326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.840 | 01/23/30 |  | 400 | 397600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.750 | 04/21/27 | EUR | 1000 | 1130779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 4.875 | 02/21/28 | EUR | 1036 | 1204817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 |  | 130 | 137625 |
| &nbsp;&nbsp; Preem Holdings AB (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 12.000 | 06/30/27 | EUR | 2000 | 2420757 |
| &nbsp;&nbsp; Transocean, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 02/01/27 |  | 235 | 234067 |
|  |  |  |  |  | 24516853 |
| &nbsp;&nbsp; **Packaging & Containers 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 |  | 690 | 711510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 250 | 256750 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. US, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 02/01/28 |  | 100 | 101342 |
|  |  |  |  |  | 1069602 |
| &nbsp;&nbsp; **Pharmaceuticals 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 |  | 1350 | 1278140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/28 |  | 300 | 298997 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.000 | 01/30/28 |  | 650 | 561438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.000 | 02/15/29 |  | 800 | 611464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.250 | 01/30/30 |  | 1175 | 847810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 5.250 | 02/15/31 |  | 4025 | 2715869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 6.250 | 02/15/29 |  | 75 | 58642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(x) | 7.000 | 01/15/28 |  | 1225 | 1102488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 4.875 | 06/01/28 |  | 575 | 516781 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 13

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125% | 07/20/45 | 25 | $21983 |
| &nbsp;&nbsp; Mylan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 11/29/43 | 3000 | 2536705 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.125 | 04/30/31 | 525 | 450238 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000555 |
| &nbsp;&nbsp; **Pipelines 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 01/15/28 | 1800 | 1804426 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 2900 | 2974240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | 6.500(ff) | 11/15/26(oo) | 655 | 658132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 5 | 4408 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | 7.433(c) | 08/16/77 | 200 | 199809 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 07/13/47 | 25 | 21227 |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/15/40 | 225 | 227062 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 01/15/28 | 1250 | 1247496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 12/31/30 | 2150 | 2121173 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 9.000(ff) | 09/30/29(oo) | 695 | 691355 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 01/15/34 | 150 | 156705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 01/15/36 | 150 | 157468 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 01/15/45 | 76 | 66695 |
|  |  |  |  | 10330196 |
| &nbsp;&nbsp; **Real Estate 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Agile Group Holdings Ltd. (China), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.050 | 10/13/25(d) | 2085 | 116760 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/01/29 | 4000 | 3829674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 08/01/28 | 920 | 919340 |
| &nbsp;&nbsp; Hunt Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 04/15/29 | 1950 | 1906577 |
|  |  |  |  | 6772351 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 07/01/30 | 1590 | 1557989 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 | 2000 | 1697999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 1425 | 1346275 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/15/31 | 500 | 352793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/15/27 | 450 | 426629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 | 50 | 52390 |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 04/01/32 | 500 | 513707 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 12/01/26 | 345 | 343465 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500% | 09/01/26 |  | 75 | $74821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/01/29 |  | 285 | 281836 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6647904 |
| &nbsp;&nbsp; **Retail 1.5%** |  |  |  |  |  |
| &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 |  | 1350 | 1257174 |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 06/01/30 |  | 1880 | 1887054 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 12/01/28 |  | 258 | 263760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/30 |  | 800 | 835704 |
| &nbsp;&nbsp; CD&R Firefly Bidco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.625 | 04/30/29 | GBP | 4175 | 5910970 |
| &nbsp;&nbsp; Falabella SA (Chile), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 01/15/32 |  | 2855 | 2522221 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/30 |  | 900 | 846958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 01/15/29 |  | 50 | 47788 |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 10/01/29 |  | 825 | 772680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 10/01/31 |  | 750 | 676948 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 06/01/29 |  | 550 | 526833 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.750 | 03/01/32 |  | 250 | 259635 |
| &nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 03/01/27 |  | 1850 | 1847845 |
|  |  |  |  |  | 17655570 |
| &nbsp;&nbsp; **Software 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 |  | 290 | 287113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 06/01/30 |  | 205 | 205701 |
|  |  |  |  |  | 492814 |
| &nbsp;&nbsp; **Telecommunications 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A | 0.000 | 12/31/30 |  | 127 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^ | 0.000 | 12/31/30 |  | 84 |  |
| &nbsp;&nbsp; Digicel International Finance Ltd./Difl US LLC (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.625 | 08/01/32 |  | 1120 | 1144827 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.875 | 06/15/29 |  | 75 | 70188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/30/33 |  | 400 | 404120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 03/31/34 |  | 815 | 820303 |
| &nbsp;&nbsp; Lorca Telecom Bondco SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/30/29 | EUR | 1275 | 1551780 |
| &nbsp;&nbsp; Millicom International Cellular SA (Guatemala), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500 | 04/27/31 |  | 720 | 669964 |
| &nbsp;&nbsp; SoftBank Group Corp. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 07/08/32 | EUR | 400 | 484853 |
| &nbsp;&nbsp; Sprint Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.750 | 03/15/32 |  | 3000 | 3638844 |
| &nbsp;&nbsp; TalkTalk Telecom Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon N/A or PIK N/A | 11.750 | 03/01/28 | GBP | 1940 | 235941 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 15

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Total Play Telecomunicaciones SA de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 11.125% | 12/31/32 |  | 3500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.125 | 12/31/32 |  | 1900 | 1859212 |
| &nbsp;&nbsp; Veon Midco BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 3.375 | 11/25/27 |  | 2950 | 2754562 |
| &nbsp;&nbsp; Vmed O2 UK Financing I PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.000 | 01/31/29 | GBP | 550 | 698851 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 10/01/31 |  | 140 | 145831 |
|  |  |  |  |  | 17905054 |
| &nbsp;&nbsp; **Transportation 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Lima Metro Line 2 Finance Ltd. (Peru), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.875 | 07/05/34 |  | 78 | 79654 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 |  | 1605 | 1587257 |
|  |  |  |  |  | 1666911 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $415,354,976) |  |  |  |  | 397456892 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 7.066(c) | 01/28/32 |  | 250 | 249687 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 9.122(c) | 11/17/28 |  | 388 | 385325 |
|  |  |  |  |  | 635012 |
| &nbsp;&nbsp; **Commercial Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Repricing Term Loan, 1 Month SOFR + 2.750% | 7.066(c) | 08/12/28 |  | 256 | 255641 |
| &nbsp;&nbsp; **Insurance 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% | 8.666(c) | 08/21/28 |  | 689 | 688157 |
| &nbsp;&nbsp; **Internet 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan | 15.000 | 01/02/28 |  | 260 | 225947 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; ClubCorp Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 2 Month SOFR + 5.000%^ | 9.328(c) | 07/10/32 |  | 348 | 345060 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Facility B, 6 Month EURIBOR + 5.500%^ | 7.412(c) | 01/30/32 | EUR | 1025 | 1177078 |
|  |  |  |  |  | 1522138 |
| &nbsp;&nbsp; **Media 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 8.863(c) | 01/18/28 |  | 817 | 814418 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | 10.796%(c) | 04/23/30 |  | 180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | 10.796(c) | 04/23/30 |  | 1852 | 1870078 |
|  |  |  |  |  | 2051424 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.364%^ | 6.680(c) | 04/23/26 |  | 62 | 62128 |
| &nbsp;&nbsp; **Retail 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; The Boots Group (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(GBP) Term Loan | — (p) | 07/18/32 |  | 1325 | 1798225 |
| &nbsp;&nbsp; **Telecommunications 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan, 1 Month SOFR + 4.250% | 8.566(c) | 03/27/32 |  | 825 | 828300 |
| &nbsp;&nbsp; Zegona Holdco Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B Loan, 6 Month EURIBOR + 3.000% | 5.079(c) | 07/17/29 | EUR | 2500 | 2924226 |
|  |  |  |  |  | 3752526 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $11,262,819) |  |  |  |  | 11805616 |
| &nbsp;&nbsp; **MUNICIPAL BOND 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; **Illinois** |  |  |  |  |  |
| &nbsp;&nbsp; State of Illinois, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,110,437) | 5.100 | 06/01/33 |  | 1056 | 1067457 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 4.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Bayview Financing Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%)^ | 8.355(c) | 07/01/26 |  | 700 | 700068 |
| &nbsp;&nbsp; Bellemeade Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M1B, 144A, 30 Day Average SOFR + 3.200% (Cap N/A, Floor 3.150%) | 7.548(c) | 08/25/34 |  | 1750 | 1767959 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.448(c) | 10/25/41 |  | 1220 | 1245588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | 10.598(c) | 03/25/42 |  | 1000 | 1074060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.448(c) | 03/25/42 |  | 1000 | 1029335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1B1, 144A, 30 Day Average SOFR + 6.800% (Cap N/A, Floor 0.000%) | 11.150(c) | 06/25/42 |  | 500 | 548436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) | 9.948(c) | 07/25/42 |  | 500 | 537815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | 7.948(c) | 07/25/42 |  | 635 | 663738 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class M1, 144A | 6.171(cc) | 07/25/70 |  | 2583 | 2612146 |
| &nbsp;&nbsp; Fannie Mae Interest Strips, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 422, Class C7, IO | 3.500 | 11/25/35 |  | 2239 | 241354 |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-80, Class GC | 3.500 | 10/25/48 |  | 1500 | 1277025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 07/25/55 |  | 3414 | 3458912 |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 7.348(c) | 12/25/50 |  | 3240 | 3459704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA07, Class M2, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | 6.148(c) | 11/25/41 |  | 310 | 312593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA04, Class M1B, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.698(c) | 05/25/42 |  | 700 | 726617 |
| &nbsp;&nbsp; Freddie Mac REMIC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 06/25/55 |  | 2557 | 2589572 |
| &nbsp;&nbsp; Government National Mortgage Assoc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-69, Class B | 3.000 | 05/20/46 |  | 2675 | 2392097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-137, Class IO, IO | 3.000 | 11/20/49 |  | 3597 | 599380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-159, Class IJ, IO | 3.500 | 12/20/49 |  | 624 | 101542 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 17

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Legacy Mortgage Asset Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | 6.000%(cc) | 01/25/61 |  | 2989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988314 |
| &nbsp;&nbsp; LHOME Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | 5.921(cc) | 07/25/39 |  | 3100 | 3119705 |
| &nbsp;&nbsp; Lugo Funding DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.026(c) | 05/26/66 | EUR | 1200 | 1366434 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | 5.187(c) | 01/25/48 |  | 63 | 61584 |
| &nbsp;&nbsp; Oaktown Re VII Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 7.248(c) | 04/25/34 |  | 2553 | 2576555 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.450(c) | 09/27/28 |  | 3757 | 3793242 |
| &nbsp;&nbsp; PRET LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL05, Class A1, 144A | 6.244(cc) | 05/25/55 |  | 3915 | 3952676 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05, Class A1, 144A | 5.689(cc) | 09/25/29 |  | 1789 | 1794114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A1, 144A | 6.469(cc) | 05/25/30 |  | 1133 | 1140538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class A1, 144A | 6.179(cc) | 06/25/30 |  | 3719 | 3743239 |
| &nbsp;&nbsp; Radnor Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 8.048(c) | 11/25/31 |  | 1581 | 1602991 |
| &nbsp;&nbsp; RCO Mortgage LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | 6.435(cc) | 05/25/30 |  | 2113 | 2117384 |
| &nbsp;&nbsp; TFS (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03^ | 0.000(s) | 04/16/40 | EUR | —(r) | 1 |
| &nbsp;&nbsp; VCAT LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL03, Class A1, 144A | 5.889(cc) | 02/25/55 |  | 1280 | 1285836 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $54,578,530) |  |  |  |  | 54880554 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 4.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Angolan Government International Bond (Angola), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.500 | 11/12/25 |  | 2840 | 2852425 |
| &nbsp;&nbsp; Brazil Minas SPE via State of Minas Gerais (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | 5.333 | 02/15/28 |  | 909 | 900801 |
| &nbsp;&nbsp; Brazilian Government International Bond (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 11/06/30 |  | 1980 | 2021580 |
| &nbsp;&nbsp; Colombia Government International Bond (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 02/02/34 |  | 1410 | 1456882 |
| &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/22/29 |  | 663 | 668503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 |  | 1635 | 1648570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.950 | 01/25/27 |  | 1740 | 1766970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.600 | 06/01/36 |  | 1800 | 1854846 |
| &nbsp;&nbsp; Egypt Government International Bond (Egypt), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 3.875 | 02/16/26 |  | 2800 | 2758000 |
| &nbsp;&nbsp; Hungary Government International Bond (Hungary), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 09/23/55 |  | 5325 | 5484750 |
| &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 01/30/32 | EUR | 1172 | 1265725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 1678 | 1915978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 3316 | 3778990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.625 | 01/30/33 |  | 1865 | 1873747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.075 | 04/01/36 |  | 3850 | 3816312 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | 6.625 | 05/16/36 |  | 4700 | 4697650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 09/16/30 |  | 2390 | 2410954 |
| &nbsp;&nbsp; Serbia International Bond (Serbia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 12/01/30 |  | 508 | 437991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/15/27 | EUR | 3107 | 3630336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/26/28 |  | 1119 | 1158515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.500 | 06/26/29 | EUR | 2175 | 2344151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.650 | 03/03/33 | EUR | 500 | 482221 |

---

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; **SOVEREIGN BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Serbia International Bond (Serbia), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250% | 05/26/28 | 425 | $440008 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $47,947,475) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49665905 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 25.5%** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 11/01/50 | 1311 | 1051187 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 01/01/51 | 512 | 410715 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 04/01/51 | 2777 | 2222630 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 11/01/51 | 1081 | 863658 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/50 | 5396 | 4522315 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/50 | 11073 | 9289118 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp.(k) | 2.500 | 10/01/50 | 11584 | 9844536 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 | 1710 | 1425938 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 1354 | 1132407 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 1864 | 1555124 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/51 | 7678 | 6405957 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 | 344 | 300058 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 3424 | 2974050 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 2068 | 1794358 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 12/01/50 | 1698 | 1536434 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 03/01/52 | 346 | 314234 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/52 | 1367 | 1235407 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 | 7584 | 6862346 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/52 | 967 | 904132 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/52 | 2521 | 2433044 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/52 | 1558 | 1507509 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 12/01/43 | 1435 | 1462262 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/50 | 1989 | 1993811 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 1701 | 1723327 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/54 | 534 | 536759 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 01/01/55 | 19094 | 19209120 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 04/01/55 | 2958 | 2975738 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 05/01/55 | 1968 | 1979862 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 | 1198 | 1228345 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 12/01/50 | 2740 | 2069464 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 01/01/51 | 2427 | 1833843 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 03/01/51 | 2638 | 1993032 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 07/01/51 | 3346 | 2527721 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(tt) | 2.000 | TBA | 5000 | 3969852 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | TBA | 23500 | 18661976 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 3859 | 3093312 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/51 | 2715 | 2168655 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | TBA | 500 | 415049 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/50 | 2563 | 2152824 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/51 | 1653 | 1390818 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 2682 | 2238305 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 | 1547 | 1291935 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/51 | 10502 | 8825147 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 942 | 819882 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/51 | 887 | 773603 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 9698 | 8468060 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 3752 | 3260104 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 5004 | 4374172 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 12708 | 11036016 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/47 | 2058 | 1935294 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/51 | 932 | 847777 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/52 | 4731 | 4280691 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 5392 | 4872537 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/52 | 1096 | 995539 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 12567 | 11749075 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/52 | 6472 | 6051218 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 19

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500% | 12/01/50 | 3247 | $3224098 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 4961 | 4787610 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 11/01/44 | 479 | 485365 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/50 | 1837 | 1841957 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/50 | 1661 | 1665091 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 527 | 522306 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 1045 | 1037369 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 1132 | 1121762 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/52 | 1843 | 1826826 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | TBA | 3500 | 3519704 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 4606 | 4665061 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 06/01/55 | 568 | 571564 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 07/01/55 | 4437 | 4463953 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | TBA | 5000 | 5107818 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 1183 | 1214483 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 2376 | 2443523 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 01/01/53 | 850 | 883362 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/50 | 5045 | 4134214 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 12/20/50 | 669 | 548131 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 01/20/51 | 1835 | 1503421 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 08/20/50 | 897 | 766257 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 09/20/50 | 1571 | 1340801 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 03/20/51 | 2307 | 1969027 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/51 | 5002 | 4431687 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/47 | 677 | 626640 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/48 | 804 | 742211 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/51 | 5010 | 4581371 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/52 | 3111 | 2852203 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/52 | 1412 | 1289867 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 1584 | 1451034 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/51 | 617 | 582834 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 01/20/52 | 646 | 607436 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 04/20/52 | 1465 | 1376971 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/52 | 2418 | 2276276 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/52 | 1132 | 1099200 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 6851 | 6667684 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | TBA | 5500 | 5535001 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 09/20/52 | 228 | 234000 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 10/20/52 | 700 | 719061 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 02/20/53 | 724 | 744001 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 06/20/53 | 939 | 963808 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 09/20/54 | 964 | 984256 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | TBA | 1000 | 1028886 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 03/20/54 | 512 | 527196 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $292,081,950) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290755608 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 9.6%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds(h) | 2.375 | 11/15/49 | 9600 | 6073500 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.125 | 02/15/43 | 4825 | 3846430 |
| &nbsp;&nbsp; U.S. Treasury Bonds(k) | 3.375 | 11/15/48 | 3825 | 2985293 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.500 | 11/15/54 | 2895 | 2703206 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/43 | 2970 | 2942620 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 05/15/55 | 195 | 189729 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 1.250 | 11/30/26 | 32620 | 31621012 |
| &nbsp;&nbsp; U.S. Treasury Notes(h) | 3.875 | 08/15/33 | 34500 | 34144219 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 10/31/31 | 1225 | 1243854 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.500 | 12/31/31 | 7385 | 7648091 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.450(s) | 08/15/42 | 305 | 129388 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h)(k) | 1.912(s) | 08/15/40 | 13050 | 6253945 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.056(s) | 11/15/38 | 110 | 58969 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.208(s) | 05/15/39 | 830 | 431035 |

---

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. TREASURY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.340%(s) | 02/15/43 | 5160 | $2121792 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.341(s) | 02/15/40 | 5135 | 2538402 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.423(s) | 11/15/40 | 580 | 273845 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.081(s) | 08/15/41 | 1295 | 584916 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.407(s) | 11/15/41 | 3285 | 1460734 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.568(s) | 11/15/42 | 320 | 133662 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.608(s) | 11/15/48 | 170 | 51374 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.685(s) | 08/15/46 | 230 | 78352 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.727(s) | 05/15/50 | 250 | 70266 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.809(s) | 02/15/42 | 75 | 32778 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.924(s) | 02/15/49 | 480 | 143117 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.928(s) | 11/15/45 | 155 | 54760 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.038(s) | 11/15/43 | 2245 | 883221 |
| &nbsp;&nbsp; U.S. Treasury Strips Principal | 2.060(s) | 11/15/44 | 1145 | 438258 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $119,695,912) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109136768 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 0.2%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Floating Rate Income ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $2,540,059)(wa) |  |  | 50000 | 2520750 |
| &nbsp;&nbsp; **COMMON STOCKS 0.5%** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 0.1%** |  |  |  |  |
| &nbsp;&nbsp; TPC Group, Inc.\* |  |  | 70274 | 1673400 |
| &nbsp;&nbsp; **Electric Utilities 0.0%** |  |  |  |  |
| &nbsp;&nbsp; GenOn Energy Holdings, Inc. (Class A Stock)\*^(x) |  |  | 677 | 20310 |
| &nbsp;&nbsp; **Gas Utilities 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\*(x) |  |  | 4838 | 619317 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A1 Stock)\*^ |  |  | 246 | 4605 |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A2 Stock)\*^ |  |  | 659 | 12335 |
|  |  |  |  | 16940 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) |  |  | 37739 | 511363 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Expand Energy Corp. |  |  | 10284 | 995285 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\* |  |  | 116510 | 1864160 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\*^ |  |  | 34637 | 4 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\* |  |  | 34637 | 440184 |
|  |  |  |  | 2304348 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $1,006,630) |  |  |  | 6140963 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.4%** |  |  |  |  |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^(x) |  |  | 3925 | 3925000 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 21

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^ | 7553 | $90517 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $3,833,780) |  | 4015517 |
|  | **Units** |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain), expiring 09/30/34^ | 15 | 141 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 70583 | 14413 |
| &nbsp;&nbsp; **TOTAL WARRANTS**<br> (cost $582) |  | 14554 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $1,177,329,689) |  | 1153892127 |
|  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.5%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.483%)(wa) | 31649378 | 31649378 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.526%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $8,452,210; includes $8,411,137 of cash collateral for securities on loan)(b)(wa) | 8458548 | 8452628 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $40,101,588) |  | 40102006 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%**<br>(cost $98,446) |  | 34334 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $40,200,034) |  | 40136340 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 104.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,217,529,723) |  | 1194028467 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $536,569) |  | (320374) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 104.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,216,993,154) |  | 1193708093 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (4.5)% |  | (51897611) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141810482 |

---

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

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

See Notes to Financial Statements.

------

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

KRW—South Korean Won

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

BARC—Barclays Bank PLC

BMO—BMO Capital Markets

BNP—BNP Paribas S.A.

BOA—Bank of America, N.A.

CBOE—Chicago Board Options Exchange

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CME—Chicago Mercantile Exchange

CMS—Constant Maturity Swap

DAC—Designated Activity Company

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

iBoxx—Bond Market Indices

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

OJSC—Open Joint-Stock Company

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

UAG—UBS AG

UMBS—Uniform Mortgage-Backed Securities

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. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $13,898,282 and 1.2% of net assets.  |

---

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $8,250,719; cash collateral of $8,411,137 (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.

See Notes to Financial Statements.

PGIM Strategic Bond Fund 23

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

(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 August 31, 2025.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of August 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(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.

(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.

(r) Principal or notional amount is less than $500 par.

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

(tt) All or partial principal amount represents "TBA" mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of $5,000,000 is 0.4% of net assets.

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

(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.

**(x)** **Restricted Securities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Issuer Description** |<br>**Acquisition**<br>**Date** |<br>**Original**<br>**Cost** |<br>**Market**<br>**Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A, 3.203%(cc), 05/15/35 | 05/09/18 | $88505 | $84000 | 0.0% |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A, 3.203%(cc), 05/15/35 | 05/09/18-08/26/20 | 4424349 | 4325000 | 0.4 |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class F, 144A, 3.203%(cc), 05/15/35 | 08/26/20 | 4480438 | 4385500 | 0.4 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.000%, 01/30/28 | 04/27/22-04/28/22 | 486750 | 561438 | 0.1 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.000%, 02/15/29 | 11/18/20-11/24/21 | 753281 | 611464 | 0.1 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.250%, 01/30/30 | 12/17/19-04/21/22 | 992750 | 847810 | 0.1 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 5.250%, 02/15/31 | 11/18/20-04/16/21 | 4015000 | 2715869 | 0.2 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 6.250%, 02/15/29 | 05/11/20 | 75000 | 58642 | 0.0 |
|  Bausch Health Cos., Inc., Gtd. Notes, 144A, 7.000%, 01/15/28 | 09/17/20 | 1310750 | 1102488 | 0.1 |
|  Bausch Health Cos., Inc., Sr. Sec'd. Notes, 144A, 4.875%, 06/01/28 | 05/24/21 | 575000 | 516781 | 0.0 |
|  Diamond Sports Group LLC\* | 01/02/25 | 98813 | 511363 | 0.0 |
|  Diamond Sports Group LLC, expiring 06/30/26 | 01/02/25 |  | 14413 | 0.0 |
|  Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 03/29/21 | 3925000 | 3925000 | 0.3 |
|  Ferrellgas Partners LP (Class B Stock)\* | 07/29/20 | 401898 | 619317 | 0.1 |
|  GenOn Energy Holdings, Inc. (Class A Stock)\*^ | 02/28/19 | 81798 | 20310 | 0.0 |
|  Greystone Commercial Capital Trust, Sr. Unsec'd. Notes, Series A, 144A, 1 Month LIBOR + 2.270%, 7.230%(c), 05/31/26^(d) | 05/18/21 | 6293306 | 5601043 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $28002638 | $25900438 | 2.3% |

---

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

#### Unfunded corporate bond commitment outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Issuer** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Current**<br>**Value** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** |
|  New Generation Gas Gathering LLC, Sr. Sec'd. Notes, 144A,—%(p), Maturity Date 09/30/29<br>(cost $29,284)^ | 30 | $29284 | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Unfunded loan commitments outstanding at August 31, 2025: |  |  |  |  |
|  | **Principal** |  |  |  |
|  | **Amount** | **Current** | **Unrealized** | **Unrealized** |
| **Borrower** | **(000)#** | **Value** | **Appreciation** | **Depreciation** |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32 (cost $22,356)^ | 23 | $22504 | $148 | $— |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/31/32 (cost $37,261)^ | 38 | 37506 | 245 |  |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, —%(p), Maturity Date 04/01/30 (cost $270,000) | 270 | 272700 | 2700 |  |
|  |  | $332710 | $3093 | $— |

---

See Notes to Financial Statements.

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | **Interest**<br> **Rate** | **Maturity**<br>**Date** | **Settlement**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 4.000% | TBA | 10/14/25 | $(5500) | $(5129835) |
|  Government National Mortgage Assoc. | 4.000% | TBA | 09/22/25 | (500) | (466373) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (proceeds receivable $5,583,281) |  |  |  |  | $(5596208) |

---

#### Options Purchased:

#### Exchange Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  3 Month SOFR<br> Call | 09/12/25 | $96.13 | 38 | 95 | $475 |
|  3 Month SOFR<br> Call | 12/12/25 | $99.75 | 62 | 155 | 388 |
|  **Total Exchange Traded** (cost $2,597) |  |  |  |  | $863 |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 6513 | $245 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 13025 | 487 |
|  Currency Option EUR vs PLN | Call | MSI | 09/18/25 | 4.75 |  | EUR | 1473 | 7 |
|  Currency Option EUR vs TRY | Call | JPM | 09/04/25 | 99.00 |  | EUR | 3095 | 8 |
|  Currency Option EUR vs TRY | Call | JPM | 09/11/25 | 99.00 |  | EUR | 5202 | 330 |
|  Currency Option EUR vs TRY | Call | JPM | 09/25/25 | 99.00 |  | EUR | 2929 | 1261 |
|  Currency Option USD vs BRL | Call | MSI | 09/11/25 | 6.50 |  |  | 1724 | 12 |
|  Currency Option USD vs CLP | Call | MSI | 09/24/25 | 1200.00 |  |  | 1703 | 9 |
|  Currency Option USD vs CNH | Call | DB | 09/24/25 | 7.95 |  |  | 20816 | 5 |
|  Currency Option USD vs COP | Call | GSI | 09/09/25 | 5000.00 |  |  | 1257 | 1 |
|  Currency Option USD vs JPY | Call | CITI | 09/11/25 | 160.00 |  |  | 1724 | 1 |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1750.00 |  |  | 4867 |  |
|  Currency Option USD vs TRY | Call | JPM | 09/10/25 | 99.00 |  |  | 864 | 79 |
|  Currency Option USD vs TRY | Call | JPM | 09/12/25 | 99.00 |  |  | 2586 | 330 |
|  Currency Option USD vs TRY | Call | JPM | 09/19/25 | 99.00 |  |  | 1723 | 842 |
|  Currency Option USD vs TWD | Call | JPM | 09/25/25 | 33.00 |  |  | 1711 | 96 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 10022 | 50 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 2825 | 14 |
|  Currency Option USD vs JPY | Put | MSI | 09/11/25 | 130.00 |  |  | 2586 | 4 |
|  Currency Option USD vs JPY | Put | CITI | 09/18/25 | 130.00 |  |  | 2584 | 44 |
|  Currency Option USD vs KRW | Put | JPM | 09/25/25 | 1331.00 |  |  | 4867 | 2241 |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 22.00 |  |  | 3364 | 37 |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 23.00 |  |  | 1723 | 41 |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 20.00 |  |  | 866 | 3 |
|  **Total OTC Traded** (cost $87,219) | **Total OTC Traded** (cost $87,219) |  |  |  |  |  |  | $6147 |

---

#### OTC Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  1-Year Interest Rate Swap, 09/22/26<br> Call | CITI | 09/18/25 | 3.45% | 3.45%(A) | 1 Day SOFR(A)/ 4.340% | 134948 | $23271 |
|  10-Year Interest Rate Swap, 09/29/35<br> Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/ 4.340% | 1685 |  |
|  10-Year Interest Rate Swap, 09/29/35<br> Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/ 4.340% | 1685 | 4053 |
|  **Total OTC Swaptions** (cost $8,630) | **Total OTC Swaptions** (cost $8,630) | **Total OTC Swaptions** (cost $8,630) | **Total OTC Swaptions** (cost $8,630) |  |  |  | $27324 |
|  **Total Options Purchased** (cost $98,446) | **Total Options Purchased** (cost $98,446) | **Total Options Purchased** (cost $98,446) | **Total Options Purchased** (cost $98,446) |  |  |  | $34334 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 25

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  3 Month SOFR<br> Call | 09/12/25 | $96.19 | 38 | 95 | $(238) |
|  3 Month SOFR<br> Call | 12/12/25 | $99.25 | 28 | 70 | (175) |
|  **Total Exchange Traded** (premiums received $1,023) |  |  |  |  | $(413) |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs PLN | Call | MSI | 09/18/25 | 4.25 |  | EUR | 1473 | $(11271) |
|  Currency Option EUR vs TRY | Call | JPM | 09/04/25 | 50.50 |  | EUR | 3095 | (2530) |
|  Currency Option EUR vs TRY | Call | JPM | 09/11/25 | 50.80 |  | EUR | 5202 | (16029) |
|  Currency Option EUR vs TRY | Call | JPM | 09/25/25 | 51.00 |  | EUR | 2929 | (25541) |
|  Currency Option USD vs BRL | Call | MSI | 09/11/25 | 5.55 |  |  | 1724 | (4872) |
|  Currency Option USD vs CLP | Call | MSI | 09/24/25 | 980.00 |  |  | 1703 | (13674) |
|  Currency Option USD vs COP | Call | GSI | 09/09/25 | 4100.00 |  |  | 1257 | (4284) |
|  Currency Option USD vs JPY | Call | CITI | 09/11/25 | 145.00 |  |  | 1724 | (25788) |
|  Currency Option USD vs KRW | Call | JPM | 09/25/25 | 1385.00 |  |  | 4867 | (46297) |
|  Currency Option USD vs TRY | Call | JPM | 09/10/25 | 43.00 |  |  | 864 | (1648) |
|  Currency Option USD vs TRY | Call | JPM | 09/12/25 | 42.60 |  |  | 2586 | (7605) |
|  Currency Option USD vs TRY | Call | JPM | 09/19/25 | 43.00 |  |  | 1723 | (8176) |
|  Currency Option USD vs TWD | Call | JPM | 09/25/25 | 30.25 |  |  | 1711 | (20548) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 6427 | (23454) |
|  Currency Option USD vs JPY | Put | MSI | 09/11/25 | 146.60 |  |  | 2586 | (16717) |
|  Currency Option USD vs JPY | Put | CITI | 09/18/25 | 148.00 |  |  | 2584 | (35712) |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 29.25 |  |  | 3364 | (12801) |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 29.50 |  |  | 1723 | (9981) |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 29.50 |  |  | 866 | (5226) |
|  **Total OTC Traded** (premiums received $477,918) | **Total OTC Traded** (premiums received $477,918) | **Total OTC Traded** (premiums received $477,918) | **Total OTC Traded** (premiums received $477,918) |  |  |  |  | $(292154) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  1-Year Interest Rate Swap, 09/22/26 | Call | CITI | 09/18/25 | 3.42% | 1 Day SOFR(A)/ 4.340% | 3.42%(A) | 134948 | $(19022) |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/ 4.340% | 3.21%(A) | 3370 | (516) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | BNP | 09/17/25 | 0.70% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 132480 | (8269) |
|  **Total OTC Swaptions** (premiums received $57,628) | **Total OTC Swaptions** (premiums received $57,628) | **Total OTC Swaptions** (premiums received $57,628) | **Total OTC Swaptions** (premiums received $57,628) |  |  |  |  | $(27807) |
|  **Total Options Written** (premiums received $536,569) | **Total Options Written** (premiums received $536,569) | **Total Options Written** (premiums received $536,569) | **Total Options Written** (premiums received $536,569) |  |  |  |  | $(320374) |

---

#### Futures contracts outstanding at August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br> of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** | **Long Positions:** |  |  |
| 274 | 3 Month CME SOFR | Sep. 2025 | $65509975 | $(43264) |
| 360 | 2 Year U.S. Treasury Notes | Dec. 2025 | 75074062 | 108493 |
| 1935 | 5 Year U.S. Treasury Notes | Dec. 2025 | 211822031 | 763987 |
| 832 | 10 Year U.S. Treasury Notes | Dec. 2025 | 93600000 | 277561 |
| 802 | 10 Year U.S. Ultra Treasury Notes | Dec. 2025 | 91753813 | 392515 |
| 581 | 20 Year U.S. Treasury Bonds | Dec. 2025 | 66379250 | 288954 |
| 55 | 30 Year UMBS TBA – 5.5% Coupon | Oct. 2025 | 5525352 | 18197 |
|  |  |  |  | 1806443 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 29 | 30 Day Federal Funds | Sep. 2025 | 11561050 | 257 |
| 115 | 5 Year Euro-Bobl | Sep. 2025 | 15802892 | 75895 |
| 72 | 5 Year Euro-Bobl | Dec. 2025 | 9949578 | (495) |

---

See Notes to Financial Statements.

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Futures contracts outstanding at August 31, 2025 (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br> of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Short Positions (cont'd):** | **Short Positions (cont'd):** | **Short Positions (cont'd):** |  |  |
| 43 | 10 Year Euro-Bund | Dec. 2025 | $6465792 | $1465 |
| 632 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2025 | 73667500 | (55281) |
| 264 | CBOE iBoxx iShares Investment Grade Corporate Bond Index | Dec. 2025 | 38019960 | 65696 |
| 14 | Euro Schatz Index | Dec. 2025 | 1755213 | (95) |
|  |  |  |  | 87442 |
|  |  |  |  | $1893885 |

---

#### Forward foreign currency exchange contracts outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/03/25 | GSI | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47236 | $8393407 | $&nbsp;&nbsp;&nbsp;&nbsp;8700697 | $307290 | $— |
| &nbsp;&nbsp;&nbsp; Expiring 10/02/25 | GSI | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47236 | 8612696 | 8638480 | 25784 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BNP | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | 661986 | 661394 |  | (592) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808791 | 875000 | 836578 |  | (38422) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | CLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970805 | 1045000 | 1004158 |  | (40842) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15132 | 2122000 | 2128457 | 6457 |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7109 | 999000 | 999947 | 947 |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11540 | 1609000 | 1623150 | 14150 |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31258 | 4375000 | 4396646 | 21646 |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27883 | 3904000 | 3921948 | 17948 |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11201 | 1563000 | 1575464 | 12464 |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10925 | 1523000 | 1536619 | 13619 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9298801 | 2301000 | 2310034 | 9034 |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395292 | 567000 | 595045 | 28045 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 10/22/25 | MSI | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5478 | 6375532 | 6430380 | 54848 |  |
| &nbsp;&nbsp;&nbsp; Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292689 | 864000 | 861187 |  | (2813) |
| &nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | HUF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236283 | 685101 | 695223 | 10122 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277873 | 3167407 | 3147281 |  | (20126) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89011 | 1017000 | 1008171 |  | (8829) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125927 | 1439731 | 1426286 |  | (13445) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226229 | 2615000 | 2562339 |  | (52661) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136918 | 1561209 | 1550776 |  | (10433) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276650 | 3174269 | 3133427 |  | (40842) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260884 | 2972653 | 2954852 |  | (17801) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75472 | 862000 | 854824 |  | (7176) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455828 | 5199000 | 5162844 |  | (36156) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | INR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682911 | 7951369 | 7734865 |  | (216504) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875073 | 355000 | 357473 | 2473 |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180425000 | 11048345 | 10978095 |  | (70250) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52666605 | 3229000 | 3204539 |  | (24461) |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27798638 | 1724000 | 1691429 |  | (32571) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 10/22/25 | MSI | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618137 | 4194496 | 4231566 | 37070 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67943 | 3496692 | 3633081 | 136389 |  |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 27

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

#### Forward foreign currency exchange contracts outstanding at August 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  New Taiwanese Dollar, | New Taiwanese Dollar, | New Taiwanese Dollar, | New Taiwanese Dollar, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | TWD | 61159 | $2049000 | $2004623 | $— | $(44377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | TWD | 76832 | 2578000 | 2518364 |  | (59636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | TWD | 57793 | 1941000 | 1894318 |  | (46682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | TWD | 28035 | 919000 | 918917 |  | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 76616 | 2568000 | 2511289 |  | (56711) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 60883 | 2108000 | 1995600 |  | (112400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 45111 | 1506000 | 1478616 |  | (27384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | TWD | 42678 | 1413000 | 1398886 |  | (14114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | TWD | 34862 | 1143000 | 1142672 |  | (328) |
|  Peruvian Nuevo Sol, | Peruvian Nuevo Sol, | Peruvian Nuevo Sol, | Peruvian Nuevo Sol, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BNP | PEN | 4093 | 1148520 | 1157950 | 9430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 4087 | 1141412 | 1156319 | 14907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 4081 | 1148520 | 1154613 | 6093 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 2236 | 626220 | 632696 | 6476 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 2164 | 600023 | 612305 | 12282 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PEN | 2035 | 568520 | 575847 | 7327 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | PEN | 3852 | 1080960 | 1089875 | 8915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | PEN | 6545 | 1794243 | 1851683 | 57440 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | PEN | 5615 | 1558500 | 1588683 | 30183 |  |
|  Philippine Peso, | Philippine Peso, | Philippine Peso, | Philippine Peso, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 104129 | 1817550 | 1821158 | 3608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | PHP | 82941 | 1442500 | 1450586 | 8086 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | PHP | 63567 | 1112000 | 1111757 |  | (243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 250275 | 4472396 | 4377164 |  | (95232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | PHP | 144805 | 2509950 | 2532553 | 22603 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SSB | PHP | 63428 | 1112000 | 1109326 |  | (2674) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | PLN | 2337 | 640167 | 640960 | 793 |  |
|  South African Rand, | South African Rand, | South African Rand, | South African Rand, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | ZAR | 54153 | 3037473 | 3066050 | 28577 |  |
|  South Korean Won, | South Korean Won, | South Korean Won, | South Korean Won, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | KRW | 5378655 | 3898000 | 3877137 |  | (20863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | KRW | 7808738 | 5744000 | 5628832 |  | (115168) |
|  Thai Baht, | Thai Baht, | Thai Baht, | Thai Baht, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 75362 | 2341500 | 2329819 |  | (11681) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 75175 | 2341500 | 2324028 |  | (17472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | THB | 31330 | 959000 | 968552 | 9552 |  |
|  |  |  |  | $157802847 | $157468433 | 924558 | (1258972) |
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/03/25 | GSI | BRL | 47236 | $8675176 | $8700697 | $— | $(25521) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | TD | GBP | 20983 | 28131822 | 28372813 |  | (240991) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | CNH | 35879 | 4992000 | 5046618 |  | (54618) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 141562 | 19854963 | 19911446 |  | (56483) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 34895 | 4869000 | 4908136 |  | (39136) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | CNH | 10329 | 1447000 | 1452846 |  | (5846) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | CNH | 7872 | 1099000 | 1107184 |  | (8184) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SSB | CNH | 38804 | 5416000 | 5457954 |  | (41954) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | COP | 10932748 | 2598000 | 2715944 |  | (117944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | COP | 4535734 | 1121000 | 1126780 |  | (5780) |

---

See Notes to Financial Statements.

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Forward foreign currency exchange contracts outstanding at August 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |  |  |  |
|  Colombian Peso (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | TD | COP | 4649939 | $1154000 | $1155151 | $— | $(1151) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | CZK | 117049 | 5543489 | 5606773 |  | (63284) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | EUR | 25153 | 29408366 | 29527624 |  | (119258) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BNP | EUR | 1981 | 2311999 | 2325907 |  | (13908) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | DB | EUR | 18626 | 21931003 | 21865742 | 65261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | MSI | EUR | 2289 | 2692919 | 2687067 | 5852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | MSI | EUR | 487 | 568684 | 571400 |  | (2716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | SSB | EUR | 25153 | 29539412 | 29527623 | 11789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | SSB | EUR | 2023 | 2343000 | 2374539 |  | (31539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | TD | EUR | 404 | 477469 | 474290 | 3179 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | UAG | EUR | 24506 | 28838568 | 28767534 | 71034 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | INR | 390123 | 4479000 | 4418656 | 60344 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | IDR | 30696855 | 1876680 | 1867773 | 8907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | IDR | 20455812 | 1251120 | 1244649 | 6471 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | IDR | 19786100 | 1205000 | 1203900 | 1100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | IDR | 44040173 | 2689000 | 2679658 | 9342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 36806111 | 2263000 | 2239496 | 23504 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 34087703 | 2085200 | 2074092 | 11108 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 25263854 | 1544000 | 1537198 | 6802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | IDR | 22059232 | 1352000 | 1342211 | 9789 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | IDR | 21715903 | 1333000 | 1321321 | 11679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | IDR | 21105480 | 1298000 | 1284179 | 13821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | IDR | 21649072 | 1322000 | 1317254 | 4746 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | MXN | 25487 | 1311800 | 1362851 |  | (51051) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 25459 | 1311800 | 1361349 |  | (49549) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | MXN | 21604 | 1124400 | 1155217 |  | (30817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | MXN | 16197 | 845000 | 866094 |  | (21094) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BARC | TWD | 51997 | 1779500 | 1704330 | 75170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | TWD | 303148 | 10321556 | 9936412 | 385144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | DB | TWD | 51877 | 1779500 | 1700382 | 79118 |  |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 10/22/25 | BARC | NZD | 744 | 445473 | 439733 | 5740 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | PEN | 6457 | 1812000 | 1826955 |  | (14955) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | SGD | 8706 | 6821875 | 6795943 | 25932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | SGD | 4976 | 3899500 | 3884473 | 15027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | BOA | SGD | 1898 | 1478000 | 1481126 |  | (3126) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | SGD | 1437 | 1116000 | 1121654 |  | (5654) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | SGD | 7891 | 6176730 | 6159711 | 17019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | JPM | SGD | 4975 | 3899500 | 3883672 | 15828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | SGD | 3913 | 3042270 | 3054690 |  | (12420) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | GSI | ZAR | 21515 | 1188000 | 1218128 |  | (30128) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | MSI | KRW | 14092793 | 10479549 | 10158615 | 320934 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | CITI | THB | 53971 | 1662000 | 1668501 |  | (6501) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 300602 | 9301942 | 9293063 | 8879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | HSBC | THB | 65776 | 2034000 | 2033448 | 552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | THB | 46352 | 1435000 | 1432965 | 2035 |  |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 29

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br>Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |  |
|  Thai Baht (cont'd.), | Thai Baht (cont'd.), | Thai Baht (cont'd.), | Thai Baht (cont'd.), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | SCB | THB | 32814 | $1008000 | $1014454 | $— | $(6454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 09/17/25 | UAG | THB | 32978 | 1015000 | 1019522 |  | (4522) |
|  |  |  |  | $300999265 | $300787743 | 1276106 | (1064584) |
|  |  |  |  |  |  | $2200664 | $(2323556) |

---

#### Credit default swap agreements outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |  |
|  Arab Republic of Egypt | 06/20/30 | 1.000%(Q) | 2000 | $255868 | $51 | $255817 | GSI |
|  Dominican Republic | 06/20/30 | 1.000%(Q) | 2000 | 42182 | 51 | 42131 | GSI |
|  Emirate of Abu Dhabi | 06/20/30 | 1.000%(Q) | 2000 | (68289) | 51 | (68340) | GSI |
|  Federal Republic of Nigeria | 06/20/30 | 1.000%(Q) | 2000 | 258511 | 51 | 258460 | GSI |
|  Federation of Malaysia | 06/20/30 | 1.000%(Q) | 3000 | (86785) | 76 | (86861) | GSI |
|  Federative Republic of Brazil | 06/20/30 | 1.000%(Q) | 9000 | 123346 | 229 | 123117 | GSI |
|  Kingdom of Bahrain | 06/20/30 | 1.000%(Q) | 2000 | 53832 | 51 | 53781 | GSI |
|  Kingdom of Morocco | 06/20/30 | 1.000%(Q) | 2000 | (24600) | 51 | (24651) | GSI |
|  Kingdom of Saudi Arabia | 06/20/30 | 1.000%(Q) | 5000 | (96891) | 127 | (97018) | GSI |
|  People's Republic of China | 06/20/30 | 1.000%(Q) | 9000 | (241731) | 229 | (241960) | GSI |
|  Republic of Argentina | 06/20/30 | 1.000%(Q) | 2000 | 540525 | 51 | 540474 | GSI |
|  Republic of Chile | 06/20/30 | 1.000%(Q) | 6000 | (143215) | 152 | (143367) | GSI |
|  Republic of Colombia | 06/20/30 | 1.000%(Q) | 7000 | 260332 | 178 | 260154 | GSI |
|  Republic of Indonesia | 06/20/30 | 1.000%(Q) | 8000 | (119181) | 203 | (119384) | GSI |
|  Republic of Ivory Coast | 06/20/30 | 1.000%(Q) | 2000 | 200066 | 51 | 200015 | GSI |
|  Republic of Panama | 06/20/30 | 1.000%(Q) | 2000 | 41190 | 51 | 41139 | GSI |
|  Republic of Peru | 06/20/30 | 1.000%(Q) | 3000 | (43371) | 76 | (43447) | GSI |
|  Republic of Philippines | 06/20/30 | 1.000%(Q) | 3000 | (60363) | 76 | (60439) | GSI |
|  Republic of South Africa | 06/20/30 | 1.000%(Q) | 9000 | 266612 | 229 | 266383 | GSI |
|  Republic of Turkey | 06/20/30 | 1.000%(Q) | 9000 | 592898 | 229 | 592669 | GSI |
|  Sultanate of Oman | 06/20/30 | 1.000%(Q) | 2000 | (26667) | 51 | (26718) | GSI |
|  United Mexican States | 06/20/30 | 1.000%(Q) | 9000 | (32922) | 229 | (33151) | GSI |
|  |  |  |  | $1691347 | $2543 | $1688804 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |
| **Reference<br>Entity/<br>Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>August 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | Counterparty |
|  **OTC Packaged Credit Default Swap Agreement on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices—Sell Protection(2)\*\*:** |  |
|  CDX.EM.43.V1 | 06/20/30 | 1.000%(Q) | 100000 | 1.448% | $(1719473) | $(29974) | $(1689499) | GSI |

---

\*\* The Fund entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Fund bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). 

See Notes to Financial Statements.

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Credit default swap agreements outstanding at August 31, 2025 (continued):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |
| **Reference<br>Entity/<br>Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>August 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | Counterparty |
|  **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** |  |
|  GS_24-PCA | 08/02/27 | 1.650%(M) | 5170 | \* | $7390 | $(1352) | $8742 | GSI |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | 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 Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |  |  |
|  ADT Security Corp. | 06/20/29 | 5.000%(Q) |  | 920 | $(148356) | $(110788) | $(37568) | GSI |
|  Antero Resources Corp. | 06/20/29 | 5.000%(Q) |  | 920 | (151941) | (122304) | (29637) | GSI |
|  Bombardier, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (137422) | (79562) | (57860) | GSI |
|  Caesars Entertainment, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (105418) | (88953) | (16465) | GSI |
|  Chesapeake Energy Corp. | 06/20/29 | 5.000%(Q) |  | 920 | (151705) | (132311) | (19394) | GSI |
|  Cleveland-Cliffs, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (93043) | (92241) | (802) | GSI |
|  EQM Midstream Partners LP | 06/20/29 | 5.000%(Q) |  | 920 | (153240) | (126923) | (26317) | GSI |
|  Frontier Communications Holdings LLC | 06/20/29 | 5.000%(Q) |  | 920 | (160713) | (29692) | (131021) | GSI |
|  Genworth Holdings, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (140182) | (115289) | (24893) | GSI |
|  GFL Environmental, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (154808) | (116683) | (38125) | GSI |
|  Hilton Domestic Operating Co., Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (151522) | (123720) | (27802) | GSI |
|  HUB International Ltd. | 06/20/29 | 5.000%(Q) |  | 920 | (149169) | (99900) | (49269) | GSI |
|  Louisiana-Pacific Corp. | 06/20/29 | 5.000%(Q) |  | 920 | (154008) | (129430) | (24578) | GSI |
|  Medline Borrower LP | 06/20/29 | 5.000%(Q) |  | 920 | (152611) | (104630) | (47981) | GSI |
|  Murphy Oil Corp. | 06/20/29 | 1.000%(Q) |  | 920 | 19058 | 3019 | 16039 | GSI |
|  Organon & Co. | 06/20/29 | 5.000%(Q) |  | 920 | (68857) | (88953) | 20096 | GSI |
|  PG&E Corp. | 06/20/29 | 5.000%(Q) |  | 920 | (112926) | (107698) | (5228) | GSI |
|  Post Holdings, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (140647) | (111823) | (28824) | GSI |
|  Republic of Italy | 12/20/27 | 1.000%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | (40585) | (24973) | (15612) | BARC |
|  Republic of Panama | 06/20/28 | 1.000%(Q) |  | 1240 | (2089) | 7808 | (9897) | CITI |
|  Safeway, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (157172) | (132311) | (24861) | GSI |
|  Standard Building Solutions, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (154501) | (123720) | (30781) | GSI |
|  Tenet Healthcare Corp. | 06/20/29 | 5.000%(Q) |  | 920 | (141992) | (113206) | (28786) | GSI |
|  Uber Technologies, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (161074) | (126209) | (34865) | GSI |
|  United Rentals North America, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (155118) | (123012) | (32106) | GSI |
|  Venture Global LNG, Inc. | 06/20/29 | 5.000%(Q) |  | 920 | (117577) | (86667) | (30910) | GSI |
|  Weatherford International Ltd. | 06/20/29 | 5.000%(Q) |  | 920 | (136193) | (120540) | (15653) | GSI |
|  |  |  |  |  | $(3373811) | $(2620711) | $(753100) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |
| **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>August 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **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):** |  |  |
|  Bank of America Corp. | 12/20/25 | 1.000%(Q) |  | 3205 | 0.227% | $14166 | $&nbsp;&nbsp;&nbsp;&nbsp;7907 | $&nbsp;&nbsp;&nbsp;&nbsp;6259 | CITI |
|  Bank of America Corp. | 12/20/25 | 1.000%(Q) |  | 1300 | 0.227% | 5746 | 2817 | 2929 | GSI |
|  Bank of Montreal^ | 11/20/29 | 1.250%(Q) |  | 335 | \* | (83) |  | (83) | GSI |
|  Barclays Bank PLC | 06/20/26 | 1.000%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | 0.313% | 932 | 670 | 262 | GSI |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 31

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |
| **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>August 31,<br>2025(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |  |  |
|  Canadian Imperial Bank of Commerce^ | 06/20/28 | 1.100%(Q) |  | 265 \* |  | $1298 | $— | $1298 | GSI |
|  Citigroup, Inc. | 12/20/25 | 1.000%(Q) |  | 1300 | 0.237% | 5709 | 2856 | 2853 | GSI |
|  Commerzbank AG | 12/20/25 | 1.000%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | 0.152% | 3553 | 2000 | 1553 | BARC |
|  General Motors Co. | 06/20/26 | 5.000%(Q) |  | 2390 | 0.313% | 113913 | 74578 | 39335 | GSI |
|  Halliburton Co. | 12/20/26 | 1.000%(Q) |  | 2770 | 0.294% | 30749 | 6911 | 23838 | GSI |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) |  | 280 | 0.174% | 4645 | 3519 | 1126 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) |  | 210 | 0.225% | 4057 | 3058 | 999 | BARC |
|  Kingdom of Norway | 12/20/25 | —%(Q) |  | 2810 | 0.038% | (333) | (419) | 86 | BARC |
|  Lincoln National Corp. | 12/20/29 | 1.000%(Q) |  | 2260 | 0.911% | 12541 | (38688) | 51229 | BARC |
|  Morgan Stanley | 12/20/25 | 1.000%(Q) |  | 1300 | 0.219% | 5781 | 2817 | 2964 | GSI |
|  Pacific Life | 08/20/35 | 2.500%(Q) |  | 400 | 2.717% | (4657) | (1) | (4656) | GSI |
|  Petroleos Mexicanos | 12/24/25 | 3.750%(M) |  | 620 | 1.945% | 4029 |  | 4029 | GSI |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(M) |  | 2760 \* |  | 30262 |  | 30262 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) |  | 1496 \* |  | 30691 |  | 30691 | GSI |
|  Republic of Argentina | 09/20/25 | 5.000%(Q) |  | 1430 | 7.569% | 12274 | (2115) | 14389 | BARC |
|  Republic of Argentina | 09/20/25 | 5.000%(Q) |  | 1168 | 7.569% | 10026 | (1407) | 11433 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 390 | 0.697% | (13878) | (13501) | (377) | BARC |
|  Republic of Panama | 06/20/28 | 1.000%(Q) |  | 1240 | 1.013% | 2089 | (23842) | 25931 | CITI |
|  Simon Property Group LP | 06/20/26 | 1.000%(Q) |  | 3820 | 0.175% | 32994 | 7100 | 25894 | GSI |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) |  | 990 | 1.013% | 1904 | (3911) | 5815 | GSI |
|  U.S. Treasury Notes | 12/20/25 | 0.250%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | 0.126% | 2620 | 1244 | 1376 | BARC |
|  U.S. Treasury Notes | 06/20/27 | 0.250%(Q) | EUR | 600 | 0.275% | 46 | (124) | 170 | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) |  | 580 | 0.195% | 4916 | 3349 | 1567 | GSI |
|  Verizon Communications, Inc. | 06/20/26 | 1.000%(Q) |  | 5130 | 0.265% | 40594 | 17219 | 23375 | GSI |
|  |  |  |  |  |  | $356584 | $52037 | $304547 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>August 31,<br>2025** | **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):** |  |  |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 29290 | $(609467) | $(691874) | $(82407) |

---

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.

See Notes to Financial Statements.

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

#### Interest rate swap agreements outstanding at August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at**<br> **Trade Date** | **Value at<br>August 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |  |
|  GBP | 8995 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.967% | $(92206) | $361957 | $454163 |
|  GBP | 6015 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 3.967% | 124739 | 438800 | 314061 |
|  GBP | 2730 | 05/08/29 | 1.100%(A) | 1 Day SONIA(1)(A)/ 3.967% | (61641) | 369091 | 430732 |
|  GBP | 4335 | 05/08/30 | 3.950%(A) | 1 Day SONIA(1)(A)/ 3.967% | (60966) | (29559) | 31407 |
|  GBP | 422 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.967% | (18372) | 83133 | 101505 |
|  GBP | 340 | 05/08/32 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.967% | (18242) | 78851 | 97093 |
|  GBP | 155 | 05/08/34 | 1.200%(A) | 1 Day SONIA(1)(A)/ 3.967% | (3585) | 45860 | 49445 |
|  | 37000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 4.340% | 125429 | 245867 | 120438 |
|  | 67775 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 4.340% |  | (407859) | (407859) |
|  | 11000 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.340% | 2035 | (117142) | (119177) |
|  | 28000 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 4.340% | (11966) | 480219 | 492185 |
|  | 15700 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 4.340% | 10037 | (517681) | (527718) |
|  | 20855 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 4.340% |  | (258823) | (258823) |
|  | 11048 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 4.340% |  | 324576 | 324576 |
|  | 1640 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.340% | 748606 | 778812 | 30206 |
|  | 23220 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.340% | 339586 | 843703 | 504117 |
|  | 15895 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 4.340% |  | 761197 | 761197 |
|  | 21200 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 4.340% | (399319) | (144232) | 255087 |
|  |  |  |  |  | $684135 | $3336770 | $2652635 |

---

(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 August 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |  |  |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/ 4.340% | BNP | 12/22/25 | (19720) | $(492603) | $— | $(492603) |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 33

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

#### Total return swap agreements outstanding at August 31, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** | **OTC Total Return Swap Agreements (cont'd.):** |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -40bps(T)/ 3.930% | GSI | 09/19/25 | (3943) | $11335 | $— | $11335 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +25bps(T)/ 4.580% | BOA | 02/23/26 | 17370 | 135910 |  | 135910 |
|  |  |  |  |  | $(345358) | $— | $(345358) |

---

(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 | $149415 | $(2746872) | $3135925 | $(3921789) |

---

#### 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 | $— | $4926997 |
|  JPS |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7893061 |
|  **Total** | $— | $12820058 |

---

#### 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 August 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3197110 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 125765966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 8840051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 2028811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 2250716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 6494977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 3480264 | 172473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loan |  | 146310 |  |
|  Commercial Mortgage-Backed Securities |  | 74054865 |  |
|  Corporate Bonds |  | 390138281 | 7318611 |
|  Floating Rate and Other Loans |  | 10221350 | 1584266 |
|  Municipal Bond |  | 1067457 |  |
|  Residential Mortgage-Backed Securities |  | 54180485 | 700069 |
|  Sovereign Bonds |  | 49665905 |  |
|  U.S. Government Agency Obligations |  | 290755608 |  |
|  U.S. Treasury Obligations |  | 109136768 |  |

---

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)** |  |  |  |
|  Affiliated Exchange-Traded Fund | $2520750 | $— | $— |
|  Common Stocks | 995285 | 5108424 | 37254 |
|  Preferred Stocks |  |  | 4015517 |
|  Warrants |  | 14413 | 141 |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 40102006 |  |  |
|  Options Purchased | 863 | 33471 |  |
|  **Total** | $**43618904** | $**1136581232** | $**13828331** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(413)** | $**(319961)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Corporate Bond Commitment | $— | $— | $— |
|  Unfunded Loan Commitments |  | 2700 | 393 |
|  Futures Contracts | 1993020 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 2200664 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 2635362 |  |
|  OTC Credit Default Swap Agreements |  | 332342 | 69641 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 3966212 |  |
|  OTC Total Return Swap Agreements |  | 147245 |  |
|  **Total** | $**1993020** | $**9284525** | $**70034** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(5596208) | $— |
|  Futures Contracts | (99135) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (2323556) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (2663488) |  |
|  Centrally Cleared Credit Default Swap Agreement |  | (82407) |  |
|  OTC Credit Default Swap Agreements |  | (3411737) | (83) |
|  Centrally Cleared Interest Rate Swap Agreements |  | (1313577) |  |
|  OTC Total Return Swap Agreement |  | (492603) |  |
|  **Total** | $**(99135)** | $**(15883576)** | $**(83** |

---

\* Other financial instruments are derivative instruments, with the exception of unfunded corporate bond commitments, unfunded loan commitments and forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts, unfunded corporate bond commitments and unfunded loan commitments are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

\*\* Includes Level 3 investments with an aggregate value of $0. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset-Backed<br>Securities-<br>Residential<br>Mortgage-Backed<br>Securities** | **Corporate<br>Bonds** | **Floating Rate<br>and<br>Other Loans** | **Residential<br>Mortgage-Backed<br>Securities** |
|  **Balance as of 02/28/25** | $174011 | $7164887 | $8057536 | $1739918 |
|  Realized gain (loss) | 82 |  | (107492) |  |
|  Change in unrealized appreciation (depreciation) | 29482 | 2835 | 452090 | (176) |
|  Purchase/Exchange/Issuances |  | 146418 | 342694 | 3073000 |
|  Sales/Paydowns. | (31102) |  | (5320042) | (4112673) |
|  Accrued discount/premium |  | 784 | 1808 |  |
|  Transfer into Level 3\* |  | 3687 |  |  |
|  Transfer out of Level 3\* |  |  | (1842328) |  |
|  **Balance as of 08/31/25** | $172473 | $7318611 | $1584266 | $700069 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $29482 | $2835 | $134041 | $(176) |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 35

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stocks** | **Preferred Stocks** | **Warrants** | **Unfunded<br>Corporate Bond**<br>**Commitment** |
|  **Balance as of 02/28/25** | $1685554 | $4010363 | $148 | $— |
|  Realized gain (loss) | 4678 |  |  |  |
|  Change in unrealized appreciation (depreciation) | (397312) | 5154 | (7) |  |
|  Purchase/Exchange/Issuances |  |  |  |  |
|  Sales/Paydowns | (1259889) |  |  |  |
|  Accrued discount/premium | 289375 |  |  |  |
|  Transfer into Level 3\* | 1296013 |  |  |  |
|  Transfer out of Level 3\* | (1581165) |  |  |  |
|  **Balance as of 08/31/25** | $37254 | $4015517 | $141 | $— |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $(397312) | $5154 | $(7) | $— |

---

---

| | | |
|:---|:---|:---|
|  | **Unfunded Loan Commitments** | **OTC Credit Default Swap Agreements** |
|  **Balance as of 02/28/25** | $1 | $33139 |
|  Realized gain (loss) |  | 958971 |
|  Change in unrealized appreciation (depreciation) | 392 | (949320) |
|  Purchase/Exchange/Issuances |  |  |
|  Sales/Paydowns |  |  |
|  Accrued discount/premium |  |  |
|  Transfer into Level 3\* |  | 26768 |
|  Transfer out of Level 3\* |  |  |
|  **Balance as of 08/31/25** | $393 | $69558 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $392 | $(949320) |

---

\* It is the Fund's policy to recognize transfers in and transfers out at the securities' fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Securities\*\*** | **Fair Value as of<br>August 31, 2025** | **Valuation<br>Approach** | **Valuation<br>Methodology** | **Unobservable**<br> **Inputs** | **Inputs (Range)** |
|  Asset-Backed Securities-Residential<br>Mortgage-Backed Securities | $172473 | Market | Yield and Spread | Adjusted Spread | 400 bps |
|  Corporate Bonds | 3 | Market | Recovery Value | Recovery Rate | 0.00% |
|  Corporate Bonds | 468539 | Market | Transaction Based | Unadjusted Price | NA |
|  Floating Rate and Other Loans | 1177078 | Market | Comparable Bond | Yield Curve Spread Discount | 50 bps |
|  Residential Mortgage-Backed Securities | 1 | Market | Yield and Spread | Adjusted Spread | 400 bps |
|  Common Stocks | 4 | Market | Recovery Value | Recovery Rate | 0.00% |
|  Preferred Stocks | 90517 | Market | Enterprise Value | Recovery Rate | 12.03% |
|  Preferred Stocks | 3925000 | Market | Transaction Based | Unadjusted Price | NA |
|  Unfunded Corporate Bond Commitment |  | Market | Transaction Based | Unadjusted Price | NA |
|  | $5833615 |  |  |  |  |

---

\*\* The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of August 31, 2025, the aggregate value of these securities and/or derivatives was $8,064,667. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes). 

See Notes to Financial Statements.

------

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

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 25.5 |
|  Collateralized Loan Obligations | 11 |
|  U.S. Treasury Obligations | 9.6 |
|  Commercial Mortgage-Backed Securities | 6.5 |
|  Banks | 6.3 |
|  Residential Mortgage-Backed Securities | 5.1 |
|  Sovereign Bonds | 4.3 |
|  Affiliated Mutual Funds (0.7% represents investments purchased with collateral from securities on loan) | 3.5 |
|  Electric | 3.4 |
|  Diversified Financial Services | 2.8 |
|  Oil & Gas | 2.1 |
|  Telecommunications | 1.9 |
|  Retail | 1.7 |
|  Home Builders | 1.5 |
|  Media | 1.4 |
|  Mining | 1 |
|  Pharmaceuticals | 1 |
|  Pipelines | 0.9 |
|  Entertainment | 0.9 |
|  Commercial Services | 0.8 |
|  Engineering & Construction | 0.8 |
|  Foods | 0.8 |
|  Consumer Loans | 0.8 |
|  Healthcare-Services | 0.8 |
|  Chemicals | 0.7 |
|  Aerospace & Defense | 0.7 |
|  Auto Parts & Equipment | 0.6 |
|  Real Estate | 0.6 |
|  Auto Manufacturers | 0.6 |
|  Real Estate Investment Trusts (REITs) | 0.6 |
|  Lodging | 0.6 |
|  Other | 0.5 |
|  Leisure Time | 0.5 |
|  Airlines | 0.5 |
|  Building Materials | 0.4 |
|  Electronic Equipment, Instruments & Components | 0.4 |
|  Automobiles | 0.3 |
|  Holding Companies-Diversified | 0.3 |
|  Iron/Steel | 0.3 |

---

---

| | |
|:---|:---|
|  Affiliated Exchange-Traded Fund | 0.2 |
|  Wireless Telecommunication Services | 0.2 |
|  Home Equity Loans | 0.2 |
|  Metal Fabricate/Hardware | 0.2 |
|  Equipment | 0.2 |
|  Forest Products & Paper | 0.1 |
|  Transportation | 0.1 |
|  Computers | 0.1 |
|  Internet | 0.1 |
|  Electrical Components & Equipment | 0.1 |
|  Household Products/Wares | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Packaging & Containers | 0.1 |
|  Municipal Bond | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Healthcare-Products | 0.1 |
|  Insurance | 0.1 |
|  Gas | 0.1 |
|  Gas Utilities | 0.1 |
|  Electronics | 0.1 |
|  Apparel | 0.0 |
|  Interactive Media & Services | 0.0 |
|  Software | 0.0 |
|  Environmental Control | 0.0 |
|  Housewares | 0.0 |
|  Student Loan | 0.0 |
|  Agriculture | 0.0 |
|  Home Furnishings | 0.0 |
|  Options Purchased | 0.0 |
|  Electric Utilities | 0.0 |
|  Hotels, Restaurants & Leisure | 0.0 |
|  | 104.5 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (4.5) |
|  | 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, equity risk, foreign exchange risk and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of August 31, 2025 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 | $82407 \* |
|  Credit contracts | Premiums paid for OTC swap agreements | 149415 | Premiums received for OTC swap agreements | 2746872 |
|  Credit contracts |  |  | Options written outstanding, at value | 8269 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 37

------

Schedule of Investments (unaudited) (continued)

as of August 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted<br>for 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 | Unrealized appreciation on OTC swap agreements | $2988680 | Unrealized depreciation on OTC swap agreements | $3429186 |
|  Foreign exchange contracts | Unaffiliated investments | 5415 | Options written outstanding, at value | 292154 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 2200664 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 2323556 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 1993020 \* | Due from/to broker-variation margin futures | 99135 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 3966212 \* | Due from/to broker-variation margin swaps | 1313577 \* |
|  Interest rate contracts | Unaffiliated investments | 28919 | Options written outstanding, at value | 19951 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 147245 | Unrealized depreciation on OTC swap agreements | 492603 |
|  |  | $11479570 |  | $10807710 |

---

\* 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 August 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $(377416) | $635876 | $— | $— | $(639411) |
|  Foreign exchange contracts | (353866) | 1586518 |  | (18590925) |  |
|  Interest rate contracts | (1906) | 51689 | 6186710 |  | 802813 |
|  Total | $(733188) | $2274083 | $6186710 | $(18590925) | $163402 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging<br>instruments, carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward**<br>**& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $37010 | $(628) | $— | $— | $(118636) |
|  Foreign exchange contracts | (87076) | (2198) |  | 2130964 |  |
|  Interest rate contracts | (59468) | 50990 | (2353905) |  | 749336 |
|  **Total** | $(109534) | $48164 | $(2353905) | $2130964 | $630700 |

---

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

For the six months ended August 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $223205 |
|  Options Written (2) | 304606361 |
|  Futures Contracts - Long Positions (2) | 569171462 |
|  Futures Contracts - Short Positions (2) | 121710778 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 155518629 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 300436316 |
|  Cross Currency Exchange Contracts (4) | 2116723 |
|  Interest Rate Swap Agreements (2) | 438041458 |

---

See Notes to Financial Statements.

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Credit Default Swap Agreements - Buy Protection (2) | $137889174 |
|  Credit Default Swap Agreements - Sell Protection (2) | 183509910 |
|  Total Return Swap Agreements (2) | 34430460 |

---

\* Average volume is based on average quarter end balances for the six months ended August 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives 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 | $8250719 | $(8250719) | $— |

---

#### 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 | $221491 | $(320993) | $(99502) | $— | $(99502) |
|  BNP | 9430 | (515372) | (505942) | 505942 |  |
|  BOA | 195279 | (182127) | 13152 |  | 13152 |
|  CITI | 551046 | (370229) | 180817 |  | 180817 |
|  DB | 167641 | (184818) | (17177) |  | (17177) |
|  GSI | 3373587 | (6145878) | (2772291) | 2772291 |  |
|  HSBC | 219626 | (353132) | (133506) |  | (133506) |
|  JPM | 133481 | (160012) | (26531) | 26531 |  |
|  MSI | 501757 | (367221) | 134536 | (131862) | 2674 |
|  SCB | 50583 | (173061) | (122478) |  | (122478) |
|  SSB | 11789 | (76167) | (64378) |  | (64378) |
|  TD | 3179 | (242142) | (238963) | 64709 | (174254) |
|  UAG | 80586 | (221026) | (140440) |  | (140440) |
|  | $5519475 | $(9312178) | $(3792703) | $3237611 | $(555092) |

---

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

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

See Notes to Financial Statements.

PGIM Strategic Bond Fund 39

------

Statement of Assets and Liabilities (unaudited)

as of August 31, 2025

---

| | |
|:---|:---|
|  Assets |  |
|  Investments at value, including securities on loan of $8,250,719: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,174,888,076) | $1151405711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $42,641,647) | 42622756 |
|  Foreign currency, at value (cost $92,552) | 92708 |
|  Receivable for investments sold | 13898445 |
|  Dividends and interest receivable | 8897056 |
|  Unrealized appreciation on OTC swap agreements | 3135925 |
|  Unrealized appreciation on OTC forward foreign currency exchange contracts | 2200664 |
|  Receivable for Fund shares sold | 1221262 |
|  Due from broker—variation margin swaps | 447840 |
|  Premiums paid for OTC swap agreements | 149415 |
|  Due from broker—variation margin futures | 127471 |
|  Unrealized appreciation on unfunded loan commitments | 3093 |
|  Prepaid expenses | 86 |
|  Total Assets | 1224202432 |
|  Liabilities |  |
|  Payable for investments purchased | 55991563 |
|  Payable to broker for collateral for securities on loan | 8411137 |
|  Forward commitment contracts, at value (proceeds receivable $5,583,281) | 5596208 |
|  Unrealized depreciation on OTC swap agreements | 3921789 |
|  Premiums received for OTC swap agreements | 2746872 |
|  Unrealized depreciation on OTC forward foreign currency exchange contracts | 2323556 |
|  Payable for Fund shares purchased | 2096992 |
|  Management fee payable | 469328 |
|  Accrued expenses and other liabilities | 450971 |
|  Options written outstanding, at value (premiums received $536,569) | 320374 |
|  Distribution fee payable | 56289 |
|  Trustees' fees payable | 4680 |
|  Affiliated transfer agent fee payable | 1313 |
|  Dividends and Distributions payable | 878 |
|  Total Liabilities | 82391950 |
|  Net Assets | $1141810482 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $133134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 1440628731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (298951383) |
|  Net assets, August 31, 2025 | $1141810482 |

---

See Notes to Financial Statements.

------

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

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

---

| | |
|:---|:---|
| Class A | Class A |
| Net asset value and redemption price per share, |  |
| ($89,776,142 ÷ 10,464,148 shares of beneficial interest issued and outstanding) | $8.58 |
| Maximum sales charge (3.25% of offering price) | 0.29 |
| Maximum offering price to public | $8.87 |
| Class C |  |
| Net asset value, offering price and redemption price per share, |  |
| ($44,279,510 ÷ 5,169,028 shares of beneficial interest issued and outstanding) | $8.57 |
| Class Z |  |
| Net asset value, offering price and redemption price per share, |  |
| ($885,043,227 ÷ 103,200,241 shares of beneficial interest issued and outstanding) | $8.58 |
| Class R6 |  |
| Net asset value, offering price and redemption price per share, |  |
| ($122,711,603 ÷ 14,301,077 shares of beneficial interest issued and outstanding) | $8.58 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 41

------

Statement of Operations (unaudited)

Six Months Ended August 31, 2025

---

| | |
|:---|:---|
| Net Investment Income (Loss) |  |
|  Income |  |
|  Interest income (net of $5,586 foreign withholding tax) | $31247001 |
|  Affiliated dividend income | 902751 |
|  Unaffiliated dividend income | 27363 |
|  Affiliated income from securities lending, net | 13655 |
|  Total income | 32190770 |
|  Expenses |  |
|  Management fee | 3374405 |
|  Distribution fee(a) | 335167 |
|  Transfer agent's fees and expenses (including affiliated expense of $4,066)(a) | 585196 |
|  Registration fees(a) | 69812 |
|  Custodian and accounting fees | 54325 |
|  Audit fee | 35011 |
|  Shareholders' reports | 31992 |
|  Professional fees | 24134 |
|  Trustees' fees | 12063 |
|  Miscellaneous | 25452 |
|  Total expenses | 4547557 |
|  Less: Fee waiver and/or expense reimbursement(a) | (620344) |
|  Net expenses | 3927213 |
|  Net investment income (loss) | 28263557 |
|  Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(4212)) | (14348937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 6186710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (18590925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 2274083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | 163402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (135383) |
|  | (24451050) |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(4388)) | 32388824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (2353905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 2130964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 48164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 630700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 347165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | 3092 |
|  | 33195004 |
|  Net gain (loss) on investment and foreign currency transactions | 8743954 |
|  Net Increase (Decrease) In Net Assets Resulting From Operations | $37007511 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class Z | Class R6 |
|  Distribution fee | 110866 | 224301 |  |  |
|  Transfer agent's fees and expenses | 30274 | 22173 | 531529 | 1220 |
|  Registration fees | 17553 | 11320 | 27513 | 13426 |
|  Fee waiver and/or expense reimbursement | (13972) | (7067) | (565916) | (33389) |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets (unaudited)

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

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

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> August 31, 2025 | Year Ended<br> February 28, 2025 |
| &nbsp;&nbsp; Increase (Decrease) in Net Assets |  |  |
| &nbsp;&nbsp; Operations |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $28263557 | $57348074 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (24451050) | (19675794) |
| &nbsp;&nbsp; Affiliated net capital gain distributions received |  | 2301 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 33195004 | 49666735 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 37007511 | 87341316 |
| &nbsp;&nbsp; Dividends and Distributions |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (2157812) | (4685089) |
| &nbsp;&nbsp; Class C | (911794) | (2192288) |
| &nbsp;&nbsp; Class Z | (23163561) | (51588223) |
| &nbsp;&nbsp; Class R6 | (3108838) | (5888257) |
|  | (29342005) | (64353857) |
| &nbsp;&nbsp; Fund share transactions (Net of share conversions) |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 238708266 | 455517098 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 29335174 | 64336645 |
| &nbsp;&nbsp; Cost of shares purchased | (265003613) | (407081466) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 3039827 | 112772277 |
| &nbsp;&nbsp; Total increase (decrease) | 10705333 | 135759736 |
| &nbsp;&nbsp; Net Assets: |  |  |
| &nbsp;&nbsp; Beginning of period | 1131105149 | 995345413 |
| &nbsp;&nbsp; End of period | $1141810482 | $1131105149 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 43

------

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Class A Shares |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; Per Share Operating Performance<sup>(a)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Period | $8.52 | $8.33 | $8.34 | $9.69 | $10.32 | $10.48 |
| &nbsp;&nbsp;&nbsp; Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.43 | 0.44 | 0.38 | 0.29 | 0.31 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.07 | 0.25 | 0.16 | (1.23) | (0.54) | 0.02 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.27 | 0.68 | 0.60 | (0.85) | (0.25) | 0.33 |
| &nbsp;&nbsp;&nbsp; Less Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.49) | (0.61) | (0.50) | (0.38) | (0.33) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.21) | (0.49) | (0.61) | (0.50) | (0.38) | (0.49) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.58 | $8.52 | $8.33 | $8.34 | $9.69 | $10.32 |
| &nbsp;&nbsp;&nbsp; Total Return<sup>(c)</sup>: | 3.19% | 8.37% | 7.49% | (8.81)% | (2.59)% | 3.27% |
| &nbsp;&nbsp;&nbsp; Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $89776 | $86919 | $70540 | $57693 | $78154 | $88108 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $87970 | $80682 | $60671 | $61543 | $85794 | $74555 |
| &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> | 0.96% | 0.95% | 0.94% | 0.95% | 0.98% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.98 %<sup>(e)</sup> | 0.99% | 0.98% | 0.97% | 0.98% | 1.02% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.68 %<sup>(e)</sup> | 5.14% | 5.34% | 4.32% | 2.81% | 3.01% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 62% | 233% | 310% | 301% | 54% | 105% |

---

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

(b) 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.

(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 underlying funds in which the Fund invests.

(e) Annualized.

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

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

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Class C Shares |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; Per Share Operating Performance<sup>(a)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Period | $8.51 | $8.32 | $8.33 | $9.68 | $10.30 | $10.46 |
| &nbsp;&nbsp;&nbsp; Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.17 | 0.37 | 0.37 | 0.31 | 0.21 | 0.23 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.06 | 0.24 | 0.16 | (1.23) | (0.53) | 0.02 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.23 | 0.61 | 0.53 | (0.92) | (0.32) | 0.25 |
| &nbsp;&nbsp;&nbsp; Less Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.42) | (0.54) | (0.43) | (0.30) | (0.25) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.17) | (0.42) | (0.54) | (0.43) | (0.30) | (0.41) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.57 | $8.51 | $8.32 | $8.33 | $9.68 | $10.30 |
| &nbsp;&nbsp;&nbsp; Total Return<sup>(c)</sup>: | 2.78% | 7.53% | 6.66% | (9.55)% | (3.25)% | 2.50% |
| &nbsp;&nbsp;&nbsp; Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $44280 | $45546 | $41442 | $41835 | $56099 | $59419 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $44494 | $43670 | $40959 | $45944 | $60789 | $53620 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.74 %<sup>(e)</sup> | 1.74% | 1.74% | 1.74% | 1.72% | 1.73% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.77 %<sup>(e)</sup> | 1.77% | 1.77% | 1.77% | 1.75% | 1.77% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.89 %<sup>(e)</sup> | 4.36% | 4.54% | 3.52% | 2.04% | 2.26% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 62% | 233% | 310% | 301% | 54% | 105% |

---

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

(b) 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.

(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 underlying funds 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 Strategic Bond Fund 45

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Class Z Shares |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; Per Share Operating Performance<sup>(a)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Period | $8.52 | $8.33 | $8.34 | $9.69 | $10.31 | $10.47 |
| &nbsp;&nbsp;&nbsp; Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.46 | 0.47 | 0.41 | 0.32 | 0.34 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.07 | 0.25 | 0.15 | (1.23) | (0.53) | 0.02 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.28 | 0.71 | 0.62 | (0.82) | (0.21) | 0.36 |
| &nbsp;&nbsp;&nbsp; Less Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.52) | (0.63) | (0.53) | (0.41) | (0.36) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.22) | (0.52) | (0.63) | (0.53) | (0.41) | (0.52) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.58 | $8.52 | $8.33 | $8.34 | $9.69 | $10.31 |
| &nbsp;&nbsp;&nbsp; Total Return<sup>(c)</sup>: | 3.36% | 8.73% | 7.85% | (8.52)% | (2.17)% | 3.64% |
| &nbsp;&nbsp;&nbsp; Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $885043 | $884568 | $808001 | $892700 | $1445527 | $1748446 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $884070 | $839957 | $853582 | $1006914 | $1717073 | $1421196 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.62 %<sup>(e)</sup> | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.75 %<sup>(e)</sup> | 0.75% | 0.76% | 0.75% | 0.75% | 0.77% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.01 %<sup>(e)</sup> | 5.48% | 5.66% | 4.63% | 3.14% | 3.35% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 62% | 233% | 310% | 301% | 54% | 105% |

---

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

(b) 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.

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Class R6 Shares |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Year Ended February 28/29,** |
|  | **Six Months**<br>**Ended**<br>**August 31,**<br>**2025** | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; Per Share Operating Performance<sup>(a)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Period | $8.53 | $8.33 | $8.34 | $9.70 | $10.32 | $10.48 |
| &nbsp;&nbsp;&nbsp; Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.46 | 0.47 | 0.41 | 0.33 | 0.34 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.06 | 0.26 | 0.16 | (1.24) | (0.54) | 0.03 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.27 | 0.72 | 0.63 | (0.83) | (0.21) | 0.37 |
| &nbsp;&nbsp;&nbsp; Less Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.52) | (0.64) | (0.53) | (0.41) | (0.37) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  |  | (0.06) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.10) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.22) | (0.52) | (0.64) | (0.53) | (0.41) | (0.53) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.58 | $8.53 | $8.33 | $8.34 | $9.70 | $10.32 |
| &nbsp;&nbsp;&nbsp; Total Return<sup>(c)</sup>: | 3.26% | 8.89% | 7.88% | (8.49)% | (2.24)% | 3.66% |
| &nbsp;&nbsp;&nbsp; Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $122712 | $114073 | $75363 | $59220 | $37135 | $33407 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $118006 | $95502 | $65842 | $51264 | $37326 | $13732 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.59 %<sup>(e)</sup> | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.65 %<sup>(e)</sup> | 0.65% | 0.66% | 0.66% | 0.67% | 0.76% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 5.04 %<sup>(e)</sup> | 5.49% | 5.71% | 4.75% | 3.17% | 3.26% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 62% | 233% | 310% | 301% | 54% | 105% |

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

(b) 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.

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

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

(e) Annualized.

(f) The Fund 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 Strategic Bond Fund 47

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Notes to Financial Statements (unaudited)

**1.** **Organization** 

Prudential Investment Portfolios 3 (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 Strategic Bond Fund (the "Fund"), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek to maximize total return, through a combination of current income and 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

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closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

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

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

PGIM Strategic Bond Fund 49

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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known as "variation margin", based on daily changes in the valuation of the contract. The daily variation margin, rather than the contract market value, is recorded for financial statement purposes on the Statement of Assets and Liabilities.

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

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

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

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

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

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

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

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

PGIM Strategic Bond Fund 51

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Notes to Financial Statements (unaudited) (continued)

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.

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

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

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

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

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

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the Fund's custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund's net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund's net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty's long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund's counterparties to elect early termination could impact the Fund's future derivative activity.

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

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

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

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

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

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

PGIM Strategic Bond Fund 53

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

---

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

---

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

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

**3.** **Agreements** 

The RIC, on behalf of the Fund, has entered into a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadvisers' 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, Inc. has entered into a sub-subadvisory agreement with 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 August 31, 2025, 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; 0.590% on average daily net assets up to $2.5 billion; | 0.59% |
| &nbsp;&nbsp; 0.565% on average daily net assets from $2.5 billion to $5 billion; |  |
| &nbsp;&nbsp; 0.540% on average daily net assets over $5 billion. |  |

---

The Manager has contractually agreed, through June 30, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

---

| | |
|:---|:---|
| **Class** | **Expense<br>Limitations** |
| &nbsp;&nbsp; A | 1.15% |
| &nbsp;&nbsp; C | 1.90 |
| &nbsp;&nbsp; Z | 0.62 |
| &nbsp;&nbsp; R6 | 0.59 |

---

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

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

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

---

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

---

For the reporting period ended August 31, 2025, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Class**  | **FESL** | **CDSC**  |
| &nbsp;&nbsp; A | $48270 | $5523 |
| &nbsp;&nbsp; C |  | 2652 |

---

PGIM Investments, PIMS, PGIM, Inc. and PGIM Limited 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.

PGIM Strategic Bond Fund 55

------

Notes to Financial Statements (unaudited) (continued)

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 "Affiliated 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 August 31, 2025, no Rule 17a-7 transactions were entered into by the Fund.

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

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended August 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| &nbsp;&nbsp; $708164373 | $676710097 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended August 31, 2025, 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, End**<br> **of**<br> **Period** | **Shares,<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 Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |  |  |  |  |  |
| PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF |  |  |
| $2526500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(5750) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2520750 |  | 50000 | $90420 | $— |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.483%)<sup>(wa)</sup> |  |  |  |
| 25948797 | 239847919 | 234147338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 31649378 |  | 31649378 | 812331 |  |
| PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.526%)<sup>(b)(wa)</sup> |  |  |  |
| 11953051 | 90359542 | 93857115 | 1362 | (4212) | 8452628 |  | 8458548 | 13655<sup>(1)</sup> |  |
| $37901848 | $330207461 | $328004453 | $1362 | $(4212) | $40102006 |  |  | $825986 | $— |
| $40428348 | $330207461 | $328004453 | $(4388) | $(4212) | $42622756 |  |  | $916406 | $— |

---

(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 August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Depreciation** |
| $1209606758 | $32300987 | $(52834867) | $(20533880) |

---

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 February 28, 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** |
| $261884000 | $— |

---

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 February 28, 2025 are subject to such review.

7. Capital and Ownership

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

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

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

As of August 31, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
|  Z | 12185 | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of Shareholders** | **Percentage of Outstanding Shares** |
|  Affiliated |  | —% |
|  Unaffiliated | 7 | 92.4 |

---

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1633585 | $13845003 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 254430 | 2157156 |
| &nbsp;&nbsp; Shares purchased | (1634943) | (13764699) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 253072 | 2237460 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 60074 | 506113 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (46185) | (387913) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 266961 | $2355660 |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 4135409 | $34930365 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 555943 | 4683565 |
| &nbsp;&nbsp; Shares purchased | (2882353) | (24331958) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1808999 | 15281972 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 148087 | 1242150 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (229207) | (1944754) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1727879 | $14579368 |

---

PGIM Strategic Bond Fund 57

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 384178 | $3241830 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 107666 | 911741 |
| &nbsp;&nbsp; Shares purchased | (569313) | (4803215) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (77469) | (649644) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (105263) | (887713) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (182732) | $(1537357) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1338997 | $11284815 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 260597 | 2191949 |
| &nbsp;&nbsp; Shares purchased | (1022648) | (8594023) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 576946 | 4882741 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (208499) | (1752532) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 368447 | $3130209 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 23328293 | $196980800 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2731695 | 23157488 |
| &nbsp;&nbsp; Shares purchased | (26722451) | (226146533) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (662463) | (6008245) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 93640 | 788705 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (44265) | (371994) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (613088) | $(5591534) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 41964373 | $354407512 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6123822 | 51574429 |
| &nbsp;&nbsp; Shares purchased | (41248003) | (346845777) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 6840192 | 59136164 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 250290 | 2110976 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (329466) | (2806816) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6761016 | $58440324 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended August 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2915478 | $24640633 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 366639 | 3108789 |
| &nbsp;&nbsp; Shares purchased | (2403445) | (20289166) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 878672 | 7460256 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 65476 | 550800 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (23623) | (197998) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 920525 | $7813058 |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 6514108 | $54894406 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 698462 | 5886702 |
| &nbsp;&nbsp; Shares purchased | (3247399) | (27309708) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 3965171 | 33471400 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 382224 | 3269302 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (13951) | (118326) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4333444 | $36622376 |

---

**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 SCA in effect at the reporting period-end.

---

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

---

Subsequent to the reporting period end, the SCA has been renewed and effective September 26, 2025 will provide a commitment of $1,200,000,000 through September 24, 2026. The commitment fee allocated to the Participating Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent.

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

The Fund did not utilize the SCA during the reporting period ended August 31, 2025.

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

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

*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.

*"Covenant-Lite" Risk:* Some of the loans or debt obligations in which the Fund may invest or get exposure to may be "covenant-lite", which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower's performance and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund's exposure to losses may be increased, which could result in an adverse impact on the Fund's net income and NAV.

*Credit Risk/Counterparty Risk:* The ability, or perceived ability, of the issuer or guarantor of a debt security, or the counterparty (the party on the other side of the transaction) to a derivatives contract or other financial contract to meet its financial obligations will affect the

PGIM Strategic Bond Fund 59

------

Notes to Financial Statements (unaudited) (continued)

value of the security or derivative. Counterparty and credit risk are especially important in the context of privately negotiated instruments. The Fund expects to enter into certain privately negotiated agreements where the counterparty assumes the physical settlement obligations of the Fund under such transactions. Under this type of arrangement, there is a risk that the relevant counterparty or intermediary would, due to insolvency or other reasons, be unable to or fail to assume the physical settlement obligations of the Fund, in which case the Fund could be required to sell portfolio instruments at unfavorable times or prices or could have insufficient assets to satisfy its physical settlement obligations.

Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not guarantees as to quality. The lower the rating of a debt security held by the Fund, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Fund assets allocated to lower-rated securities generally will increase the credit risk to which the Fund is subject. Not all securities in which the Fund invests are rated. The lower the credit quality of a bond, the more sensitive it is to credit risk.

*Currency Risk:* The Fund's net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund's investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

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

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

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

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

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

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

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

*Floating Rate and Other Loans Risk:* The Fund's ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund's access to collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund's ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser's credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material non-public information about a borrower as a result of its investment in such borrower's loan, the Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

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

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

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

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. 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.

PGIM Strategic Bond Fund 61

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Notes to Financial Statements (unaudited) (continued)

*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.

*Leverage Risk:* Certain transactions in which the Fund may engage may give rise to leverage. The use of leverage exaggerates the effect of any increase or decrease in the value of the Fund's holdings, and makes any change in the Fund's net asset value ("NAV") greater than it would be without the use of leverage. This could result in increased volatility of investment return.

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

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

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

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

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

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*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

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

11. Subsequent Event

The Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of August 31, 2025.

PGIM Strategic Bond Fund 63

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

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

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

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

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Approval of Advisory Agreements

#### PGIM Strategic Bond Fund

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

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

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

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

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

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

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser and sub-subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other

<sup>1</sup> PGIM Strategic Bond Fund is a series of Prudential Investment Portfolios 3.

PGIM Strategic Bond Fund

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Approval of Advisory Agreements (continued)

services to the Fund, such as PGIM Investments' role as administrator of the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadviser and sub-subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser and sub-subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser and sub-subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser and sub-subadviser, to renew the subadvisory and sub-subadvisory agreements.

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

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

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

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

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

#### Other Benefits to PGIM Investments, PGIM Fixed Income and PGIML
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), and benefits to its

Visit our website at pgim.com/investments

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### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
reputation as well as other intangible benefits resulting from PGIM Investments association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Fund / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three- and five-year periods ended December 31, 2024. The Board considered that the Fund commenced operations on July 9, 2015 and that longer-term performance was not yet available.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended February 28, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; *Net Performance* | *10 Years* |
| &nbsp;&nbsp;&nbsp; *Net Performance* 2<sup>nd</sup> Quartile 3<sup>rd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp; *Actual Management Fees:* 2<sup>nd</sup> Quartile |
| &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 2<sup>nd</sup> Quartile | &nbsp;&nbsp;&nbsp; *Net Total Expenses:* 2<sup>nd</sup> Quartile |

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

• The Board and PGIM Investments agreed to retain the existing contractual expense cap that (exclusive of certain fees and expenses) caps total annual operating expenses at 1.15% for Class A shares, 1.90% for Class C shares, 0.59% for Class R6 shares, and 0.62% for Class Z shares through June 30, 2026.

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

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

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

\* \* \*

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

PGIM Strategic Bond Fund

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

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

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

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.](d80622dex99cert.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.](d80622dex99906cert.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| Registrant:  | <u>Prudential Investment Portfolios 3</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | October 22, 2025 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By:  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | October 22, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | October 22, 2025 |

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## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 3** 

Semi-Annual period ending 8/31/25

File No. 811-09805

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

I, Stuart S. Parker, certify that:

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

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

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

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

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

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

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 22, 2025 |  |
|  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |

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Item 19

**Prudential Investment Portfolios 3** 

Semi-Annual period ending 8/31/25

File No. 811-09805

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

I, Christian J. Kelly, certify that:

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

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

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

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

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

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

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 22, 2025 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

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## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios 3</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.

---

| | |
|:---|:---|
| October 22, 2025 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| October 22, 2025 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*