# EDGAR Filing Document

**Accession Number:** 0000929523
**File Stem:** 0001193125-25-153765
**Filing Date:** 2025-7
**Character Count:** 1167088
**Document Hash:** 1bb04e05c97674c1a93cb2485b73971d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-153765.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-153765

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 17
- **CENTRAL INDEX KEY:** 0000929523

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07215
- **FILM NUMBER:** 251094810

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL TOTAL RETURN BOND FUND, INC.
- **DATE OF NAME CHANGE:** 20100216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN TOTAL RETURN BOND FUND INC
- **DATE OF NAME CHANGE:** 20030709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL TOTAL RETURN BOND FUND INC
- **DATE OF NAME CHANGE:** 20010209

## Series and Classes Contracts Data

### PGIM TOTAL RETURN BOND FUND (Series ID: S000004536)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000012434 | Class A      | PDBAX           |
| C000012436 | Class C      | PDBCX           |
| C000012437 | Class Z      | PDBZX           |
| C000057394 | Class R      | DTBRX           |
| C000095380 | Class R6     | PTRQX           |
| C000196667 | Class R2     | PDBRX           |
| C000196668 | Class R4     | PDBSX           |

### PGIM Short Duration Multi-Sector Bond Fund (Series ID: S000043499)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000134895 | Class A      | SDMAX           |
| C000134896 | Class C      | SDMCX           |
| C000134897 | Class R6     | SDMQX           |
| C000134898 | Class Z      | SDMZX           |

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios, Inc. 17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-07215 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios, Inc. 17 |
| Address of principal executive offices: | 655 Broad Street, 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: | 10/31/2025 |
| Date of reporting period: | 4/30/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g899762g1tsrbanner.jpg)

PGIM Short Duration Multi-Sector Bond Fund

Class A:

SDMAX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class A shares of PGIM Short Duration Multi-Sector Bond Fund

(the "Fund") for the period of November 1, 2024 to April 30, 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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;PGIM Short Duration Multi-Sector Bond Fund—<br>Class A<br>| $31 | 0.62% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6434083989<br>|
| Number of fund holdings | 1517 |
| Portfolio turnover rate for the period | 56% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 61.9 |
| AA | 5.0 |
| A | 8.2 |
| BBB | 10.6 |
| BB | 8.1 |
| B | 2.7 |
| CCC | 0.6 |
| Not Rated | 2.7 |
| Cash/Cash Equivalents | 0.2 |
| 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.

MF219E2A

![](g899762g1pgim_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.

![](g899762g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration Multi-Sector Bond Fund

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

SHARE CLASS A <br> NASDAQ SDMAX <br> CUSIP 74440B876

MF219E2A

![](g899762g1pgim_investments.jpg)

------

![](g899762g2tsrbanner.jpg)

PGIM Short Duration Multi-Sector Bond Fund

Class C:

SDMCX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class C shares of PGIM Short Duration Multi-Sector Bond Fund

(the "Fund") for the period of November 1, 2024 to April 30, 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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;PGIM Short Duration Multi-Sector Bond Fund—<br>Class C<br>| $73 | 1.46% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6434083989<br>|
| Number of fund holdings | 1517 |
| Portfolio turnover rate for the period | 56% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 61.9 |
| AA | 5.0 |
| A | 8.2 |
| BBB | 10.6 |
| BB | 8.1 |
| B | 2.7 |
| CCC | 0.6 |
| Not Rated | 2.7 |
| Cash/Cash Equivalents | 0.2 |
| 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.

MF219E2C

![](g899762g2pgim_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.

![](g899762g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration Multi-Sector Bond Fund

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

SHARE CLASS C <br> NASDAQ SDMCX <br> CUSIP 74440B868

MF219E2C

![](g899762g2pgim_investments.jpg)

------

![](g899762g3tsrbanner.jpg)

PGIM Short Duration Multi-Sector Bond Fund

Class Z:

SDMZX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class Z shares of PGIM Short Duration Multi-Sector Bond Fund (the

"Fund") for the period of November 1, 2024 to April 30, 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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| &nbsp;&nbsp;PGIM Short Duration Multi-Sector Bond Fund—<br>Class Z<br>| $20 | 0.39% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6434083989<br>|
| Number of fund holdings | 1517 |
| Portfolio turnover rate for the period | 56% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 61.9 |
| AA | 5.0 |
| A | 8.2 |
| BBB | 10.6 |
| BB | 8.1 |
| B | 2.7 |
| CCC | 0.6 |
| Not Rated | 2.7 |
| Cash/Cash Equivalents | 0.2 |
| 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.

MF219E2Z

![](g899762g3pgim_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.

![](g899762g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration Multi-Sector Bond Fund

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

SHARE CLASS Z <br> NASDAQ SDMZX <br> CUSIP 74440B843

MF219E2Z

![](g899762g3pgim_investments.jpg)

------

![](g899762g4tsrbanner.jpg)

PGIM Short Duration Multi-Sector Bond Fund

Class R6:

SDMQX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Short Duration Multi-Sector Bond Fund

(the "Fund") for the period of November 1, 2024 to April 30, 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;

---

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

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $6434083989<br>|
| Number of fund holdings | 1517 |
| Portfolio turnover rate for the period | 56% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 61.9 |
| AA | 5.0 |
| A | 8.2 |
| BBB | 10.6 |
| BB | 8.1 |
| B | 2.7 |
| CCC | 0.6 |
| Not Rated | 2.7 |
| Cash/Cash Equivalents | 0.2 |
| 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.

MF219E2R6

![](g899762g4pgim_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.

![](g899762g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration Multi-Sector Bond Fund

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

SHARE CLASS R6 <br> NASDAQ SDMQX <br> CUSIP 74440B850

MF219E2R6

![](g899762g4pgim_investments.jpg)

------

![](g899762g5tsrbanner.jpg)

PGIM Total Return Bond Fund

Class A:

PDBAX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

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

period of November 1, 2024 to April 30, 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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Total Return Bond Fund—Class A | $38 | 0.76% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49132271776<br>|
| Number of fund holdings | 3106 |
| Portfolio turnover rate for the period | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 57.2 |
| AA | 7.4 |
| A | 8.7 |
| BBB | 13.8 |
| BB | 5.5 |
| B | 3.4 |
| CCC | 0.5 |
| Not Rated | 3.0 |
| Cash/Cash Equivalents | 0.5 |
| 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.

MF166E2A

![](g899762g5pgim_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.

![](g899762g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

SHARE CLASS A <br> NASDAQ PDBAX <br> CUSIP 74440B108

MF166E2A

![](g899762g5pgim_investments.jpg)

------

![](g899762g6tsrbanner.jpg)

PGIM Total Return Bond Fund

Class C:

PDBCX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

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

the period of November 1, 2024 to April 30, 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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Total Return Bond Fund—Class C | $75 | 1.49% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49132271776<br>|
| Number of fund holdings | 3106 |
| Portfolio turnover rate for the period | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 57.2 |
| AA | 7.4 |
| A | 8.7 |
| BBB | 13.8 |
| BB | 5.5 |
| B | 3.4 |
| CCC | 0.5 |
| Not Rated | 3.0 |
| Cash/Cash Equivalents | 0.5 |
| 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.

MF166E2C

![](g899762g6pgim_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.

![](g899762g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

SHARE CLASS C <br> NASDAQ PDBCX <br> CUSIP 74440B306

MF166E2C

![](g899762g6pgim_investments.jpg)

------

![](g899762g7tsrbanner.jpg)

PGIM Total Return Bond Fund

Class R:

DTBRX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

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

the period of November 1, 2024 to April 30, 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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Total Return Bond Fund—Class R | $51 | 1.01% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49132271776<br>|
| Number of fund holdings | 3106 |
| Portfolio turnover rate for the period | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 57.2 |
| AA | 7.4 |
| A | 8.7 |
| BBB | 13.8 |
| BB | 5.5 |
| B | 3.4 |
| CCC | 0.5 |
| Not Rated | 3.0 |
| Cash/Cash Equivalents | 0.5 |
| 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.

MF166E2R

![](g899762g7pgim_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.

![](g899762g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

SHARE CLASS R <br> NASDAQ DTBRX <br> CUSIP 74440B306

MF166E2R

![](g899762g7pgim_investments.jpg)

------

![](g899762g8tsrbanner.jpg)

PGIM Total Return Bond Fund

Class Z:

PDBZX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

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

period of November 1, 2024 to April 30, 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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Total Return Bond Fund—Class Z | $25 | 0.49% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49132271776<br>|
| Number of fund holdings | 3106 |
| Portfolio turnover rate for the period | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 57.2 |
| AA | 7.4 |
| A | 8.7 |
| BBB | 13.8 |
| BB | 5.5 |
| B | 3.4 |
| CCC | 0.5 |
| Not Rated | 3.0 |
| Cash/Cash Equivalents | 0.5 |
| 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.

MF166E2Z

![](g899762g8pgim_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.

![](g899762g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

SHARE CLASS Z <br> NASDAQ PDBZX <br> CUSIP 74440B405

MF166E2Z

![](g899762g8pgim_investments.jpg)

------

![](g899762g9tsrbanner.jpg)

PGIM Total Return Bond Fund

Class R2:

PDBRX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class R2 shares of PGIM Total Return Bond Fund (the "Fund") for

the period of November 1, 2024 to April 30, 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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Total Return Bond Fund—Class R2 | $45 | 0.89% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49132271776<br>|
| Number of fund holdings | 3106 |
| Portfolio turnover rate for the period | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 57.2 |
| AA | 7.4 |
| A | 8.7 |
| BBB | 13.8 |
| BB | 5.5 |
| B | 3.4 |
| CCC | 0.5 |
| Not Rated | 3.0 |
| Cash/Cash Equivalents | 0.5 |
| 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.

MF166E2R2

![](g899762g9pgim_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.

![](g899762g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

SHARE CLASS R2 <br> NASDAQ PDBRX <br> CUSIP 74440B819

MF166E2R2

![](g899762g9pgim_investments.jpg)

------

![](g899762g10tsrbanner.jpg)

PGIM Total Return Bond Fund

Class R4:

PDBSX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

This semiannual shareholder report contains important information about the Class R4 shares of PGIM Total Return Bond Fund (the "Fund") for

the period of November 1, 2024 to April 30, 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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Total Return Bond Fund—Class R4 | $32 | 0.64% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49132271776<br>|
| Number of fund holdings | 3106 |
| Portfolio turnover rate for the period | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 57.2 |
| AA | 7.4 |
| A | 8.7 |
| BBB | 13.8 |
| BB | 5.5 |
| B | 3.4 |
| CCC | 0.5 |
| Not Rated | 3.0 |
| Cash/Cash Equivalents | 0.5 |
| 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.

MF166E2R4

![](g899762g10pgim_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.

![](g899762g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

SHARE CLASS R4 <br> NASDAQ PDBSX <br> CUSIP 74440B793

MF166E2R4

![](g899762g10pgim_investments.jpg)

------

![](g899762g11tsrbanner.jpg)

PGIM Total Return Bond Fund

Class R6:

PTRQX

SEMIANNUAL SHAREHOLDER REPORT – April 30, 2025

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

the period of November 1, 2024 to April 30, 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;

---

| | | |
|:---|:---|:---|
|  | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| PGIM Total Return Bond Fund—Class R6 | $20 | 0.39% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Fund's net assets | $49132271776<br>|
| Number of fund holdings | 3106 |
| Portfolio turnover rate for the period | 39% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 4/30/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) | Credit Quality expressed as a percentage of total investments as of 4/30/2025 (%) |
| AAA | 57.2 |
| AA | 7.4 |
| A | 8.7 |
| BBB | 13.8 |
| BB | 5.5 |
| B | 3.4 |
| CCC | 0.5 |
| Not Rated | 3.0 |
| Cash/Cash Equivalents | 0.5 |
| 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.

MF166E2R6

![](g899762g11pgim_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.

![](g899762g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

SHARE CLASS R6 <br> NASDAQ PTRQX <br> CUSIP 74440B884

MF166E2R6

![](g899762g11pgim_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) | Items 7 – 11 (Refer to Report(s) below) |

---

------

![LOGO](g899762gra01.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS, INC. 17
PGIM Short Duration Multi-Sector Bond Fund

PGIM Total Return Bond Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### APRIL 30, 2025
![LOGO](g899762gra001.jpg)

------

<u>**Table of Contents**</u>   <u>Financial Statements and Other Information</u>   <u>April 30, 2025</u>

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

---

| | |
|:---|:---|
| [Glossary](#edgar899762_1) | 1 |
| [PGIM Short Duration Multi-Sector Bond Fund](#edgar899762_2) | 4 |
| [PGIM Total Return Bond Fund](#edgar899762_3) | 101 |
| [Notes to Financial Statements](#edgar899762_4) | 273 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar899762_5)

------

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

BRL—Brazilian Real

CAD—Canadian Dollar

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

KRW—South Korean Won

MXN—Mexican Peso

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

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

ABS—Asset-Backed Security

ACE—Adjusted Current Earnings

AID—Agency for International Development

BABs—Build America Bonds

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BNY—Bank of New York Mellon

BOA—Bank of America, N.A.

BROIS—Brazil Overnight Index Swap

CDX—Credit Derivative Index

------

CF—CF Secured, LLC

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CME—Chicago Mercantile Exchange

CMT—Constant Maturity Treasury

COFI—Cost of Funds Index

COP—Certificates of Participation

DAC—Designated Activity Company

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

EuroSTR—Euro Short-Term Rate

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

iBoxx—Bond Market Indices

IG—Investment Grade

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

MSC—Morgan Stanley & Co. LLC

MSI—Morgan Stanley & Co International PLC

MTN—Medium Term Note

N/A—Not Applicable

OBX—Oslo Stock Exchange

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PO—Principal Only

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

------

SCB—Standard Chartered Bank

SG—Societe Generale

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

UMBS—Uniform Mortgage-Backed Securities

USOIS—United States Overnight Index Swap

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.2%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 23.7%** |  |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 2.020% | 02/20/27 |  | 1000 | $983524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | 5.490 | 06/20/29 |  | 16800 | 17167228 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | 6.971 | 07/29/32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | 944341 |
| &nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class D | 1.550 | 10/15/27 |  | 3700 | 3691563 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | 1.910 | 10/17/33 |  | 1400 | 1358581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C, 144A | 5.580 | 08/15/35 |  | 4412 | 4487345 |
| &nbsp;&nbsp; Hertz Vehicle Financing III LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | 1.680 | 12/27/27 |  | 5200 | 4969328 |
| &nbsp;&nbsp; JPMorgan Chase Bank NA, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class R, 144A | 33.784 | 01/25/28 |  | 81 | 82344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class R, 144A | 31.355 | 02/25/28 |  | 102 | 102693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class E, 144A | 2.102 | 02/26/29 |  | 3 | 2777 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | 3.630 | 09/14/27 |  | 950 | 945326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | 3.950 | 11/14/28 |  | 900 | 893322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | 5.810 | 02/14/31 |  | 7700 | 7908361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | 6.140 | 02/14/31 |  | 3400 | 3516205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.360 | 04/16/35 |  | 9700 | 9930222 |
| &nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C, 144A | 7.375 | 05/15/32 |  | 29 | 28530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class E, 144A | 11.366 | 12/15/32 |  | 81 | 81671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A | 5.818 | 06/15/32 |  | 2997 | 3014825 |
|  |  |  |  |  | 60108186 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 19.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.686(c) | 07/15/37 |  | 15000 | 15000000 |
| &nbsp;&nbsp; Anchorage Capital Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | 3.028(c) | 04/25/34 | EUR | 5250 | 5930723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%) | 3.986(c) | 01/22/38 | EUR | 15000 | 17035050 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Ares Loan Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ALF9A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 5.420%(c) | 03/31/38 |  | 5550 | $5505101 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A, 144A, 3 Month SOFR + 1.532% (Cap N/A, Floor 1.270%) | 5.801(c) | 01/20/34 |  | 5000 | 5000000 |
| &nbsp;&nbsp; Avoca Capital CLO Ltd. (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.629(c) | 04/15/35 | EUR | 8000 | 8924923 |
| &nbsp;&nbsp; Avoca CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class ARRR, 144A, 3 Month EURIBOR + 1.290% (Cap N/A, Floor 1.290%) | 4.130(c) | 10/15/38 | EUR | 25000 | 28063951 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 5.589(c) | 04/18/35 |  | 25000 | 25000000 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.641(c) | 10/16/37 |  | 15000 | 15000000 |
| &nbsp;&nbsp; Bain Capital Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%) | 3.336(c) | 01/24/33 | EUR | 6662 | 7537981 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.569(c) | 03/09/34 |  | 15000 | 14977500 |
| &nbsp;&nbsp; Benefit Street Partners CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-18A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.688(c) | 10/15/34 |  | 25000 | 25000000 |
| &nbsp;&nbsp; BNPP AM Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | 2.879(c) | 04/15/31 | EUR | 7488 | 8444585 |
| &nbsp;&nbsp; Carlyle Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 3.251(c) | 03/15/32 | EUR | 4074 | 4596786 |
| &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%) | 4.151(c) | 03/15/32 | EUR | 17450 | 19707079 |
| &nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.232% (Cap N/A, Floor 0.970%) | 5.511(c) | 04/17/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | 576171 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 5

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.669%(c) | 10/21/37 |  | 8000 | $7984000 |
| &nbsp;&nbsp; CarVal CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | 5.709(c) | 07/20/37 |  | 22000 | 22000000 |
| &nbsp;&nbsp; Cathedral Lake Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-08A, Class A1, 144A, 3 Month SOFR + 1.482% (Cap N/A, Floor 1.220%) | 5.751(c) | 01/20/35 |  | 9500 | 9500000 |
| &nbsp;&nbsp; CIFC European Funding CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) | 3.329(c) | 01/15/34 | EUR | 8000 | 9026762 |
| &nbsp;&nbsp; Contego CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A | 0.000(cc) | 10/15/37 | EUR | 15200 | 17055134 |
| &nbsp;&nbsp; Crown City CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.609(c) | 04/20/35 |  | 8750 | 8750000 |
| &nbsp;&nbsp; CVC Cordatus Loan Fund DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1RR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | 3.129(c) | 07/15/34 | EUR | 6500 | 7304617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | 3.384(c) | 05/22/32 | EUR | 3441 | 3888819 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-13A, Class BR, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.856(c) | 07/15/34 |  | 14000 | 13797141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.525(c) | 03/28/38 |  | 15000 | 14925000 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class BRR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.969(c) | 10/20/37 |  | 10000 | 9903003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.516(c) | 03/22/38 |  | 35000 | 34895000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05A, Class A, 144A | 0.000(cc) | 03/31/38 |  | 17500 | 17500000 |
| &nbsp;&nbsp; Elmwood CLO Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class ARR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.649(c) | 07/18/37 |  | 20250 | 20229750 |
| &nbsp;&nbsp; Galaxy CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35A, Class A, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 5.461(c) | 04/20/38 |  | 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20839476 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Gallatin CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.749%(c) | 10/20/37 |  | 11500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500001 |
| &nbsp;&nbsp; Generate CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.019(c) | 01/20/38 |  | 20000 | 19915996 |
| &nbsp;&nbsp; Greenwood Park CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | 5.528(c) | 04/15/31 |  | 533 | 533165 |
| &nbsp;&nbsp; Greywolf CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | 5.709(c) | 10/20/31 |  | 1772 | 1771891 |
| &nbsp;&nbsp; Harvest CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | 3.608(c) | 07/25/37 | EUR | 36250 | 41141349 |
| &nbsp;&nbsp; Henley CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class AR, 144A, 3 Month EURIBOR + 0.970% (Cap N/A, Floor 0.970%) | 3.128(c) | 12/25/35 | EUR | 3250 | 3667744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | 3.556(c) | 04/25/39 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | 13425578 |
| &nbsp;&nbsp; ICG Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.684(c) | 10/19/38 | EUR | 31000 | 35002020 |
| &nbsp;&nbsp; Invesco Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | 2.929(c) | 07/15/31 | EUR | 7403 | 8350535 |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 5.698(c) | 01/15/31 |  | 357 | 357492 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.956(c) | 01/15/38 |  | 25000 | 24732492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.769(c) | 04/18/37 |  | 40250 | 40250004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-57A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 5.563(c) | 07/27/34 |  | 18000 | 18000000 |
| &nbsp;&nbsp; Magnetite Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 5.621(c) | 01/25/38 |  | 15000 | 14962500 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 7

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; MidOcean Credit CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-10A, Class A1RR, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 5.589%(c) | 10/23/34 |  | 15000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000000 |
| &nbsp;&nbsp; Monument CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | 4.146(c) | 05/15/37 | EUR | 35000 | 39754556 |
| &nbsp;&nbsp; Mountain View CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 5.503(c) | 10/12/30 |  | 2522 | 2521585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | 5.638(c) | 07/15/31 |  | 1067 | 1066624 |
| &nbsp;&nbsp; Nassau Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | 3.726(c) | 07/20/38 | EUR | 23800 | 27058955 |
| &nbsp;&nbsp; NGC Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | 3.396(c) | 01/15/39 | EUR | 10000 | 11092069 |
| &nbsp;&nbsp; Northwoods Capital Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-15A, Class BRR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.855(c) | 06/20/34 |  | 14000 | 13869941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.719(c) | 07/19/37 |  | 15000 | 15000000 |
| &nbsp;&nbsp; OAK Hill European Credit Partners Designated Activity Co. (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-05A, Class ARR, 144A, 3 Month EURIBOR + 0.980% (Cap N/A, Floor 0.980%) | 3.216(c) | 01/21/35 | EUR | 9000 | 10104644 |
| &nbsp;&nbsp; Obra CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.903(c) | 01/20/38 |  | 16000 | 15976256 |
| &nbsp;&nbsp; OCP CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05A, Class A1R, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%) | 5.624(c) | 04/26/31 |  | 479 | 478834 |
| &nbsp;&nbsp; OFSI BSL Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 5.446(c) | 07/15/31 |  | 3460 | 3456209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | 6.319(c) | 10/18/35 |  | 8500 | 8519777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-15A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.522(c) | 03/31/38 |  | 23450 | 23312309 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Palmer Square CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | 5.380%(c) | 05/21/34 |  | 9000 | $8939786 |
| &nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%) | 5.820(c) | 02/14/34 |  | 10000 | 10000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 5.531(c) | 10/20/31 |  | 300 | 299822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | 5.698(c) | 10/15/34 |  | 15000 | 15000000 |
| &nbsp;&nbsp; Pikes Peak CLO 18 (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 5.508(c) | 04/20/38 |  | 6500 | 6469729 |
| &nbsp;&nbsp; Ravensdale Park CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | 3.447(c) | 04/25/38 | EUR | 16500 | 18613543 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.830(c) | 04/17/37 |  | 29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29029966 |
| &nbsp;&nbsp; Rockford Tower CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 7.019(c) | 01/20/36 |  | 7000 | 7030101 |
| &nbsp;&nbsp; Rockford Tower Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B1, 144A, 3 Month EURIBOR + 2.500% (Cap N/A, Floor 2.500%) | 4.779(c) | 10/15/37 | EUR | 16185 | 18314844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | 3.429(c) | 10/25/27 | EUR | 25260 | 28392130 |
| &nbsp;&nbsp; Shackleton CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | 5.664(c) | 05/07/31 |  | 1092 | 1092009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.352% (Cap N/A, Floor 0.262%) | 5.675(c) | 08/15/30 |  | 646 | 645620 |
| &nbsp;&nbsp; Signal Peak CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.659(c) | 10/20/37 |  | 8000 | 8000000 |
| &nbsp;&nbsp; Silver Rock CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.689(c) | 10/20/37 |  | 10000 | 10000000 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 9

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | 5.614%(c) | 01/26/31 |  | 1112 | $1111504 |
| &nbsp;&nbsp; Sound Point Euro CLO Funding DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class AR, 144A, 3 Month EURIBOR + 1.180% (Cap N/A, Floor 1.180%) | 3.459(c) | 04/15/39 | EUR | 19600 | 21961549 |
| &nbsp;&nbsp; St. Pauls CLO (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A1R, 144A, 3 Month EURIBOR + 0.940% (Cap N/A, Floor 0.940%) | 3.176(c) | 07/20/35 | EUR | 14000 | 15857269 |
| &nbsp;&nbsp; St. Paul's CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | 2.988(c) | 04/25/30 | EUR | 5540 | 6253252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | 3.226(c) | 02/20/30 | EUR | 19591 | 22119009 |
| &nbsp;&nbsp; Strata CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class AR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.649(c) | 10/20/33 |  | 15000 | 15000000 |
| &nbsp;&nbsp; TCW CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R3, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 0.000%) | 5.471(c) | 10/29/34 |  | 12690 | 12627848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class BR3, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 0.000%) | 5.871(c) | 10/29/34 |  | 4000 | 4006041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | 5.319(c) | 04/20/34 |  | 25000 | 24836757 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | 6.139(c) | 01/20/36 |  | 25000 | 25044977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.206(c) | 01/15/36 |  | 14000 | 14030807 |
| &nbsp;&nbsp; Toro European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | 3.148(c) | 07/25/34 | EUR | 13500 | 15182527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.605(c) | 04/15/38 | EUR | 27500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30972156 |
| &nbsp;&nbsp; Trinitas CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%) | 5.959(c) | 01/20/35 |  | 15650 | 15650000 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Venture CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | 5.778%(c) | 01/15/32 |  | 1979 | $1978570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-28AA, Class A1RR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 5.379(c) | 10/20/34 |  | 25000 | 24882152 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258063046 |
| &nbsp;&nbsp; **Consumer Loans 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Affirm Asset Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A | 6.160 | 02/15/29 |  | 500 | 501932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B, 144A | 4.880 | 09/15/29 |  | 2000 | 1992859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 144A | 5.060 | 09/15/29 |  | 1500 | 1493372 |
| &nbsp;&nbsp; Affirm Master Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 4.990 | 02/15/33 |  | 14800 | 14874977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | 5.130 | 02/15/33 |  | 3900 | 3914442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | 5.280 | 02/15/33 |  | 6400 | 6412819 |
| &nbsp;&nbsp; Fairstone Financial Issuance Trust (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A | 2.509 | 10/20/39 | CAD | 1 | 469 |
| &nbsp;&nbsp; GreenSky Home Improvement Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | 5.550 | 06/25/59 |  | 500 | 508673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | 5.670 | 06/25/59 |  | 1052 | 1067745 |
| &nbsp;&nbsp; Island Finance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 6.540 | 03/19/35 |  | 5250 | 5333843 |
| &nbsp;&nbsp; Lending Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 2.320 | 04/21/31 |  | 600 | 582047 |
| &nbsp;&nbsp; Lendmark Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | 1.900 | 11/20/31 |  | 5000 | 4780881 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 1.750 | 09/14/35 |  | 2400 | 2327781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A | 6.550 | 10/14/34 |  | 6870 | 6904280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | 5.500 | 06/14/38 |  | 12200 | 12533320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | 7.490 | 06/14/38 |  | 100 | 104670 |
| &nbsp;&nbsp; Regional Management Issuance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | 3.070 | 03/15/32 |  | 2601 | 2575310 |
| &nbsp;&nbsp; Stream Innovations Issuer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | 5.210 | 02/15/45 |  | 6159 | 6187243 |
|  |  |  |  |  | 72096663 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 11

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Equity Loans 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Bear Stearns Asset-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | 5.941%(c) | 03/25/43 | 104 | $103317 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 6.377(cc) | 04/25/54 | 399 | &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;403802 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.854(c) | 01/25/55 | 5837 | 5837117 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 6.050(c) | 03/20/54 | 312 | 313974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | 5.950(c) | 05/25/54 | 310 | 310158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | 5.550(c) | 10/20/54 | 672 | 670970 |
| &nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-HE03, Class A3, 1 Month SOFR + 1.154% (Cap N/A, Floor 1.040%) | 5.481(c) | 10/25/33 | 1054 | 1047465 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 6.025(cc) | 02/25/44 | 1395 | 1402206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | 5.344(cc) | 09/25/44 | 8262 | 8260530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 5.553(cc) | 03/25/55 | 9613 | 9662571 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | 7.294(cc) | 10/25/63 | 1793 | 1824986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 5.848(cc) | 01/25/64 | 808 | 811624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | 6.125(cc) | 02/25/64 | 729 | 734626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | 6.290(cc) | 05/25/64 | 2662 | 2692625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | 5.167(cc) | 09/25/64 | 9572 | 9568049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A2, 144A | 5.202(cc) | 09/25/64 | 4350 | 4327621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | 5.799(cc) | 01/25/65 | 7512 | 7575722 |
|  |  |  |  | 55547363 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Other 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Capital Street Master Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.697%(c) | 10/16/28 |  | 7200 | $7195761 |
| &nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.380 | 02/20/49 |  | 12716 | 12819170 |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | 6.250 | 06/20/57 |  | 2601 | 2510375 |
| &nbsp;&nbsp; Invitation Homes Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class C, 144A | 4.250 | 09/17/41 |  | 5700 | 5452012 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE01, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.954(c) | 02/25/55 |  | 10884 | 10845071 |
| &nbsp;&nbsp; PMT Issuer Trust - FMSR, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 7.069(c) | 12/25/27 |  | 6000 | 5991928 |
| &nbsp;&nbsp; Sunrun Bacchus Issuer LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A | 5.990 | 04/30/60 |  | 4894 | 4836411 |
| &nbsp;&nbsp; Sunrun Vesta Issuer LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A | 5.490 | 10/30/59 |  | 1575 | 1532742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A2, 144A | 5.880 | 10/30/59 |  | 6477 | 6142421 |
| &nbsp;&nbsp; Tesla Sustainable Energy Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | 5.080 | 06/21/50 |  | 10350 | 10412907 |
|  |  |  |  |  | 67738798 |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Countrywide Asset-Backed Certificates, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-BC02, Class 2A1, 1 Month SOFR + 0.714% (Cap 13.875%, Floor 0.600%) | 5.041(c) | 06/25/33 |  | 46 | 45705 |
| &nbsp;&nbsp; Countrywide Asset-Backed Certificates Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-04, Class 1A, 1 Month SOFR + 0.534% (Cap N/A, Floor 0.420%) | 4.861(c) | 08/25/34 |  | 1045 | 1008591 |
| &nbsp;&nbsp; LSF11 Boson Investments Sarl Compartment 2 (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.521(c) | 11/25/60 | EUR | 268 | &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;293576 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 13

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities (cont'd.)** |  |  |  |  |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%^ | 5.632(c) | 03/15/26 | EUR | 800 | &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;675014 |
|  |  |  |  |  | 2022887 |
| &nbsp;&nbsp; **Student Loans 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Laurel Road Prime Student Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, 144A | 0.000 | 02/25/43 |  | 1440 | 216753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | 0.000(cc) | 08/25/43 |  | 362 | 347090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D, Class A, 144A | 0.000(cc) | 11/25/43 |  | 645 | 613388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class R, 144A | 0.000 | 10/25/48 |  | 862 | 264016 |
| &nbsp;&nbsp; SMB Private Education Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A1A, 144A(x) | 5.380 | 07/15/53 |  | 2267 | 2306751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E, Class A1A, 144A(x) | 5.090 | 10/16/56 |  | 2553 | 2574307 |
|  |  |  |  |  | 6322305 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br> (cost $1,507,967,792) |  |  |  |  | 1521899248 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 10.9%** |  |  |  |  |  |
| &nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A4, 144A | 2.252 | 06/15/54 |  | 18000 | 15761201 |
| &nbsp;&nbsp; BANK, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK05, Class A4 | 3.131 | 06/15/60 |  | 973 | 948133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | 3.254 | 07/15/60 |  | 215 | 209669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN10, Class A4 | 3.428 | 02/15/61 |  | 4553 | 4420654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN17, Class A3 | 3.456 | 04/15/52 |  | 4106 | 3950216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A3 | 3.325 | 05/15/62 |  | 1800 | 1707686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class A2 | 2.707 | 11/15/62 |  | 3465 | 3208848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3 | 2.391 | 01/15/63 |  | 2883 | 2774946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | 1.742 | 11/15/53 |  | 2000 | 1720386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class A4 | 2.270 | 05/15/64 |  | 10400 | 9180278 |
| &nbsp;&nbsp; BANK5, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 | 6.656(cc) | 07/15/56 |  | 15000 | 15882690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR8, Class A3 | 5.884 | 08/15/57 |  | 20850 | 21777810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05YR9, Class A3 | 5.614 | 08/15/57 |  | 21900 | 22664768 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C05, Class A3 | 2.805 | 11/15/52 |  | 6100 | 5743455 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class A2 | 6.383%(cc) | 07/15/56 | 3490 | $3613835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C21, Class A2 | 6.506(cc) | 09/15/56 | 6238 | 6570864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | 6.014 | 07/15/57 | 9000 | 9445496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class XA, IO | 1.822(cc) | 09/15/57 | 107020 | 6515381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C33, Class A4 | 5.839 | 03/15/58 | 28570 | 29884989 |
| &nbsp;&nbsp; BBCCRE Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GTP, Class A, 144A | 3.966 | 08/10/33 | 6465 | 6104592 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B08, Class A4 | 3.963 | 01/15/52 | 780 | 765141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | 3.455 | 03/15/62 | 3069 | 2954811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | 2.042 | 03/15/53 | 3400 | 2978461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 | 1.945 | 10/15/53 | 10000 | 9139153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | 1.704 | 12/17/53 | 2000 | 1724383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class XB, IO, 144A | 0.993(cc) | 01/15/54 | 62848 | 2830869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class A4 | 2.295 | 06/15/54 | 10600 | 9366743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V02, Class A3 | 5.812(cc) | 05/15/55 | 15500 | 15966003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class A3 | 6.363(cc) | 07/15/56 | 15000 | 15737020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | 6.189(cc) | 07/15/57 | 15800 | 16656151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V09, Class A3 | 5.602 | 08/15/57 | 14250 | 14749408 |
| &nbsp;&nbsp; BFLD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | 6.212(c) | 07/15/41 | 3500 | 3495625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.814(c) | 08/15/26 | 2596 | 2593158 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 | 6.534(cc) | 08/15/56 | 13000 | 13671559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C05, Class A2 | 6.518 | 06/15/56 | 10792 | 11110782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 | 6.870(cc) | 09/15/56 | 11926 | 12616325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C08, Class XB, IO | 1.021(cc) | 03/15/57 | 50000 | 2948275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C9, Class A3 | 5.779(cc) | 04/15/58 | 13030 | 13587306 |
| &nbsp;&nbsp; BPR Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class A, 144A | 5.392(cc) | 11/05/39 | 3500 | 3532719 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) | 6.013(c) | 08/15/39 | 8445 | 8445260 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LGCY, Class F, 144A, 1 Month SOFR + 2.063% (Cap N/A, Floor 1.949%) | 6.385(c) | 10/15/36 | 11000 | 10848750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA06, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | 7.022(c) | 01/15/39 | 10000 | 9918750 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 15

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; BX Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | 7.022%(c) | 01/15/39 | 5700 | $5620137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT04, Class C, 144A, 1 Month SOFR + 2.140% (Cap N/A, Floor 2.140%) | 6.462(c) | 07/15/29 | 10775 | 10640313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class C, 144A, 1 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.072(c) | 02/15/35 | 10550 | 10279656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | 5.466(c) | 03/15/30 | 17560 | 17217296 |
| &nbsp;&nbsp; BXMT Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | 5.959(c) | 10/18/42 | 6515 | 6439332 |
| &nbsp;&nbsp; CD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | 3.248 | 05/10/50 | 553 | 538662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | 3.171 | 08/15/50 | 800 | 774312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | 3.190 | 11/13/50 | 1650 | 1607202 |
| &nbsp;&nbsp; CENT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%) | 6.942(c) | 09/15/38 | 5900 | 5896313 |
| &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | 3.585 | 12/10/54 | 1584 | 1554444 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | 2.575 | 08/10/49 | 2898 | 2838643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | 3.209 | 10/12/50 | 957 | 929096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class XC, IO | 0.326(cc) | 04/14/50 | 16000 | 81605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A3 | 4.145 | 11/10/51 | 4866 | 4776335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 | 2.782 | 11/10/52 | 9999 | 9185497 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR15, Class XB, IO, 144A | 0.016(cc) | 02/10/47 | 120907 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | 2.826 | 10/10/49 | 693 | 671886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | 3.239 | 09/10/50 | 9978 | 9705307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | 6.338 | 08/10/44 | 2800 | 2932317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.894(cc) | 08/10/44 | 9200 | 261105 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | 3.795(cc) | 12/15/49 | 3407 | 3354542 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | 3.959 | 08/15/51 | 14324 | 13972301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3 | 3.779 | 03/15/52 | 5979 | 5846040 |
| &nbsp;&nbsp; DBWF Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-85T, Class D, 144A | 3.935(cc) | 12/10/36 | 200 | 184802 |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | 2.632 | 08/10/49 | 284 | 277405 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | 3.071% | 06/10/50 | 600 | $580140 |
| &nbsp;&nbsp; Eleven Madison Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-11MD, Class C, 144A | 3.673(cc) | 09/10/35 | 250 | 244836 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0069, Class X1, IO | 0.467(cc) | 09/25/27 | 6205 | 45830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0090, Class X1, IO | 0.854(cc) | 02/25/29 | 97922 | 2391372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0093, Class X1, IO | 1.081(cc) | 05/25/29 | 12510 | 398779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0097, Class X1, IO | 1.214(cc) | 07/25/29 | 17560 | 680563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0101, Class X1, IO | 0.942(cc) | 10/25/29 | 18639 | 586172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0122, Class X1, IO | 0.963(cc) | 11/25/30 | 37033 | 1448511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0735, Class X1, IO | 1.098(cc) | 05/25/26 | 8107 | 59277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K1513, Class X1, IO | 0.987(cc) | 08/25/34 | 30506 | 1630448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | 2.085(cc) | 02/25/32 | 12242 | 776993 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | 5.372(cc) | 08/10/41 | 12200 | 12278096 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | 3.164 | 05/10/50 | 762 | 741367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS07, Class A3 | 3.167 | 08/10/50 | 1180 | 1152271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS08, Class A3 | 3.205 | 11/10/50 | 1400 | 1359768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class A3 | 3.703 | 02/10/52 | 6950 | 6753687 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class A, 144A | 5.649(cc) | 01/13/40 | 7110 | 7306522 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class A5 | 3.672 | 11/15/47 | 180 | 175801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C29, Class A4 | 3.611 | 05/15/48 | 602 | 600689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C30, Class A5 | 3.822 | 07/15/48 | 4200 | 4169324 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.414 | 03/15/50 | 2910 | 2839744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | 3.147 | 10/15/50 | 1089 | 1051751 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | 4.767(cc) | 07/05/31 | 10600 | 3259501 |
| &nbsp;&nbsp; MHP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%) | 6.932(c) | 01/15/39 | 2560 | 2528000 |
| &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 | 3.058 | 05/15/49 | 2464 | 2434823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4 | 2.600 | 09/15/49 | 5320 | 5182610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33, Class A4 | 3.337 | 05/15/50 | 1200 | 1169590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 | 5.635 | 03/15/58 | 10030 | 10411185 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 17

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS08, Class A3 | 3.540% | 12/15/48 |  | 3277 | $3253692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | 3.259 | 06/15/50 |  | 1100 | 1074207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | 3.330 | 12/15/50 |  | 1981 | 1916686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H04, Class A3 | 4.043 | 12/15/51 |  | 1324 | 1306515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class A3 | 3.158 | 06/15/52 |  | 1600 | 1539670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A4 | 2.322 | 10/15/54 |  | 11000 | 9499672 |
| &nbsp;&nbsp; MSWF Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | 6.451 | 05/15/56 |  | 21000 | 21963961 |
| &nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LVL, Class A, 144A | 3.885 | 08/15/38 |  | 4750 | 4575333 |
| &nbsp;&nbsp; New York City Housing Development Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08SPR, Class A | 5.458 | 12/15/43 |  | 15150 | 15539449 |
| &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%) | 5.936(c) | 03/15/36 |  | 5000 | 4625876 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class A, 144A | 5.388 | 11/13/41 |  | 11500 | 11713610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | 6.471 | 11/13/41 |  | 3400 | 3528595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | 7.109 | 11/13/41 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7820 | 8157159 |
| &nbsp;&nbsp; Salus European Loan Conduit DAC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, SONIA + 1.969% (Cap 6.850%, Floor 1.500%)(x) | 6.453(c) | 01/23/29 | GBP | 7846 | 10430012 |
| &nbsp;&nbsp; TCO Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DPM, Class A, 144A, 1 Month SOFR + 1.243% (Cap N/A, Floor 1.243%) | 5.565(c) | 12/15/39 |  | 7960 | 7900300 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | 3.225 | 08/15/50 |  | 457 | 446433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A3 | 3.418 | 12/15/50 |  | 1477 | 1439280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | 3.720 | 02/15/51 |  | 2160 | 2119013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | 4.048 | 05/15/51 |  | 1332 | 1308789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | 4.180 | 12/15/51 |  | 2399 | 2364763 |
| &nbsp;&nbsp; WCORE Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CORE, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.814(c) | 11/15/41 |  | 17390 | 17379131 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | 2.684 | 10/15/49 |  | 1277 | 1256184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A4 | 3.157 | 09/15/50 |  | 1400 | 1353651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | 3.317 | 10/15/50 |  | 350 | 342449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 | 3.374 | 03/15/50 |  | 632 | 613971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C43, Class XB, IO | 0.455(cc) | 03/15/51 |  | 51500 | 476880 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46, Class XB, IO | 0.473%(cc) | 08/15/51 | 104789 | $1190246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A4 | 2.194 | 06/15/53 | 2876 | 2632344 |
| &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%) | 8.936(c) | 05/15/31 | 7000 | 6825813 |
| &nbsp;&nbsp; WEST Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROSE, Class A, 144A | 5.454(cc) | 04/10/30 | 8080 | 8138103 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $714,720,580) |  |  |  | 700476582 |
| &nbsp;&nbsp; **CORPORATE BONDS 25.8%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.8%** |  |  |  |  |
| &nbsp;&nbsp; BAE Systems Holdings, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.850 | 12/15/25 | 30 | 29879 |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27227 | 26674870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 06/15/26 | 80 | 77723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 02/01/26 | 90 | 88461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/01/28 | 9944 | 9574596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 02/01/31 | 3940 | 3681591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.298 | 05/01/29 | 2225 | 2341453 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 | 1959 | 1941467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.125 | 06/15/26 | 558 | 558000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/01/29 | 125 | 128750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 04/15/27 | 3594 | 3588357 |
| &nbsp;&nbsp; L3Harris Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 06/15/28 | 50 | 49880 |
| &nbsp;&nbsp; RTX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/04/27 | 20 | 19548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.200 | 08/15/27 | 30 | 31834 |
|  |  |  |  | 48786409 |
| &nbsp;&nbsp; **Agriculture 0.3%** |  |  |  |  |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.259 | 03/25/28 | 140 | 131389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 08/15/32 | 11635 | 11708565 |
| &nbsp;&nbsp; BAT International Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.448 | 03/16/28 | 70 | 70021 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 19

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Agriculture (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Cargill, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 7.410% | 06/18/27 | 1773 | $1863485 |
| &nbsp;&nbsp; Imperial Brands Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.500 | 02/01/30 | 8200 | 8412626 |
|  |  |  |  | 22186086 |
| &nbsp;&nbsp; **Airlines 0.4%** |  |  |  |  |
| &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 | 1400 | 1352792 |
| &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 10/20/28 | 17015 | 16810990 |
| &nbsp;&nbsp; Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 06/20/27 | 151 | 151229 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 3365 | 3374235 |
| &nbsp;&nbsp; United Airlines 2014-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 4.000 | 10/11/27 | 73 | 72057 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 04/15/26 | 2370 | 2335741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 749 | 703630 |
|  |  |  |  | 24800674 |
| &nbsp;&nbsp; **Auto Manufacturers 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/16/28 | 575 | 526562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.134 | 08/04/25 | 925 | 919596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 05/28/27 | 3000 | 2934697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.113 | 05/03/29 | 6800 | 6520347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/08/29 | 8480 | 8325246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.800 | 05/12/28 | 3050 | 3095900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.950 | 03/06/26 | 1275 | 1288807 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 01/05/28 | 35 | 33959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 06/10/26 | 335 | 322659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 04/10/28 | 6635 | 6165904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 04/09/27 | 70 | 70065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/04/28 | 19906 | 19964009 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; General Motors Financial Co., Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.350% | 07/15/27 | 1177 | $1189358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 04/06/26 | 335 | 335873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.050 | 10/10/25 | 75 | 75296 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 10/15/27 | 55 | 51911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.500 | 11/02/26 | 105 | 102998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.550 | 09/26/29 | 4180 | 4090646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.600 | 03/30/28 | 30 | 30496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 1.500 | 06/15/26 | 25 | 24125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 1.800 | 01/10/28 | 15 | 13858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 2.000 | 06/15/28 | 30 | 27445 |
| &nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 5.300 | 09/13/27 | 7365 | 7219916 |
| &nbsp;&nbsp; Stellantis Finance US, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/18/30 | 4325 | 4328186 |
| &nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 4.050(cc) | 10/24/25 | 3500 | 3480280 |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 1.250 | 11/24/25 | 200 | 195648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.950 | 08/15/29 | 5520 | 5467147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.050 | 03/27/28 | 15570 | 15600246 |
|  |  |  |  | 92401180 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.650 | 09/13/29 | 1795 | 1782945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.875(ff) | 12/15/54 | 440 | 411317 |
| &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 | 500 | 506875 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 | 755 | 763520 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 7300 | 6961171 |
|  |  |  |  | 10425828 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 21

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks 6.8%** |  |  |  |  |
| &nbsp;&nbsp; ABN AMRO Bank NV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 6.575%(ff) | 10/13/26 | 10700 | $10786472 |
| &nbsp;&nbsp; Banco do Brasil SA (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.875 | 01/11/29 | 1250 | 1228516 |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 5.538(ff) | 03/14/30 | 2800 | 2868954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.552(ff) | 03/14/28 | 13600 | 13806904 |
| &nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | 3.750 | 03/30/26 | 17155 | 16706826 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.572(ff) | 10/20/32 | 2485 | 2158998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 2780 | 2458119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.593(ff) | 07/21/28 | 530 | 520050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.898(ff) | 07/23/31 | 1665 | 1443845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.496(ff) | 02/13/31 | 7530 | 6814401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.194(ff) | 07/23/30 | 1350 | 1273032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.824(ff) | 01/20/28 | 675 | 667397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.271(ff) | 07/23/29 | 2325 | 2308991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | 2.651(ff) | 03/11/32 | 8620 | 7643267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 4.450 | 03/03/26 | 6500 | 6495211 |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F | 4.625(ff) | 09/20/26(oo) | 125 | 122551 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.279(ff) | 11/24/27 | 335 | 322444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.837(ff) | 09/10/28 | 11045 | 11055566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.086(ff) | 02/25/29 | 12800 | 12886550 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.871(ff) | 04/19/32 | 4415 | 3881232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 3.500 | 11/16/27 | 4255 | 4133840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 5.176(ff) | 01/09/30 | 5230 | 5298127 |
| &nbsp;&nbsp; BPCE SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.975(ff) | 01/18/27 | 10000 | 10078631 |
| &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 | 6201 | 6277904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/30/29 | 3800 | 3946835 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | 6.750(ff) | 02/15/30(oo) | 8075 | 7772770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | 3.875(ff) | 02/18/26(oo) | 6615 | 6434299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.561(ff) | 05/01/32 | 2685 | 2345411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 1415 | 1284364 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Citigroup, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200% | 10/21/26 | 2495 | $2454464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.980(ff) | 03/20/30 | 1085 | 1055488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.542(ff) | 09/19/30 | 24120 | 23877700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.400 | 06/10/25 | 210 | 209650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.450 | 09/29/27 | 6500 | 6480803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.600 | 03/09/26 | 165 | 164845 |
| &nbsp;&nbsp; Credit Agricole SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 5.230(ff) | 01/09/29 | 12850 | 13028728 |
| &nbsp;&nbsp; Danske Bank A/S (Denmark), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, MTN | 6.259(ff) | 09/22/26 | 3910 | 3929238 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 4.999(ff) | 09/11/30 | 6205 | 6211624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 6.819(ff) | 11/20/29 | 6360 | 6753429 |
| &nbsp;&nbsp; Development Bank of Japan, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | 2.750 | 09/16/25 | 2000 | 1985951 |
| &nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.000 | 10/01/28 | 450 | 481769 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V | 4.125(ff) | 11/10/26(oo) | 3095 | 2959139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.383(ff) | 07/21/32 | 9335 | 8026637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.615(ff) | 04/22/32 | 2640 | 2318673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.102(ff) | 02/24/33 | 3523 | 3107395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 275 | 269738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 01/26/27 | 800 | 793356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 1075 | 1064696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.692(ff) | 10/23/30 | 7200 | 7182849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.484(ff) | 10/24/29 | 8600 | 9122888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.800 | 07/08/44 | 125 | 109290 |
| &nbsp;&nbsp; Hamburg Commercial Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN, SOFR + 0.667% | 5.036(c) | 03/21/31 | 5000 | 4758101 |
| &nbsp;&nbsp; ING Groep NV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.858(ff) | 03/25/29 | 7285 | 7334181 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | 7.033(c) | 07/01/25(oo) | 4510 | 4500781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.069(ff) | 06/01/29 | 6015 | 5610882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.545(ff) | 11/08/32 | 6175 | 5385577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 6395 | 5667114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.963(ff) | 01/25/33 | 2690 | 2380889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.509(ff) | 01/23/29 | 375 | 365611 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 23

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal**<br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Chase & Co., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.782%(ff) | 02/01/28 | 4500 | $4451677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.005(ff) | 04/23/29 | 1550 | 1535570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.452(ff) | 12/05/29 | 6920 | 6912678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.581(ff) | 04/22/30 | 5985 | 6202566 |
| &nbsp;&nbsp; KBC Group NV (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.932(ff) | 10/16/30 | 5005 | 5038909 |
| &nbsp;&nbsp; KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.550 | 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | 2233094 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 01/11/27 | 800 | 790763 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.309(ff) | 07/20/32 | 6285 | 5408454 |
| &nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A(a) | 4.353 | 10/20/25 | 335 | 333591 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.654(ff) | 10/18/30 | 7910 | 7883255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 7920 | 6748556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 4280 | 4203281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 1150 | 1141491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.794(ff) | 02/13/32 | 3295 | 2776331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 | 3905 | 3289619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.511(ff) | 10/20/32 | 1680 | 1449812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.591(ff) | 07/22/28 | 640 | 626272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | 4.350 | 09/08/26 | 5505 | 5492278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 5.000 | 11/24/25 | 175 | 175216 |
| &nbsp;&nbsp; PNC Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.050 | 07/26/28 | 350 | 344614 |
| &nbsp;&nbsp; Rheinland-Pfalz Bank (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 6.875(cc) | 02/23/28 | 10000 | 10555551 |
| &nbsp;&nbsp; Santander UK Group Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.673(ff) | 06/14/27 | 335 | 323388 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.250 | 02/19/27 | 8055 | 8114680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.500(ff) | 04/13/29 | 11465 | 11630960 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 7.161(ff) | 10/30/29 | 3365 | 3633482 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.193(ff) | 06/05/26 | 1970 | 1965075 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal**<br> **Amount**<br> **(000)#** | **Principal**<br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; UBS Group AG (Switzerland), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.091%(ff) | 05/14/32 |  | 3510 | $3126725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 1.580% | 5.941(c) | 05/12/26 |  | 5085 | 5088166 |
| &nbsp;&nbsp; UniCredit SpA (Italy), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.569(ff) | 09/22/26 |  | 1180 | 1169062 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.303(ff) | 10/23/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11845 | 12506381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 |  | 2575 | 2329800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.707(ff) | 04/22/28 |  | 17850 | 18248244 |
|  |  |  |  |  | 436342534 |
| &nbsp;&nbsp; **Beverages 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Constellation Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 02/02/26 |  | 40 | 39982 |
| &nbsp;&nbsp; **Biotechnology 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 02/21/27 |  | 30 | 28930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/01/25 |  | 280 | 280000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/02/28 |  | 335 | 342322 |
| &nbsp;&nbsp; Baxalta, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/23/25 |  | 925 | 923242 |
|  |  |  |  |  | 1574494 |
| &nbsp;&nbsp; **Building Materials 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.750 | 08/01/28 |  | 2775 | 2404683 |
| &nbsp;&nbsp; CEMEX Materials LLC (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.700 | 07/21/25 |  | 1800 | 1808766 |
| &nbsp;&nbsp; Cemex SAB de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.125 | 03/19/26 | EUR | 1000 | 1125770 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 |  | 2239 | 2066353 |
| &nbsp;&nbsp; Lennox International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.700 | 08/01/27 |  | 30 | 28172 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 |  | 2100 | 2114096 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 25

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal**<br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Building Materials (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750% | 01/15/28 | 2000 | $1958204 |
| &nbsp;&nbsp; Vulcan Materials Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 12/01/29 | 7580 | 7651853 |
|  |  |  |  | 19157897 |
| &nbsp;&nbsp; **Chemicals 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 01/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 1793000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/10/28 | 900 | 806850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/31/30 | 1457 | 1208873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/12/31 | 3381 | 3231222 |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.600 | 11/15/28 | 1050 | 1060671 |
| &nbsp;&nbsp; FMC Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 05/18/26 | 70 | 70100 |
| &nbsp;&nbsp; LYB International Finance III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.250 | 10/01/25 | 185 | 182246 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 03/27/28 | 335 | 339708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 11/07/25 | 20 | 20126 |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.750 | 06/23/31 | 407 | 358440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 05/02/34 | 3296 | 3322203 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.750 | 11/15/28 | 3875 | 4049792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 10/01/29 | 1000 | 919985 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 09/18/26 | 1020 | 976650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 09/27/28 | 600 | 553650 |
| &nbsp;&nbsp; Sherwin-Williams Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 08/01/25 | 85 | 84680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 06/01/27 | 45 | 44196 |
| &nbsp;&nbsp; Syensqo Finance America LLC (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.650 | 06/04/29 | 5705 | 5848316 |
| &nbsp;&nbsp; Yara International ASA (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.800 | 06/06/26 | 335 | 331060 |
|  |  |  |  | 25201768 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Coal 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Coronado Finance Pty Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250% | 10/01/29 | 2725 | $1853000 |
| &nbsp;&nbsp; **Commercial Services 0.7%** |  |  |  |  |
| &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 | 1800 | 1691250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.750 | 07/15/27 | 2028 | 2033866 |
| &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 | 1000 | 957500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 | 1925 | 1833563 |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 | 1895 | 1593840 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.000 | 04/15/29 | 5275 | 4730356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/01/27 | 4356 | 4169136 |
| &nbsp;&nbsp; Belron UK Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.750 | 10/15/29 | 1400 | 1392076 |
| &nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/15/31 | 350 | 369097 |
| &nbsp;&nbsp; Brink's Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/27 | 2246 | 2211324 |
| &nbsp;&nbsp; Central Nippon Expressway Co. Ltd. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.886 | 09/29/25 | 6000 | 5909378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.894 | 12/10/25 | 3643 | 3561996 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 | 4974 | 4634275 |
| &nbsp;&nbsp; DP World Ltd. (United Arab Emirates), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 09/25/26 | EUR 1,614 | 1815278 |
| &nbsp;&nbsp; Equifax, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 06/01/28 | 330 | 335379 |
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.600 | 05/01/28 | 335 | 337620 |
| &nbsp;&nbsp; Georgetown University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | 5.215 | 10/01/2118 | 785 | 703229 |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.150 | 01/15/27 | 80 | 76669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 06/01/28 | 85 | 84288 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 27

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500% | 05/15/29 | 2450 | $2261536 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 05/15/27 | 320 | 319742 |
| &nbsp;&nbsp; Williams Scotsman, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 06/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 | 2562460 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43583858 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Dell International LLC/EMC Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.020 | 06/15/26 | 125 | 126464 |
| &nbsp;&nbsp; Genpact Luxembourg Sarl/Genpact USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.750 | 04/10/26 | 170 | 164512 |
| &nbsp;&nbsp; Hewlett Packard Enterprise Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 09/25/26 | 8165 | 8162996 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 | 971 | 1045604 |
|  |  |  |  | 9499576 |
| &nbsp;&nbsp; **Distribution/Wholesale 0.1%** |  |  |  |  |
| &nbsp;&nbsp; H&E Equipment Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 12/15/28 | 9219 | 9186737 |
| &nbsp;&nbsp; RB Global Holdings, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 03/15/28 | 175 | 178019 |
|  |  |  |  | 9364756 |
| &nbsp;&nbsp; **Diversified Financial Services 0.9%** |  |  |  |  |
| &nbsp;&nbsp; American Express Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.338(ff) | 10/30/26 | 8335 | 8409137 |
| &nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes^ | 5.610 | 05/03/27 | 2925 | 2898918 |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.200 | 12/12/28 | 2880 | 3034184 |
| &nbsp;&nbsp; Capital One Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.927(ff) | 05/10/28 | 35 | 35175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.985(ff) | 07/24/26 | 95 | 94999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.149(ff) | 10/29/27 | 4450 | 4604546 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; CPPIB Capital, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 2.750% | 11/02/27 | 250 | $243900 |
| &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) | 05/31/25(d) | 9290 | 8268206 |
| &nbsp;&nbsp; LPL Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 05/20/27 | 3040 | 3100310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 11/17/28 | 1710 | 1817852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 11/15/27 | 110 | 109359 |
| &nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 01/15/27 | 425 | 425442 |
| &nbsp;&nbsp; OMERS Finance Trust (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 11/15/33 | 7850 | 8304053 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 | 800 | 740283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 05/15/29 | 3075 | 3087188 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 | 6400 | 5980194 |
| &nbsp;&nbsp; Power Finance Corp. Ltd. (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 6.150 | 12/06/28 | 200 | 207746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 1.841 | 09/21/28 | EUR 1,460 | 1554740 |
| &nbsp;&nbsp; PRA Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 02/01/28 | 2165 | 2186653 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.875 | 10/15/26 | 2500 | 2413438 |
| &nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 11/15/25 | 2100 | 2090203 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59606526 |
| &nbsp;&nbsp; **Electric 1.7%** |  |  |  |  |
| &nbsp;&nbsp; AEP Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 06/01/28 | 35 | 34344 |
| &nbsp;&nbsp; AES Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.375 | 01/15/26 | 30 | 29249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 06/01/28 | 250 | 253848 |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.365(cc) | 06/15/26 | 3220 | 3237477 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 29

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** | &nbsp;&nbsp; **Electric (cont'd.)** |
| &nbsp;&nbsp; Alliant Energy Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.400% | 06/06/27 | 3965 | $4019880 |
| &nbsp;&nbsp; Ameren Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 02/15/26 | 170 | 168585 |
| &nbsp;&nbsp; Black Hills Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 03/15/28 | 25 | 25963 |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 | 2375 | 2294620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 | 1950 | 1876936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 | 1775 | 1756596 |
| &nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.450 | 06/01/26 | 25 | 24188 |
| &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.688 | 05/15/29 | 3011 | 2891162 |
| &nbsp;&nbsp; DTE Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F | 1.050 | 06/01/25 | 155 | 154438 |
| &nbsp;&nbsp; Duke Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 03/15/28 | 115 | 114956 |
| &nbsp;&nbsp; Edison International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 08/15/25 | 10000 | 9975083 |
| &nbsp;&nbsp; Electricite de France SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.625 | 10/13/25 | 305 | 302860 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 06/26/29 | 12260 | 12441091 |
| &nbsp;&nbsp; Entergy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.900 | 09/15/25 | 35 | 34484 |
| &nbsp;&nbsp; Eskom Holdings SOC Ltd. (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | 6.350 | 08/10/28 | 2389 | 2350179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | 6.350 | 08/10/28 | 5213 | 5128289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 8.450 | 08/10/28 | 745 | 753381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 | 4746 | 4799393 |
| &nbsp;&nbsp; Eversource Energy, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 03/01/27 | 125 | 121473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 05/15/26 | 160 | 160122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 03/01/28 | 150 | 153703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | 3.300 | 01/15/28 | 25 | 24188 |
| &nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.250 | 03/15/28 | 90 | 87139 |
| &nbsp;&nbsp; Hydro-Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series B, MTN | 6.270 | 01/03/26 | 85 | 85781 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal**<br> **Amount**<br> **(000)#** | **Principal**<br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Hydro-Quebec (Canada), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series FSA | 8.250% | 04/15/26 |  | 445 | $459404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series FSA | 8.625 | 06/15/29 |  | 108 | 124491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series GH | 8.250 | 04/15/26 |  | 314 | 324164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series GQ | 8.250 | 01/15/27 |  | 670 | 712881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HH | 8.500 | 12/01/29 |  | 1158 | 1348834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series MBIA | 8.250 | 01/15/27 |  | 395 | 420281 |
| &nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | 4.250 | 08/14/28 |  | 4320 | 4188154 |
| &nbsp;&nbsp; MVM Energetika Zrt (Hungary), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 06/09/28 |  | 4980 | 5194937 |
| &nbsp;&nbsp; Narragansett Electric Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.395 | 04/09/30 |  | 1640 | 1558597 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 05/01/27 |  | 335 | 329816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 07/15/27 |  | 185 | 186112 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350 | 4363145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 |  | 625 | 617476 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.150 | 01/01/26 |  | 75 | 73891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.300 | 12/01/27 |  | 175 | 168639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.950 | 06/08/25 |  | 45 | 44935 |
| &nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listrik Negara (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 10/25/25 | EUR | 1000 | 1131989 |
| &nbsp;&nbsp; Pinnacle West Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.300 | 06/15/25 |  | 335 | 333339 |
| &nbsp;&nbsp; Public Service Enterprise Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.800 | 08/15/25 |  | 20 | 19771 |
| &nbsp;&nbsp; Sempra, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 02/01/48 |  | 580 | 421392 |
| &nbsp;&nbsp; Southern Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 07/01/26 |  | 220 | 217153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 10/06/25 |  | 335 | 335437 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) |  | 1425 | 1439983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) |  | 5125 | 5229774 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 |  | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154434 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 31

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Vistra Operations Co. LLC, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000% | 07/31/27 |  | 5841 | $5791387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 09/01/26 |  | 1000 | 996703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 |  | 6450 | 6444040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.700 | 01/30/27 |  | 30 | 29471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.125 | 05/13/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9530 | 9524599 |
| &nbsp;&nbsp; WEC Energy Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/09/26 |  | 45 | 44997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 09/27/25 |  | 85 | 85071 |
| &nbsp;&nbsp; Xcel Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 06/15/28 |  | 60 | 59161 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106673866 |
| &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 |  | 730 | 740650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 03/15/32 |  | 540 | 551461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/28 |  | 2425 | 2456618 |
|  |  |  |  |  | 3748729 |
| &nbsp;&nbsp; **Electronics 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Amphenol Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 03/30/26 |  | 45 | 45097 |
| &nbsp;&nbsp; TD SYNNEX Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 08/09/26 |  | 30 | 28661 |
|  |  |  |  |  | 73758 |
| &nbsp;&nbsp; **Engineering & Construction 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Cellnex Finance Co. SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.000 | 02/15/33 | EUR | 3800 | 3804877 |
| &nbsp;&nbsp; Cellnex Telecom SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN(a) | 1.750 | 10/23/30 | EUR | 2400 | 2514400 |
| &nbsp;&nbsp; GMR Hyderabad International Airport Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/27/27 |  | 200 | 190188 |
| &nbsp;&nbsp; MasTec, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.900 | 06/15/29 |  | 920 | 941987 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Engineering & Construction (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250% | 10/31/26 |  | 3509 | $3439697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/30/28 |  | 1560 | 1483404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 |  | 3796 | 3721029 |
| &nbsp;&nbsp; TopBuild Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 03/15/29 |  | 2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951528 |
|  |  |  |  |  | 18047110 |
| &nbsp;&nbsp; **Entertainment 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625 | 10/15/29 |  | 6055 | 5595984 |
| &nbsp;&nbsp; CCM Merger, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 05/01/26 |  | 2925 | 2929586 |
| &nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 |  | 3400 | 3092460 |
| &nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 01/15/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | 4188636 |
| &nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.050 | 03/15/42 |  | 2745 | 2065698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.141 | 03/15/52 |  | 3750 | 2574003 |
|  |  |  |  |  | 20446367 |
| &nbsp;&nbsp; **Foods 1.3%** |  |  |  |  |  |
| &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 | 6.500 | 02/15/28 |  | 1750 | 1778184 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 |  | 4400 | 4131526 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 05/14/30 | GBP | 8420 | 10434943 |
| &nbsp;&nbsp; Bellis Finco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 02/16/27 | GBP | 3200 | 4032366 |
| &nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 02/02/29 |  | 3680 | 3461928 |
| &nbsp;&nbsp; Kellanova, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 05/15/28 |  | 13929 | 13962110 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 33

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Foods (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000% | 06/01/26 |  | 335 | $329851 |
| &nbsp;&nbsp; Kroger Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 10/15/26 |  | 335 | &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;326822 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 |  | 2025 | 1900774 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.800 | 03/01/30 |  | 22515 | 22790998 |
| &nbsp;&nbsp; McCormick & Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.900 | 02/15/26 |  | 15 | 14560 |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 10/15/30 |  | 15130 | 13435167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/01/27 |  | 2800 | 2767301 |
| &nbsp;&nbsp; US Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 02/15/29 |  | 6000 | 5829453 |
|  |  |  |  |  | 85195983 |
| &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 |  | 1075 | 1026628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 08/20/26 |  | 2000 | 1976338 |
| &nbsp;&nbsp; Brooklyn Union Gas Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.407 | 03/10/26 |  | 25 | 24696 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 07/01/29 |  | 4720 | 4826038 |
|  |  |  |  |  | 7853700 |
| &nbsp;&nbsp; **Healthcare-Products 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 |  | 820 | 764917 |
| &nbsp;&nbsp; Stryker Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 11/30/27 | EUR | 430 | 480908 |
|  |  |  |  |  | 1245825 |
| &nbsp;&nbsp; **Healthcare-Services 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Advocate Health & Hospitals Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.829 | 08/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | 1157457 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400% | 03/01/27 |  | 25 | $24591 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 |  | 3725 | 3464294 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 02/08/26 |  | 335 | 334219 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.125 | 03/15/27 |  | 70 | 68231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/26 |  | 335 | 335938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 09/01/26 |  | 290 | 291754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.625 | 09/01/28 |  | 335 | 343186 |
| &nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.200 | 06/15/29 |  | 1450 | 1476862 |
| &nbsp;&nbsp; Indiana University Health, Inc. Obligated Group, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 3.970 | 11/01/48 |  | 800 | 629670 |
| &nbsp;&nbsp; IQVIA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 03/15/29 | EUR | 6817 | 7263122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.250 | 01/15/28 | EUR | 1200 | 1305682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.700 | 05/15/28 |  | 335 | 341023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.250 | 02/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005 | 4167557 |
| &nbsp;&nbsp; Laboratory Corp. of America Holdings, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.550 | 06/01/26 |  | 205 | 198735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.600 | 09/01/27 |  | 335 | &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;329517 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 06/01/29 |  | 25 | 23830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.625 | 06/15/28 |  | 225 | 219045 |
|  |  |  |  |  | 21974713 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 |  | 4950 | 4744502 |
| &nbsp;&nbsp; **Home Builders 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.875 | 10/15/27 |  | 2050 | 1995314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 7.250 | 10/15/29 |  | 2200 | 2137980 |
| &nbsp;&nbsp; Century Communities, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 06/01/27 |  | 4175 | 4175151 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 35

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Builders (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Lennar Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750% | 05/30/25 | 220 | $219748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 11/29/27 | 135 | 135520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 06/15/27 | 40 | 40221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/26 | 3145 | 3154562 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 834 | 814032 |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250 | 12/15/27 | 3000 | 2895000 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 06/15/27 | 1325 | 1332245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 07/15/27 | 3725 | 3656589 |
| &nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/27 | 3000 | 2988381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 06/15/28 | 855 | &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;856352 |
|  |  |  |  | 24401095 |
| &nbsp;&nbsp; **Household Products/Wares 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Reckitt Benckiser Treasury Services PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 06/26/27 | 6005 | 5849394 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 05/15/30 | 1390 | 1266099 |
| &nbsp;&nbsp; **Insurance 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Arch Capital Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.011 | 12/15/26 | 135 | 133909 |
| &nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 12/15/29 | 2820 | 2854118 |
| &nbsp;&nbsp; CNA Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/01/26 | 30 | 29920 |
| &nbsp;&nbsp; Markel Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 09/17/50 | 505 | 378490 |
| &nbsp;&nbsp; Principal Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.111 | 02/15/28 | 335 | 329550 |
|  |  |  |  | 3725987 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Iron/Steel 0.1%** |  |  |  |  |
| &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 | 2897 | $2915156 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 1890 | 1831433 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.125 | 05/01/27 | 1000 | &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;972630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 9.250 | 10/01/28 | 1178 | 1113163 |
| &nbsp;&nbsp; Steel Dynamics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 06/15/25 | 25 | 24898 |
|  |  |  |  | 6857280 |
| &nbsp;&nbsp; **Leisure Time 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/01/27 | 4800 | 4767456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 1975 | 1883656 |
| &nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/27 | 4725 | 4709248 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.875 | 03/15/26 | 4755 | 4732033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 02/15/27 | 3500 | 3473925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.750 | 02/15/29 | 1750 | 1801187 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 08/31/26 | 1175 | 1175881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 04/01/28 | 2425 | 2421969 |
| &nbsp;&nbsp; Viking Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 09/15/27 | 1525 | 1521188 |
| &nbsp;&nbsp; VOC Escrow Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 02/15/28 | 1350 | 1323000 |
|  |  |  |  | 27809543 |
| &nbsp;&nbsp; **Lodging 0.2%** |  |  |  |  |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/01/26 | 935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 09/15/29 | 6205 | 6181314 |
| &nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 05/15/27 | 4100 | 4060030 |
|  |  |  |  | 11168447 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 37

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Machinery-Diversified 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500% | 01/01/30 | 400 | $415725 |
| &nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.450 | 07/15/26 | 45 | 43289 |
| &nbsp;&nbsp; Dover Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.150 | 11/15/25 | 35 | 34702 |
| &nbsp;&nbsp; IDEX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 09/01/29 | 7190 | 7259843 |
| &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 | 3400 | 3357711 |
|  |  |  |  | 11111270 |
| &nbsp;&nbsp; **Media 0.5%** |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 05/01/27 | 625 | 616203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.375 | 06/01/29 | 25 | 24479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 05/01/26 | 2750 | 2747007 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.375 | 05/01/47 | 85 | 68908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 | 95 | 88545 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.350 | 09/15/26 | 15 | 14771 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 | 1000 | 667957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 | 750 | 513788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 | 975 | 851927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 | 9497 | 8827728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 | 1000 | 462598 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 | 825 | 514356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 | 675 | 456113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 | 4500 | 3920481 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750 | 11/15/27 | 4350 | 4570084 |
| &nbsp;&nbsp; Paramount Global, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 06/01/28 | 25 | 24301 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 06/01/27 | 3400 | 3291991 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.125% | 08/15/30 | GBP | 2100 | $2449956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 01/15/30 | GBP | 3100 | 3706262 |
|  |  |  |  |  | 33817455 |
| &nbsp;&nbsp; **Mining 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; BHP Billiton Finance USA Ltd. (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 02/21/30 |  | 6215 | 6334812 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 10/15/27 |  | 3197 | 3153041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.375 | 03/01/29 |  | 2830 | 2975037 |
| &nbsp;&nbsp; Freeport Indonesia PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.315 | 04/14/32 |  | 1230 | 1214010 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 |  | 1400 | 1403284 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/15/27 |  | 3842 | 3830528 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.250 | 11/15/26 |  | 2150 | 2086820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 01/30/30 |  | 1350 | 1369688 |
| &nbsp;&nbsp; Yamana Gold, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 12/15/27 |  | 3000 | 2976794 |
|  |  |  |  |  | 25344014 |
| &nbsp;&nbsp; **Multi-National 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Asian Development Bank (Supranational Bank), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.820 | 06/16/28 |  | 3000 | 3177285 |
| &nbsp;&nbsp; Corp. Andina de Fomento (Supranational Bank), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/24/29 |  | 380 | 390420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 11/21/25 |  | 10 | 9988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 04/26/27 |  | 8350 | 8644602 |
| &nbsp;&nbsp; Inter-American Development Bank (Supranational Bank), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes | 6.800 | 10/15/25 |  | 500 | 502603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 06/15/25 |  | 1000 | 1003067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 6.950 | 08/01/26 |  | 500 | 513570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | 6.750 | 07/15/27 |  | 1895 | 1997218 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 39

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Multi-National (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; International Bank for Reconstruction & Development (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, SOFR Index + 0.262% (Cap 1.820%, Floor 0.000%) | 1.820 %(c) | 08/11/26 | 5500 | $5139329 |
|  |  |  |  | 21378082 |
| &nbsp;&nbsp; **Office/Business Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.670 | 12/01/26 | 2545 | 2463052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 03/01/30 | 1800 | 1799516 |
|  |  |  |  | 4262568 |
| &nbsp;&nbsp; **Oil & Gas 1.5%** |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.100 | 07/15/31 | 1585 | 1387885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 01/15/30 | 8945 | 8433823 |
| &nbsp;&nbsp; Antero Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 03/01/30 | 3175 | 3076971 |
| &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 | 3516 | 4121253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.250 | 12/31/28 | 2325 | 2348503 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 04/15/27 | 50 | 49905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/47 | 792 | 674010 |
| &nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/26 | 2921 | 2824839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 | 1320 | 1296818 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.250 | 02/15/28 | 2410 | 2435829 |
| &nbsp;&nbsp; Devon Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 10/15/27 | 20 | 20035 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 11/02/31 | 1813 | 1473969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 04/29/30 | 1545 | 1495946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.750 | 02/01/32 | 3575 | 3409656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 | 3950 | 4117875 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375% | 02/01/29 |  | 3150 | $3139886 |
| &nbsp;&nbsp; Hess Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 04/01/27 |  | 55 | 54889 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 |  | 1650 | 1598781 |
| &nbsp;&nbsp; KazMunayGas National Co. JSC (Kazakhstan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 04/19/27 |  | 200 | 197696 |
| &nbsp;&nbsp; Marathon Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 04/01/28 |  | 75 | 73684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 05/01/25 |  | 300 | 300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 12/15/26 |  | 315 | 317640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/01/30 |  | 17160 | 17305336 |
| &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%)^ | 10.030 (c) | 09/30/29 |  | 676 | 665541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.030 (c) | 09/30/29 |  | 811 | 798648 |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 05/01/31 |  | 250 | 268070 |
| &nbsp;&nbsp; Ovintiv, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 01/01/26 |  | 70 | 70072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 05/15/25 |  | 335 | 334915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 05/15/28 |  | 335 | 341299 |
| &nbsp;&nbsp; Parkland Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 07/15/27 |  | 4625 | 4586983 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 |  | 1600 | 1627245 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/16/34 | GBP | 1800 | 2342187 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 02/12/28 |  | 179 | 165145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.490 | 01/23/27 |  | 3045 | 2979076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 03/13/27 |  | 2378 | 2319501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 01/23/29 |  | 300 | 277500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.840 | 01/23/30 |  | 300 | 267120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.750 | 04/21/27 | EUR | 400 | 418588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 4.875 | 02/21/28 | EUR | 1296 | 1372742 |
| &nbsp;&nbsp; Phillips 66, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.900 | 03/15/28 |  | 70 | 69038 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 41

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Pioneer Natural Resources Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.125% | 01/15/26 | 100 | $97652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 03/29/26 | 15 | 15095 |
| &nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 09/15/28 | 3200 | 3277170 |
| &nbsp;&nbsp; Transocean, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 | 660 | 531953 |
| &nbsp;&nbsp; Valero Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.150 | 09/15/27 | 1420 | 1347479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 06/01/28 | 175 | 174197 |
| &nbsp;&nbsp; Var Energi ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 05/18/27 | 6960 | 7016864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 01/15/28 | 2563 | 2699148 |
|  |  |  |  | 94218457 |
| &nbsp;&nbsp; **Packaging & Containers 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Amcor Finance USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 05/15/28 | 335 | 334136 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 | 6025 | 6149707 |
| &nbsp;&nbsp; Berry Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 1.570 | 01/15/26 | 6150 | 5996439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 1.650 | 01/15/27 | 20 | 18976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 04/15/28 | 2000 | 2043047 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 | 2405 | 2477674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 | 1375 | 1406649 |
| &nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 1.512 | 04/15/26 | 40 | 38649 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. US, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.125 | 02/01/28 | 450 | 452914 |
| &nbsp;&nbsp; WRKCo, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 09/15/27 | 50 | 48644 |
|  |  |  |  | 18966835 |
| &nbsp;&nbsp; **Pharmaceuticals 0.2%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 11/21/26 | 170 | 167103 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600% | 05/14/25 | 295 | $294680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 03/15/35 | 165 | 158778 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 | 975 | 743437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 | 550 | 346500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 01/30/30 | 550 | 320375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 | 25 | 13500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 | 100 | 65500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 | 200 | 163500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 2215 | 1798912 |
| &nbsp;&nbsp; Bayer US Finance II LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 12/15/25 | 555 | 552325 |
| &nbsp;&nbsp; Cencora, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 12/15/27 | 85 | 83146 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 06/01/26 | 335 | 328850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 08/15/29 | 50 | 47131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 07/20/25 | 15 | 14964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/30/29 | 25 | 25262 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 04/30/28 | 1250 | 1179091 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 169 | 166633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/46 | 2095 | 1589509 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 5190 | 3645656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/22/50 | 820 | 516452 |
|  |  |  |  | 12221304 |
| &nbsp;&nbsp; **Pipelines 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/15/29 | 2450 | 2392110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/01/27 | 3125 | 3116798 |
| &nbsp;&nbsp; Boardwalk Pipelines LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 06/01/26 | 60 | 60664 |
| &nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.125 | 06/30/27 | 9390 | 9494462 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 43

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &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) | 1300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | 6.500 (ff) | 11/15/26 (oo) | 3490 | 3472618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 05/15/25 | 90 | 89891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 07/15/26 | 40 | 39614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 03/15/27 | 80 | 79741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/01/30 | 4035 | 4075233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 07/01/29 | 5535 | 5614038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 110 | 92807 |
| &nbsp;&nbsp; Gulfstream Natural Gas System LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.190 | 11/01/25 | 210 | 211204 |
| &nbsp;&nbsp; Kinder Morgan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 06/01/25 | 25 | 24969 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 03/01/27 | 20 | 19852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 03/01/47 | 20 | 17071 |
| &nbsp;&nbsp; NGPL PipeCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 08/15/27 | 330 | 329584 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.400 | 10/15/29 | 2155 | 2118847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 07/13/47 | 385 | 310813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 06/01/29 | 6530 | 6648692 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 03/01/27 | 600 | 591542 |
| &nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 07/15/27 | 125 | 125496 |
| &nbsp;&nbsp; TransCanada PipeLines Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 05/15/28 | 50 | 49585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 01/15/26 | 200 | 200128 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 03/15/28 | 135 | 133718 |
| &nbsp;&nbsp; Valero Energy Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 03/15/28 | 120 | 120106 |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/30 | 2550 | 2555628 |
| &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) | 2665 | 2284131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.125 | 06/01/28 | 1025 | 1018490 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050% | 02/01/30 | 16330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15519187 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 09/15/25 | 400 | 398651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 11/15/29 | 5255 | 5289665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 03/15/29 | 5615 | 5671229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 08/15/28 | 9500 | 9717600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/02/26 | 3560 | 3580779 |
|  |  |  |  | 86749558 |
| &nbsp;&nbsp; **Real Estate 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP/Five Point Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 10.500 (cc) | 01/15/28 | 3207 | 3264059 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 08/01/28 | 2700 | 2604405 |
|  |  |  |  | 5868464 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 01/15/28 | 335 | 330245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 01/15/26 | 20 | 19888 |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 01/31/28 | 150 | 138522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 07/15/27 | 115 | 112906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 03/15/27 | 335 | 329903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 08/15/29 | 2780 | 2689855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 02/15/29 | 7955 | 8130502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 07/15/28 | 110 | 112492 |
| &nbsp;&nbsp; Brandywine Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 11/15/27 | 245 | 230881 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 06/15/26 | 2175 | 2161797 |
| &nbsp;&nbsp; Crown Castle, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 03/15/27 | 40 | 38794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 06/15/26 | 295 | 291790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 03/01/27 | 15 | 14845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 06/01/29 | 3715 | 3811178 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 45

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; CubeSmart LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.125% | 09/01/26 | 80 | $78334 |
| &nbsp;&nbsp; Digital Realty Trust LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.450 | 07/15/28 | 125 | 124646 |
| &nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.900 | 03/01/28 | 100 | 93348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 04/01/27 | 115 | 113550 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | 1045886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 | 325 | 330979 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 02/01/30 | 845 | 844856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 | 2100 | 1966454 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 09/15/26 | 10 | 9971 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.125 | 02/01/29 | 3550 | 3288240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 02/15/27 | 2400 | 2350392 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.625 | 07/15/26 | 3250 | 3173025 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 01/15/29 | 3610 | 3707461 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 02/15/28 | 9562 | 10154870 |
| &nbsp;&nbsp; Ventas Realty LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 10/15/26 | 85 | 83405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 04/01/27 | 65 | 64311 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/27 | 95 | 93273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 12/01/26 | 600 | 593985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/01/29 | 485 | 471471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 02/01/27 | 2970 | 3006504 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/01/25 | 105 | 104906 |
| &nbsp;&nbsp; Weyerhaeuser Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.950 | 10/01/27 | 20 | 21156 |
|  |  |  |  | 50134621 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | | **Principal<br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Retail 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875% | 01/15/28 |  | 1275 | $1222406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 09/15/29 |  | 1335 | 1326509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 06/15/29 |  | 1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517335 |
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.550 | 07/26/27 |  | 2930 | 2865730 |
| &nbsp;&nbsp; AutoZone, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.250 | 11/01/28 |  | 1470 | 1556571 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 9.000% or PIK 12.000% | 9.000 | 12/01/28 |  | 2449 | 2517590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | 9.000 | 06/01/30 |  | 5900 | 6250992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | 9.000 | 06/01/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 | 2846363 |
| &nbsp;&nbsp; eG Global Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/30/28 | EUR | 500 | 625690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 400 | 439824 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 01/15/29 |  | 2609 | 2419980 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 06/01/29 |  | 2425 | 2251569 |
| &nbsp;&nbsp; Lowe's Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 04/15/26 |  | 305 | 299393 |
| &nbsp;&nbsp; McDonald's Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.500 | 03/01/27 |  | 25 | 24692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.500 | 07/01/27 |  | 75 | 73992 |
| &nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/01/29 |  | 2325 | 1822663 |
| &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 |  | 2335 | 2320094 |
|  |  |  |  |  | 30381393 |
| &nbsp;&nbsp; **Semiconductors 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 01/15/27 |  | 335 | 332606 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 47

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Semiconductors (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.050% | 07/12/29 | 13793 | $14067869 |
| &nbsp;&nbsp; NXP BV/NXP Funding LLC (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 03/01/26 | 35 | 35085 |
|  |  |  |  | 14435560 |
| &nbsp;&nbsp; **Shipbuilding 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Huntington Ingalls Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.043 | 08/16/28 | 3500 | 3218963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.483 | 12/01/27 | 135 | &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;131069 |
|  |  |  |  | 3350032 |
| &nbsp;&nbsp; **Software 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Camelot Finance SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 11/01/26 | 1000 | 985300 |
| &nbsp;&nbsp; Fidelity National Information Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/01/28 | 335 | 309645 |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 03/02/28 | 40 | 40961 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 07/15/26 | 110 | 107684 |
| &nbsp;&nbsp; SS&C Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.500 | 09/30/27 | 6175 | 6149362 |
| &nbsp;&nbsp; Take-Two Interactive Software, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 03/28/26 | 75 | 75235 |
| &nbsp;&nbsp; Workday, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 04/01/27 | 110 | 108059 |
|  |  |  |  | 7776246 |
| &nbsp;&nbsp; **Telecommunications 1.0%** |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 12/01/33 | 74 | 61098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 02/15/27 | 55 | 54517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.100 | 02/15/28 | 20 | 19933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/35 | 70 | 66106 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Deutsche Telekom International Finance BV (Germany), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.600% | 01/19/27 |  | 335 | $330463 |
| &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 |  | 356 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^ | 0.000 | 12/31/30 |  | 236 |  |
| &nbsp;&nbsp; Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 9.000% and PIK 1.942% | 10.942 | 05/25/27 |  | 3076 | 3075668 |
| &nbsp;&nbsp; Digicel MidCo Ltd./DIFL US II LLC (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, PIK 10.500% | 10.500 | 11/25/28 |  | 229 | 211200 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 |  | 175 | 175824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 |  | 10871 | 10765141 |
| &nbsp;&nbsp; Iliad Holding SASU (France), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 10/15/28 |  | 550 | &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;556187 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.500 | 04/01/30 |  | 10645 | 8864216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.875 | 06/15/29 |  | 4150 | 3629368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 04/15/29 |  | 3700 | 4102964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 10.500 | 05/15/30 |  | 900 | 975123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/15/29 |  | 2500 | 2797110 |
| &nbsp;&nbsp; Lorca Telecom Bondco SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 09/18/27 | EUR | 10550 | 11934417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/30/29 | EUR | 4975 | 5888644 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 02/23/28 |  | 140 | 140666 |
| &nbsp;&nbsp; Sprint LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.625 | 03/01/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 | 2781181 |
| &nbsp;&nbsp; TalkTalk Telecom Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK N/A | 11.750 | 03/01/28 | GBP | 1174 | 442291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 8.250% or PIK N/A | 8.250 | 09/01/27 | GBP | 1988 | 2027610 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 02/15/26 |  | 115 | 112754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.625 | 04/15/26 |  | 60 | 58924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 04/15/27 |  | 100 | 98931 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 49

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; T-Mobile USA, Inc., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375% | 04/15/27 |  | 35 | $35012 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.680 | 10/30/30 |  | 350 | 300514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.355 | 03/15/32 |  | 5416 | 4620930 |
| &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 | 1430 | 1744410 |
|  |  |  |  |  | 65871202 |
| &nbsp;&nbsp; **Toys/Games/Hobbies 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Mattel, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 04/01/26 |  | 1435 | 1409265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 12/15/27 |  | 335 | 333480 |
|  |  |  |  |  | 1742745 |
| &nbsp;&nbsp; **Transportation 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(h) | 5.050 | 03/01/41 |  | 790 | 744742 |
| &nbsp;&nbsp; Canadian Pacific Railway Co. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/01/28 |  | 20 | 19849 |
| &nbsp;&nbsp; Indian Railway Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 3.570 | 01/21/32 |  | 1245 | 1129850 |
| &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 |  | 80 | 79520 |
| &nbsp;&nbsp; RXO, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 11/15/27 |  | 4648 | 4763148 |
| &nbsp;&nbsp; Ryder System, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.300 | 06/15/27 |  | 440 | 437350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.625 | 06/01/25 |  | 145 | 144903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.650 | 03/01/28 |  | 335 | &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;344939 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880 | 1685868 |
|  |  |  |  |  | 9350169 |
| &nbsp;&nbsp; **Trucking & Leasing 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 07/15/25 |  | 25 | 24948 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount<br>(000)#** | **Principal<br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Trucking & Leasing (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.400% | 07/01/27 |  | 8295 | $8256921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/24/26 |  | 335 | 338753 |
|  |  |  |  |  | 8620622 |
| &nbsp;&nbsp; **Water 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; American Water Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 09/01/27 |  | 175 | 170071 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $1,678,135,357) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661677634 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 7.072 (c) | 01/28/32 |  | 1225 | 1201649 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 9.172 (c) | 11/17/28 |  | 5705 | 5368681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 9.411 (c) | 11/17/28 |  | 2520 | 2380501 |
|  |  |  |  |  | 8950831 |
| &nbsp;&nbsp; **Chemicals 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; TPC Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 6 Month SOFR + 5.750% | 9.952 (c) | 12/16/31 |  | 3325 | 3142125 |
| &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%^ | 7.072 (c) | 08/12/28 |  | 196 | 195576 |
| &nbsp;&nbsp; OCS Group Investments Limited (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% | 10.361 (c) | 11/27/31 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | 2486318 |
|  |  |  |  |  | 2681894 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 51

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest**<br> **Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Computers 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 7.319 %(c) | 03/01/29 |  | 1495 | $1395237 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.780 (c) | 12/19/30 |  | 11701 | 10519199 |
| &nbsp;&nbsp; **Insurance 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% | 8.672 (c) | 08/21/28 |  | 931 | 900374 |
| &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 |  | 380 | 339560 |
| &nbsp;&nbsp; **Investment Companies 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Hurricane CleanCo Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility A, 3 Month LIBOR + 6.250% (Cap N/A, Floor 0.000%)^ | 6.250 (c) | 10/31/29 |  | 2881 | 3954141 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Facility B, 6 Month EURIBOR + 5.500%^ | 8.099 (c) | 01/30/32 | EUR | 5225 | 5765753 |
| &nbsp;&nbsp; **Media 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 8.822 (c) | 01/18/28 |  | 1405 | 1365596 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500%^ | 10.799 (c) | 04/23/30 |  | 8541 | 8433941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | — (p) | 04/01/30 |  | 2520 | 2491650 |
|  |  |  |  |  | 10925591 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-5 Loan, 1 Month SOFR + 3.750%^ | 8.072 %(c) | 12/10/28 |  | 738 | $732357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.364%^ | 6.686 (c) | 04/23/26 |  | 81 | 80569 |
|  |  |  |  |  | 812926 |
| &nbsp;&nbsp; **Retail 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; CD&R Firefly Bidco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-8, SONIA + 5.250%^ | 9.709 (c) | 06/21/28 | GBP | 2850 | 3712735 |
| &nbsp;&nbsp; EG Finco Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B-2, 3 Month EURIBOR + 4.500% | 6.855 (c) | 02/07/28 | EUR | 6965 | 7860712 |
| &nbsp;&nbsp; Peer Holding III BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | 5.105 (c) | 07/01/31 | EUR | 7875 | 8880772 |
| &nbsp;&nbsp; WSH Services Holding Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, SONIA + 4.750% | 9.210 (c) | 05/16/31 | GBP | 450 | 596716 |
|  |  |  |  |  | 21050935 |
| &nbsp;&nbsp; **Telecommunications 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | 11.780 (c) | 05/25/27 |  | 2655 | 2604453 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan | — (p) | 03/27/32 |  | 4475 | 4459615 |
| &nbsp;&nbsp; Zegona Holdco Limited (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Loan, 1 Month EURIBOR + 4.250% | 6.119 (c) | 07/17/29 | EUR | 10925 | 12303452 |
|  |  |  |  |  | 19367520 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $90,058,026) |  |  |  |  | 91171682 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; **California 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; University of California, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | 3.931 | 05/15/45 |  | 25 | 22800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | 4.131 | 05/15/45 |  | 25 | 22311 |
|  |  |  |  |  | 45111 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 53

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Michigan 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Michigan State University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.165% | 08/15/2122 | 3520 | $2498842 |
| &nbsp;&nbsp; University of Michigan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.454 | 04/01/2122 | 4600 | 3662114 |
|  |  |  |  | 6160956 |
| &nbsp;&nbsp; **New Jersey 0.0%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | 7.414 | 01/01/40 | 100 | &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;120349 |
| &nbsp;&nbsp; **Virginia 0.0%** |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | 4.179 | 09/01/2117 | 125 | 93141 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (cost $8,430,793) |  |  |  | 6419557 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 3.8%** |  |  |  |  |
| &nbsp;&nbsp; ATLX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 3.850(cc) | 04/25/63 | 12300 | 11736032 |
| &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%)^ | 8.350(c) | 07/01/26 | 2263 | 2265422 |
| &nbsp;&nbsp; Bellemeade Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class M1B, 144A, 30 Day Average SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.754(c) | 09/25/31 | 68 | 67776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) | 6.504(c) | 01/26/32 | 717 | 718808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) | 8.054(c) | 01/26/32 | 3240 | 3325352 |
| &nbsp;&nbsp; Chase Home Lending Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | 3.250(cc) | 08/25/64 | 1404 | 1246355 |
| &nbsp;&nbsp; CIM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | 4.750(cc) | 06/25/64 | 3120 | 3080848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I01, Class A1, 144A | 5.655(cc) | 10/25/69 | 7486 | 7561456 |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | 4.863(cc) | 09/25/47 | 21 | 18649 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A1, 144A | 6.170%(cc) | 09/25/62 | 2189 | $2187569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | 4.100(cc) | 02/25/63 | 10708 | 10183114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | 4.222(cc) | 02/25/63 | 890 | 745660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | 3.113(cc) | 02/25/63 | 269 | 201305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | 0.000(cc) | 02/25/63 | 97 | 66717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | 11.556(s) | 02/25/63 | 247 | 29895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | 15.130(s) | 02/25/63 | 449 | 36277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | 4.222(cc) | 02/25/63 | 598 | 498981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | 4.222(cc) | 02/25/63 | 456 | &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;363041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | 0.000(cc) | 02/25/63 | 19 | 16716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | 0.000(cc) | 02/25/63 | 13715 | 15272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | 3.977(cc) | 01/25/64 | 18644 | 17577672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | 3.977(cc) | 01/25/64 | 824 | 614844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | 3.977(cc) | 01/25/64 | 330 | 197374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | 3.977(cc) | 01/25/64 | 209 | 107484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | 0.155(cc) | 01/25/64 | 264 | 110914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | 0.000(cc) | 01/25/64 | 264 | 94106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | 3.977(cc) | 01/25/64 | 703 | 495931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | 3.977(cc) | 01/25/64 | 439 | 285276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | 0.000(cc) | 01/25/64 | 38 | 34070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | 0.000(cc) | 01/25/64 | 21676 | 2168 |
| &nbsp;&nbsp; COLT Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | 5.601(cc) | 02/25/70 | 6718 | 6750460 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |
| &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%) | 10.604(c) | 03/25/42 | 860 | 926650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | 9.604(c) | 03/25/42 | 340 | 359975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 6.054(c) | 07/25/44 | 500 | 497819 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | 3.904(cc) | 04/25/62 | 2397 | 2283162 |
| &nbsp;&nbsp; Eagle Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.354(c) | 09/26/33 | 439 | 440088 |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-132, Class KI, IO | 3.000 | 12/25/32 | 1546 | 116249 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 55

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Fannie Mae REMIC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-144, Class EI, IO | 3.000% | 01/25/28 | 650 | $15936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-148, Class IC, IO | 3.000 | 01/25/28 | 1106 | 24111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13, Class IK, IO | 2.500 | 03/25/28 | 579 | 13891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-49, Class AI, IO | 3.000 | 05/25/33 | 1184 | 87485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-59, Class CI, IO | 3.500 | 08/25/30 | 518 | 13741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-20, Class DI, IO | 3.500 | 04/25/31 | 1424 | 90667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-24, Class BH | 3.500 | 04/25/48 | 176 | 161053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-25, Class AG | 3.500 | 04/25/47 | 583 | 571604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-57, Class QV | 3.500 | 11/25/29 | 1047 | 1038889 |
| &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%) | 7.354 (c) | 12/25/50 | 100 | &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;105417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | 8.354 (c) | 11/25/50 | 1630 | 1790856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | 6.004 (c) | 01/25/34 | 327 | 328169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 7.754 (c) | 10/25/41 | 1630 | 1670298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 5.854 (c) | 10/25/41 | 192 | 191769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.704 (c) | 09/25/41 | 200 | 203438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 6.454 (c) | 09/25/41 | 3080 | 3087700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | 6.704 (c) | 12/25/41 | 2700 | 2715201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | 6.854 (c) | 01/25/42 | 110 | 111512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 7.254 (c) | 04/25/42 | 300 | 307912 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; Freddie Mac REMIC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4012, Class MJ | 3.500% | 11/15/40 |  | 124 | $123740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4046, Class PI, IO | 3.000 | 05/15/27 |  | 449 | 9506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4060, Class IO, IO | 3.000 | 06/15/27 |  | 203 | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4131, Class BI, IO | 2.500 | 11/15/27 |  | 1089 | 24390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4146, Class KI, IO | 3.000 | 12/15/32 |  | 1609 | 124065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4153, Class IO, IO | 3.000 | 01/15/28 |  | 1343 | 27836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4172, Class KI, IO | 3.000 | 10/15/32 |  | 2024 | 112213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4182, Class EI, IO | 2.500 | 03/15/28 |  | 875 | 22674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4186, Class JI, IO | 3.000 | 03/15/33 |  | 5095 | 330280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4314, Class PD | 3.750 | 07/15/43 |  | 426 | 422639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4574, Class AI, IO | 3.000 | 04/15/31 |  | 982 | 59014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4631, Class GP | 3.500 | 03/15/46 |  | 1254 | 1218252 |
| &nbsp;&nbsp; Government National Mortgage Assoc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-047, Class IA, IO | 4.000 | 03/20/43 |  | 672 | 115166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-116, Class IT, IO | 4.000 | 08/20/44 |  | 757 | 98575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-164, Class IG, IO | 4.000 | 12/20/46 |  | 1275 | 210526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-045, Class QA | 3.000 | 11/20/42 |  | 1230 | 1206829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05, Class IB, IO | 4.000 | 01/20/48 |  | 527 | 101721 |
| &nbsp;&nbsp; GS Mortgage Backed Securities Trust CES1, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.568(cc) | 05/25/55 |  | 8143 | 8157479 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | 0.000(s) | 01/25/64 |  | 46 | 42910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | 3.085(cc) | 01/25/64 |  | 17836 | 15745255 |
| &nbsp;&nbsp; Home Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | 7.154(c) | 01/25/34 |  | 628 | 632228 |
| &nbsp;&nbsp; Kinbane DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | 3.201(c) | 01/24/63 | EUR | 4102 | 4619847 |
| &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 |  | 4750 | 4769702 |
| &nbsp;&nbsp; Lincoln Senior Participation Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 3.000%^ | 7.070 | 08/04/25 |  | 11230 | 11230000 |
| &nbsp;&nbsp; Lugo Funding DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | 3.521(c) | 05/26/66 | EUR | 5830 | 6514349 |
| &nbsp;&nbsp; Mill City Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A | 3.250(cc) | 05/25/62 |  | 79 | 78495 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 57

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) | 5.191%(c) | 01/25/48 | 206 | $200484 |
| &nbsp;&nbsp; NLT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | 5.506(cc) | 02/25/70 | 13143 | 13192612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | 5.708(cc) | 02/25/70 | 1473 | 1479453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | 5.860(cc) | 02/25/70 | 2529 | 2536663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | 0.399(cc) | 02/25/70 | 19925 | 171956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | 6.604(cc) | 02/25/70 | 750 | 727677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | 6.604(cc) | 02/25/70 | 590 | 554085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | 6.604(cc) | 02/25/70 | 370 | 329985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | 6.314(cc) | 02/25/70 | 1070 | 1070157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A^ | 0.901(cc) | 02/25/70 | 19925 | 667501 |
| &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%) | 7.254(c) | 04/25/34 | 2119 | 2139437 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.854(c) | 05/25/33 | 9040 | 9074265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.701(c) | 03/29/27 | 6637 | 6646652 |
| &nbsp;&nbsp; PRET Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 4.075(cc) | 06/25/64 | 4282 | 4052976 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-06, Class A1, 144A | 5.699(cc) | 11/25/29 | 7444 | 7453534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 3.500(cc) | 05/25/54 | 1339 | 1286893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF02, Class A1, 144A | 4.000(cc) | 10/25/64 | 5100 | 4930593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | 4.000(cc) | 03/25/55 | 7040 | 6829580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | 4.000(cc) | 03/25/55 | 1267 | 1178190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | 4.000(cc) | 03/25/55 | 747 | 681421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | 4.000(cc) | 03/25/55 | 729 | 653527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | 4.000(cc) | 03/25/55 | 257 | 225648 |
| &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%) | 8.054(c) | 11/25/31 | 1465 | 1489597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 7.054(c) | 07/25/33 | 1063 | 1069310 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; Radnor Re Ltd., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.354%(c) | 09/25/34 |  | 1411 | $1412119 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | 5.846(cc) | 08/25/44 |  | 1737 | 1748935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES07, Class A1A, 144A | 5.158(cc) | 10/25/44 |  | 5027 | 5016883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | 5.582(cc) | 12/25/44 |  | 5917 | 5961845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.653(cc) | 01/25/45 |  | 7249 | 7300502 |
| &nbsp;&nbsp; Shamrock Residential (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | 3.101(c) | 06/24/71 | EUR | 932 | 1051850 |
| &nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | 5.169(cc) | 12/25/34 |  | 74 | 67838 |
| &nbsp;&nbsp; Verus Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A1, 144A | 5.307(cc) | 03/25/70 |  | 8213 | 8214821 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $241,299,137) |  |  |  |  | 243207926 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 2.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Bermuda Government International Bond (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 08/20/30 |  | 1005 | 873978 |
| &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 |  | 15826 | 15683448 |
| &nbsp;&nbsp; Colombia Government International Bond (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.375 | 04/25/30 |  | 11420 | 11591300 |
| &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 01/30/30 |  | 1051 | 978875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/22/29 |  | 3407 | 3359302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 |  | 3513 | 3463818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.950 | 01/25/27 |  | 620 | 621937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 07/19/28 |  | 973 | 980784 |
| &nbsp;&nbsp; Finnvera OYJ (Finland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, EMTN | 2.375 | 06/04/25 |  | 600 | 598865 |
| &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 | 4595 | 4471114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 6546 | 6889126 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 59

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875% | 10/17/31 | EUR | 8218 | $8448608 |
| &nbsp;&nbsp; Japan Finance Organization for Municipalities (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.375 | 02/10/31 |  | 10000 | 8531453 |
| &nbsp;&nbsp; Japan International Cooperation Agency (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | 2.125 | 10/20/26 |  | 10000 | 9734787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | 4.000 | 05/23/28 |  | 10760 | 10795168 |
| &nbsp;&nbsp; Morocco Government International Bond (Morocco), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.375 | 12/15/27 |  | 10000 | 9281300 |
| &nbsp;&nbsp; Province of Alberta (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.300 | 03/15/28 |  | 1510 | 1489797 |
| &nbsp;&nbsp; Province of British Columbia (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.500 | 01/15/26 |  | 1645 | 1671924 |
| &nbsp;&nbsp; Province of Quebec (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 04/12/27 |  | 195 | 190578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | 7.485(cc) | 03/02/26 |  | 565 | 580700 |
| &nbsp;&nbsp; Republic of Italy Government International Bond (Italy), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | 2.875 | 10/17/29 |  | 600 | 563968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | 5.375 | 06/15/33 |  | 991 | 1032280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 5Y | 1.250 | 02/17/26 |  | 9070 | 8871128 |
| &nbsp;&nbsp; Republic of South Africa Government International Bond (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 07/24/26 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | 22707978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 09/16/25 |  | 1484 | 1482145 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.625 | 09/27/29 | EUR | 10500 | 12633957 |
| &nbsp;&nbsp; Serbia International Bond (Serbia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 06/26/29 | EUR | 4492 | 4557445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/15/27 | EUR | 5842 | 6537451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/26/28 |  | 2135 | 2192645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.500 | 06/26/29 | EUR | 2410 | 2445112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.650 | 03/03/33 | EUR | 492 | 442061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125 | 05/15/27 | EUR | 8950 | 10015438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 05/26/28 |  | 1165 | 1196455 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $169,602,937) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174914925 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 11.5%** |  |  |  |  |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.230% | 07/29/30 | 6600 | $5747255 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.550 | 07/26/30 | 500 | 442449 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.150 | 12/01/31 | 20000 | 17376546 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.200 | 12/09/31 | 10000 | 8723101 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 02/01/36 | 17950 | 15924584 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 05/01/36 | 498 | 441100 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/46 | 5180 | 4414277 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/51 | 472 | 395545 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 8156 | 6824660 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 | 4449 | 3703984 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 2363 | 1972285 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/51 | 15877 | 13472066 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/51 | 460 | 383717 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 | 929 | 783866 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/52 | 1282 | 1070635 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/46 | 2924 | 2662485 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/50 | 643 | 564098 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 6406 | 5575037 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 918 | 804975 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 8365 | 7268271 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 08/01/43 | 257 | 241410 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/45 | 4785 | 4480584 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 09/01/46 | 11190 | 10477490 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/46 | 5254 | 4919209 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/52 | 1121 | 1016135 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/52 | 891 | 804296 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 | 9612 | 8688719 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/52 | 7288 | 6804419 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/52 | 1752 | 1678406 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/52 | 5540 | 5307874 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/52 | 3171 | 3110149 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/52 | 10770 | 10576960 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/52 | 1814 | 1780696 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 12/01/52 | 1324 | 1300325 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/53 | 4595 | 4510486 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 18992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19010285 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 | 6340 | 6445939 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 03/01/53 | 6526 | 6627221 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 03/01/53 | 8151 | 8340093 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 04/01/53 | 6481 | 6596160 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/54 | 9034 | 9166959 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.750 | 03/15/31 | 545 | 625268 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 61

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500% | 05/01/36 | 631 | $558235 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 06/01/36 | 24930 | 22131999 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | TBA | 67000 | 53128270 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 2.000 | 12/01/36 | 42372 | 38776791 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | TBA | 30500 | 25360240 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/34 | 5359 | 5018343 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/35 | 2344 | 2190337 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 2.500 | 08/01/36 | 57026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53265281 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/50 | 440 | 370940 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/50 | 1763 | 1472873 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 3746 | 3133322 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 | 833 | 696338 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/43 | 20491 | 18632960 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/43 | 350 | 317045 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/48 | 569 | 515424 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/48 | 2741 | 2492006 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 558 | 486453 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 4838 | 4216456 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 1883 | 1644386 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 22506 | 19581876 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/42 | 1618 | 1515509 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/44 | 1140 | 1067106 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/47 | 1581 | 1480344 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/48 | 8045 | 7510061 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/51 | 3817 | 3470810 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 14516 | 13122717 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/52 | 2688 | 2430778 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/48 | 25712 | 24793591 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 981 | 921490 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 1144 | 1066443 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 7632 | 7126048 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/52 | 5495 | 5130774 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 8960 | 8584472 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/52 | 780 | 747325 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/52 | 11265 | 10792303 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 22000 | 21524504 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/52 | 7370 | 7239733 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 2607 | 2607869 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 4312 | 4328762 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 5146 | 5237142 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 6086 | 6204670 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/53 | 4254 | 4330730 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000% | 12/01/54 | 5670 | $5755444 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 01/01/53 | 9074 | 9375649 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.625 | 11/15/30 | 605 | 687150 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.125 | 01/15/30 | 580 | 663712 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/50 | 18950 | 15463485 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 09/20/51 | 2173 | 1984165 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/51 | 22874 | 20868817 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 02/20/52 | 13090 | 11932876 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 3233 | 2943799 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/52 | 1134 | 1060258 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/52 | 10509 | 9823349 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/52 | 16259 | 15197843 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 12257 | 11805308 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 02/20/54 | 2762 | 2711873 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 07/20/54 | 230 | &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;235008 |
| &nbsp;&nbsp; Resolution Funding Corp. Principal Strips, Bonds | 4.689(s) | 04/15/30 | 2730 | 2241823 |
| &nbsp;&nbsp; Resolution Funding Corp. Principal Strips, Bonds | 5.143(s) | 01/15/30 | 8251 | 6839525 |
| &nbsp;&nbsp; Tennessee Valley Authority Principal Strips, Bonds | 5.270(s) | 11/01/25 | 4336 | 4240790 |
| &nbsp;&nbsp; U.S. International Development Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes | 3.250 | 10/15/30 | 3056 | 2979780 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $736,343,269) |  |  |  | 743093429 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 18.0%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.375 | 01/31/26 | 88940 | 86546263 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.750 | 03/31/26 | 26400 | 25651313 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.750 | 04/30/26 | 73995 | 71723122 |
| &nbsp;&nbsp; U.S. Treasury Notes(h)(k)(kk) | 0.750 | 05/31/26 | 291160 | 281572192 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.250 | 11/30/26 | 134030 | 129045759 |
| &nbsp;&nbsp; U.S. Treasury Notes(h) | 2.250 | 02/15/27 | 243000 | 237152812 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 08/31/29 | 265 | 264482 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 12/15/25 | 60 | 59984 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 01/15/27 | 98305 | 98850286 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.375 | 12/15/26 | 211905 | 214181323 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 5.000 | 09/30/25 | 8000 | 8024063 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.020(s) | 05/15/33 | 75 | 53709 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.398(s) | 11/15/41 | 855 | 382922 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.450(s) | 08/15/42 | 465 | 199461 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.027(s) | 05/15/39 | 1120 | 578253 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h)(k) | 2.056(s) | 11/15/38 | 2240 | 1193651 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 2.058(s) | 02/15/39 | 2275 | 1192652 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 63

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.420%(s) | 08/15/40 | 1500 | $&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;719685 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.857(s) | 05/15/31 | 100 | 78712 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.019(s) | 11/15/35 | 140 | 88243 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.805(s) | 02/15/42 | 45 | 19865 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,153,714,711) |  |  |  | 1157578752 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 1.2%** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $76,621,964)(wa) |  |  | 1495772 | 76568569 |
| &nbsp;&nbsp; **COMMON STOCKS 0.1%** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |  |  |
| &nbsp;&nbsp; TPC Group, Inc.\*^ |  |  | 17363 | 347260 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A1 Stock)\*^ |  |  | 5525 | 122051 |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A2 Stock)\*^ |  |  | 7777 | 171798 |
|  |  |  |  | 293849 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\* |  |  | 57273 | 819004 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\* |  |  | 257178 | 1800246 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\* |  |  | 30700 | 1231837 |
|  |  |  |  | 3032083 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $1,591,368) |  |  |  | 4492196 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.0%** |  |  |  |  |
| &nbsp;&nbsp; **Capital Markets 0.0%** |  |  |  |  |
| &nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo) |  |  | 5000 | 110650 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** | &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** |  |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** | &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^ | 16694 | $192629 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $183,730) |  | &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;303279 |
|  | **Units** |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain), expiring 09/30/34^ | 18 | 163 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | 107119 | 29008 |
| &nbsp;&nbsp; **TOTAL WARRANTS**<br> (cost $699) |  | 29171 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $6,378,670,363) |  | 6381832950 |
|  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.0%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wa) | 139813138 | 139813138 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<br>(cost $54,700,219; includes $54,449,623 of cash collateral for securities on loan)(b)(wa) | 54737841 | 54699524 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $194,513,357) |  | 194512662 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%**<br> (cost $197,219) |  | 601307 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $194,710,576) |  | 195113969 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 102.2%**<br> (cost $6,573,380,939) |  | 6576946919 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 65

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | |
|:---|:---|
| **Description** | **Value** |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $2,449,274) | $(2995534) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 102.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $6,570,931,665) | 6573951385 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (2.2)% | (139867396) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434083989 |

---

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

\* 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 $51,281,455 and 0.8% 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 $53,278,007; cash collateral of $54,449,623 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2025.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 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.

(kk) Represents security, or a portion thereof, segregated as collateral for TBA securities.

(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.

(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.

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition**<br>**Date** | **Original**<br>**Cost** | **Market**<br>**Value** | **Percentage<br>of Net<br>Assets** |
| Greystone Commercial Capital Trust, Sr. Unsec'd. Notes, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 144A, 1 Month LIBOR + 2.270%^, 7.230%(c), 05/31/25(d) | 05/18/21 | $9290119 | $8268206 | 0.1% |
| Salus European Loan Conduit DAC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, SONIA + 1.969% (Cap 6.850%, Floor 1.500%), 6.453%(c), 01/23/29 | 12/07/18-06/07/23 | 9468224 | 10430012 | 0.2 |
| SMB Private Education Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-E, Class A1A, 144A, 5.090%, 10/16/56 | 08/07/24 | 2552386 | 2574307 | 0.1 |
| SMB Private Education Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A1A, 144A, 5.380%, 07/15/53 | 06/25/24 | 2266690 | 2306751 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $23577419 | $23579276 | 0.4% |

---

(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 April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Principal<br>Amount<br>(000)#** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  New Generation Gas Gathering LLC, Sr. Sec'd. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $998,311)^ | 1013514 | $998311 | $— | $— |

---

#### 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 | 06/12/25 | $(2000) | $(1863375) |
|  Federal National Mortgage Assoc. | 4.500% | TBA | 06/12/25 | (10500) | (10037347) |
|  Federal National Mortgage Assoc. | 5.500% | TBA | 06/12/25 | (14500) | (14459069) |
|  Federal National Mortgage Assoc. | 6.000% | TBA | 06/12/25 | (8500) | (8616851) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br>(proceeds receivable $34,881,650) |  |  |  |  | $(34976642) |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 67

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 226 | 565 | $2825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $3,182) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | MSI | 05/15/25 | 26.50 – EUR | 3892 | $18 |
|  Currency Option EUR vs MXN | Call | MSI | 05/22/25 | 27.00 – EUR | 3351 | 134 |
|  Currency Option EUR vs TRY | Call | JPM | 05/06/25 | 70.00 – EUR | 7671 | 78 |
|  Currency Option EUR vs TRY | Call | JPM | 05/27/25 | 80.00 – EUR | 6894 | 3504 |
|  Currency Option EUR vs USD | Call | JPM | 05/05/25 | 1.12 – EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14831 | 232667 |
|  Currency Option USD vs BRL | Call | MSI | 05/08/25 | 7.20 – | 3819 | 2 |
|  Currency Option USD vs BRL | Call | JPM | 05/08/25 | 7.60 – | 1912 |  |
|  Currency Option USD vs BRL | Call | MSI | 05/22/25 | 7.00 – | 3854 | 125 |
|  Currency Option USD vs BRL | Call | CITI | 05/23/25 | 7.00 – | 3850 | 129 |
|  Currency Option USD vs COP | Call | HSBC | 05/08/25 | 5500.00 – | 7650 |  |
|  Currency Option USD vs COP | Call | MSI | 05/14/25 | 5200.00 – | 3824 | 11 |
|  Currency Option USD vs INR | Call | JPM | 01/08/26 | 91.00 – | 13092 | 46696 |
|  Currency Option USD vs KRW | Call | CITI | 05/08/25 | 1650.00 – | 3824 |  |
|  Currency Option USD vs KRW | Call | MSI | 05/19/25 | 1600.00 – | 3842 | 35 |
|  Currency Option USD vs KRW | Call | MSI | 05/23/25 | 1600.00 – | 3850 | 51 |
|  Currency Option USD vs MXN | Call | CITI | 05/05/25 | 24.00 – | 3828 |  |
|  Currency Option USD vs MXN | Call | CITI | 05/08/25 | 27.00 – | 3825 |  |
|  Currency Option USD vs MXN | Call | MSI | 05/14/25 | 24.00 – | 3824 | 19 |
|  Currency Option USD vs TRY | Call | JPM | 05/02/25 | 70.00 – | 3828 |  |
|  Currency Option USD vs TRY | Call | JPM | 05/19/25 | 65.00 – | 3753 | 3124 |
|  Currency Option USD vs TRY | Call | JPM | 05/27/25 | 75.00 – | 1930 | 1141 |
|  Currency Option USD vs ZAR | Call | CITI | 05/01/25 | 22.00 – | 3811 |  |
|  Currency Option USD vs ZAR | Call | CITI | 05/20/25 | 23.00 – | 3811 | 54 |
|  Currency Option USD vs ZAR | Call | JPM | 05/28/25 | 22.00 – | 3861 | 266 |
|  Currency Option USD vs BRL | Put | JPM | 05/05/25 | 5.00 – | 3828 |  |
|  Currency Option USD vs BRL | Put | CITI | 05/08/25 | 5.20 – | 3824 | 20 |
|  Currency Option USD vs BRL | Put | MSI | 05/08/25 | 5.20 – | 11853 | 62 |
|  Currency Option USD vs BRL | Put | HSBC | 05/14/25 | 5.00 – | 3824 | 14 |
|  Currency Option USD vs CNH | Put | JPM | 05/08/25 | 6.10 – | 6452 |  |
|  Currency Option USD vs CNH | Put | MSI | 06/26/25 | 6.50 – | 22691 | 666 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 – | 20378 | 3119 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 – | 5814 | 889 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Options Purchased (continued):

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  Currency Option USD vs MXN | Put | MSI | 05/20/25 | 17.50 |  | 1921 | $8 |
|  Currency Option USD vs ZAR | Put | MSI | 05/28/25 | 16.80 |  | 3868 | 179 |
|  **Total OTC Traded** (cost $158,144) |  |  |  |  |  |  | $293011 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  3-Year Interest Rate Swap, 07/29/28 | Call | JPM | 07/25/25 | 2.90% | 2.90%(A) | 1 Day SOFR(A)/4.410% | 21700 | $72503 |
|  5-Year Interest Rate Swap, 06/27/30 | Call | JPM | 06/25/25 | 1.00% | 1.00%(A) | 1 Day SOFR(A)/4.410% | 12250 | 89 |
|  5-Year Interest Rate Swap, 06/27/30 | Call | CITI | 06/25/25 | 3.40% | 3.40%(A) | 1 Day SOFR(A)/4.410% | 12250 | 118554 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/4.410% | 6045 | 134 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/4.410% | 6045 | 108291 |
|  10-Year Interest Rate Swap, 05/23/35 | Put | CITI | 05/21/25 | 4.10% | 1 Day SOFR(A)/ 4.410% | 4.10%(A) | 14570 | 5749 |
|  10-Year Interest Rate Swap, 05/23/35 | Put | CITI | 05/21/25 | 4.50% | 1 Day SOFR(A)/ 4.410% | 4.50%(A) | 14570 | 151 |
|  **Total OTC Swaptions** (cost $35,893) | **Total OTC Swaptions** (cost $35,893) |  |  |  |  |  |  | $305471 |
|  **Total Options Purchased** (cost $197,219) | **Total Options Purchased** (cost $197,219) |  |  |  |  |  |  | $601307 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 69

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 226 | 565 | $(334763) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 226 | 565 | (87575) |
|  **Total Exchange Traded** (premiums received $356,121) |  |  |  |  |  | $(422338) |

---

#### 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 CZK | Call | MSI | 05/15/25 | 25.08 |  | EUR | 3892 | $(7486) |
|  Currency Option EUR vs MXN | Call | MSI | 05/22/25 | 23.25 |  | EUR | 3351 | (10431) |
|  Currency Option EUR vs TRY | Call | JPM | 05/27/25 | 47.00 |  | EUR | 6894 | (74495) |
|  Currency Option EUR vs USD | Call | JPM | 05/05/25 | 1.15 |  | EUR | 14831 | (14850) |
|  Currency Option USD vs BRL | Call | MSI | 05/22/25 | 5.90 |  |  | 3854 | (13646) |
|  Currency Option USD vs BRL | Call | CITI | 05/23/25 | 5.85 |  |  | 3850 | (19421) |
|  Currency Option USD vs COP | Call | HSBC | 05/08/25 | 4290.00 |  |  | 7650 | (28171) |
|  Currency Option USD vs COP | Call | MSI | 05/14/25 | 4200.00 |  |  | 3824 | (58128) |
|  Currency Option USD vs KRW | Call | MSI | 05/19/25 | 1420.00 |  |  | 3842 | (43922) |
|  Currency Option USD vs KRW | Call | MSI | 05/23/25 | 1435.00 |  |  | 3850 | (27293) |
|  Currency Option USD vs MXN | Call | MSI | 05/14/25 | 19.90 |  |  | 3824 | (17889) |
|  Currency Option USD vs TRY | Call | JPM | 05/02/25 | 40.00 |  |  | 3828 | (210) |
|  Currency Option USD vs TRY | Call | JPM | 05/19/25 | 40.00 |  |  | 3753 | (29107) |
|  Currency Option USD vs TRY | Call | JPM | 05/27/25 | 41.50 |  |  | 1930 | (13332) |
|  Currency Option USD vs ZAR | Call | CITI | 05/20/25 | 19.00 |  |  | 3811 | (19967) |
|  Currency Option USD vs ZAR | Call | JPM | 05/28/25 | 19.00 |  |  | 3861 | (27307) |
|  Currency Option USD vs BRL | Put | JPM | 05/05/25 | 5.55 |  |  | 3828 | (1496) |
|  Currency Option USD vs BRL | Put | CITI | 05/08/25 | 5.80 |  |  | 3824 | (91352) |
|  Currency Option USD vs BRL | Put | MSI | 05/08/25 | 6.20 |  |  | 11853 | (1100475) |
|  Currency Option USD vs BRL | Put | HSBC | 05/14/25 | 5.75 |  |  | 3824 | (69271) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 13092 | (303397) |
|  Currency Option USD vs MXN | Put | MSI | 05/20/25 | 19.75 |  |  | 1921 | (26210) |
|  Currency Option USD vs ZAR | Put | MSI | 05/28/25 | 18.10 |  |  | 3868 | (13070) |
|  **Total OTC Traded** (premiums received $1,675,981) |  |  |  |  |  |  |  | $(2010926) |

---

#### OTC Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  3-Year Interest Rate Swap, 07/29/28<br> Call | JPM | 07/25/25 | 3.05% | 1 Day SOFR(A)/4.410% | 3.05%(A) | 21700 | $(100237) |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  5-Year Interest Rate Swap, 06/27/30 | Call | CITI | 06/25/25 | 3.15% | 1 Day SOFR(A)/4.410% | 3.15%(A) | 24500 | $(121049) |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/4.410% | 3.21%(A) | 12090 | (108722) |
|  10-Year Interest Rate Swap, 05/23/35 | Put | CITI | 05/21/25 | 4.30% | 4.30%(A) | 1 Day SOFR(A)/4.410% | 29140 | (1955) |
|  CDX.NA.HY.43.V1, 12/20/29 | Put | GSI | 05/21/25 | $102.00 | 5.00%(Q) | CDX.NA.HY. 43.V1(Q) | 10990 | (34071) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | BARC | 06/18/25 | $96.00 | 5.00%(Q) | CDX.NA.HY. 44.V1(Q) | 10660 | (23200) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | CITI | 06/18/25 | $98.00 | 5.00%(Q) | CDX.NA.HY. 44.V1(Q) | 11300 | (35654) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | GSI | 07/16/25 | $99.00 | 5.00%(Q) | CDX.NA.HY. 44.V1(Q) | 11310 | (78455) |
|  CDX.NA.IG.43.V1, 12/20/29 | Put | JPM | 05/21/25 | 0.75% | 1.00%(Q) | CDX.NA.IG. 43.V1(Q) | 54470 | (22245) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | JPM | 05/21/25 | 0.78% | 1.00%(Q) | CDX.NA.IG. 44.V1(Q) | 56190 | (36682) |
|  **Total OTC Swaptions** (premiums received $417,172) | **Total OTC Swaptions** (premiums received $417,172) | **Total OTC Swaptions** (premiums received $417,172) |  |  |  |  |  | $(562270) |
|  **Total Options Written** (premiums received $2,449,274) | **Total Options Written** (premiums received $2,449,274) | **Total Options Written** (premiums received $2,449,274) |  |  |  |  |  | $(2995534) |

---

#### Futures contracts outstanding at April 30, 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:** |  |  |  |
| 54 | 3 Month CME SOFR | Sep. 2025 | $12948525 | $29965 |
| 10014 | 2 Year U.S. Treasury Notes | Jun. 2025 | 2084398458 | 16867157 |
| 1277 | 20 Year U.S. Treasury Bonds | Jun. 2025 | 148930125 | 1191258 |
|  |  |  |  | 18088380 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 2635 | 3 Month CME SOFR | Jun. 2025 | 630094375 | (4822) |
| 166 | 5 Year Euro-Bobl | Jun. 2025 | 22496792 | (135411) |
| 2457 | 5 Year U.S. Treasury Notes | Jun. 2025 | 268292877 | (3279870) |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 71

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Futures contracts outstanding at April 30, 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):** |  |  |  |
| 96 | 10 Year Euro-Bund | Jun. 2025 | $14331549 | $62982 |
| 2189 | 10 Year U.S. Treasury Notes | Jun. 2025 | 245646844 | (4790502) |
| 1084 | 10 Year U.S. Ultra Treasury Notes | Jun. 2025 | 124372068 | (1497647) |
| 475 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2025 | 57489844 | (600567) |
| 149 | Euro Schatz Index | Jun. 2025 | 18157242 | (86215) |
|  |  |  |  | (10332052) |
|  |  |  |  | $7756328 |

---

#### Forward foreign currency exchange contracts outstanding at April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **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:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 05/05/25 | GSI | &nbsp;&nbsp;&nbsp; BRL | 134088 | $23367698 |  | $23598862 | $231164 | $— |
| &nbsp;&nbsp;&nbsp; Expiring 06/03/25 | GSI | &nbsp;&nbsp;&nbsp; BRL | 110259 | 19213883 |  | 19262488 | 48605 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; CLP | 1814226 | 1904000 |  | 1915325 | 11325 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; CLP | 1217304 | 1272000 |  | 1285139 | 13139 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; CNH | 13937 | 1912000 |  | 1924669 | 12669 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | GSI | &nbsp;&nbsp;&nbsp; COP | 21937988 | 5275330 |  | 5154905 |  | (120425) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | TD | &nbsp;&nbsp;&nbsp; COP | 15207458 | 3644000 |  | 3573391 |  | (70609) |
|  Euro, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | &nbsp;&nbsp;&nbsp; EUR | 1692 | 1934000 |  | 1927303 |  | (6697) |
|  Hungarian Forint, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | &nbsp;&nbsp;&nbsp; HUF | 845824 | 2344983 |  | 2358933 | 13950 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; INR | 1780089 | 20329699 |  | 20961456 | 631757 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | JPM | &nbsp;&nbsp;&nbsp; INR | 1091022 | 12398613 |  | 12847344 | 448731 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | &nbsp;&nbsp;&nbsp; IDR | 237995000 | 14493332 |  | 14351703 |  | (141629) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | &nbsp;&nbsp;&nbsp; IDR | 80147776 | 4864000 |  | 4833114 |  | (30886) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | JPM | &nbsp;&nbsp;&nbsp; IDR | 61301635 | 3637000 |  | 3696644 | 59644 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | &nbsp;&nbsp;&nbsp; JPY | 347123 | 2434000 |  | 2450669 | 16669 |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SCB | &nbsp;&nbsp;&nbsp; JPY | 668734 | 4732222 |  | 4721222 |  | (11000) |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Forward foreign currency exchange contracts outstanding at April 30, 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** | **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.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  Mexican Peso, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BNP | &nbsp;&nbsp;&nbsp; MXN | 94478 | $4642000 |  | $4785493 | $143493 | $— |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; MXN | 134725 | 6538007 |  | 6824091 | 286084 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; TWD | 61021 | 1912000 |  | 1920533 | 8533 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | &nbsp;&nbsp;&nbsp; TWD | 209918 | 6527000 |  | 6606777 | 79777 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | &nbsp;&nbsp;&nbsp; TWD | 180605 | 5487000 |  | 5684181 | 197181 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | SCB | &nbsp;&nbsp;&nbsp; TWD | 193085 | 5876000 |  | 6076988 | 200988 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; PEN | 17432 | 4723000 |  | 4747258 | 24258 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; PEN | 15564 | 4243227 |  | 4238443 |  | (4784) |
|  Philippine Peso, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | &nbsp;&nbsp;&nbsp; PHP | 628409 | 10964507 |  | 11253296 | 288789 |  |
|  South African Rand, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; ZAR | 23611 | 1260000 |  | 1264372 | 4372 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | &nbsp;&nbsp;&nbsp; ZAR | 115609 | 6281074 |  | 6190804 |  | (90270) |
|  South Korean Won, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | &nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112452 | 4233000 |  | 4304453 | 71453 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; KRW | 2702822 | 1912000 |  | 1903356 |  | (8644) |
|  Thai Baht, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | &nbsp;&nbsp;&nbsp; THB | 135438 | 4073000 |  | 4069316 |  | (3684) |
|  Turkish Lira, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 05/27/25 | BARC | &nbsp;&nbsp;&nbsp; TRY | 233913 | 5891879 |  | 5885048 |  | (6831) |
| &nbsp;&nbsp;&nbsp; Expiring 06/03/25 | HSBC | &nbsp;&nbsp;&nbsp; TRY | 313780 | 7837145 |  | 7830286 |  | (6859) |
|  |  |  |  | $206157599 |  | $208447862 | 2792581 | (502318) |
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **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:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 05/05/25 | CITI | &nbsp;&nbsp;&nbsp; BRL | 24572 | $4165000 |  | $4324526 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159526) |
| &nbsp;&nbsp;&nbsp; Expiring 05/05/25 | GSI | &nbsp;&nbsp;&nbsp; BRL | 109516 | 19215058 |  | 19274336 |  | (59278) |
|  British Pound, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | &nbsp;&nbsp;&nbsp; GBP | 40206 | 53195922 |  | 53600154 |  | (404232) |
|  Chilean Peso, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | &nbsp;&nbsp;&nbsp; CLP | 1739041 | 1877000 |  | 1835949 | 41051 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; CLP | 2848149 | 3059860 |  | 3006863 | 52997 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | DB | &nbsp;&nbsp;&nbsp; CLP | 1762412 | 1891000 |  | 1860623 | 30377 |  |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 73

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CNH | 13995 | $1912000 | $1932722 | $— | $(20722) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | JPM | &nbsp;&nbsp;&nbsp; CNH | 197075 | 27315332 | 27215408 | 99924 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BARC | COP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9221815 | 2216500 | 2166907 | 49593 |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | COP | 9583348 | 2216500 | 2251859 |  | (35359) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | COP | 8531325 | 1912000 | 2004658 |  | (92658) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | DB | COP | 8028931 | 1894000 | 1886608 | 7392 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | &nbsp;&nbsp;&nbsp; CZK | 74249 | 3380387 | 3377837 | 2550 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | &nbsp;&nbsp;&nbsp; EUR | 158975 | 174924678 | 181034583 |  | (6109905) |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | &nbsp;&nbsp;&nbsp; EUR | 2602 | 2972000 | 2963401 | 8599 |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | &nbsp;&nbsp;&nbsp; EUR | 16389 | 18180885 | 18663577 |  | (482692) |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | &nbsp;&nbsp;&nbsp; EUR | 25309 | 28713649 | 28820976 |  | (107327) |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | &nbsp;&nbsp;&nbsp; EUR | 6229 | 7102812 | 7093678 | 9134 |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SCB | &nbsp;&nbsp;&nbsp; EUR | 15181 | 16720968 | 17287121 |  | (566153) |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | &nbsp;&nbsp;&nbsp; EUR | 173492 | 198668695 | 197566185 | 1102510 |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | &nbsp;&nbsp;&nbsp; EUR | 18924 | 21506604 | 21549672 |  | (43068) |
| &nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | &nbsp;&nbsp;&nbsp; EUR | 171455 | 195946594 | 195246318 | 700276 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | &nbsp;&nbsp;&nbsp; INR | 461605 | 5332000 | 5435630 |  | (103630) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | &nbsp;&nbsp;&nbsp; INR | 604909 | 6881000 | 7123110 |  | (242110) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | &nbsp;&nbsp;&nbsp; INR | 489868 | 5596000 | 5768449 |  | (172449) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | SSB | &nbsp;&nbsp;&nbsp; INR | 452686 | 5237000 | 5330613 |  | (93613) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | DB | &nbsp;&nbsp;&nbsp; MXN | 93653 | 4484000 | 4743676 |  | (259676) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | &nbsp;&nbsp;&nbsp; TWD | 180535 | 5510000 | 5681995 |  | (171995) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | &nbsp;&nbsp;&nbsp; TWD | 755245 | 23149268 | 23769871 |  | (620603) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | &nbsp;&nbsp;&nbsp; TWD | 212901 | 6494000 | 6700655 |  | (206655) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | &nbsp;&nbsp;&nbsp; TWD | 189147 | 5801000 | 5953049 |  | (152049) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | SCB | &nbsp;&nbsp;&nbsp; PEN | 17396 | 4739000 | 4737438 | 1562 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | &nbsp;&nbsp;&nbsp; SGD | 20127 | 15197317 | 15453433 |  | (256116) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | &nbsp;&nbsp;&nbsp; SGD | 7522 | 5659000 | 5775312 |  | (116312) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | &nbsp;&nbsp;&nbsp; ZAR | 23566 | 1260000 | 1261965 |  | (1965) |
| &nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | &nbsp;&nbsp;&nbsp; ZAR | 23564 | 1260000 | 1261853 |  | (1853) |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BNP | KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19381618 | $13476396 | $13648738 | $— | $(172342) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BNY | KRW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19381618 | 13469091 | 13648738 |  | (179647) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | THB | 186706 | 5510000 | 5609712 |  | (99712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | THB | 591202 | 17565228 | 17763032 |  | (197804) |
|  |  |  |  | $935607744 | $944631230 | 2105965 | (11129451) |
|  |  |  |  |  |  | $4898546 | $(11631769) |

---

#### Cross currency exchange contracts outstanding at April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **In Exchange**<br>**For (000)** | **In Exchange**<br>**For (000)** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  |  |  |
|  07/22/25 | Buy | EUR | 1268 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203340 | $8188 | $— | MSI |
|  07/22/25 | Buy | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204382 | EUR | 1268 |  | (828) | CITI |
|  07/22/25 | Buy | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409154 | EUR | 2536 | 1096 |  | MSI |
|  07/22/25 | Buy | PLN | 15700 | EUR | 3631 | 9864 |  | BNP |
|  |  |  |  |  |  | $19148 | $(828) |  |

---

#### Credit default swap agreements outstanding at April 30, 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)\*\*:** | **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 | $456774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $456720 | MSI |
|  Dominican Republic | 06/20/30 | 1.000%(Q) | 2000 | 113449 | 54 | 113395 | MSI |
|  Emirate of Abu Dhabi | 06/20/30 | 1.000%(Q) | 2000 | (59167) | 54 | (59221) | MSI |
|  Federal Republic of Nigeria | 06/20/30 | 1.000%(Q) | 2000 | 461334 | 54 | 461280 | MSI |
|  Federation of Malaysia | 06/20/30 | 1.000%(Q) | 3000 | (54853) | 82 | (54935) | MSI |
|  Federative Republic of Brazil | 06/20/30 | 1.000%(Q) | 9000 | 318689 | 245 | 318444 | MSI |
|  Kingdom of Bahrain | 06/20/30 | 1.000%(Q) | 2000 | 122189 | 54 | 122135 | MSI |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 75

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Credit default swap agreements outstanding at April 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Kingdom of Morocco | 06/20/30 | 1.000%(Q) | 2000 | $23631 | $54 | $23577 | MSI |
|  Kingdom of Saudi Arabia | 06/20/30 | 1.000%(Q) | 5000 | (43370) | 136 | (43506) | MSI |
|  People's Republic of China | 06/20/30 | 1.000%(Q) | 9000 | (170585) | 245 | (170830) | MSI |
|  Republic of Argentina | 06/20/30 | 1.000%(Q) | 2000 | 578210 | 54 | 578156 | MSI |
|  Republic of Chile | 06/20/30 | 1.000%(Q) | 6000 | (91423) | 163 | (91586) | MSI |
|  Republic of Colombia | 06/20/30 | 1.000%(Q) | 7000 | 504811 | 190 | 504621 | MSI |
|  Republic of Indonesia | 06/20/30 | 1.000%(Q) | 8000 | (18379) | 217 | (18596) | MSI |
|  Republic of Ivory Coast | 06/20/30 | 1.000%(Q) | 2000 | 320019 | 54 | 319965 | MSI |
|  Republic of Panama | 06/20/30 | 1.000%(Q) | 2000 | 110246 | 54 | 110192 | MSI |
|  Republic of Peru | 06/20/30 | 1.000%(Q) | 3000 | (851) | 82 | (933) | MSI |
|  Republic of Philippines | 06/20/30 | 1.000%(Q) | 3000 | (33795) | 82 | (33877) | MSI |
|  Republic of South Africa | 06/20/30 | 1.000%(Q) | 9000 | 566696 | 245 | 566451 | MSI |
|  Republic of Turkey | 06/20/30 | 1.000%(Q) | 9000 | 996725 | 245 | 996480 | MSI |
|  Sultanate of Oman | 06/20/30 | 1.000%(Q) | 2000 | 25541 | 54 | 25487 | MSI |
|  United Mexican States | 06/20/30 | 1.000%(Q) | 9000 | 154552 | 245 | 154307 | MSI |
|  |  |  |  | $4280443 | $2717 | $4277726 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)\*\*:** |  |  |  |
|  CDX.EM.43.V1 | 06/20/30 | 1.000%(Q) | 100000 | 1.992% | $(4312895) | $(22291) | $(4290604) | MSI |

---

\*\* 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.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2):** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2):** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2):** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2):** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2):** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2):** |  |  |
|  GS_24-PCA | 08/02/27 | 1.650%(M) | 15168 \* | $21059 | $(7233) | $28292 | 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):** | **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):** |
|  Israel Electric Corp. Ltd. | 09/20/28 | 1.000%(Q) |  | 4000 | $(4174) | $65777 | $(69951) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 10000 | (69451) | (69702) | 251 | GSI |
|  Republic of Italy | 12/20/27 | 1.000%(Q) | EUR | 720 | (20824) | (14197) | (6627) | BARC |
|  Republic of Romania | 12/20/29 | 1.000%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | 500324 | 379006 | 121318 | BARC |
|  Republic of South Africa | 06/20/26 | 1.000%(Q) |  | 20000 | (31941) | 68404 | (100345) | GSI |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) |  | 5000 | 148418 | 109258 | 39160 | GSI |
|  U.S. Treasury Notes | 06/20/25 | 0.250%(Q) | EUR | 2010 | 401 | (161) | 562 | BARC |
|  |  |  |  |  | $522753 | $538385 | $(15632) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount**<br>**(000)#(3)** | **Implied<br>Credit**<br>**Spread at<br>April 30,**<br>**2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Bank of America Corp. | 12/20/25 | 1.000%(Q) | 5820 | 0.296% | $32882 | $26718 | $6164 | GSI |
|  Bank of Montreal^ | 11/20/29 | 1.250%(Q) | 835 | \* | (1279) |  | (1279) | GSI |
|  Canadian Imperial Bank of Commerce^ | 06/20/28 | 1.100%(Q) | 665 | \* | 2815 |  | 2815 | GSI |
|  Catalonia, Autonomous Community of | 12/20/25 | 1.000%(Q) | 3000 | 0.311% | 16659 | (3656) | 20315 | DB |
|  Citigroup, Inc. | 12/20/25 | 1.000%(Q) | 5820 | 0.315% | 32171 | 27087 | 5084 | GSI |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 77

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<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.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  General Motors Co. | 06/20/26 | 5.000%(Q) | 3580 | 0.468% | $202708 | $158768 | $43940 | GSI |
|  Halliburton Co. | 12/20/26 | 1.000%(Q) | 1600 | 0.433% | 16364 | 5026 | 11338 | GSI |
|  Hellenic Republic | 06/20/25 | 1.000%(Q) | 2000 | 0.072% | 4933 | 2473 | 2460 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) | 1440 | 0.239% | 24397 | 21484 | 2913 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) | 1080 | 0.308% | 20219 | 18028 | 2191 | BARC |
|  Kingdom of Norway | 12/20/25 | —%(Q) | 20000 | 0.044% | (5555) | (6317) | 762 | BARC |
|  Kingdom of Spain | 06/20/25 | 1.000%(Q) | 3865 | 0.071% | 9541 | 5082 | 4459 | BARC |
|  Millicom International Cellular S.A.^ | 12/20/25 | 1.000%(Q) | 2700 | \* | (1743) | (41545) | 39802 | BOA |
|  Morgan Stanley | 12/20/25 | 1.000%(Q) | 5820 | 0.298% | 32816 | 26718 | 6098 | GSI |
|  Pacific Life | 08/20/35 | 2.500%(Q) | 1000 | 2.281% | 20426 | (4) | 20430 | GSI |
|  Petroleos Mexicanos | 06/20/25 | 1.000%(Q) | 2360 | 4.075% | (7382) | (1763) | (5619) | MSI |
|  Petroleos Mexicanos | 12/24/25 | 3.750%(M) | 6135 | 4.157% | (11469) |  | (11469) | GSI |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(M) | 10000 | \* | (4776) |  | (4776) | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) | 15200 | \* | 87155 |  | 87155 | GSI |
|  Republic of Italy | 06/20/25 | 1.000%(Q) | 6765 | 0.084% | 16575 | 8889 | 7686 | BARC |
|  Republic of Ivory Coast | 06/20/27 | 1.000%(Q) | 2500 | 3.525% | (122354) | (81996) | (40358) | MSI |
|  Simon Property Group LP | 06/20/26 | 1.000%(Q) | 3240 | 0.253% | 30942 | 8558 | 22384 | GSI |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) | 5410 | 1.444% | (20429) | (30310) | 9881 | GSI |
|  Verizon Communications, Inc. | 06/20/26 | 1.000%(Q) | 4820 | 0.353% | 40591 | 22994 | 17597 | GSI |
|  |  |  |  |  | $416207 | $166234 | $249973 |  |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>April 30,<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):** | **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.HY.44.V1 | 06/20/30 | 5.000%(Q) | 24850 | $(281208) | $(1044222) | $(763014) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>April 30,<br>2025(4)** | **Value at<br>Trade Date** | **Value at<br>April 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):** |
|  CDX.NA.IG.44.V1 | 06/20/30 | 1.000%(Q) | 9100 | 0.682% | $131243 | $144784 | $13541 |

---

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

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

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

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

(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 79

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

#### Currency swap agreement outstanding at April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br>**Amount**<br>**(000)#** | **Fund<br> Receives** | **Notional<br>Amount**<br>**(000)#** | **Fund<br> Pays** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | **Termination<br>Date** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** |
| 11394 | 4.67%(A) | EUR 10,500 | 3.10%(A) | JPM | 09/27/29 | $(425354) | $— | $(425354) |

---

#### Interest rate swap agreements outstanding at April 30, 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>**April 30,**<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:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
| GBP | 9558 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/4.459% | $(448713) | $842814 | $1291527 |
| GBP | 7720 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/4.459% | 398509 | 896800 | 498291 |
| GBP | 525 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/4.459% | (22856) | 116882 | 139738 |
| GBP | 2010 | 05/08/32 | 1.150%(A) | 1 Day SONIA(1)(A)/4.459% | 143032 | 510501 | 367469 |
| GBP | 500 | 05/08/34 | 1.200%(A) | 1 Day SONIA(1)(A)/4.459% | (27897) | 158864 | 186761 |
|  | 462280 | 05/07/25 | 4.321%(T) | 1 Day USOIS(2)(T)/4.330% |  | (13454) | (13454) |
|  | 330865 | 08/03/25 | 4.811%(A) | 1 Day SOFR(2)(A)/4.410% |  | 557526 | 557526 |
|  | 131845 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/4.410% |  | (351351) | (351351) |
|  | 86205 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/4.410% | 477734 | 737745 | 260011 |
|  | 20835 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/4.410% | 3854 | (341340) | (345194) |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Interest rate swap agreements outstanding at April 30, 2025 (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>April 30,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** | **Centrally Cleared Interest Rate Swap Agreements (cont'd.):** |
| 200020 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/4.410% | $50599 | $3561441 | $3510842 |
| 114725 | 01/28/29 | 4.110%(A) | 1 Day SOFR(1)(A)/4.410% |  | (3089175) | (3089175) |
| 124475 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/4.410% | (132349) | (3513884) | (3381535) |
| 43620 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/4.410% |  | 579638 | 579638 |
| 10735 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/4.410% | (76427) | (135599) | (59172) |
| 16863 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/4.410% |  | (232372) | (232372) |
| 6455 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/4.410% | 2946494 | 3023398 | 76904 |
| 53275 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/4.410% | 779132 | 882013 | 102881 |
| 9505 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/4.410% | 73662 | 190836 | 117174 |
| 33250 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/4.410% |  | 26588 | 26588 |
| 53000 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/4.410% | (971041) | (2897406) | (1926365) |
|  |  |  |  | $3193733 | $1510465 | $(1683268) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Fair**<br>**Value** | **Upfront<br>Premiums**<br>**Paid(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |  |  |  |  |
|  BRL 123,650 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/0.053% | $(170245) | $— | $(170245) | GSI |
|  BRL 123,650 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/0.053% | 350814 |  | 350814 | GSI |
|  |  |  |  | $180569 | $— | $180569 |  |

---

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

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

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 81

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Total return swap agreements outstanding at April 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long<br>(Short)<br>Notional**<br>**Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |
|  Bloomberg U.S. Treasury 1-3 Year Index(T) | 1 Day USOIS +23bps(T)/4.560% | DB | 05/07/25 | 79000 | $934894 | $— | $934894 |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/4.410% | BNP | 06/20/25 | (64440) | 559517 |  | 559517 |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/4.410% | JPM | 09/20/25 | (12390) | (24450) |  | (24450) |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -40bps(T)/3.930% | GSI | 09/19/25 | (9106) | 164753 |  | 164753 |
|  U.S. Treasury Notes(T) | 1 Day USOIS +18bps(T)/4.510% | JPM | 08/12/25 | 217100 | 2660422 |  | 2660422 |
|  U.S. Treasury Notes(T) | 1 Day USOIS +18bps(T)/4.510% | JPM | 08/12/25 | 351300 | (513790) |  | (513790) |
|  |  |  |  |  | $3781346 | $— | $3781346 |

---

(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 | $956987 | $(279175) | $9924667 | $(6138351) |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

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

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  CGM | $– | $27427896 |

---

#### 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 April 30, 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;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $60108186 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 1258063046 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 72096663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 55547363 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 67738798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 1347872 | 675015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 6322305 |  |
|  Commercial Mortgage-Backed Securities |  | 700476582 |  |
|  Corporate Bonds |  | 1649046321 | 12631313 |
|  Floating Rate and Other Loans |  | 68296610 | 22875072 |
|  Municipal Bonds |  | 6419557 |  |
|  Residential Mortgage-Backed Securities |  | 229045003 | 14162923 |
|  Sovereign Bonds |  | 174914925 |  |
|  U.S. Government Agency Obligations |  | 743093429 |  |
|  U.S. Treasury Obligations |  | 1157578752 |  |
|  Affiliated Exchange-Traded Fund | 76568569 |  |  |
|  Common Stocks |  | 3851087 | 641109 |
|  Preferred Stocks | 110650 |  | 192629 |
|  Warrants |  | 29008 | 163 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 83

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $194512662 | $— | $— |
|  Options Purchased | 2825 | 598482 |  |
|  **Total** | $**271194706** | $**6254573989** | $**51178224** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(422338)** | $**(2573196)** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Corporate Bond Commitment | $— | $— | $— |
|  Futures Contracts | 18151362 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 4898546 |  |
|  OTC Cross Currency Exchange Contracts |  | 19148 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 4752866 |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 13541 |  |
|  OTC Credit Default Swap Agreements |  | 1150367 | 111029 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 7715350 |  |
|  OTC Interest Rate Swap Agreement |  | 350814 |  |
|  OTC Total Return Swap Agreements |  | 4319586 |  |
|  **Total** | $**18151362** | $**23220218** | $**111029** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(34976642) | $— |
|  Futures Contracts | (10395034) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (11631769) |  |
|  OTC Cross Currency Exchange Contracts |  | (828) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (4785318) |  |
|  Centrally Cleared Credit Default Swap Agreement |  | (763014) |  |
|  OTC Credit Default Swap Agreements |  | (293579) | (7798) |
|  OTC Currency Swap Agreement |  | (425354) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (9398618) |  |
|  OTC Interest Rate Swap Agreement |  | (170245) |  |
|  OTC Total Return Swap Agreements |  | (538240) |  |
|  **Total** | $**(10395034)** | $**(62983607)** | $**(7798** |

---

\* Other financial instruments are derivative instruments, with the exception of unfunded corporate bond commitments and forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swap contracts, unfunded corporate bond 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. 

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

&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 April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  Collateralized Loan Obligations | 19.6 |
|  U.S. Treasury Obligations | 18.0 |
|  U.S. Government Agency Obligations | 11.5 |
|  Commercial Mortgage-Backed Securities | 10.9 |
|  Banks | 6.8 |
|  Residential Mortgage-Backed Securities | 3.8 |
|  Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan) | 3.0 |
|  Sovereign Bonds | 2.7 |
|  Electric | 1.7 |
|  Oil & Gas | 1.5 |
|  Auto Manufacturers | 1.4 |
|  Pipelines | 1.4 |
|  Telecommunications | 1.3 |
|  Foods | 1.3 |
|  Affiliated Exchange-Traded Fund | 1.2 |
|  Consumer Loans | 1.1 |
|  Other | 1.1 |
|  Automobiles | 0.9 |
|  Diversified Financial Services | 0.9 |
|  Home Equity Loans | 0.9 |
|  Retail | 0.8 |
|  Real Estate Investment Trusts (REITs) | 0.8 |
|  Aerospace & Defense | 0.8 |
|  Commercial Services | 0.7 |
|  Media | 0.5 |
|  Leisure Time | 0.5 |
|  Chemicals | 0.5 |
|  Mining | 0.4 |
|  Airlines | 0.4 |
|  Home Builders | 0.4 |
|  Agriculture | 0.3 |
|  Healthcare-Services | 0.3 |
|  Multi-National | 0.3 |
|  Entertainment | 0.3 |
|  Auto Parts & Equipment | 0.3 |
|  Building Materials | 0.3 |
|  Packaging & Containers | 0.3 |
|  Engineering & Construction | 0.3 |

---

---

| | |
|:---|:---|
|  Holding Companies-Diversified | 0.3% |
|  Semiconductors | 0.2 |
|  Pharmaceuticals | 0.2 |
|  Lodging | 0.2 |
|  Machinery-Diversified | 0.2 |
|  Metal Fabricate/Hardware | 0.2 |
|  Computers | 0.1 |
|  Distribution/Wholesale | 0.1 |
|  Transportation | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Gas | 0.1 |
|  Software | 0.1 |
|  Iron/Steel | 0.1 |
|  Municipal Bonds | 0.1 |
|  Student Loans | 0.1 |
|  Real Estate | 0.1 |
|  Household Products/Wares | 0.1 |
|  Insurance | 0.1 |
|  Office/Business Equipment | 0.1 |
|  Investment Companies | 0.1 |
|  Electrical Components & Equipment | 0.1 |
|  Shipbuilding | 0.1 |
|  Wireless Telecommunication Services | 0.1 |
|  Coal | 0.0 \* |
|  Toys/Games/Hobbies | 0.0 \* |
|  Biotechnology | 0.0 \* |
|  Housewares | 0.0 \* |
|  Healthcare-Products | 0.0 \* |
|  Interactive Media & Services | 0.0 \* |
|  Options Purchased | 0.0 \* |
|  Internet | 0.0 \* |
|  Hotels, Restaurants & Leisure | 0.0 \* |
|  Water | 0.0 \* |
|  Capital Markets | 0.0 \* |
|  Electronics | 0.0 \* |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 85

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Beverages | 0.0 |
|  | 102.2 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (2.2) |
|  | 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, 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**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 | Due from/to broker-variation margin swaps | $13541 \* | Due from/to broker-variation margin swaps | $763014 \* |
|  Credit contracts | Premiums paid for OTC swap agreements | 956987 | Premiums received for OTC swap agreements | 279175 |
|  Credit contracts |  |  | Options written outstanding, at value | 230307 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 5254267 | Unrealized depreciation on OTC swap agreements | 5004512 |
|  Foreign exchange contracts | Unaffiliated investments | 293011 | Options written outstanding, at value | 2010926 |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 19148 | Unrealized depreciation on OTC cross currency exchange contracts | 828 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 4898546 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 11631769 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $18151362 \* | Due from/to broker-variation margin futures | $10395034 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 7715350 \* | Due from/to broker-variation margin swaps | 9398618 \* |
|  Interest rate contracts | Unaffiliated investments | 308296 | Options written outstanding, at value | 754301 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 4670400 | Unrealized depreciation on OTC swap agreements | 1133839 |
|  |  | $42280908 |  | $41602323 |

---

\* 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 April 30, 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**<br> **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 | $(321827) | $546222 | $— | $— | $(3541528) |
|  Foreign exchange contracts | (426420) | 2505904 |  | (14624981) |  |
|  Interest rate contracts | 239666 | 19468 | 13914990 |  | (11008134) |
|  **Total** | $(508581) | $3071594 | $13914990 | $(14624981) | $(14549662) |

---

(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**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $(1785) | $113906 | $— | $— | $(73335) |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 87

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Foreign exchange contracts | $212129 | $(251884) | $— | $(9737941) | $— |
|  Interest rate contracts | 174186 | (279792) | (8926438) |  | 10374613 |
|  **Total** | $384530 | $(417770) | $(8926438) | $(9737941) | $10301278 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $&nbsp;&nbsp;&nbsp;&nbsp;349006 |
|  Options Written (2) | 586309268 |
|  Futures Contracts - Long Positions (2) | 1942227154 |
|  Futures Contracts - Short Positions (2) | 1126295714 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 241313082 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 823713326 |
|  Cross Currency Exchange Contracts (4) | 3313176 |
|  Interest Rate Swap Agreements (2) | 1527919562 |
|  Credit Default Swap Agreements - Buy Protection (2) | 362216754 |
|  Credit Default Swap Agreements - Sell Protection (2) | 220151480 |
|  Currency Swap Agreements (2) | 11393550 |
|  Total Return Swap Agreements (2) | 1126760692 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 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:
See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(2)** | **Net<br>Amount** |
| &nbsp;&nbsp; Securities on Loan | $53278007 | $(53278007) | $— |

---

#### 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 | $706633 | $(127284) | $579349 | $— | $579349 |
|  BNP | 712874 | (172342) | 540532 | (540532) |  |
|  BNY |  | (179647) | (179647) | 179647 |  |
|  BOA | 152306 | (734294) | (581988) | 581988 |  |
|  CITI | 1172341 | (713596) | 458745 | (390000) | 68745 |
|  DB | 1101269 | (776286) | 324983 |  | 324983 |
|  GSI | 1549456 | (687592) | 861864 | (280000) | 581864 |
|  HSBC | 302240 | (7469591) | (7167351) | 7167351 |  |
|  JPM | 3632931 | (2069644) | 1563287 | (1034573) | 528714 |
|  MSI | 5062444 | (6908600) | (1846156) | 1846156 |  |
|  SCB | 202550 | (577153) | (374603) | 337474 | (37129) |
|  SSB | 1102510 | (136681) | 965829 |  | 965829 |
|  TD | 700276 | (70609) | 629667 |  | 629667 |
|  | $16397830 | $(20623319) | $(4225489) | $7867511 | $3642022 |

---

(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 Short Duration Multi-Sector Bond Fund 89

------

PGIM Short Duration Multi-Sector Bond Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $53,278,007: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $6,302,245,618) | $6305865688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $271,135,321) | 271081231 |
| &nbsp;&nbsp; Foreign currency, at value (cost $7,150,777) | 7082478 |
| &nbsp;&nbsp; Receivable for investments sold | 60746990 |
| &nbsp;&nbsp; Dividends and interest receivable | 42150856 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 29690206 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 9924667 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 4898546 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 956987 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 389432 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 265688 |
| &nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 19148 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 411186 |
| &nbsp;&nbsp; **Total Assets** | 6733483103 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 163407520 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 54449623 |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $34,881,650) | 34976642 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 22456915 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 11631769 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 6138351 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $2,449,274) | 2995534 |
| &nbsp;&nbsp; Management fee payable | 1458388 |
| &nbsp;&nbsp; Dividends payable | 939494 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 481451 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 279175 |
| &nbsp;&nbsp; Distribution fee payable | 176055 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 7369 |
| &nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 828 |
| &nbsp;&nbsp; **Total Liabilities** | 299399114 |
| &nbsp;&nbsp; **Net Assets** | $6434083989 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $723029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 6672475337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (239114377) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $6434083989 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($670,286,453 ÷ 75,481,552 shares of common stock issued and outstanding) | $8.88 |
| &nbsp;&nbsp; Maximum sales charge (2.25% of offering price) | 0.20 |
| &nbsp;&nbsp; Maximum offering price to public | $9.08 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($49,988,763 ÷ 5,625,652 shares of common stock issued and outstanding) | $8.89 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,380,875,615 ÷ 379,335,346 shares of common stock issued and outstanding) | $8.91 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,332,933,158 ÷ 262,586,126 shares of common stock issued and outstanding) | $8.88 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 91

------

PGIM Short Duration Multi-Sector Bond Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $147981704 |
| &nbsp;&nbsp; Affiliated dividend income | 3363217 |
| &nbsp;&nbsp; Unaffiliated dividend income | 142248 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $82,987) | 85320 |
| &nbsp;&nbsp; **Total income** | 151572489 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 9216603 |
| &nbsp;&nbsp; Distribution fee(a) | 990453 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $26,184)(a) | 1571618 |
| &nbsp;&nbsp; Registration fees(a) | 201467 |
| &nbsp;&nbsp; Custodian and accounting fees | 143395 |
| &nbsp;&nbsp; Shareholders' reports | 115660 |
| &nbsp;&nbsp; Audit fee | 36535 |
| &nbsp;&nbsp; Directors' fees | 34655 |
| &nbsp;&nbsp; Professional fees | 31751 |
| &nbsp;&nbsp; SEC registration fees | 24204 |
| &nbsp;&nbsp; Miscellaneous | 52256 |
| &nbsp;&nbsp; **Total expenses** | 12418597 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (926363) |
| &nbsp;&nbsp; **Net expenses** | 11492234 |
| &nbsp;&nbsp; Net investment income (loss) | 140080255 |
| &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 $(16469)) | (8931348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 23884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 13914990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (14624981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 3071594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (14549662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (10699666) |
|  | (31795189) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(135546)) | 64197979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (8926438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (9737941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (417770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 10301278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | (121715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment | (346) |
|  | 55295047 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 23499858 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Statement of Operations (unaudited) (continued)

Six Months Ended April 30, 2025

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $163580113 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 753339 | 237114 |  |  |
|  Transfer agent's fees and expenses | 107156 | 16344 | 1418351 | 29767 |
|  Registration fees | 47402 | 16301 | 67852 | 69912 |
|  Fee waiver and/or expense reimbursement | (41674) | (3278) | (635389) | (246022) |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 93

------

PGIM Short Duration Multi-Sector Bond Fund

Statements of Changes in Net Assets (unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>April 30, 2025** | **Year Ended<br> October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $140080255 | $204389163 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (31819073) | (58970787) |
| &nbsp;&nbsp; Affiliated net capital gain distributions received | 23884 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 55295047 | 168701295 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 163580113 | 314119671 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (17017297) | (16269441) |
| &nbsp;&nbsp; Class C | (1150582) | (1107443) |
| &nbsp;&nbsp; Class Z | (88295704) | (87939972) |
| &nbsp;&nbsp; Class R6 | (62918349) | (72672380) |
|  | (169381932) | (177989236) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 1956192871 | 3403241695 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 162663455 | 171972268 |
| &nbsp;&nbsp; Cost of shares purchased | (952218445) | (1501263839) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1166637881 | 2073950124 |
| &nbsp;&nbsp; Total increase (decrease) | 1160836062 | 2210080559 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 5273247927 | 3063167368 |
| &nbsp;&nbsp; End of period | $6434083989 | $5273247927 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Financial Highlights (unaudited)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | | | | | | |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months<br>Ended<br>April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.89 | $8.57 | $8.53 | $9.45 | $9.51 | $9.72 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.20 | 0.43 | 0.37 | 0.20 | 0.17 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.04 | 0.27 | 0.08 | (0.85) | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | 0.70 | 0.45 | (0.65) | 0.16 | 0.21 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.38) | (0.41) | (0.27) | (0.22) | (0.28) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.12) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.25) | (0.38) | (0.41) | (0.27) | (0.22) | (0.42) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.88 | $8.89 | $8.57 | $8.53 | $9.45 | $9.51 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.75% | 8.28% | 5.32% | (6.98)% | 1.73% | 2.22% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $670286 | $549671 | $271456 | $246197 | $268235 | $207475 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $607666 | $390234 | $257907 | $258305 | $253168 | $171581 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.62 %<sup>(d)</sup> | 0.64% | 0.65% | 0.65% | 0.65% | 0.67% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.63 %<sup>(d)</sup> | 0.66% | 0.67% | 0.67% | 0.67% | 0.71% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.62 %<sup>(d)</sup> | 4.83% | 4.33% | 2.23% | 1.76% | 2.32% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup> | 56% | 80% | 48% | 33% | 49% | 40% |

---

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

(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 Short Duration Multi-Sector Bond Fund 95

------

PGIM Short Duration Multi-Sector Bond Fund

Financial Highlights (unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.90 | $8.57 | $8.54 | $9.46 | $9.52 | $9.73 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.17 | 0.35 | 0.30 | 0.12 | 0.09 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.03 | 0.28 | 0.06 | (0.85) | - <sup>(b)</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.20 | 0.63 | 0.36 | (0.73) | 0.09 | 0.13 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.21) | (0.30) | (0.33) | (0.19) | (0.15) | (0.20) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.12) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.21) | (0.30) | (0.33) | (0.19) | (0.15) | (0.34) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.89 | $8.90 | $8.57 | $8.54 | $9.46 | $9.52 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.32% | 7.47% | 4.30% | (7.77)% | 0.91% | 1.34% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $49989 | $43662 | $25175 | $24563 | $34006 | $33364 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $47816 | $33134 | $25880 | $28904 | $35068 | $31505 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.46 %<sup>(e)</sup> | 1.50% | 1.51% | 1.50% | 1.47% | 1.55% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.47 %<sup>(e)</sup> | 1.52% | 1.53% | 1.52% | 1.49% | 1.59% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.79 %<sup>(e)</sup> | 3.99% | 3.47% | 1.34% | 0.96% | 1.47% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 56% | 80% | 48% | 33% | 49% | 40% |

---

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

(b) Amount rounds to zero.

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

(d) Does not include expenses of the 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 Short Duration Multi-Sector Bond Fund

Financial Highlights (unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.93 | $8.60 | $8.56 | $9.49 | $9.55 | $9.76 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 | 0.45 | 0.39 | 0.22 | 0.19 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.03 | 0.28 | 0.08 | (0.86) | - <sup>(b)</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | 0.73 | 0.47 | (0.64) | 0.19 | 0.24 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.40) | (0.43) | (0.29) | (0.25) | (0.31) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.12) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.26) | (0.40) | (0.43) | (0.29) | (0.25) | (0.45) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.91 | $8.93 | $8.60 | $8.56 | $9.49 | $9.55 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.75% | 8.65% | 5.58% | (6.81)% | 2.00% | 2.50% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $3380876 | $2716397 | $1407587 | $1368302 | $1633850 | $1214725 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3044661 | $1990400 | $1313260 | $1499104 | $1435782 | $960154 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.39 %<sup>(e)</sup> | 0.39% | 0.39% | 0.39% | 0.39% | 0.40% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.43 %<sup>(e)</sup> | 0.45% | 0.46% | 0.47% | 0.46% | 0.48% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.85 %<sup>(e)</sup> | 5.10% | 4.58% | 2.47% | 2.02% | 2.59% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 56% | 80% | 48% | 33% | 49% | 40% |

---

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

(b) Amount rounds to zero.

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

(d) Does not include expenses of the 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.

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 97

------

PGIM Short Duration Multi-Sector Bond Fund

Financial Highlights (unaudited) (continued)

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

(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 Short Duration Multi-Sector Bond Fund

Financial Highlights (unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.90 | $8.57 | $8.54 | $9.46 | $9.52 | $9.73 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.22 | 0.46 | 0.40 | 0.23 | 0.20 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.02 | 0.28 | 0.06 | (0.85) | - <sup>(b)</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.24 | 0.74 | 0.46 | (0.62) | 0.20 | 0.24 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.26) | (0.41) | (0.43) | (0.30) | (0.26) | (0.31) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.12) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.26) | (0.41) | (0.43) | (0.30) | (0.26) | (0.45) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.88 | $8.90 | $8.57 | $8.54 | $9.46 | $9.52 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.79% | 8.74% | 5.54% | (6.67)% | 2.07% | 2.57% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $2332933 | $1963518 | $1358949 | $1452006 | $1306914 | $838198 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2134040 | $1598996 | $1387391 | $1426498 | $1054215 | $786082 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.32 %<sup>(e)</sup> | 0.32% | 0.32% | 0.32% | 0.32% | 0.33% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.34 %<sup>(e)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.38% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.92 %<sup>(e)</sup> | 5.18% | 4.64% | 2.59% | 2.07% | 2.71% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 56% | 80% | 48% | 33% | 49% | 40% |

---

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

(b) Amount rounds to zero.

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

(d) Does not include expenses of the 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.

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 99

------

PGIM Short Duration Multi-Sector Bond Fund

Financial Highlights (unaudited) (continued)

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

(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 Total Return Bond Fund

Schedule of Investments (unaudited)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.7%** |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 23.7%** |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A | 6.022% | 05/17/32 | 2678 | $2711714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | 6.315 | 05/17/32 | 1339 | 1352395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class D, 144A | 5.410 | 09/15/32 | 3786 | 3780153 |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 2.020 | 02/20/27 | 25700 | 25276562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | 5.490 | 06/20/29 | 13963 | 14268214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | 6.020 | 02/20/30 | 55400 | 57625202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.360 | 06/20/30 | 105243 | 107503230 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 5.854(c) | 12/26/31 | 2087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088885 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | 6.971 | 07/29/32 | 4252 | 4249537 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class C, 144A | 1.740 | 04/15/33 | 17892 | 17599707 |
| &nbsp;&nbsp; Hertz Vehicle Financing III LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A, 144A | 1.680 | 12/27/27 | 87400 | 83522945 |
| &nbsp;&nbsp; JPMorgan Chase Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01, Class R, 144A | 33.784 | 01/25/28 | 1949 | 1973159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02, Class R, 144A | 31.355 | 02/25/28 | 1151 | 1163851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class R, 144A | 28.348 | 09/25/28 | 3263 | 3412627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class G, 144A | 8.482 | 12/26/28 | 3191 | 3205295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03, Class F, 144A | 3.694 | 02/26/29 | 2900 | 2896600 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | 3.630 | 09/14/27 | 24220 | 24101094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | 3.950 | 11/14/28 | 25000 | 24814507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class D, 144A | 5.900 | 12/16/30 | 8465 | 8502827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.360 | 04/16/35 | 67700 | 69306805 |
| &nbsp;&nbsp; Santander Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class E, 144A | 6.171 | 12/15/31 | 4250 | 4229597 |
| &nbsp;&nbsp; Santander Consumer Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class R, 144A | 0.000 | 08/15/28 | 27 | 1571739 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | 6.400 | 03/17/31 | 7800 | 8079889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | 6.280 | 08/15/31 | 18820 | 19350908 |
| &nbsp;&nbsp; World Omni Select Auto Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D | 1.440 | 11/15/27 | 2150 | 2113939 |
|  |  |  |  | 494701381 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 101

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations 20.2%** |  |  |  |  |  |
| &nbsp;&nbsp; AGL CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.799%(c) | 04/20/37 |  | 67750 | $67750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10A, Class B, 144A, 3 Month SOFR + 1.762% (Cap N/A, Floor 1.500%) | 6.018(c) | 04/15/34 |  | 6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484399 |
| &nbsp;&nbsp; AlbaCore EURO CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A2, 144A, 3 Month EURIBOR + 1.000% (Cap 3.200%, Floor 1.000%) | 3.200(c) | 06/15/34 | EUR | 24500 | 27681222 |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 5.486(c) | 02/15/38 |  | 11805 | 11722365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class B1, 144A, 3 Month SOFR + 1.762% (Cap N/A, Floor 0.000%) | 6.018(c) | 04/15/34 |  | 6000 | 5988599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.686(c) | 07/15/37 |  | 124500 | 124500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.659(c) | 04/20/35 |  | 21000 | 21000000 |
| &nbsp;&nbsp; Anchorage Capital Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | 3.129(c) | 04/15/34 | EUR | 47000 | 52893445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class AR, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%) | 3.986(c) | 01/22/38 | EUR | 33400 | 37931378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class B1R, 144A, 3 Month EURIBOR + 2.100% (Cap N/A, Floor 2.100%) | 4.258(c) | 10/25/38 | EUR | 18400 | 20817134 |
| &nbsp;&nbsp; Apidos CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-44A, Class A1R, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.643(c) | 10/26/37 |  | 35350 | 35350000 |
| &nbsp;&nbsp; Ares European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A1R, 144A, 3 Month EURIBOR + 0.770% (Cap N/A, Floor 0.770%) | 3.049(c) | 04/15/32 | EUR | 13811 | 15605851 |
| &nbsp;&nbsp; Armada Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | 3.393(c) | 04/15/39 | EUR | 135850 | 152361466 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-07A, Class A1R2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 5.680(c) | 11/27/31 |  | 36356 | 36355689 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 6.469(c) | 07/20/35 |  | 163250 | 163530137 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Aurium CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%) | 3.317%(c) | 06/22/34 | EUR | 17000 | $19152529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A2RR, 144A, 3 Month EURIBOR + 1.180% (Cap 3.280%, Floor 1.180%) | 3.280(c) | 06/22/34 | EUR | 22500 | 25462991 |
| &nbsp;&nbsp; Avoca CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class ARRR, 144A, 3 Month EURIBOR + 1.290% (Cap N/A, Floor 1.290%) | 4.130(c) | 10/15/38 | EUR | 141000 | 158280686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 18A, Class BR, 144A, 3 Month EURIBOR + 1.950% (Cap N/A, Floor 1.950%) | 4.605(c) | 01/15/38 | EUR | 31700 | 35911884 |
| &nbsp;&nbsp; Bain Capital Credit CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class AR2, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 5.499(c) | 04/19/34 |  | 27000 | 26932500 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.641(c) | 10/16/37 |  | 77000 | 77000000 |
| &nbsp;&nbsp; Bain Capital Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 0.880% (Cap N/A, Floor 0.880%) | 3.159(c) | 07/15/34 | EUR | 47750 | 53579287 |
| &nbsp;&nbsp; Barings Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%) | 3.239(c) | 04/15/36 | EUR | 13600 | 15328957 |
| &nbsp;&nbsp; Barrow Hanley CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | 6.322(c) | 10/20/35 |  | 151000 | 151313114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.889(c) | 04/20/37 |  | 43250 | 43309629 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 5.687(c) | 04/24/34 |  | 114000 | 114000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.569(c) | 03/09/34 |  | 49500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49425750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.676(c) | 10/15/37 |  | 27500 | 27500000 |
| &nbsp;&nbsp; Benefit Street Partners CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.688(c) | 10/15/34 |  | 11525 | 11525000 |
| &nbsp;&nbsp; Birch Grove CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A1, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.709(c) | 01/22/38 |  | 94000 | 94000000 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 103

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; BlueMountain Fuji Eur CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class B, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | 3.829%(c) | 01/15/33 | EUR | 13200 | $14831887 |
| &nbsp;&nbsp; BNPP AM Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | 2.879(c) | 04/15/31 | EUR | 46977 | 52976826 |
| &nbsp;&nbsp; Broad River BSL Funding CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.701(c) | 07/20/34 |  | 19410 | 19247074 |
| &nbsp;&nbsp; Capital Four CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | 3.888(c) | 10/25/36 | EUR | 85250 | 96789551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B, 144A, 3 Month EURIBOR + 2.450% (Cap N/A, Floor 2.450%) | 4.608(c) | 10/25/36 | EUR | 19000 | 21612356 |
| &nbsp;&nbsp; Carlyle Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 3.251(c) | 03/15/32 | EUR | 155951 | 175954754 |
| &nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03RA, Class A1A, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 0.000%) | 5.594(c) | 07/27/31 |  | 428 | 428209 |
| &nbsp;&nbsp; Carlyle Global Market Strategies Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class AA1R, 144A, 3 Month EURIBOR + 0.730% (Cap N/A, Floor 0.730%) | 2.888(c) | 01/25/32 | EUR | 19173 | 21635211 |
| &nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.669(c) | 10/21/37 |  | 41250 | 41167500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A1, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%) | 5.651(c) | 07/20/34 |  | 125500 | 125500000 |
| &nbsp;&nbsp; Cathedral Lake Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07RA, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 6.106(c) | 01/15/32 |  | 5872 | 5880226 |
| &nbsp;&nbsp; CBAM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | 5.711(c) | 01/20/35 |  | 57678 | 57678000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-14A, Class B, 144A, 3 Month SOFR + 1.762% (Cap N/A, Floor 1.500%) | 6.031(c) | 04/20/34 |  | 13000 | 12842831 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; CIFC European Funding CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%) | 3.329%(c) | 01/15/34 | EUR | 68500 | $77291648 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.639(c) | 10/20/37 |  | 42260 | 42260000 |
| &nbsp;&nbsp; Clover CLO LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.799(c) | 04/20/37 |  | 35390 | 35423819 |
| &nbsp;&nbsp; Contego CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A | 0.000(cc) | 10/15/37 | EUR | 112050 | 125725509 |
| &nbsp;&nbsp; CQS US CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | 6.172(c) | 01/25/37 |  | 41000 | 41108211 |
| &nbsp;&nbsp; Crown City CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%) | 5.721(c) | 07/20/34 |  | 59500 | 59500000 |
| &nbsp;&nbsp; CVC Cordatus Loan Fund DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%) | 3.131(c) | 09/15/31 | EUR | 88442 | 99964338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 2.933(c) | 01/23/32 | EUR | 182854 | 206367708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12A, Class B2R, 144A | 2.100 | 01/23/32 | EUR | 15000 | 16150832 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.889(c) | 04/20/37 |  | 32300 | 32344661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | 6.142(c) | 10/20/36 |  | 25750 | 25810167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.525(c) | 03/28/38 |  | 30000 | 29850000 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.619(c) | 10/20/37 |  | 78010 | 78010000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class BRR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.969(c) | 10/20/37 |  | 47450 | 46989749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.640(c) | 10/17/37 |  | 59650 | 59650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class BRR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.980(c) | 10/17/37 |  | 23500 | 23257952 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 105

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.799%(c) | 04/20/37 |  | 36500 | $36535025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 5.789(c) | 04/20/37 |  | 53915 | 53945079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.969(c) | 10/20/37 |  | 43000 | 42565700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.516(c) | 03/22/38 |  | 155000 | 154535000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A, 144A | 0.000(cc) | 07/17/38 |  | 50000 | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05A, Class A, 144A | 0.000(cc) | 03/31/38 |  | 93500 | 93500000 |
| &nbsp;&nbsp; Galaxy CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35A, Class A, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%) | 5.461(c) | 04/20/38 |  | 100000 | 99235600 |
| &nbsp;&nbsp; Gallatin CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.342(c) | 10/14/35 |  | 115000 | 115182574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.749(c) | 10/20/37 |  | 102500 | 102500010 |
| &nbsp;&nbsp; Generate CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1R2, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.649(c) | 01/20/38 |  | 39700 | 39700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-18A, Class B, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.221(c) | 01/20/38 |  | 37500 | 37338754 |
| &nbsp;&nbsp; Greenwood Park CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A2, 144A, 3 Month SOFR + 1.272% (Cap N/A, Floor 0.000%) | 5.528(c) | 04/15/31 |  | 18223 | 18216746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class B, 144A, 3 Month SOFR + 1.662% (Cap N/A, Floor 0.000%) | 5.918(c) | 04/15/31 |  | 10000 | 9989999 |
| &nbsp;&nbsp; Greywolf CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 5.574(c) | 04/26/31 |  | 6298 | 6297859 |
| &nbsp;&nbsp; Grosvenor Place CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | 4.134(c) | 05/24/38 | EUR | 103000 | 116803617 |
| &nbsp;&nbsp; Harvest CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | 3.608(c) | 07/25/37 | EUR | 39750 | 45113617 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Hayfin Emerald CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class B1R, 144A, 3 Month EURIBOR + 2.100% (Cap N/A, Floor 2.100%) | 4.336%(c) | 07/18/38 | EUR | 25750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29163026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class B2R, 144A | 5.800 | 07/18/38 | EUR | 7500 | 8497027 |
| &nbsp;&nbsp; Henley CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class AR, 144A, 3 Month EURIBOR + 0.970% (Cap N/A, Floor 0.970%) | 3.128(c) | 12/25/35 | EUR | 43250 | 48809206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class B2, 144A | 2.100 | 10/25/34 | EUR | 15000 | 15908698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | 3.556(c) | 04/25/39 | EUR | 87200 | 97559197 |
| &nbsp;&nbsp; HPC Investment Partners CLO, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-02RR, Class A2, 144A, 3 Month SOFR + 1.887% (Cap N/A, Floor 0.000%) | 6.156(c) | 10/20/29 |  | 629 | 626738 |
| &nbsp;&nbsp; HPS Loan Management Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A-17, Class AR, 144A, 3 Month SOFR + 1.282% (Cap N/A, Floor 1.020%) | 5.583(c) | 05/06/30 |  | 3030 | 3029600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A1, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%) | 5.681(c) | 01/23/35 |  | 15448 | 15401656 |
| &nbsp;&nbsp; ICG Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | 3.891(c) | 01/26/38 | EUR | 99750 | 113294779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B1, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | 4.911(c) | 01/26/38 | EUR | 20000 | 22784946 |
| &nbsp;&nbsp; ICG US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R1A, Class A, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.702(c) | 01/25/38 |  | 45950 | 45950000 |
| &nbsp;&nbsp; Invesco Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class B2, 144A | 1.950 | 04/15/33 | EUR | 10000 | 10807834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class AR, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | 3.616(c) | 07/20/38 | EUR | 40000 | 44951443 |
| &nbsp;&nbsp; Jamestown CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | 5.309(c) | 10/20/34 |  | 54500 | 54009500 |
| &nbsp;&nbsp; Jubilee CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-10A, Class A1RR, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | 3.109(c) | 07/15/34 | EUR | 21317 | 23998851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-10A, Class A2RR, 144A, 3 Month EURIBOR + 1.000% (Cap 3.100%, Floor 1.000%) | 3.100(c) | 07/15/34 | EUR | 30000 | 33790712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-29A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | 3.579(c) | 01/15/39 | EUR | 17000 | 19161773 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 107

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 5.698%(c) | 01/15/31 |  | 400 | $400391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.701(c) | 07/20/34 |  | 14750 | 14750000 |
| &nbsp;&nbsp; LCM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.701(c) | 10/20/34 |  | 5750 | 5750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 39A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 6.006(c) | 10/15/34 |  | 25000 | 24897500 |
| &nbsp;&nbsp; Madison Park Euro Funding DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | 3.079(c) | 07/15/32 | EUR | 94140 | 106053546 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.872(c) | 01/22/37 |  | 57750 | 57820114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%) | 5.661(c) | 07/17/34 |  | 64500 | 64500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.769(c) | 04/18/37 |  | 126465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126465013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-57A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 5.563(c) | 07/27/34 |  | 78500 | 78500000 |
| &nbsp;&nbsp; Magnetite Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 5.621(c) | 01/25/38 |  | 70000 | 69825000 |
| &nbsp;&nbsp; Marathon CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-15A, Class A1B, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.773(c) | 08/15/37 |  | 55000 | 55000000 |
| &nbsp;&nbsp; MidOcean Credit CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class BR, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%) | 6.331(c) | 04/21/31 |  | 14251 | 14218008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-10A, Class A1RR, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 5.589(c) | 10/23/34 |  | 53000 | 53000000 |
| &nbsp;&nbsp; Monument CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | 4.146(c) | 05/15/37 | EUR | 102500 | 116424057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | 4.128(c) | 01/20/39 | EUR | 57000 | 64220659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A2, 144A, 3 Month EURIBOR + 1.580% (Cap N/A, Floor 1.580%) | 4.328(c) | 01/20/39 | EUR | 6000 | 6782664 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Mountain View CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 5.503%(c) | 10/12/30 |  | 47486 | $47486485 |
| &nbsp;&nbsp; Nassau Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class B, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | 4.386(c) | 07/20/38 | EUR | 20000 | 22651882 |
| &nbsp;&nbsp; Nassau Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A2R, 144A, 3 Month SOFR + 1.650% (Cap N/A, Floor 1.650%) | 5.906(c) | 01/15/31 |  | 24500 | 24532810 |
| &nbsp;&nbsp; Navesink CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 6.456(c) | 04/15/36 |  | 40000 | 40116004 |
| &nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-33A, Class AR2, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 5.481(c) | 04/16/39 |  | 50000 | 49825000 |
| &nbsp;&nbsp; NGC Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | 3.396(c) | 01/15/39 | EUR | 55000 | 61006377 |
| &nbsp;&nbsp; Northwoods Capital Euro DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | 3.106(c) | 07/22/34 | EUR | 98400 | 110718128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A2R, 144A, 3 Month EURIBOR + 1.150% (Cap 3.200%, Floor 1.150%) | 3.200(c) | 07/22/34 | EUR | 19000 | 21325217 |
| &nbsp;&nbsp; Northwoods Capital Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.719(c) | 07/19/37 |  | 84529 | 84529000 |
| &nbsp;&nbsp; Oak Hill Credit Partners Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10RA, Class AR2, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 5.399(c) | 04/20/38 |  | 121650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120859275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10RA, Class XR2, 144A, 3 Month SOFR + 0.900% (Cap N/A, Floor 0.900%) | 5.169(c) | 04/20/38 |  | 1500 | 1496803 |
| &nbsp;&nbsp; Obra CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.903(c) | 01/20/38 |  | 87000 | 86870892 |
| &nbsp;&nbsp; OCP CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-19A, Class XR2, 144A, 3 Month SOFR + 0.850% (Cap N/A, Floor 0.850%) | 5.119(c) | 04/20/38 |  | 2375 | 2374965 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 109

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; OCP Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11A, Class A, 144A, 3 Month EURIBOR + 1.290% (Cap N/A, Floor 1.290%) | 3.526%(c) | 10/18/37 | EUR | 6600 | $7415919 |
| &nbsp;&nbsp; Octagon Investment Partners Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A3R, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.069(c) | 10/20/37 |  | 35000 | 34884504 |
| &nbsp;&nbsp; Octagon Investment Partners Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class BR3, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.056(c) | 10/31/37 |  | 18750 | 18688123 |
| &nbsp;&nbsp; OFSI BSL Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10A, Class BR, 144A, 3 Month SOFR + 1.830% (Cap N/A, Floor 1.830%) | 6.099(c) | 04/20/34 |  | 25650 | 25380670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-15A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.522(c) | 03/31/38 |  | 105000 | 104383471 |
| &nbsp;&nbsp; OZLM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-06A, Class A1T, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 0.868%) | 5.410(c) | 04/17/31 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9357822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) | 5.581(c) | 04/20/31 |  | 10589 | 10589271 |
| &nbsp;&nbsp; OZLME DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 3.284(c) | 08/24/30 | EUR | 12805 | 14506819 |
| &nbsp;&nbsp; Palmer Square CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-01A, Class A1A5, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 1.050%) | 5.380(c) | 05/21/34 |  | 38808 | 38548359 |
| &nbsp;&nbsp; Palmer Square European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A2, 144A, 3 Month EURIBOR + 1.300% (Cap 3.400%, Floor 1.300%) | 3.400(c) | 04/15/35 | EUR | 10500 | 11878211 |
| &nbsp;&nbsp; Penta CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.513(c) | 10/17/38 | EUR | 72250 | 81193052 |
| &nbsp;&nbsp; Pikes Peak CLO 18 (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 5.508(c) | 04/20/38 |  | 44900 | 44690901 |
| &nbsp;&nbsp; Polen Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 5.581(c) | 04/20/38 |  | 49800 | 49533525 |
| &nbsp;&nbsp; PPM CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 5.668(c) | 07/15/31 |  | 15088 | 15088232 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Providus CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class BRR, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | 4.179%(c) | 10/15/38 | EUR | 27915 | $31307399 |
| &nbsp;&nbsp; Rad CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10A, Class B, 144A, 3 Month SOFR + 1.662% (Cap N/A, Floor 1.400%) | 5.941(c) | 04/23/34 |  | 12000 | 11950801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.869(c) | 04/20/37 |  | 42200 | 42254755 |
| &nbsp;&nbsp; Ravensdale Park CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | 3.447(c) | 04/25/38 | EUR | 131500 | 148344296 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 5.716(c) | 06/20/34 |  | 40600 | 40600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.636(c) | 09/06/37 |  | 96500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96500000 |
| &nbsp;&nbsp; Rockford Tower CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.656(c) | 01/15/38 |  | 20500 | 20500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A, 3 Month SOFR + 1.900% (Cap N/A, Floor 1.900%) | 6.169(c) | 01/20/36 |  | 53500 | 53601821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A, 3 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 7.019(c) | 01/20/36 |  | 20000 | 20086004 |
| &nbsp;&nbsp; Rockford Tower Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | 3.429(c) | 10/25/27 | EUR | 133615 | 150182678 |
| &nbsp;&nbsp; Romark CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 5.422(c) | 07/25/31 |  | 31590 | 31558491 |
| &nbsp;&nbsp; Shackleton CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | 5.664(c) | 05/07/31 |  | 17645 | 17644682 |
| &nbsp;&nbsp; Signal Peak CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.659(c) | 10/20/37 |  | 40000 | 40000000 |
| &nbsp;&nbsp; Signal Peak CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.669(c) | 07/18/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | 50000000 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 111

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Silver Rock CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) | 6.152%(c) | 01/20/36 |  | 45250 | $45336618 |
| &nbsp;&nbsp; Silver Rock CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.689(c) | 10/20/37 |  | 22600 | 22600000 |
| &nbsp;&nbsp; Sixth Street CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | 6.059(c) | 01/20/37 |  | 65000 | 65095973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 5.430(c) | 04/17/38 |  | 30000 | 29850000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A2R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.730(c) | 04/17/38 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241659 |
| &nbsp;&nbsp; Sona Fios CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 4.129(c) | 07/15/36 | EUR | 43420 | 49669562 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.622(c) | 04/25/35 |  | 45000 | 45000000 |
| &nbsp;&nbsp; St. Paul's CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | 2.988(c) | 04/25/30 | EUR | 68784 | 77644548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | 3.226(c) | 02/20/30 | EUR | 103801 | 117195356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | 3.126(c) | 07/18/34 | EUR | 90050 | 101305916 |
| &nbsp;&nbsp; Strata CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class AR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.649(c) | 10/20/33 |  | 33750 | 33750000 |
| &nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class B1R, 144A, 3 Month SOFR + 1.762% (Cap N/A, Floor 1.500%) | 6.031(c) | 04/20/33 |  | 10000 | 9947999 |
| &nbsp;&nbsp; TCW CLO AMR Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class BR, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.750%) | 6.273(c) | 08/16/34 |  | 16600 | 16575102 |
| &nbsp;&nbsp; TCW CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R3, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 0.000%) | 5.471(c) | 10/29/34 |  | 95255 | 94788470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class BR3, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 0.000%) | 5.871(c) | 10/29/34 |  | 22125 | 22158413 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)**<br>|  |  |  |  |  |
| &nbsp;&nbsp; TCW CLO Ltd. (Cayman Islands), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | 5.319%(c) | 04/20/34 |  | 87500 | $86928651 |
| &nbsp;&nbsp; THL Credit Wind River CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | 5.839(c) | 07/20/37 |  | 43000 | 43055552 |
| &nbsp;&nbsp; Tikehau CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 0.900% (Cap N/A, Floor 0.900%) | 3.179(c) | 10/15/31 | EUR | 14487 | 16378351 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | 6.139(c) | 01/20/36 |  | 105500 | 105689805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 6.456(c) | 07/15/34 |  | 47250 | 47331572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.206(c) | 01/15/36 |  | 27500 | 27560514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.719(c) | 07/18/37 |  | 56000 | 56000000 |
| &nbsp;&nbsp; Toro European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | 3.148(c) | 07/25/34 | EUR | 98050 | 110270131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | 3.269(c) | 07/15/34 | EUR | 115250 | 129789008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 3.929(c) | 04/15/37 | EUR | 98750 | 112093335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.605(c) | 04/15/38 | EUR | 159000 | 179075374 |
| &nbsp;&nbsp; Trinitas CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-22A, Class A1, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 6.122(c) | 07/20/36 |  | 101500 | 101714307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class A1, 144A, 3 Month SOFR + 1.690% (Cap N/A, Floor 1.690%) | 5.959(c) | 01/20/35 |  | 79150 | 79150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-26A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%) | 6.769(c) | 01/20/35 |  | 19000 | 19053202 |
| &nbsp;&nbsp; Trinitas CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11A, Class A1RR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 5.446(c) | 07/15/34 |  | 28850 | 28747046 |
| &nbsp;&nbsp; Vendome Funding CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.950% (Cap N/A, Floor 0.950%) | 3.186(c) | 07/20/34 | EUR | 73900 | 83380526 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 113

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)**<br>|  |  |  |  |  |
| &nbsp;&nbsp; Vendome Funding CLO DAC (Ireland), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A2R, 144A, 3 Month EURIBOR + 1.300% (Cap 3.400%, Floor 1.300%) | 3.400%(c) | 07/20/34 | EUR | 24000 | $27156742 |
| &nbsp;&nbsp; Venture CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | 5.778(c) | 01/15/32 |  | 23591 | 23590638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-28AA, Class A1RR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 5.379(c) | 10/20/34 |  | 57450 | 57179186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 5.631(c) | 07/18/31 |  | 18936 | 18935743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-33A, Class BR, 144A, 3 Month SOFR + 1.812% (Cap N/A, Floor 0.000%) | 6.068(c) | 07/15/31 |  | 8000 | 7996001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class A1A, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) | 5.648(c) | 04/15/34 |  | 10000 | 10000000 |
| &nbsp;&nbsp; Warwick Capital CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 6.206(c) | 01/15/37 |  | 50000 | 50113860 |
| &nbsp;&nbsp; Wellfleet CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.689(c) | 10/18/37 |  | 47690 | 47690000 |
| &nbsp;&nbsp; Wind River CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.699(c) | 07/20/37 |  | 41700 | 41700000 |
|  |  |  |  |  | 9935956353 |
| &nbsp;&nbsp; **Consumer Loans 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Affirm Asset Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1B, 144A | 5.930 | 02/15/29 |  | 3000 | 3012618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A | 6.160 | 02/15/29 |  | 3000 | 3011591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 144A | 6.890 | 02/15/29 |  | 2000 | 2012196 |
| &nbsp;&nbsp; Fairstone Financial Issuance Trust (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A | 2.509 | 10/20/39 | CAD | 19 | 13792 |
| &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A4, 144A | 5.150 | 10/27/59 |  | 15829 | 15905730 |
| &nbsp;&nbsp; GreenSky Home Improvement Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | 5.550 | 06/25/59 |  | 6300 | 6409284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | 5.670 | 06/25/59 |  | 11509 | 11682389 |
| &nbsp;&nbsp; Lending Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 2.320 | 04/21/31 |  | 15900 | 15424234 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Consumer Loans (cont'd.)**<br>|  |  |  |  |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 1.750% | 09/14/35 | 68400 | $66341748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | 7.490 | 06/14/38 | 1300 | 1360711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | 6.740 | 09/15/36 | 20700 | 21450706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 | 25130 | 26063336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.790 | 05/14/41 | 67000 | 69098494 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241786829 |
| &nbsp;&nbsp; **Credit Cards 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Genesis Sales Finance Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | 5.870 | 12/20/32 | 87700 | 88497368 |
| &nbsp;&nbsp; **Home Equity Loans 0.7%** |  |  |  |  |
| &nbsp;&nbsp; ABFC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | 5.081(c) | 04/25/33 | 1231 | 1221031 |
| &nbsp;&nbsp; ACE Securities Corp. Home Equity Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-HE01, Class M1, 1 Month SOFR + 1.089% (Cap N/A, Floor 0.975%) | 5.416(c) | 11/25/33 | 286 | 283687 |
| &nbsp;&nbsp; Argent Securities, Inc., Asset-Backed Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-W10, Class M2, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.475%) | 3.411(c) | 01/25/34 | 2 | 2339 |
| &nbsp;&nbsp; Asset-Backed Securities Corp. Home Equity Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE09, Class M1, 1 Month SOFR + 1.089% (Cap N/A, Floor 0.975%) | 5.416(c) | 12/25/34 | 1035 | 947757 |
| &nbsp;&nbsp; Bear Stearns Asset-Backed Securities I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE08, Class M1, 1 Month SOFR + 1.089% (Cap N/A, Floor 0.975%) | 5.416(c) | 09/25/34 | 206 | 202691 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 6.377(cc) | 04/25/54 | 3594 | 3634214 |
| &nbsp;&nbsp; Floating Rate Mortgage Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-02, Class M3, 1 Month SOFR + 3.039% (Cap N/A, Floor 2.925%) | 7.366(c) | 10/25/31 | 30 | 30668 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.854(c) | 01/25/55 | 55409 | 55409049 |
| &nbsp;&nbsp; GSAA Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-07, Class AF2 | 5.995(cc) | 03/25/46 | 561 | 201511 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 115

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Equity Loans (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 6.050%(c) | 03/20/54 | 7120 | $7167353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | 5.950(c) | 05/25/54 | 4494 | 4498710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | 5.550(c) | 10/20/54 | 9403 | 9393580 |
| &nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) | 3.160(c) | 07/25/34 | 108 | 105544 |
| &nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE03, Class A4, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%) | 5.241(c) | 03/25/34 | 483 | &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;466437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE08, Class A7, 1 Month SOFR + 1.174% (Cap N/A, Floor 1.060%) | 5.501(c) | 09/25/34 | 663 | 667138 |
| &nbsp;&nbsp; New Century Home Equity Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A, Class A, 144A, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) | 3.373(c) | 10/25/33 | 846 | 838690 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 6.025(cc) | 02/25/44 | 9032 | 9077440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | 6.591(cc) | 05/25/44 | 4570 | 4637534 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | 7.294(cc) | 10/25/63 | 31311 | 31867068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 5.848(cc) | 01/25/64 | 9996 | 10034624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | 6.125(cc) | 02/25/64 | 9765 | 9843988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | 6.290(cc) | 05/25/64 | 30166 | 30516413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | 5.167(cc) | 09/25/64 | 96611 | 96568202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | 5.799(cc) | 01/25/65 | 64642 | 65186446 |
|  |  |  |  | 342802114 |
| &nbsp;&nbsp; **Other 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Capital Street Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.697(c) | 10/16/28 | 71000 | 70958202 |
| &nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.350 | 10/20/46 | 15430 | 15540786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.380 | 02/20/49 | 35173 | 35457279 |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | 6.480 | 03/20/57 | 24438 | 24001669 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Other (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | 6.250% | 06/20/57 |  | 43667 | $42138435 |
| &nbsp;&nbsp; Loandepot GMSR Master Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GT01, Class A, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 2.800%) | 7.985(c) | 10/16/25 |  | 17150 | 17099332 |
| &nbsp;&nbsp; PMT Issuer Trust - FMSR, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 7.069(c) | 12/25/27 |  | 20000 | 19973094 |
| &nbsp;&nbsp; Sunrun Artemis Issuer LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | 6.250 | 07/30/59 |  | 25576 | 25351041 |
| &nbsp;&nbsp; Sunrun Vesta Issuer LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A | 5.490 | 10/30/59 |  | 15659 | 15237259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A2, 144A | 5.880 | 10/30/59 |  | 65767 | 62369199 |
|  |  |  |  |  | 328126296 |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Chase Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-02, Class 1A5 | 6.333(cc) | 04/25/32 |  | 2 | 1572 |
| &nbsp;&nbsp; Countrywide Asset-Backed Certificates, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-BC05, Class 2A2, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | 5.141(c) | 12/25/33 |  | 239 | 235580 |
| &nbsp;&nbsp; Countrywide Asset-Backed Certificates Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-04, Class 1A, 1 Month SOFR + 0.534% (Cap N/A, Floor 0.420%) | 4.861(c) | 08/25/34 |  | 2726 | 2631718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | 5.221(c) | 11/25/34 |  | 247 | 234853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 5.491(c) | 11/25/34 |  | 15 | 17004 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL04, 144A | 3.716 | 07/25/50 |  | 14208 | 12784477 |
| &nbsp;&nbsp; Credit-Based Asset Servicing & Securitization LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB08, Class M1, 1 Month SOFR + 0.909% (Cap N/A, Floor 0.795%) | 3.410(c) | 12/25/35 |  | 238 | 235320 |
| &nbsp;&nbsp; GSAMP Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR01, Class M1, 1 Month SOFR + 1.089% (Cap N/A, Floor 0.975%) | 5.416(c) | 06/25/34 |  | 935 | 979011 |
| &nbsp;&nbsp; LSF11 Boson Investments Sarl Compartment 2 (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.521(c) | 11/25/60 | EUR | 6250 | &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;6837865 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 117

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | 6.286%(c) | 01/25/35 |  | 978 | $944531 |
| &nbsp;&nbsp; Specialty Underwriting & Residential Finance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-BC02, Class M1, 1 Month SOFR + 1.239% (Cap N/A, Floor 1.125%) | 5.566(c) | 06/25/34 |  | 337 | 330711 |
| &nbsp;&nbsp; Structured Asset Investment Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-BC07, Class 3A2, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 5.391(c) | 07/25/33 |  | 412 | 402246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A2, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | 5.160(c) | 09/25/34 |  | 617 | 625358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | 3.986(c) | 09/25/34 |  | 428 | 439630 |
| &nbsp;&nbsp; TFS (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1^ | 0.000(s) | 04/16/40 | EUR | —(r) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%^ | 5.632(c) | 03/15/26 | EUR | 34866 | 29425856 |
|  |  |  |  |  | 56125733 |
| &nbsp;&nbsp; **Student Loans 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | 5.804(c) | 06/25/47 |  | 31550 | 31370309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | 6.154(c) | 06/25/47 |  | 2784 | 2767256 |
| &nbsp;&nbsp; Laurel Road Prime Student Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, 144A | 0.000 | 02/25/43 |  | 82210 | 12374459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | 0.000(cc) | 08/25/43 |  | 14258 | 13680994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D, Class A, 144A | 0.000(cc) | 11/25/43 |  | 17408 | 16548222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class R, 144A | 0.000 | 10/25/48 |  | 26475 | 8112688 |
| &nbsp;&nbsp; SMB Private Education Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, 144A(x) | 5.240 | 03/15/56 |  | 60426 | 61102096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A1A, 144A(x) | 5.380 | 07/15/53 |  | 25395 | 25835615 |
|  |  |  |  |  | 171791639 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIE**S<br>(cost $11,652,854,904) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11659787713 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 10.8%** |  |  |  |  |
| &nbsp;&nbsp; 20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A(x) | 3.203%(cc) | 05/15/35 | 39245 | $30807325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A(x) | 3.203(cc) | 05/15/35 | 40253 | 29585587 |
| &nbsp;&nbsp; ARES Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.800(c) | 04/15/42 | 47990 | 47597994 |
| &nbsp;&nbsp; Assurant Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class B, 144A | 4.308(cc) | 05/15/49 | 3719 | 3644932 |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | 3.229 | 11/15/50 | 8520 | 8335545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | 2.758 | 09/15/62 | 48568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44904059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN21, Class XB, IO | 0.470(cc) | 10/17/52 | 206158 | 2954512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class A2 | 2.707 | 11/15/62 | 69300 | 64176970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | 1.742 | 11/15/53 | 37450 | 32214232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class A21 | 6.951(cc) | 08/15/56 | 74030 | 76301936 |
| &nbsp;&nbsp; Bank of America Merrill Lynch Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10, Class A3 | 2.903 | 07/15/49 | 2096 | 2071100 |
| &nbsp;&nbsp; BANK5, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 | 6.656(cc) | 07/15/56 | 56500 | 59824799 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | 2.937 | 08/14/36 | 17450 | 16746325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | 3.189 | 08/14/36 | 6970 | 6587502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | 3.391 | 08/14/36 | 5770 | 5338515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | 3.729(cc) | 08/14/36 | 21720 | 19718543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class E, 144A | 3.729(cc) | 08/14/36 | 13900 | 12317609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class B, 144A | 4.409(cc) | 08/05/38 | 7345 | 6712101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class C, 144A | 4.409(cc) | 08/05/38 | 10055 | 8963162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | 4.409(cc) | 08/05/38 | 19295 | 16538939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | 3.319 | 05/15/52 | 24500 | 23531591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BID, Class A, 144A, 1 Month SOFR + 2.254% (Cap N/A, Floor 2.140%) | 6.576(c) | 10/15/37 | 59000 | 59073750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C08, Class XB, IO | 1.141(cc) | 10/15/53 | 119592 | 6145056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | 6.014 | 07/15/57 | 53800 | 56463073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | 5.208 | 09/15/57 | 64600 | 66013855 |
| &nbsp;&nbsp; BBCCRE Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GTP, Class A, 144A | 3.966 | 08/10/33 | 14600 | 13786087 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B02, Class A3 | 3.544 | 02/15/51 | 16250 | 15718063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | 3.455 | 03/15/62 | 39600 | 38126596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class A4 | 3.281 | 05/15/52 | 61825 | 58894235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A4 | 2.859 | 08/15/52 | 81000 | 75363599 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 119

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Benchmark Mortgage Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 | 2.701% | 08/15/57 | 38700 | $35904111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A3 | 3.090 | 12/15/62 | 48180 | 46019334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A4 | 2.795 | 12/15/62 | 57600 | 53411063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | 2.042 | 03/15/53 | 95550 | 83703520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 | 1.945 | 10/15/53 | 13000 | 11880899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | 1.704 | 12/17/53 | 37450 | 32289068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A2 | 2.677 | 09/15/43 | 28000 | 26468406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class A3 | 6.363(cc) | 07/15/56 | 20000 | 20982694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | 6.189(cc) | 07/15/57 | 109700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115644292 |
| &nbsp;&nbsp; BFLD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | 6.212(c) | 07/15/41 | 37000 | 36953750 |
| &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%) | 6.911(c) | 07/15/41 | 7500 | 7387500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.814(c) | 08/15/26 | 39027 | 38989988 |
| &nbsp;&nbsp; BLP Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 5.522(c) | 03/15/42 | 81180 | 79695534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class C, 144A, 1 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 6.122(c) | 03/15/42 | 18890 | 18224447 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C05, Class A2 | 6.518 | 06/15/56 | 25000 | 25738467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | 5.857 | 02/15/57 | 68760 | 71725660 |
| &nbsp;&nbsp; BPR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | 7.146(cc) | 10/05/38 | 78109 | 81737616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PMDW, Class B, 144A | 5.850(cc) | 11/05/41 | 5600 | 5593441 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class B, 144A, 1 Month SOFR + 1.364% (Cap N/A, Floor 1.250%) | 5.686(c) | 11/15/38 | 19022 | 18914741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR02, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.814(c) | 10/15/41 | 70644 | 70643617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) | 6.013(c) | 08/15/39 | 84647 | 84646742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class A, 144A, 1 Month SOFR + 1.443% (Cap N/A, Floor 1.443%) | 5.765(c) | 04/15/40 | 72720 | 72508748 |
| &nbsp;&nbsp; CCUBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | 3.283(cc) | 11/15/50 | 37610 | 36274811 |
| &nbsp;&nbsp; CD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | 3.248 | 05/10/50 | 55314 | 53866232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | 3.190 | 11/13/50 | 81000 | 78899006 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; CD Mortgage Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | 4.013% | 08/15/51 | 26356 | $25845287 |
| &nbsp;&nbsp; CENT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%) | 6.942(c) | 09/15/38 | 83750 | 83697656 |
| &nbsp;&nbsp; CF Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-P01, Class A1, 144A | 2.840(cc) | 04/15/52 | 22801 | 22731179 |
| &nbsp;&nbsp; CFK Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FAX, Class A, 144A | 4.075 | 01/15/39 | 14250 | 13868860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FAX, Class B, 144A | 4.362 | 01/15/39 | 21052 | 20219265 |
| &nbsp;&nbsp; CGMS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | 3.197 | 08/15/50 | 19174 | 18603300 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-P01, Class XB, IO | 0.053(cc) | 09/15/48 | 58898 | 5236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | 3.209 | 10/12/50 | 63251 | 61401137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | 3.442 | 04/14/50 | 15580 | 15314961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | 2.620 | 08/10/56 | 105000 | 97275297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class A4 | 2.477 | 02/15/53 | 90000 | 80481879 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS04, Class A5 | 3.694 | 08/10/47 | 147 | 144993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A4 | 3.091 | 10/10/49 | 6400 | 6183698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | 3.239 | 09/10/50 | 74027 | 72005512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | 3.961 | 05/10/51 | 54997 | 53702575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class A4 | 2.698 | 08/15/57 | 34500 | 31726355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | 6.338 | 08/10/44 | 29200 | 30579881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.894(cc) | 08/10/44 | 97400 | 2764309 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | 3.953 | 09/15/37 | 94640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86832219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | 3.795(cc) | 12/15/49 | 13245 | 13041067 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class XB, IO | 0.250 | 08/15/48 | 86961 | 191984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | 3.067 | 06/15/52 | 37129 | 34790801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | 2.763 | 09/15/52 | 37150 | 34462272 |
| &nbsp;&nbsp; DBWF Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-85T, Class D, 144A | 3.935(cc) | 12/10/36 | 23960 | 22139337 |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | 3.071 | 06/10/50 | 6850 | 6623262 |
| &nbsp;&nbsp; Eleven Madison Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-11MD, Class C, 144A | 3.673(cc) | 09/10/35 | 30650 | 30016952 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0052, Class X1, IO | 0.745(cc) | 11/25/25 | 122146 | 292185 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 121

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0053, Class X1, IO | 1.011%(cc) | 12/25/25 | 121139 | $491667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0055, Class X1, IO | 1.460(cc) | 03/25/26 | 241589 | 2209022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0058, Class XAM, IO | 0.942(cc) | 08/25/26 | 59334 | 633782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0069, Class X1, IO | 0.467(cc) | 09/25/27 | 501290 | 3702380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0087, Class X1, IO | 0.502(cc) | 12/25/28 | 404955 | 4856702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0090, Class X1, IO | 0.854(cc) | 02/25/29 | 451402 | 11023724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0091, Class X1, IO | 0.705(cc) | 03/25/29 | 542136 | 10559241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0092, Class XAM, IO | 1.126(cc) | 04/25/29 | 53046 | 1925798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0093, Class X1, IO | 1.081(cc) | 05/25/29 | 389244 | 12407465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0095, Class X1, IO | 1.083(cc) | 06/25/29 | 508363 | 16661908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0096, Class XAM, IO | 1.522(cc) | 07/25/29 | 56489 | 2885097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0097, Class X1, IO | 1.214(cc) | 07/25/29 | 517322 | 20050064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0101, Class X1, IO | 0.942(cc) | 10/25/29 | 460213 | 14473234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0108, Class X1, IO | 1.811(cc) | 03/25/30 | 325760 | 22045442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0114, Class X1, IO | 1.208(cc) | 06/25/30 | 255619 | 12170152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0735, Class X1, IO | 1.098(cc) | 05/25/26 | 249604 | 1825082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K1513, Class X1, IO | 0.987(cc) | 08/25/34 | 330892 | 17684913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | 2.085(cc) | 02/25/32 | 22941 | 1456119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q002, Class XA, IO | 0.934(cc) | 07/25/33 | 28477 | 1049511 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-IP, Class A, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 5.386(c) | 10/15/36 | 6770 | 6706725 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC22, Class XB, IO | 0.335(cc) | 06/10/47 | 37110 | 75511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A5 | 3.931 | 09/10/47 | 326 | 324360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC32, Class XB, IO | 0.010(cc) | 07/10/48 | 60188 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4 | 3.506 | 10/10/48 | 11245 | 11135132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | 3.164 | 05/10/50 | 12934 | 12580770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A3 | 3.727 | 03/10/51 | 10441 | 10203295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC39, Class A3 | 3.307 | 05/10/52 | 68453 | 64625053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC40, Class A3 | 2.904 | 07/10/52 | 50000 | 47079490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA01, Class A2 | 2.613 | 11/10/52 | 4941 | 4768086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA01, Class A3 | 2.794 | 11/10/52 | 42000 | 39279425 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class A, 144A | 5.649(cc) | 01/13/40 | 54215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55713513 |
| &nbsp;&nbsp; Independence Plaza Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-INDP, Class E, 144A | 4.996 | 07/10/35 | 4000 | 3861880 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class XA, IO | 0.509(cc) | 09/15/47 | 6773 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 | 3.639 | 11/15/47 | 612 | 598403 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A4 | 3.195% | 09/15/50 | 70600 | $68180771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A3 | 3.763 | 03/10/52 | 31250 | 30199531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A4 | 3.758 | 03/10/52 | 31675 | 30057035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A5 | 4.029 | 03/10/52 | 4797 | 4552640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR05, Class A3 | 3.123 | 06/13/52 | 22100 | 21133640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR05, Class XB, IO | 1.103(cc) | 06/13/52 | 65497 | 2293135 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.414 | 03/15/50 | 24248 | 23664533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | 3.147 | 10/15/50 | 69278 | 66929597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR06, Class A3 | 2.795 | 11/13/52 | 80750 | 73294716 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | 2.627 | 08/15/49 | 17436 | 17030118 |
| &nbsp;&nbsp; KRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class A, 144A, 1 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.622(c) | 03/15/42 | 67400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66874536 |
| &nbsp;&nbsp; LSTAR Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class A4, 144A | 3.390 | 03/10/50 | 8500 | 8397366 |
| &nbsp;&nbsp; MHC Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | 7.037(c) | 04/15/38 | 14566 | 14456358 |
| &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C31, Class A5 | 3.102 | 11/15/49 | 11509 | 11162898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 | 3.276 | 11/15/52 | 18615 | 18114320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 | 5.635 | 03/15/58 | 74330 | 77154874 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS08, Class A4 | 3.809 | 12/15/48 | 13800 | 13692610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | 3.259 | 06/15/50 | 51175 | 49975043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H03, Class A4 | 3.914 | 07/15/51 | 7945 | 7796075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H04, Class A3 | 4.043 | 12/15/51 | 16356 | 16135461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class A3 | 3.158 | 06/15/52 | 37750 | 36326587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | 3.005 | 07/15/52 | 71647 | 67260619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A3 | 3.806 | 03/15/52 | 37651 | 36372315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L03, Class A3 | 2.874 | 11/15/52 | 35797 | 33639386 |
| &nbsp;&nbsp; NYC Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%) | 5.535(c) | 02/15/42 | 58640 | 58023359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class C, 144A, 1 Month SOFR + 1.892% (Cap N/A, Floor 1.892%) | 6.214(c) | 02/15/42 | 35410 | 34347700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | 6.763(c) | 02/15/42 | 32870 | 31799789 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 123

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; One Bryant Park Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | 2.516% | 09/15/54 | 7000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6252117 |
| &nbsp;&nbsp; SCG Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 5.522(c) | 03/15/35 | 55990 | 55106528 |
| &nbsp;&nbsp; SG Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class A, 144A | 3.021 | 09/15/39 | 35000 | 31911201 |
| &nbsp;&nbsp; Shops at Crystals Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | 3.126 | 07/05/36 | 20955 | 20392017 |
| &nbsp;&nbsp; SREIT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class F, 144A, 1 Month SOFR + 2.739% (Cap N/A, Floor 2.625%) | 7.061(c) | 11/15/38 | 62913 | 61300964 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | 3.196 | 06/15/50 | 6835 | 6633373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C03, Class A3 | 3.167 | 08/15/50 | 13800 | 13500111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.212 | 11/15/50 | 32275 | 31320141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | 3.320 | 12/15/50 | 29785 | 29019760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | 4.048 | 05/15/51 | 66102 | 64972009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class A4 | 3.977 | 06/15/51 | 40000 | 39605588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C15, Class A3 | 4.075 | 12/15/51 | 16998 | 16611644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | 3.344 | 04/15/52 | 31500 | 29932220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class XB, IO | 1.019(cc) | 04/15/52 | 96253 | 2943763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A3 | 2.669 | 10/15/52 | 80672 | 74132145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class A3 | 2.782 | 12/15/52 | 22850 | 20966607 |
| &nbsp;&nbsp; UBS-Barclays Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C05, Class XB, IO, 144A | 0.195(cc) | 03/10/46 | 41314 | 79 |
| &nbsp;&nbsp; WCORE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CORE, Class C, 144A, 1 Month SOFR + 2.241% (Cap N/A, Floor 2.241%) | 6.563(c) | 11/15/41 | 25200 | 25058250 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class XB, IO | 1.130(cc) | 06/15/49 | 36018 | 275350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class XB, IO | 1.070(cc) | 07/15/48 | 55952 | 469141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 | 2.807 | 11/15/59 | 26739 | 26147607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A4 | 3.157 | 09/15/50 | 37000 | 35775074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C43, Class A4 | 4.012(cc) | 03/15/51 | 1000 | 982381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A4 | 3.948 | 05/15/51 | 20000 | 19703776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | 3.920 | 06/15/51 | 23154 | 22818006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C47, Class A3 | 4.175 | 09/15/61 | 37619 | 37229966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class A5 | 4.302 | 01/15/52 | 10000 | 9894763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class A4 | 3.466 | 05/15/52 | 34566 | 33309548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | 2.643 | 08/15/52 | 86325 | 80640991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | 2.787 | 10/15/52 | 6100 | 5679678 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C54, Class A3 | 2.892% | 12/15/52 | 42492 | $39629394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A4 | 2.474 | 02/15/53 | 58725 | 53329729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class A, 144A | 5.484(cc) | 07/15/35 | 75100 | 75478444 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $5,488,603,524) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5286454116 |
| &nbsp;&nbsp; **CORPORATE BONDS 31.0%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.9%** |  |  |  |  |
| &nbsp;&nbsp; BAE Systems PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.000 | 09/15/50 | 10325 | 6594729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.400 | 04/15/30 | 17620 | 16631689 |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 | 169261 | 165828596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.250 | 02/01/28 | 14855 | 14303160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 03/01/38 | 15098 | 11665481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.600 | 05/01/34 | 14772 | 12703562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 03/01/48 | 2130 | 1406320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 11/01/48 | 990 | 682713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/49 | 44475 | 31113888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 08/01/59 | 14670 | 9759624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.705 | 05/01/40 | 22420 | 21782863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930 | 05/01/60 | 72825 | 67458036 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.000 | 02/15/28 | 42750 | 42367387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.125 | 06/15/26 | 4294 | 4294000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/01/29 | 5325 | 5484750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 04/15/27 | 23053 | 23016807 |
| &nbsp;&nbsp; HEICO Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 08/01/28 | 9750 | 9947389 |
| &nbsp;&nbsp; L3Harris Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 06/01/29 | 15850 | 16090827 |
| &nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.850 | 06/15/26 | 1660 | 1632560 |
|  |  |  |  | 462764381 |
| &nbsp;&nbsp; **Agriculture 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Altria Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 02/04/41 | 56803 | 40879663 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 125

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Agriculture (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.259% | 03/25/28 | 41745 | $39177482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.557 | 08/15/27 | 12287 | 12049858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.390 | 08/15/37 | 59596 | 52327028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.834 | 02/20/31 | 4000 | 4153694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.343 | 08/02/30 | 10195 | 10882527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 10/19/32 | 5000 | 5710933 |
| &nbsp;&nbsp; BAT International Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.668 | 03/25/26 | 9736 | 9475283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.931 | 02/02/29 | 23565 | 24643504 |
| &nbsp;&nbsp; Bunge Ltd. Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.750 | 05/14/31 | 6500 | 5815719 |
| &nbsp;&nbsp; Imperial Brands Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.500 | 02/01/30 | 11154 | 11443223 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.100 | 05/01/30 | 30645 | 27347180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 03/02/28 | 1802 | 1751465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 02/13/29 | 1198 | 1216645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(h) | 5.250 | 02/13/34 | 24078 | 24322512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(h) | 5.625 | 09/07/33 | 52304 | 54326339 |
| &nbsp;&nbsp; Reynolds American, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 08/15/35 | 2000 | 2008739 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327531794 |
| &nbsp;&nbsp; **Airlines 0.3%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines 2013-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 4.000 | 01/15/27 | 2538 | 2524793 |
| &nbsp;&nbsp; American Airlines 2014-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.700 | 04/01/28 | 1428 | 1393786 |
| &nbsp;&nbsp; American Airlines 2015-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.375 | 11/01/28 | 6202 | 6005269 |
| &nbsp;&nbsp; American Airlines 2015-2 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.600 | 03/22/29 | 7185 | 6960972 |
| &nbsp;&nbsp; Delta Air Lines 2020-1 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates(a) | 2.000 | 12/10/29 | 22410 | 20996431 |
| &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 10/20/28 | 10110 | 9988781 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 38315 | 38420152 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Airlines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; United Airlines 2015-1 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.450% | 06/01/29 | 6550 | $6330356 |
| &nbsp;&nbsp; United Airlines 2016-2 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 2.875 | 04/07/30 | 10308 | 9724252 |
| &nbsp;&nbsp; United Airlines 2018-1 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.500 | 09/01/31 | 8381 | 7897527 |
| &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 | 7777 | 6808319 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 04/15/26 | 34860 | 34356090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 9665 | 9079549 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 02/01/30 | 1925 | 1660313 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162146590 |
| &nbsp;&nbsp; **Auto Manufacturers 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/12/32 | 1055 | 862355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/15/43 | 20382 | 15236754 |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 | 14608 | 14024234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/16/28 | 16452 | 15066070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/10/29 | 3279 | 2916254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 08/17/27 | 11147 | 10689126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.134 | 08/04/25 | 2600 | 2584810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.271 | 01/09/27 | 44065 | 42797726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 05/28/27 | 3965 | 3878691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.113 | 05/03/29 | 3250 | 3116342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 11/05/26 | 864 | 855327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/05/27 | 4975 | 4948471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/08/29 | 18085 | 17754961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 05/17/27 | 12495 | 12434730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 11/07/29 | 12500 | 12293096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.950 | 03/06/26 | 8988 | 9085330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 7.350 | 03/06/30 | 1815 | 1877562 |
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/01/45 | 995 | 818229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 10/02/43 | 5906 | 5570594 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 127

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; General Motors Co., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.600% | 04/01/36 | 7295 | $7492191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.750 | 04/01/46 | 7437 | 7334762 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 01/05/28 | 20453 | 19844893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 10/06/26 | 7785 | 7691299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 01/17/27 | 4416 | 4376794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.350 | 01/08/31 | 84135 | 71483606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 10/15/28 | 1680 | 1539565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/20/27 | 2435 | 2314839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.550 | 07/15/29 | 720 | 726222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 01/17/29 | 2775 | 2809845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.800 | 06/23/28 | 1370 | 1397990 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.550 | 09/26/29 | 4000 | 3914494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.350 | 03/19/29 | 7175 | 7234123 |
| &nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 4.050(cc) | 10/24/25 | 1980 | 1968844 |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.950 | 08/15/29 | 1490 | 1475734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.250 | 03/22/29 | 27730 | 27801191 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346217054 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.500 | 04/01/27 | 17897 | 17481991 |
| &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.875(ff) | 12/15/54 | 4965 | 4641342 |
| &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 | 2150 | 2179563 |
| &nbsp;&nbsp; Dana, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 06/15/28 | 50 | 49550 |
| &nbsp;&nbsp; Magna International, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 10/01/25 | 3900 | 3893381 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 69143 | 65933735 |
|  |  |  |  | 94179562 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks 8.8%** |  |  |  |  |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.552%(ff) | 03/14/28 | 40600 | $41217668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 2.749 | 12/03/30 | 6400 | 5607319 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF(a) | 5.875(ff) | 03/15/28(oo) | 5595 | 5538945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 267035 | 236116454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN(a) | 3.593(ff) | 07/21/28 | 77865 | 76403236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.898(ff) | 07/23/31 | 48286 | 41872372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.922(ff) | 10/24/31 | 14481 | 12485635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.496(ff) | 02/13/31 | 219885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198988657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 2.972(ff) | 02/04/33 | 26185 | 23024994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.194(ff) | 07/23/30 | 45315 | 42731438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.824(ff) | 01/20/28 | 26803 | 26501085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.083(ff) | 03/20/51 | 21644 | 16698918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.271(ff) | 07/23/29 | 1030 | 1022908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | 2.651(ff) | 03/11/32 | 40400 | 35822274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 4.450 | 03/03/26 | 45640 | 45606374 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.645(ff) | 06/24/31 | 6000 | 5354501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.667(ff) | 03/10/32 | 7000 | 6136741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.894(ff) | 11/24/32 | 3745 | 3247303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.942(ff) | 09/10/30 | 22690 | 22627984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.335(ff) | 09/10/35 | 4100 | 3956158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.501(ff) | 08/09/28 | 12710 | 12888030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.785(ff) | 02/25/36 | 6035 | 6021600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.437(ff) | 11/02/33 | 4130 | 4602368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.836 | 05/09/28 | 7715 | 7694092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.088(ff) | 06/20/30 | 28394 | 28069905 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 1.904(ff) | 09/30/28 | 32200 | 30126822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.159(ff) | 09/15/29 | 19050 | 17525320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.591(ff) | 01/20/28 | 19375 | 18692977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.871(ff) | 04/19/32 | 27265 | 23968694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 3.132(ff) | 01/20/33 | 15150 | 13218648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.400 | 08/14/28 | 4458 | 4422153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 3.052(ff) | 01/13/31 | 28300 | 25960213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 3.500 | 11/16/27 | 17175 | 16685947 |
| &nbsp;&nbsp; BPCE SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 1.652(ff) | 10/06/26 | 30045 | 29624676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 3.500 | 10/23/27 | 4330 | 4209657 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 129

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; BPCE SA (France), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, MTN(a) | 3.250% | 01/11/28 | 6850 | $6644866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | 4.875 | 04/01/26 | 1015 | 1014163 |
| &nbsp;&nbsp; CaixaBank SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A(a) | 6.840(ff) | 09/13/34 | 18150 | 19706952 |
| &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 | 15200 | 15388509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/30/29 | 67510 | 70118640 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | 4.000(ff) | 12/10/25(oo) | 31420 | 30739178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | 3.875(ff) | 02/18/26(oo) | 26270 | 25552386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 195755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177682384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.904(ff) | 11/03/42 | 53586 | 36953248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.057(ff) | 01/25/33 | 23165 | 20358983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 10/21/26 | 45302 | 44565983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 05/01/26 | 19755 | 19566289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.668(ff) | 07/24/28 | 12612 | 12373749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 01/12/26 | 21145 | 21028540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.785(ff) | 03/17/33 | 63929 | 58686538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.887(ff) | 01/10/28 | 1700 | 1681941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.542(ff) | 09/19/30 | 21090 | 20878138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.400 | 06/10/25 | 22485 | 22447494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.450 | 09/29/27 | 470 | 468612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.750 | 05/18/46 | 42640 | 35366072 |
| &nbsp;&nbsp; Comerica, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982(ff) | 01/30/30 | 24593 | 24890556 |
| &nbsp;&nbsp; Credit Agricole SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 4.631(ff) | 09/11/28 | 19955 | 19928029 |
| &nbsp;&nbsp; Danske Bank A/S (Denmark), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.613(ff) | 10/02/30 | 19490 | 19268633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 5.705(ff) | 03/01/30 | 43015 | 44373788 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 2.129(ff) | 11/24/26 | 27405 | 26969011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 2.311(ff) | 11/16/27 | 2985 | 2870989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 4.999(ff) | 09/11/30 | 49377 | 49429710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.373(ff) | 01/10/29 | 7070 | 7148950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 5.706(ff) | 02/08/28 | 12325 | 12510841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 7.146(ff) | 07/13/27 | 8015 | 8216260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 3.729(ff) | 01/14/32 | 15400 | 13812420 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Discover Bank, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450% | 07/27/26 | 6525 | $6421330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 03/13/26 | 675 | 672638 |
| &nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 12.000 | 10/01/28 | 4625 | 4951519 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U(a) | 3.650(ff) | 08/10/26(oo) | 5965 | 5693237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.431(ff) | 03/09/27 | 15995 | 15569413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.992(ff) | 01/27/32 | 48415 | 41260225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.615(ff) | 04/22/32 | 54500 | 47866544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.210(ff) | 04/22/42 | 110085 | 80105001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.750 | 02/25/26 | 31393 | 31242654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 16800 | 16478558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 01/26/27 | 41450 | 41105769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 10000 | 9904151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 4.800 | 07/08/44 | 12700 | 11103911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 6.750 | 10/01/37 | 216 | 232179 |
| &nbsp;&nbsp; Hamburg Commercial Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN, SOFR + 0.667% | 5.036(c) | 03/21/31 | 40000 | 38064807 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.013(ff) | 09/22/28 | 9365 | 8787746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.887(ff) | 08/14/27 | 1625 | 1649100 |
| &nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.709(ff) | 02/02/35 | 26415 | 26451690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.208(ff) | 08/21/29 | 9560 | 9934192 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 7.778(ff) | 06/20/54 | 14870 | 15911590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 7.800 | 11/28/53 | 1820 | 2074426 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842%(a) | 7.118(c) | 08/01/25(oo) | 30100 | 30095577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | 7.033(c) | 07/01/25(oo) | 89955 | 89771128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series KK | 3.650(ff) | 06/01/26(oo) | 28750 | 27947010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.953(ff) | 02/04/32 | 115410 | 99081333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.522(ff) | 04/22/31 | 63170 | 57197391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.545(ff) | 11/08/32 | 105105 | 91668186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 19240 | 17050082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.739(ff) | 10/15/30 | 127835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118331860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.300 | 04/01/26 | 15205 | 15061919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.702(ff) | 05/06/30 | 91135 | 88125967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.960(ff) | 01/29/27 | 7250 | 7226246 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 131

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Chase & Co., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.964%(ff) | 11/15/48 | 7285 | $5689444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.005(ff) | 04/23/29 | 52470 | 51981511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.565(ff) | 06/14/30 | 14310 | 14296729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.995(ff) | 07/22/30 | 8490 | 8614695 |
| &nbsp;&nbsp; JPMorgan Chase Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.110 | 12/08/26 | 2835 | 2876221 |
| &nbsp;&nbsp; Kasikornbank PCL (Thailand), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | 3.343(ff) | 10/02/31 | 8650 | 8355554 |
| &nbsp;&nbsp; KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.550 | 10/01/29 | 13917 | 12633322 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 01/11/27 | 14595 | 14426483 |
| &nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.170 | 09/11/27 | 9800 | 9533177 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 65450 | 55769318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.699(ff) | 01/22/31 | 129705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118373627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 50085 | 49187225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 10525 | 10447128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN(a) | 5.597(ff) | 03/24/51 | 6481 | 6280033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.794(ff) | 02/13/32 | 69925 | 58918047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 | 88076 | 74196275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.802(ff) | 01/25/52 | 29875 | 18061333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 3.125 | 07/27/26 | 49095 | 48395856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.591(ff) | 07/22/28 | 29190 | 28563875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.250(ff) | 04/21/34 | 14145 | 14143968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | 4.350 | 09/08/26 | 14335 | 14301873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 3.950 | 04/23/27 | 16325 | 16188117 |
| &nbsp;&nbsp; NatWest Group PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.445(ff) | 05/08/30 | 874 | 859885 |
| &nbsp;&nbsp; PNC Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.050 | 07/26/28 | 1200 | 1181535 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.450 | 04/23/29 | 5895 | 5697212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.582(ff) | 06/12/29 | 30325 | 31264525 |
| &nbsp;&nbsp; Rheinland-Pfalz Bank (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 6.875 | 02/23/28 | 10500 | 11083329 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 1.488(ff) | 12/14/26 | 47800 | 46802945 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; State Street Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series I(a) | 6.700%(ff) | 03/15/29(oo) | 15415 | $15458737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series J(a) | 6.700(ff) | 09/15/29(oo) | 24000 | 24130393 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N | 6.669(ff) | 09/01/25(oo) | 34643 | 34080112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.873(ff) | 01/26/29 | 555 | 558799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.867(ff) | 06/08/34 | 11290 | 11559531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 7.161(ff) | 10/30/29 | 20905 | 22572936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 3.875 | 03/19/29 | 7090 | 6852075 |
| &nbsp;&nbsp; U.S. Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.836(ff) | 06/12/34 | 2155 | 2223796 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 04/17/26 | 4065 | 4064792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.305(ff) | 02/02/27 | 4900 | 4771375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.364(ff) | 01/30/27 | 17775 | 17343542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.746(ff) | 02/11/33 | 22794 | 19467257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.126(ff) | 08/13/30 | 14130 | 13203663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.869(ff) | 01/12/29 | 8734 | 8559320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 09/24/25 | 10582 | 10558353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 04/15/26 | 2440 | 2431681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.282 | 01/09/28 | 3541 | 3509789 |
| &nbsp;&nbsp; UniCredit SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.569(ff) | 09/22/26 | 28415 | 28151619 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.068(ff) | 04/30/41 | 64795 | 47611901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 | 189245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171224496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.879(ff) | 10/30/30 | 55529 | 51464109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.350(ff) | 03/02/33 | 41995 | 37735499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 4.478(ff) | 04/04/31 | 40933 | 40375594 |
|  |  |  |  | 4338383908 |
| &nbsp;&nbsp; **Beverages 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(h) | 4.700 | 02/01/36 | 52960 | 51214920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/01/46 | 31653 | 28626331 |
| &nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.439 | 10/06/48 | 2330 | 1946896 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 133

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |
| &nbsp;&nbsp; **Beverages (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.000% | 11/15/39 |  | 1880 | $2346191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.200 | 01/15/39 |  | 445 | 564518 |
|  |  |  |  |  | 84698856 |
| &nbsp;&nbsp; **Biotechnology 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 03/02/53 |  | 18280 | 17521721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 03/02/63 |  | 21500 | 20484014 |
| &nbsp;&nbsp; Gilead Sciences, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 12/01/41 |  | 1200 | 1200659 |
|  |  |  |  |  | 39206394 |
| &nbsp;&nbsp; **Building Materials 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.750 | 08/01/28 |  | 1900 | 1646449 |
| &nbsp;&nbsp; CEMEX Materials LLC (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.700 | 07/21/25 |  | 2250 | 2260958 |
| &nbsp;&nbsp; Cemex SAB de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.125 | 03/19/26 | EUR | 750 | 844327 |
| &nbsp;&nbsp; Owens Corning, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 08/15/26 |  | 3315 | 3268289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 07/15/47 |  | 19585 | 15444795 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 |  | 16435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16545323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.750 | 03/01/33 |  | 8575 | 8607727 |
| &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 |  | 3709 | 3621801 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.375 | 01/15/31 |  | 15125 | 13367024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 07/15/30 |  | 50 | 46584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.750 | 01/15/28 |  | 1325 | 1297310 |
|  |  |  |  |  | 66950587 |
| &nbsp;&nbsp; **Chemicals 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Ashland, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 05/15/43 |  | 11140 | 11570012 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500% | 01/10/28 | 2600 | $2330900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/10/28 | 15682 | 14058913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/31/30 | 11857 | 9837753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/12/31 | 47933 | 45809568 |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.600 | 11/15/28 | 4475 | 4520477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.800 | 11/15/30 | 4375 | 4372258 |
| &nbsp;&nbsp; CF Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 06/01/43 | 8565 | 7304722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/15/44 | 2751 | 2472332 |
| &nbsp;&nbsp; Dow Chemical Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 11/15/42 | 75 | 59060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 05/15/49 | 10718 | 8523175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 11/15/41 | 2101 | 1866716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.550 | 11/30/48 | 504 | 449881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.900 | 05/15/53 | 650 | 680193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.400 | 05/15/39 | 125 | 159414 |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.725 | 11/15/28 | 21220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21434842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.419 | 11/15/48 | 1960 | 1913650 |
| &nbsp;&nbsp; FMC Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 10/01/49 | 12925 | 9285114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.650 | 05/18/33 | 1600 | 1544898 |
| &nbsp;&nbsp; LYB International Finance BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/15/44 | 3915 | 3228273 |
| &nbsp;&nbsp; LYB International Finance III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 10/01/40 | 14600 | 10482193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 3.625 | 04/01/51 | 8825 | 5699647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 10/15/49 | 770 | 551610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 05/01/50 | 8090 | 5810243 |
| &nbsp;&nbsp; Mosaic Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 11/15/43 | 3376 | 3205157 |
| &nbsp;&nbsp; NOVA Chemicals Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 05/01/25 | 3190 | 3186012 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 06/01/43 | 3370 | 2984183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 01/15/45 | 8000 | 7293102 |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.750 | 06/23/31 | 4572 | 4026503 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 135

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; OCP SA (Morocco), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750% | 05/02/34 |  | 28050 | $28272997 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 09/27/28 |  | 7510 | 6929852 |
| &nbsp;&nbsp; Sherwin-Williams Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 08/01/25 |  | 1240 | 1235329 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231098979 |
| &nbsp;&nbsp; **Commercial Services 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 |  | 1714 | 1691240 |
| &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 |  | 27875 | 26190883 |
| &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 |  | 21390 | 20480925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 |  | 14970 | 14258925 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 04/15/29 |  | 2656 | 2381767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/01/27 |  | 11055 | 10580761 |
| &nbsp;&nbsp; Belron UK Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 10/15/29 |  | 1445 | 1436821 |
| &nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/15/31 |  | 950 | 1001836 |
| &nbsp;&nbsp; California Institute of Technology, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 09/01/2119 |  | 39775 | 24723806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 11/01/2111 |  | 2105 | 1697094 |
| &nbsp;&nbsp; Central Nippon Expressway Co. Ltd. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.886 | 09/29/25 |  | 7500 | 7386723 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 |  | 17942 | 16716557 |
| &nbsp;&nbsp; DP World Ltd. (United Arab Emirates), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 09/25/26 | EUR | 22944 | 25805292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.850 | 07/02/37 |  | 2000 | 2179860 |
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.300 | 12/01/26 |  | 10390 | 10232136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.800 | 11/01/25 |  | 17535 | 17461320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.000 | 02/15/29 |  | 5902 | 6000292 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; ERAC USA Finance LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.700% | 06/01/34 | 1840 | $2037775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.000 | 10/15/37 | 4090 | 4653080 |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.950 | 08/15/27 | 10005 | 10050262 |
| &nbsp;&nbsp; Johns Hopkins University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 2.813 | 01/01/60 | 8040 | 4576152 |
| &nbsp;&nbsp; Leland Stanford Junior University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.647 | 05/01/48 | 5345 | 4094996 |
| &nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.885 | 07/01/2116 | 18113 | 12343672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.678 | 07/01/2114 | 3000 | 2474946 |
| &nbsp;&nbsp; President & Fellows of Harvard College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes(a) | 2.517 | 10/15/50 | 8950 | 5333917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.150 | 07/15/46 | 9930 | 7031438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.300 | 07/15/56 | 5630 | 3826755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.619 | 10/01/37 | 3710 | 3206901 |
| &nbsp;&nbsp; Trustees of Princeton University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.516 | 07/01/50 | 6310 | 3864133 |
| &nbsp;&nbsp; Trustees of the University of Pennsylvania (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.610 | 02/15/2119 | 1065 | 687482 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 01/15/32 | 5275 | 4689139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 02/15/31 | 1200 | 1097359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.875 | 01/15/28 | 64805 | 63850461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.250 | 01/15/30 | 6492 | 6412987 |
| &nbsp;&nbsp; University of Chicago (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20B | 2.761 | 04/01/45 | 6560 | 4983474 |
| &nbsp;&nbsp; University of Southern California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A(a) | 3.226 | 10/01/2120 | 5210 | 2960105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | 3.841 | 10/01/47 | 9375 | 7390102 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345791374 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Accenture Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 10/04/31 | 13380 | 13234395 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 137

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Computers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Leidos, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300% | 02/15/31 | 20140 | $17393905 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 | 10758 | 11584563 |
|  |  |  |  | 42212863 |
| &nbsp;&nbsp; **Cosmetics/Personal Care 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Gillette Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, 3 Month SOFR + (0.038)% | 4.249(c) | 04/02/43 | 6519 | 6411089 |
| &nbsp;&nbsp; **Distribution/Wholesale 0.1%** |  |  |  |  |
| &nbsp;&nbsp; H&E Equipment Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 12/15/28 | 57850 | 57647549 |
| &nbsp;&nbsp; **Diversified Financial Services 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Aircraft Finance Co. Ltd. (China), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series B | 4.100 | 03/29/26 | 509 | 503116 |
| &nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes^ | 5.610 | 05/03/27 | 43775 | 43384658 |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.200 | 12/12/28 | 37660 | 39676171 |
| &nbsp;&nbsp; CDP Financial, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.600 | 11/25/39 | 1200 | 1243584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.600 | 11/25/39 | 2195 | 2274723 |
| &nbsp;&nbsp; Charles Schwab Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H(a) | 4.000(ff) | 12/01/30(oo) | 28365 | 24747544 |
| &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) | 05/31/25(d) | 196471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174859216 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 10/15/32 | 39020 | 31955226 |
| &nbsp;&nbsp; Nationstar Mortgage Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.125 | 12/15/30 | 2725 | 2725588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 08/15/28 | 12330 | 12244549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 01/15/27 | 15935 | 15951588 |
| &nbsp;&nbsp; Nuveen LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.850 | 04/15/34 | 4510 | 4633734 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 3.875 | 09/15/28 | 10325 | 9554277 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; OneMain Finance Corp., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625% | 05/15/29 |  | 2005 | $2012947 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 |  | 26225 | 24504778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 12/15/29 |  | 1295 | 1350085 |
| &nbsp;&nbsp; Peru Enhanced Pass-Through Finance Ltd. (Peru), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 1.923(s) | 06/02/25 |  | 258 | 257273 |
| &nbsp;&nbsp; Power Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 1.841 | 09/21/28 | EUR | 3060 | 3258564 |
| &nbsp;&nbsp; Private Export Funding Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes, Series NN | 3.250 | 06/15/25 |  | 3595 | 3589023 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398726644 |
| &nbsp;&nbsp; **Electric 2.5%** |  |  |  |  |  |
| &nbsp;&nbsp; AEP Transmission Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 12/01/26 |  | 1300 | 1275358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 12/01/47 |  | 5595 | 4154231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 06/15/49 |  | 7345 | 5341411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | 3.650 | 04/01/50 |  | 7206 | 5234416 |
| &nbsp;&nbsp; Appalachian Power Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 06/01/25 |  | 15645 | 15625381 |
| &nbsp;&nbsp; Avangrid, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 06/01/29 |  | 21920 | 21221298 |
| &nbsp;&nbsp; Caledonia Generating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 1.950 | 02/28/34 |  | 12519 | 11000189 |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 02/15/28 |  | 4500 | 4400389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 |  | 16692 | 16127074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 |  | 29265 | 28168473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 |  | 37291 | 36904360 |
| &nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 3.950 | 03/01/48 |  | 6685 | 5152808 |
| &nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 03/01/30 |  | 26025 | 24070898 |
| &nbsp;&nbsp; Cleveland Electric Illuminating Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.500 | 04/01/28 |  | 4415 | 4248925 |
| &nbsp;&nbsp; CMS Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 4.750(ff) | 06/01/50 |  | 23485 | 22021006 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 139

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.688% | 05/15/29 | 5000 | $4801000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.688 | 05/15/29 | 45602 | 43787040 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 03/01/45 | 2665 | 2017549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.350 | 11/15/45 | 2780 | 2287312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.450 | 01/15/38 | 690 | 757156 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 06/15/46 | 7580 | 5805874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C(a) | 4.300 | 12/01/56 | 2920 | 2258392 |
| &nbsp;&nbsp; Dominion Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C(a) | 3.375 | 04/01/30 | 665 | 625334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | 2.850 | 08/15/26 | 5685 | 5563557 |
| &nbsp;&nbsp; DTE Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.850 | 10/01/26 | 37340 | 36544559 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 03/15/48 | 6745 | 5143132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.250 | 12/15/41 | 6000 | 5087531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage(a) | 4.950 | 01/15/33 | 19765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19873713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 3.750 | 06/01/45 | 3045 | 2317111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.000 | 09/30/42 | 1025 | 830861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 6.000 | 01/15/38 | 3675 | 3871125 |
| &nbsp;&nbsp; Duke Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 09/01/26 | 12485 | 12193207 |
| &nbsp;&nbsp; Duke Energy Progress LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.100 | 03/15/43 | 2410 | 1962445 |
| &nbsp;&nbsp; El Paso Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 05/15/35 | 750 | 772747 |
| &nbsp;&nbsp; Emera US Finance LP (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 06/15/26 | 4959 | 4881213 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.125 | 07/12/28 | 16155 | 14994166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 04/06/28 | 13415 | 13026909 |
| &nbsp;&nbsp; Entergy Louisiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | 3.120 | 09/01/27 | 12955 | 12634305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | 3.250 | 04/01/28 | 5000 | 4866853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | 4.200 | 09/01/48 | 29046 | 22860986 |
| &nbsp;&nbsp; Eskom Holdings SOC Ltd. (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | 6.350 | 08/10/28 | 22487 | 22121586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | 6.350 | 08/10/28 | 22062 | 21703493 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Eskom Holdings SOC Ltd. (South Africa), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 8.450% | 08/10/28 | 3827 | $3870054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 | 40406 | 40860568 |
| &nbsp;&nbsp; FirstEnergy Transmission LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.450 | 07/15/44 | 815 | 777087 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 12/01/47 | 10130 | 7654264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 03/01/48 | 8210 | 6451460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 3.300 | 05/30/27 | 9415 | 9257866 |
| &nbsp;&nbsp; Fortis, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.055 | 10/04/26 | 25625 | 25063346 |
| &nbsp;&nbsp; Georgia Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10-C | 4.750 | 09/01/40 | 1050 | 957585 |
| &nbsp;&nbsp; Hydro-Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series FSA | 8.250 | 04/15/26 | 50 | 51618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series FSA | 8.625 | 06/15/29 | 130 | 149850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series GH | 8.250 | 04/15/26 | 304 | 313840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HE | 8.625 | 06/15/29 | 18767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21632584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HH | 8.500 | 12/01/29 | 15025 | 17501064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HK | 9.375 | 04/15/30 | 7800 | 9859546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HQ | 9.500 | 11/15/30 | 29000 | 35825017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series MBIA | 8.250 | 04/15/26 | 25 | 25809 |
| &nbsp;&nbsp; Iberdrola International BV (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 09/15/33 | 15 | 16306 |
| &nbsp;&nbsp; Interstate Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.100 | 09/26/28 | 3260 | 3229524 |
| &nbsp;&nbsp; IPALCO Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 05/01/30 | 6350 | 6055413 |
| &nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | 4.250 | 08/14/28 | 26410 | 25603967 |
| &nbsp;&nbsp; John Sevier Combined Cycle Generation LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.626 | 01/15/42 | 1383 | 1313588 |
| &nbsp;&nbsp; MidAmerican Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.250 | 07/15/49 | 1865 | 1497637 |
| &nbsp;&nbsp; Nevada Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 5.375 | 09/15/40 | 500 | 492539 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.800(ff) | 12/01/77 | 12235 | 11544892 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 | 12825 | 12863754 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 141

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **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 | 3.375% | 02/15/29 |  | 875 | $811968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.625 | 02/15/31 |  | 9900 | 8891191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.875 | 02/15/32 |  | 8600 | 7704385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 |  | 7560 | 7468988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) |  | 8650 | 9469381 |
| &nbsp;&nbsp; Oglethorpe Power Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 04/01/47 |  | 8000 | 6451179 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.300 | 08/01/40 |  | 1970 | 1421149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 12/01/47 |  | 30960 | 21826258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.000 | 12/01/46 |  | 785 | 560499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 07/01/40 |  | 32080 | 26636383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.750 | 02/15/44 |  | 5535 | 4524002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.950 | 07/01/50 |  | 16368 | 13283449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.900 | 06/15/32 |  | 7000 | 7097448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.400 | 06/15/33 |  | 10600 | 10969211 |
| &nbsp;&nbsp; PacifiCorp, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.700 | 09/15/30 |  | 10355 | 9315893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.300 | 03/15/51 |  | 4510 | 2907391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.350 | 07/01/25 |  | 9960 | 9928303 |
| &nbsp;&nbsp; PECO Energy Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.375 | 08/15/52 |  | 4050 | 3294231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.800 | 10/15/43 |  | 6449 | 5752921 |
| &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 | 10974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10695284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 10/25/25 | EUR | 7000 | 7923923 |
| &nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.150 | 06/15/48 |  | 8855 | 7127609 |
| &nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.100 | 06/15/48 |  | 2945 | 2255757 |
| &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | 3.650 | 09/01/42 |  | 1990 | 1550484 |
| &nbsp;&nbsp; Puget Sound Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.223 | 06/15/48 |  | 11280 | 8930663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.434 | 11/15/41 |  | 2550 | 2114669 |
| &nbsp;&nbsp; Rochester Gas & Electric Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | 3.100 | 06/01/27 |  | 17545 | 17188934 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350% | 05/15/40 | 9512 | $9221611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR | 3.750 | 06/01/47 | 1665 | 1209520 |
| &nbsp;&nbsp; SCE Recovery Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2 | 5.112 | 12/14/49 | 1100 | 997868 |
| &nbsp;&nbsp; Sempra, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 02/01/28 | 7758 | 7535011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 02/01/38 | 5485 | 4435549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.000 | 02/01/48 | 8300 | 6030270 |
| &nbsp;&nbsp; Southern Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 09/15/41 | 725 | 672117 |
| &nbsp;&nbsp; Tucson Electric Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 09/15/34 | 24470 | 24412577 |
| &nbsp;&nbsp; Union Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.950 | 06/15/27 | 6045 | 5904935 |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 11/30/37 | 6000 | 6429682 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 25875 | 26147053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 92575 | 94467582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | 8.875(ff) | 01/15/29(oo) | 18275 | 19278943 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 | 26000 | 25012745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.000 | 07/31/27 | 33211 | 32928907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 09/01/26 | 400 | 398681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 | 11464 | 11453407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 04/15/32 | 2095 | 2171600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.700 | 01/30/27 | 1800 | 1768259 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217982421 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.0%** |  |  |  |  |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.375 | 03/15/29 | 9075 | 9207396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 03/15/32 | 6770 | 6913683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/28 | 3595 | 3641874 |
|  |  |  |  | 19762953 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 143

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |
| &nbsp;&nbsp; **Electronics 0.0%** |  |  |  |  |
| &nbsp;&nbsp; TD SYNNEX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 1.750% | 08/09/26 | 20000 | $19107049 |
| &nbsp;&nbsp; **Engineering & Construction 0.2%** |  |  |  |  |
| &nbsp;&nbsp; GMR Hyderabad International Airport Ltd. (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/27/27 | 2275 | 2163389 |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 10/31/26 | 1000 | 980250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 07/31/47 | 13000 | 10163530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/30/28 | 17976 | 17093378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 | 16218 | 15897695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 10/31/46 | 3377 | 2657277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 | 68904 | 53869836 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102825355 |
| &nbsp;&nbsp; **Entertainment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625 | 10/15/29 | 14595 | 13488585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 | 2650 | 2715349 |
| &nbsp;&nbsp; International Game Technology PLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 01/15/29 | 500 | 488850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/27 | 5650 | 5678250 |
| &nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.050 | 03/15/42 | 43285 | 32573311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.141 | 03/15/52 | 54675 | 37528962 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 03/15/33 | 5530 | 5350610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 02/15/31 | 1200 | 1238618 |
|  |  |  |  | 99062535 |
| &nbsp;&nbsp; **Foods 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Ahold Finance USA LLC (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 05/01/29 | 17470 | 18986117 |
| &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 | 3935 | 3893399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.500 | 02/15/28 | 5050 | 5131330 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |
| &nbsp;&nbsp; **Foods (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250% | 09/15/27 |  | 12428 | $11669682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 09/15/28 |  | 2850 | 2826713 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 05/14/30 | GBP | 78105 | 96795869 |
| &nbsp;&nbsp; Bellis Finco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 02/16/27 | GBP | 66355 | 83614897 |
| &nbsp;&nbsp; Cencosud SA (Chile), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 07/17/27 |  | 3835 | 3787063 |
| &nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 12/01/31 |  | 600 | 554180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 02/01/28 |  | 12454 | 12611201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 03/15/34 |  | 82482 | 89484804 |
| &nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 06/01/26 |  | 12845 | 12647584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 10/01/39 |  | 4231 | 3791150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 06/04/42 |  | 2237 | 2016369 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 |  | 6325 | 5805333 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 04/01/39 |  | 8185 | 7055899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.700 | 05/01/55 |  | 6575 | 6477543 |
| &nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/01/32 |  | 4000 | 3552088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.250 | 04/15/31 |  | 4375 | 4139263 |
| &nbsp;&nbsp; Post Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625 | 04/15/30 |  | 1025 | 968077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/01/33 |  | 4905 | 4860139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500 | 09/15/31 |  | 1420 | 1292281 |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 10/15/30 |  | 8931 | 7930567 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389891548 |
| &nbsp;&nbsp; **Forest Products & Paper 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Georgia-Pacific LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.375 | 12/01/25 |  | 3697 | 3756784 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 145

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Gas 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.750% | 05/20/27 |  | 7284 | $6956239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 08/20/26 |  | 9250 | 9140562 |
| &nbsp;&nbsp; CenterPoint Energy Resources Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 01/15/41 |  | 1130 | 1138875 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 05/01/30 |  | 11180 | 10658971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/15/44 |  | 3815 | 3351709 |
| &nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/29 |  | 15235 | 14658259 |
| &nbsp;&nbsp; Southern California Gas Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series VV | 4.300 | 01/15/49 |  | 9350 | 7380781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series UU | 4.125 | 06/01/48 |  | 5260 | 4027747 |
| &nbsp;&nbsp; Southern Co. Gas Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.400 | 06/01/43 |  | 2700 | 2234928 |
| &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 |  | 6804 | 6984094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 05/01/35 |  | 7598 | 7802215 |
|  |  |  |  |  | 74334380 |
| &nbsp;&nbsp; **Healthcare-Products 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; DH Europe Finance II Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.350 | 09/18/39 | EUR | 13421 | 11153896 |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 |  | 39337 | 36694535 |
| &nbsp;&nbsp; Stryker Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 11/30/27 | EUR | 16050 | 17950181 |
| &nbsp;&nbsp; Zimmer Biomet Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.425 | 12/13/26 | EUR | 35000 | 39644992 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105443604 |
| &nbsp;&nbsp; **Healthcare-Services 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Advocate Health & Hospitals Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.387 | 10/15/49 |  | 8685 | 6097999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.272 | 08/15/48 |  | 12775 | 10409620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020(a) | 2.211 | 06/15/30 |  | 14025 | 12599707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 3.008 | 06/15/50 |  | 23620 | 15343017 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Aetna, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500% | 05/15/42 | 4540 | $3710556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 12/15/37 | 5365 | 5715383 |
| &nbsp;&nbsp; Ascension Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.945 | 11/15/46 | 2565 | 2034442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 2.532 | 11/15/29 | 29625 | 27342842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 3.106 | 11/15/39 | 4680 | 3671617 |
| &nbsp;&nbsp; BayCare Health System, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | 3.831 | 11/15/50 | 14365 | 10917112 |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 03/01/27 | 2035 | 2001703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 10/15/28 | 31225 | 31158376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 02/25/26 | 3916 | 3912062 |
| &nbsp;&nbsp; Cleveland Clinic Foundation (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.858 | 01/01/2114 | 2815 | 2350790 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/31 | 350 | 307565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625 | 06/01/30 | 5545 | 5156916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 09/01/32 | 9425 | 9511459 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 09/15/29 | 10600 | 9921758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.101 | 03/01/28 | 7840 | 7791270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 01/15/43 | 1650 | 1436330 |
| &nbsp;&nbsp; Hackensack Meridian Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | 2.675 | 09/01/41 | 40545 | 27670460 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 02/15/26 | 6403 | 6419283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.500 | 11/06/33 | 20412 | 23004609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 7.750 | 07/15/36 | 20300 | 23332094 |
| &nbsp;&nbsp; Humana, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.150 | 02/03/32 | 20000 | 16458786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 04/15/31 | 31487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31923229 |
| &nbsp;&nbsp; Indiana University Health, Inc. Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 3.970 | 11/01/48 | 10475 | 8244745 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.150 | 05/01/47 | 15275 | 12336709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2019 | 3.266 | 11/01/49 | 21296 | 14554130 |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 01/15/29 | 1550 | 1392784 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 147

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Mayo Clinic, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2016 | 4.128% | 11/15/52 | 8312 | $6644463 |
| &nbsp;&nbsp; Methodist Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | 2.705 | 12/01/50 | 32095 | 19403269 |
| &nbsp;&nbsp; MyMichigan Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | 3.409 | 06/01/50 | 17745 | 12337801 |
| &nbsp;&nbsp; New York & Presbyterian Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.763 | 08/01/2116 | 2660 | 2161154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | 3.954 | 08/01/2119 | 14835 | 10094166 |
| &nbsp;&nbsp; NYU Langone Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.784 | 07/01/44 | 6375 | 5839570 |
| &nbsp;&nbsp; Orlando Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.327 | 10/01/50 | 9850 | 6792493 |
| &nbsp;&nbsp; PeaceHealth Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | 3.218 | 11/15/50 | 14445 | 8877052 |
| &nbsp;&nbsp; Providence St Joseph Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series I | 3.744 | 10/01/47 | 2900 | 2126361 |
| &nbsp;&nbsp; Quest Diagnostics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 06/30/30 | 13180 | 12206734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.000 | 12/15/34 | 14710 | 14537636 |
| &nbsp;&nbsp; Select Medical Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.250 | 12/01/32 | 4370 | 4339487 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 06/01/29 | 14900 | 14202960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 | 18829 | 17853618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.625 | 06/15/28 | 5625 | 5476129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 5.125 | 11/01/27 | 1105 | 1096094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.875 | 11/15/31 | 14600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14994427 |
| &nbsp;&nbsp; Texas Health Resources, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.330 | 11/15/55 | 2677 | 2189196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | 3.372 | 11/15/51 | 2250 | 1666750 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 05/15/31 | 8240 | 7247532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 05/15/40 | 18130 | 12918483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 08/15/39 | 55681 | 44632226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 08/15/59 | 8556 | 5964960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 05/15/32 | 13000 | 12499510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 03/15/42 | 615 | 526346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 11/15/41 | 1336 | 1177185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 05/15/52 | 34401 | 29013583 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; UnitedHealth Group, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050% | 04/15/53 | 2800 | $2478027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/15/63 | 46040 | 40597468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 04/15/64 | 30370 | 28128339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 10/15/40 | 185 | 184661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/15/36 | 669 | 697498 |
| &nbsp;&nbsp; Willis-Knighton Medical Center, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2018 | 4.813 | 09/01/48 | 1560 | 1342031 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686974562 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 10/15/31 | 89338 | 85629157 |
| &nbsp;&nbsp; **Home Builders 0.1%** |  |  |  |  |
| &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 | 4675 | 4335522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 04/01/30 | 1775 | 1629261 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 10/15/27 | 50 | 48666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 7.250 | 10/15/29 | 1350 | 1311942 |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.875 | 02/15/30 | 1000 | 870550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 09/15/27 | 1525 | 1495308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.000 | 06/15/29 | 6025 | 5362190 |
| &nbsp;&nbsp; Century Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 06/01/27 | 4356 | 4356157 |
| &nbsp;&nbsp; KB Home, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.000 | 06/15/31 | 3200 | 2892057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800 | 11/15/29 | 50 | 48275 |
| &nbsp;&nbsp; Lennar Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/26 | 50 | 50152 |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/01/30 | 50 | 45788 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 149

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |
| &nbsp;&nbsp; **Home Builders (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750% | 01/15/28 |  | 6683 | $6688883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 06/15/27 |  | 8150 | 8194563 |
|  |  |  |  |  | 37329314 |
| &nbsp;&nbsp; **Household Products/Wares 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Spectrum Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 03/15/31 |  | 4657 | 3832471 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 05/15/30 |  | 6035 | 5497054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.625 | 05/15/32 |  | 3560 | 3193772 |
| &nbsp;&nbsp; Scotts Miracle-Gro Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.375 | 02/01/32 |  | 1800 | 1574543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.250 | 12/15/26 |  | 52 | 51623 |
| &nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 10/01/29 |  | 4548 | 1923160 |
|  |  |  |  |  | 12240152 |
| &nbsp;&nbsp; **Insurance 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; American International Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 06/21/27 | EUR | 29631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33076165 |
| &nbsp;&nbsp; Arch Capital Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.031 | 12/15/46 |  | 6475 | 5777376 |
| &nbsp;&nbsp; Arch Capital Group US, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.144 | 11/01/43 |  | 2250 | 2056717 |
| &nbsp;&nbsp; Berkshire Hathaway Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.850 | 10/15/50 |  | 9400 | 5982197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 05/15/43 |  | 4365 | 3832400 |
| &nbsp;&nbsp; CNA Financial Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/29 |  | 16610 | 16181408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/01/26 |  | 12000 | 11968010 |
| &nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 10/15/50 |  | 27295 | 18047003 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 03/22/54 |  | 38720 | 38926440 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Hartford Insurance Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300% | 04/15/43 | 480 | $404640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 10/15/36 | 755 | 784426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.100 | 10/01/41 | 995 | 1010235 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.950 | 05/15/60 | 26250 | 17342704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.951 | 10/15/50 | 13748 | 9796092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.569 | 02/01/29 | 1675 | 1666765 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.050 | 01/15/30 | 10985 | 10199807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.852 | 03/15/34 | 1790 | 1819993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.300 | 10/09/37 | 3930 | 4034650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 06/15/40 | 5490 | 6052670 |
| &nbsp;&nbsp; Markel Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 03/30/43 | 300 | 264103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 04/05/46 | 7530 | 6599103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 05/20/49 | 14057 | 12097119 |
| &nbsp;&nbsp; Principal Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 11/15/46 | 7190 | 5929931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 05/15/43 | 760 | 643072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/15/42 | 275 | 241943 |
| &nbsp;&nbsp; Sompo International Holdings Ltd. (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 07/15/34 | 525 | 582023 |
| &nbsp;&nbsp; Teachers Insurance & Annuity Association of America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 4.900 | 09/15/44 | 16598 | 14759221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 6.850 | 12/16/39 | 325 | 367009 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230443222 |
| &nbsp;&nbsp; **Internet 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 09/15/27 | 400 | 378000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/15/28 | 200 | 185264 |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 | 3762 | 3753086 |
| &nbsp;&nbsp; Uber Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.800 | 09/15/34 | 94795 | 91983193 |
|  |  |  |  | 96299543 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 151

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Iron/Steel 0.1%** |  |  |  |  |
| &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 | 40 | $40251 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 12710 | 12316141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.375 | 05/01/33 | 9245 | 8685213 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.125 | 05/01/27 | 2000 | 1945260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 8.000 | 11/01/27 | 1500 | 1425180 |
|  |  |  |  | 24412045 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/01/27 | 11955 | 11873945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/30 | 11630 | 11499162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.000 | 05/01/29 | 3979 | 3944184 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 03/15/26 | 2263 | 2252070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.750 | 02/01/32 | 10285 | 10002163 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 08/31/26 | 3000 | 3002250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.625 | 09/30/31 | 3130 | 3108481 |
| &nbsp;&nbsp; Viking Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 09/15/27 | 11572 | 11543070 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57225325 |
| &nbsp;&nbsp; **Lodging 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/32 | 4000 | 3541075 |
| &nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 08/08/29 | 2250 | 2089243 |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG | 3.500 | 10/15/32 | 17030 | 15159292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | 3.125 | 06/15/26 | 37700 | 37134040 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/01/26 | 500 | 495777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.750 | 10/15/28 | 7900 | 7612797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 04/15/27 | 9882 | 9855213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.125 | 09/15/29 | 16695 | 16631272 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Lodging (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Sands China Ltd. (Macau), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400% | 08/08/28 |  | 3263 | $3210139 |
| &nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 05/15/27 |  | 13502 | 13370373 |
| &nbsp;&nbsp; Wynn Macau Ltd. (Macau), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 01/15/26 |  | 7567 | 7526819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 08/26/28 |  | 500 | 475970 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117102010 |
| &nbsp;&nbsp; **Machinery-Diversified 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; AGCO Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.450 | 03/21/27 |  | 2140 | 2158992 |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 |  | 5375 | 5586301 |
| &nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.100 | 04/20/29 |  | 6300 | 6382930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 01/12/29 |  | 2130 | 2186939 |
| &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 |  | 11660 | 11514974 |
| &nbsp;&nbsp; Nordson Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 12/15/29 |  | 17995 | 17844721 |
| &nbsp;&nbsp; Otis Worldwide Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 08/16/28 |  | 39875 | 40942555 |
| &nbsp;&nbsp; TK Elevator Midco GmbH (Germany), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 07/15/27 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43500 | 49081859 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.450 | 11/15/26 |  | 5000 | 4924532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 09/15/28 |  | 11817 | 11856125 |
|  |  |  |  |  | 152479928 |
| &nbsp;&nbsp; **Media 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.750 | 03/01/30 |  | 8925 | 8433772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 05/01/27 |  | 2775 | 2735939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.375 | 06/01/29 |  | 8332 | 8158449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 05/01/26 |  | 14056 | 14040700 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 153

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 3.700% | 04/01/51 |  | 36685 | $22717839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.125 | 07/01/49 |  | 40050 | 31316448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.375 | 04/01/38 |  | 6070 | 5476830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.375 | 05/01/47 |  | 18064 | 14644218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.750 | 04/01/48 |  | 8123 | 6938110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 |  | 8186 | 7629764 |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.969 | 11/01/47 |  | 16 | 12141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 10/15/30 |  | 21595 | 21360512 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.450 | 09/01/34 |  | 48652 | 47789149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.600 | 06/15/31 |  | 1804 | 1572734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.350 | 09/15/26 |  | 15505 | 15268734 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 |  | 6510 | 4348402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 |  | 6275 | 4298696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 11/15/31 |  | 2500 | 1700488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 |  | 208 | 181744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 |  | 6800 | 6320791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 02/01/29 |  | 700 | 572266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 |  | 8450 | 3908952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/30 |  | 11500 | 5766370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 04/01/28 |  | 6465 | 4741652 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 |  | 17000 | 10598842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 |  | 1345 | 908848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 |  | 43472 | 37873588 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750 | 11/15/27 |  | 32376 | 34014032 |
| &nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.550 | 05/01/37 |  | 3690 | 3636629 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 |  | 9355 | 9096432 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.125 | 08/15/30 | GBP | 11600 | 13533089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 01/15/30 | GBP | 13400 | 16020618 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365616778 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Mining 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 11.500% | 10/01/31 | 11177 | $12272178 |
| &nbsp;&nbsp; Barrick Gold Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 5.800 | 11/15/34 | 7300 | 7564819 |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 05/01/43 | 14510 | 14428004 |
| &nbsp;&nbsp; Capstone Copper Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.750 | 03/31/33 | 6290 | 6183070 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 10/15/27 | 5841 | 5760686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 03/01/33 | 4800 | 4758000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.625 | 06/01/31 | 5600 | 5682250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.375 | 03/01/29 | 22555 | 23710944 |
| &nbsp;&nbsp; Freeport Indonesia PT (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.315 | 04/14/32 | 10370 | 10235190 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 07/15/33 | 9209 | 9673108 |
| &nbsp;&nbsp; New Gold, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.875 | 04/01/32 | 1075 | 1099187 |
| &nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 03/15/34 | 2500 | 2539294 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 01/30/30 | 10375 | 10526304 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114433034 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Amsted Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 05/15/30 | 347 | 327751 |
| &nbsp;&nbsp; Pentair Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/29 | 1300 | 1291595 |
|  |  |  |  | 1619346 |
| &nbsp;&nbsp; **Multi-National 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Corp. Andina de Fomento (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/24/29 | 4843 | 4975795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 04/26/27 | 2000 | 2070563 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 155

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Multi-National (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; European Investment Bank (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN, 3 Month SOFR + 0.262% (Cap 2.590%, Floor N/A) | 2.590%(c) | 12/29/26 | 3500 | $3424334 |
| &nbsp;&nbsp; Inter-American Development Bank (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes | 6.800 | 10/15/25 | 10000 | 10052058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 6.950 | 08/01/26 | 1938 | 1990597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | 6.290 | 07/16/27 | 2756 | 2854206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | 6.750 | 07/15/27 | 13630 | 14365216 |
| &nbsp;&nbsp; International Bank for Reconstruction & Development (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes, Series C, MTN | 2.219(s) | 10/31/30 | 5239 | 4099161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.000(cc) | 06/30/34 | 8591 | 5668110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 0.000(cc) | 07/31/34 | 4605 | 3041050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 0.000(cc) | 08/28/34 | 853 | 583824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 0.000(cc) | 11/28/34 | 273 | 197439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.700 | 12/28/37 | 28208 | 22636046 |
|  |  |  |  | 75958399 |
| &nbsp;&nbsp; **Office/Business Equipment 0.0%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.670 | 12/01/26 | 15000 | 14517003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 02/15/29 | 50 | 46584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 03/01/30 | 1146 | 1145692 |
|  |  |  |  | 15709279 |
| &nbsp;&nbsp; **Oil & Gas 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.100 | 07/15/31 | 9800 | 8581245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 01/15/30 | 13765 | 12978376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 01/15/31 | 12010 | 11181228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 10/01/34 | 17100 | 15989924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.600 | 06/13/28 | 8500 | 8660132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 06/13/33 | 37300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37398159 |
| &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 | 15981 | 18732010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 10/15/32 | 5325 | 5257505 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.250% | 12/31/28 |  | 9575 | $9671791 |
| &nbsp;&nbsp; BP Capital Markets PLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.450(ff) | 12/01/33(oo) |  | 21295 | 21178734 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 06/15/37 |  | 11044 | 10373151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/47 |  | 8720 | 7420914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 11/15/39 |  | 3008 | 3162730 |
| &nbsp;&nbsp; CITGO Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 06/15/26 |  | 239 | 237937 |
| &nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 |  | 9200 | 9038431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 |  | 2850 | 2753034 |
| &nbsp;&nbsp; Devon Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 05/15/42 |  | 10544 | 8356901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 10/15/27 |  | 113 | 113198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 07/15/41 |  | 4047 | 3568230 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 12/01/26 |  | 51435 | 50554555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 04/18/34 |  | 22885 | 22371302 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 11/02/31 |  | 11365 | 9239745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 04/29/30 |  | 26440 | 25600530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.750 | 02/01/32 |  | 32880 | 31359300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 |  | 30525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31822312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.875 | 01/13/33 |  | 18888 | 18899522 |
| &nbsp;&nbsp; Energean Israel Finance Ltd. (Israel), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 03/30/31 |  | 140 | 126787 |
| &nbsp;&nbsp; Equinor ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 3.700 | 04/06/50 |  | 20155 | 14730052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 11/23/41 |  | 9026 | 7694549 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.750 | 02/01/32 |  | 2000 | 1877353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 02/01/29 |  | 1000 | 996789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 |  | 4900 | 4887022 |
| &nbsp;&nbsp; Exxon Mobil Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.452 | 04/15/51 |  | 11165 | 7810846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.114 | 03/01/46 |  | 5335 | 4329645 |
| &nbsp;&nbsp; Gazprom PJSC Via Gaz Capital SA (Russia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 03/21/26(d) | EUR | 3000 | 2633876 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 157

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Gazprom PJSC via Gaz Finance PLC (Russia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 1.500% | 02/17/27(d) | EUR | 1367 | $1165326 |
| &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 |  | 6066 | 5671856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.000 | 04/15/30 |  | 11855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10833415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 |  | 3200 | 2871089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 |  | 4320 | 4185898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.250 | 04/15/32 |  | 19100 | 16638114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 8.375 | 11/01/33 |  | 2183 | 2077963 |
| &nbsp;&nbsp; KazMunayGas National Co. JSC (Kazakhstan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 04/19/27 |  | 3000 | 2965440 |
| &nbsp;&nbsp; MEG Energy Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.875 | 02/01/29 |  | 1350 | 1292625 |
| &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%)^ | 10.030(c) | 09/30/29 |  | 6824 | 6721959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 10.030 | 09/30/29 |  | 8189 | 8066351 |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.450 | 09/15/36 |  | 10532 | 10264324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 05/01/31 |  | 43 | 46108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.950 | 06/15/39 |  | 1600 | 1735827 |
| &nbsp;&nbsp; Parkland Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 08/15/32 |  | 2520 | 2506997 |
| &nbsp;&nbsp; Pertamina Persero PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.625 | 05/20/43 |  | 2155 | 1986910 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 10/01/29 | GBP | 9150 | 11922884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/16/34 | GBP | 27600 | 35913533 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 02/12/28 |  | 5513 | 5086294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 03/13/27 |  | 58509 | 57069679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 01/23/29 |  | 16725 | 15470625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 06/15/35 |  | 2920 | 2244458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 |  | 9449 | 8092124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.840 | 01/23/30 |  | 24478 | 21795211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.500 | 09/15/27 |  | 1590 | 1644855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.750 | 04/21/27 | EUR | 1600 | 1674352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 4.875 | 02/21/28 | EUR | 41240 | 43682016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 |  | 2101 | 2061921 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Phillips 66, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.150% | 12/15/30 |  | 2150 | $1876293 |
| &nbsp;&nbsp; Pioneer Natural Resources Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.900 | 08/15/30 |  | 6410 | 5627795 |
| &nbsp;&nbsp; Preem Holdings AB (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 12.000 | 06/30/27 | EUR | 664 | 777863 |
| &nbsp;&nbsp; QatarEnergy (Qatar), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.375 | 09/12/26 |  | 4400 | 4219600 |
| &nbsp;&nbsp; Santos Finance Ltd. (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 09/19/33 |  | 4600 | 4849970 |
| &nbsp;&nbsp; Transocean, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 02/01/27 |  | 1864 | 1730025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 2365 | 1906166 |
| &nbsp;&nbsp; Var Energi ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 01/15/28 |  | 17688 | 18627599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000 | 11/15/32 |  | 4662 | 5102854 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759994134 |
| &nbsp;&nbsp; **Oil & Gas Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Cameron International Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 06/01/41 |  | 2775 | 2666543 |
| &nbsp;&nbsp; **Packaging & Containers 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; ARD Finance SA (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | 6.500 | 06/30/27 |  | 622 | 12839 |
| &nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.125 | 08/15/26 | EUR | 3100 | 3099282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 08/15/26 |  | 300 | 264000 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 |  | 12025 | 12273897 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.750 | 04/15/32 |  | 10850 | 11099735 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 159

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |
| &nbsp;&nbsp; **Packaging & Containers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Graham Packaging Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125% | 08/15/28 | 120 | $117228 |
| &nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 05/13/27 | 375 | 374415 |
|  |  |  |  | 27241396 |
| &nbsp;&nbsp; **Pharmaceuticals 0.7%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 05/14/25 | 14395 | 14379375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 11/06/42 | 32717 | 28463709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/14/35 | 20670 | 19801874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 03/15/35 | 38439 | 36989424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 05/14/45 | 43711 | 38650297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 03/15/45 | 10308 | 9201049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 06/15/44 | 9795 | 8902623 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 | 1000 | 894846 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 | 2050 | 1563125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 | 1000 | 630000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 01/30/30 | 21122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12303565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 | 20329 | 10977660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 | 18020 | 11803100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 | 2750 | 2248125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 15450 | 12547717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 09/30/28 | 2650 | 2492060 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 02/28/31 | 24845 | 20932894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 03/25/28 | 406 | 403110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/30/29 | 2062 | 2083643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 07/20/45 | 5000 | 4328864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 12/05/43 | 7175 | 6408433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.625 | 02/21/53 | 4580 | 4157843 |
| &nbsp;&nbsp; Mylan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 11/29/43 | 38126 | 30261949 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 04/30/31 | 2850 | 2390914 |
| &nbsp;&nbsp; Shire Acquisitions Investments Ireland DAC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 09/23/26 | 1587 | 1562287 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950% | 06/15/26 | 9792 | $9654864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/46 | 88726 | 67317798 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361351148 |
| &nbsp;&nbsp; **Pipelines 1.9%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/15/29 | 6275 | 6126731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/01/27 | 3230 | 3221522 |
| &nbsp;&nbsp; Cheniere Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 10/15/28 | 50 | 49411 |
| &nbsp;&nbsp; Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.150 | 08/15/26 | 8794 | 8729357 |
| &nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.927 | 08/15/30 | 19146 | 20015983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.036 | 11/15/33 | 46110 | 47668751 |
| &nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 05/15/29 | 50 | 50437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.625 | 07/15/27 | 50 | 50892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 09/15/37 | 10000 | 10214292 |
| &nbsp;&nbsp; Eastern Gas Transmission & Storage, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 12/15/44 | 245 | 204887 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 05/15/45 | 2240 | 1938019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 65450 | 64675428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | 6.500(ff) | 11/15/26(oo) | 19835 | 19736212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 05/15/50 | 1915 | 1535107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/45 | 1222 | 1032563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/01/44 | 4150 | 3578991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 6095 | 5142328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 10/01/47 | 15294 | 13137776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.050 | 06/01/41 | 2500 | 2400149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 12/15/45 | 9720 | 9212240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 04/15/49 | 37960 | 36016487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.400 | 12/01/30 | 11235 | 11951966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.550 | 12/01/33 | 14895 | 15685324 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 161

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200% | 02/15/52 | 42775 | $27452108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 01/31/51 | 2665 | 1889285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 01/31/50 | 12270 | 9474037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 02/15/48 | 5593 | 4425259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 05/15/46 | 18296 | 16212168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 10/15/54 | 3084 | 2631187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 02/15/45 | 8450 | 7692385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | 7.571(c) | 08/16/77 | 9502 | 9327849 |
| &nbsp;&nbsp; Kinder Morgan Energy Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 11/01/42 | 8000 | 6636314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 03/01/43 | 1958 | 1693705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 09/01/39 | 1260 | 1304408 |
| &nbsp;&nbsp; Kinder Morgan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 2.000 | 02/15/31 | 35000 | 29860591 |
| &nbsp;&nbsp; Midwest Connector Capital Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 04/01/29 | 4413 | 4391566 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 03/01/26 | 10440 | 10172580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 08/15/30 | 10000 | 8948262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 03/15/28 | 6490 | 6402626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/38 | 15767 | 13565013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 03/14/52 | 1560 | 1253898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 03/01/33 | 9900 | 9565158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 12/01/47 | 2060 | 1740028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 06/01/34 | 5000 | 4911001 |
| &nbsp;&nbsp; Northwest Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 04/01/27 | 4110 | 4076855 |
| &nbsp;&nbsp; ONEOK Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850 | 10/15/37 | 1000 | 1059527 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 09/01/29 | 35605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33592107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 12/01/42 | 1600 | 1202617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 03/15/45 | 2830 | 2103500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.450 | 09/01/49 | 22492 | 16645627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.550 | 07/15/28 | 2790 | 2787691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 07/13/47 | 33076 | 26702458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.050 | 11/01/34 | 28311 | 26889034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 10/15/43 | 9557 | 8261145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 07/15/48 | 1290 | 1087121 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; ONEOK, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650% | 11/01/28 | 9955 | $10263530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 11/01/54 | 4710 | 4181248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/35 | 4200 | 4223123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 09/01/53 | 400 | 399135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 09/01/30 | 32345 | 34264935 |
| &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 12/15/29 | 9275 | 8785382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 10/15/25 | 5190 | 5179841 |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.600 | 05/15/25 | 2425 | 2421601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.800 | 05/15/30 | 3015 | 2824553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/15/33 | 3970 | 4040034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/15/40 | 4500 | 4246904 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.500 | 01/15/28 | 12867 | 12535191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.000 | 03/01/27 | 1173 | 1156465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 12/31/30 | 1975 | 1839789 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 07/01/27 | 5510 | 5584869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.150 | 03/01/29 | 13000 | 13562864 |
| &nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 01/15/28 | 50 | 49930 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 03/15/48 | 20328 | 16758247 |
| &nbsp;&nbsp; Valero Energy Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 03/15/28 | 7970 | 7977013 |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 08/15/29 | 9205 | 8443731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 4.125 | 08/15/31 | 2380 | 2140659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/30 | 5250 | 5261587 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A(a) | 9.000(ff) | 09/30/29(oo) | 64855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55586233 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 02/01/30 | 50 | 47517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 08/15/28 | 3250 | 3223990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 01/15/29 | 11115 | 11552963 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 163

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750% | 06/15/27 |  | 43926 | $43267771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 09/15/25 |  | 8625 | 8595911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 03/01/48 |  | 3274 | 2737388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 01/15/45 |  | 5902 | 5035216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 09/15/45 |  | 1130 | 990972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/34 |  | 54459 | 53389146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 08/15/52 |  | 7580 | 6701171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.300 | 04/15/40 |  | 1930 | 2004930 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935605802 |
| &nbsp;&nbsp; **Real Estate 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP/Five Point Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 10.500(cc) | 01/15/28 |  | 9002 | 9162623 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/01/29 |  | 3517 | 3223058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 02/01/31 |  | 2500 | 2217225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 08/01/28 |  | 500 | 482297 |
| &nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 03/20/27 |  | 14600 | 14415205 |
| &nbsp;&nbsp; Sinochem Offshore Capital Co. Ltd. (China), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 0.750 | 11/25/25 | EUR | 2000 | 2232122 |
|  |  |  |  |  | 31732530 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.875 | 02/01/33 |  | 9640 | 7517346 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 03/15/27 |  | 4300 | 4245047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 05/15/29 |  | 22019 | 21440432 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 |  | 11278 | 8739316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 |  | 13710 | 12267063 |
| &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 01/15/29 |  | 12461 | 12452217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 04/15/26 |  | 6722 | 6700284 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Healthpeak OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500% | 07/15/29 | 1490 | $1416265 |
| &nbsp;&nbsp; Highwoods Realty LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 03/01/27 | 5885 | 5752476 |
| &nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | 3.500 | 09/15/30 | 36393 | 33126105 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.875 | 02/01/35 | 1000 | 950781 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/15/31 | 900 | 599756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 | 1225 | 1247537 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.850 | 12/15/32 | 19830 | 17083027 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 07/15/31 | 12359 | 10802155 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 10.500 | 02/15/28 | 56289 | 59779072 |
| &nbsp;&nbsp; Ventas Realty LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 04/01/27 | 31660 | 31324412 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 08/15/30 | 25 | 23586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 12/01/26 | 13075 | 12943918 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 02/15/27 | 1605 | 1563294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.750 | 01/15/31 | 2250 | 2037567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/01/25 | 6960 | 6953800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 04/01/26 | 14095 | 14048698 |
| &nbsp;&nbsp; WP Carey, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 02/01/31 | 5790 | 5049629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 06/30/34 | 9697 | 9507288 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287571071 |
| &nbsp;&nbsp; **Retail 0.5%** |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A(a) | 4.000 | 10/15/30 | 2200 | 1996500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 09/15/29 | 4460 | 4431634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 06/15/29 | 3070 | 3115866 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 165

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Retail (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.267% | 02/12/34 |  | 7193 | $7076883 |
| &nbsp;&nbsp; Brinker International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 07/15/30 |  | 7472 | 7856493 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 11.000% or PIK 13.000% | 9.000 | 06/01/30 |  | 53422 | 56600496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, PIK 14.000% | 9.000 | 06/01/31 |  | 19073 | 21500845 |
| &nbsp;&nbsp; eG Global Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 11.000 | 11/30/28 | EUR | 15000 | 18765094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/30/28 | EUR | 64400 | 80588878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 20900 | 22980804 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 01/15/29 |  | 4914 | 4557985 |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.875 | 10/01/31 |  | 9325 | 8072194 |
| &nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/01/29 |  | 5500 | 4311677 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 03/01/32 |  | 3170 | 3196921 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245052270 |
| &nbsp;&nbsp; **Semiconductors 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 02/15/30 |  | 33095 | 32709137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.137 | 11/15/35 |  | 26909 | 22295219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.187 | 11/15/36 |  | 184190 | 150482259 |
| &nbsp;&nbsp; Intel Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.600 | 02/21/54 |  | 3835 | 3377849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 02/10/53 |  | 5505 | 4913738 |
| &nbsp;&nbsp; NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.150 | 05/01/27 |  | 7190 | 6990190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 05/01/30 |  | 9130 | 8451002 |
|  |  |  |  |  | 229219394 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Software 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.375% | 08/21/28 | 78385 | $80393763 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 05/15/25 | 42350 | 42315095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.950 | 04/01/30 | 5925 | 5477488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 04/01/50 | 1420 | 965625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 11/15/37 | 18135 | 15151950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 03/25/51 | 21875 | 15754951 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160058872 |
| &nbsp;&nbsp; **Telecommunications 1.9%** |  |  |  |  |
| &nbsp;&nbsp; Altice Financing SA (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 01/15/28 | 730 | 555304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/29 | 17439 | 12774068 |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 02/01/32 | 40020 | 34000394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 06/01/27 | 3300 | 3172245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 12/01/33 | 20703 | 17093521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 09/15/55 | 19994 | 13345377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 09/15/59 | 51611 | 34176223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 12/01/57 | 7661 | 5285061 |
| &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 | 323 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^ | 0.000 | 12/31/30 | 111 |  |
| &nbsp;&nbsp; Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Cash coupon 9.000% and PIK 1.942% | 10.942 | 05/25/27 | 68584 | 68584270 |
| &nbsp;&nbsp; Digicel MidCo Ltd./DIFL US II LLC (Jamaica), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, PIK 10.500% | 10.500 | 11/25/28 | 35116 | 32438697 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 5.875 | 11/01/29 | 8614 | 8620390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 | 1948 | 1957172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 | 13999 | 13862682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 10/15/27 | 3945 | 3941266 |
| &nbsp;&nbsp; Iliad Holding SASU (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 10/15/28 | 9175 | 9278219 |
| &nbsp;&nbsp; Intelsat Jackson Holdings SA (Luxembourg), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 6.500 | 03/15/30 | 83590 | 82160611 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 167

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity <br>Date** | **Principal<br>Amount**<br> **(000)#** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 3.875% | 10/15/30 |  | 8548 | $6750588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000 | 04/15/31 |  | 4100 | 3196494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.500 | 04/01/30 |  | 34850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29020001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.875 | 06/15/29 |  | 4190 | 3664350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 10.000 | 10/15/32 |  | 8633 | 8635944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 10.500 | 04/15/29 |  | 19986 | 22162659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 10.500 | 05/15/30 |  | 20214 | 21901262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/15/29 |  | 64391 | 72032739 |
| &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 | 53875 | 63768982 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 11/15/30 |  | 6271 | 5526072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.600 | 05/23/29 |  | 16480 | 16464187 |
| &nbsp;&nbsp; Sprint Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.750 | 03/15/32 |  | 29300 | 35179139 |
| &nbsp;&nbsp; Sprint LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.625 | 03/01/26 |  | 6532 | 6618097 |
| &nbsp;&nbsp; TalkTalk Telecom Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, Cash coupon 11.750% or PIK N/A | 11.750 | 03/01/28 | GBP | 11812 | 4450958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 8.250% or PIK N/A | 8.250 | 09/01/27 | GBP | 20009 | 20404689 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 11/15/31 |  | 9000 | 7726975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.550 | 02/15/31 |  | 19800 | 17551113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.625 | 02/15/29 |  | 14375 | 13395951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 02/15/41 |  | 47439 | 33957023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.300 | 02/15/51 |  | 9414 | 6190209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 04/15/30 |  | 13050 | 12596806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 04/15/40 |  | 13276 | 11594682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 04/15/50 |  | 1975 | 1601763 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 01/20/31 |  | 8900 | 7606318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.355 | 03/15/32 |  | 21369 | 18232024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 11/20/40 |  | 21425 | 15084580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.150 | 03/22/30 |  | 89648 | 84294165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.780 | 02/15/35 |  | 39095 | 37991620 |
| &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 | 5100 | 6221321 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity <br>Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.250% | 10/01/31 | 4690 | $4808852 |
| &nbsp;&nbsp; Zegona Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.625 | 07/15/29 | 7075 | 7536644 |
|  |  |  |  | 947411707 |
| &nbsp;&nbsp; **Transportation 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 09/01/42 | 2850 | 2451954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 09/01/45 | 3400 | 3027739 |
| &nbsp;&nbsp; Indian Railway Finance Corp. Ltd. (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 3.570 | 01/21/32 | 7820 | 7096728 |
| &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 | 3967 | 3966059 |
| &nbsp;&nbsp; Ryder System, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.375 | 03/15/29 | 29585 | 30313036 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 | 13505 | 12110449 |
| &nbsp;&nbsp; Union Pacific Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.250 | 02/05/50 | 11509 | 7841507 |
|  |  |  |  | 66807472 |
| &nbsp;&nbsp; **Trucking & Leasing 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/24/26 | 5000 | 5056018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.050 | 08/01/28 | 33890 | 35237656 |
|  |  |  |  | 40293674 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $16,188,566,149) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15208444831 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 169

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 1.2%** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 9.172%(c) | 11/17/28 |  | 22956 | $21602854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 9.413(c) | 11/17/28 |  | 27255 | 25746245 |
|  |  |  |  |  | 47349099 |
| &nbsp;&nbsp; **Commercial Services 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; OCS Group Investments Limited (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% | 10.361(c) | 11/27/31 | GBP | 17275 | 22907280 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; McAfee Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refinancing Tranche B-1, 1 Month SOFR + 3.000% | 7.319(c) | 03/01/29 |  | 38976 | 36377966 |
| &nbsp;&nbsp; **Education 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Dukes Education Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Facility, SONIA + 5.500%^ | 10.077(c) | 11/27/28 | GBP | 2500 | 3331446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition/Capex Facility 1, SONIA + 5.500%^ | 10.076(c) | 11/27/28 | GBP | 2254 | 3003637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition/Capex Facility 5, 6 Month EURIBOR + 5.500%^ | 10.010(c) | 11/27/28 | EUR | 274 | 364955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition/Capex Facility 5, 6 Month EURIBOR + 5.500%^ | 7.984(c) | 11/27/28 | EUR | 672 | 761825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisiton/Capex Facility 4, 6 Month EURIBOR + 5.500%^ | 8.137(c) | 11/27/28 | EUR | 1274 | 1442992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B, SONIA + 5.500%^ | 1.299(c) | 11/27/28 |  | 670 | 893385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B^ | — (p) | 11/27/28 | GBP | 932 | 1241503 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11039743 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.780(c) | 12/19/30 |  | 32095 | 28852961 |
| &nbsp;&nbsp; **Insurance 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% | 8.672(c) | 08/21/28 |  | 3360 | 3248773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% | 8.572(c) | 09/19/30 |  | 5562 | 5306076 |
|  |  |  |  |  | 8554849 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &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 |  | 5251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4694970 |
| &nbsp;&nbsp; **Investment Companies 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Hurricane CleanCo Ltd. (United Kingdom),<br>Facility A^ | — (p) | 10/31/29 |  | 36274 | 49792892 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 6 Month EURIBOR + 5.500%^ | 8.099(c) | 01/30/32 |  | 45000 | 49657200 |
| &nbsp;&nbsp; **Media 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 8.822(c) | 01/18/28 |  | 16983 | 16507803 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500%^ | 10.799(c) | 04/23/30 |  | 88789 | 87679582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | — (p) | 04/01/30 |  | 10590 | 10470862 |
| &nbsp;&nbsp; Tank Holding Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 5.850% | 10.172(c) | 03/31/28 |  | 1591 | 1479256 |
|  |  |  |  |  | 99629700 |
| &nbsp;&nbsp; **Pharmaceuticals 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Nidda Healthcare Holding GmbH (Germany), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term F Loan (GBP), SONIA + 4.520% | 8.993(c) | 08/21/26 | GBP | 17000 | 22561493 |
| &nbsp;&nbsp; **Retail 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; CD&R Firefly Bidco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-8, SONIA + 5.250%^ | 9.709(c) | 06/21/28 | GBP | 35950 | 46832577 |
| &nbsp;&nbsp; EG Finco Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B-2, 3 Month EURIBOR + 4.500% | 6.855(c) | 02/07/28 | EUR | 51960 | 58641987 |
| &nbsp;&nbsp; WSH Services Holding Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, SONIA + 4.750% | 9.210(c) | 05/16/31 | GBP | 10550 | 13989685 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119464249 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 171

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 7.500% | 11.780%(c) | 05/25/27 |  | 32307 | $31688079 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-3 Loan | — (p) | 03/27/32 |  | 14675 | 14624547 |
| &nbsp;&nbsp; Zegona Holdco Limited (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Loan, 1 Month EURIBOR + 4.250% | 5.657(c) | 07/17/29 | EUR | 20675 | 23283650 |
|  |  |  |  |  | 69596276 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $572,542,203) |  |  |  |  | 586986481 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; **California 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Bay Area Toll Authority, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | 6.263 | 04/01/49 |  | 12630 | 13321817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series S3 | 6.907 | 10/01/50 |  | 525 | 597699 |
| &nbsp;&nbsp; City of Los Angeles Department of Airports, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | 6.582 | 05/15/39 |  | 4410 | 4711862 |
| &nbsp;&nbsp; Los Angeles County Public Works Financing Authority, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series Z | 7.618 | 08/01/40 |  | 4300 | 4927368 |
| &nbsp;&nbsp; State of California, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | 7.300 | 10/01/39 |  | 835 | 969193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | 7.625 | 03/01/40 |  | 275 | 331554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | 7.550 | 04/01/39 |  | 1600 | 1931581 |
| &nbsp;&nbsp; University of California, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | 3.931 | 05/15/45 |  | 2050 | 1869630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | 4.767 | 05/15/2115 |  | 4900 | 4034303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | 4.131 | 05/15/45 |  | 2250 | 2007946 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34702953 |
| &nbsp;&nbsp; **Colorado 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Regional Transportation District Sales Tax Revenue, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | 5.844 | 11/01/50 |  | 3320 | 3335304 |
| &nbsp;&nbsp; **District of Columbia 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Water & Sewer Authority, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.814 | 10/01/2114 |  | 15765 | 13392270 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Illinois 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Illinois State Toll Highway Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | 6.184% | 01/01/34 | 5000 | $5322525 |
| &nbsp;&nbsp; State of Illinois, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | 5.100 | 06/01/33 | 17925 | 17917073 |
|  |  |  |  | 23239598 |
| &nbsp;&nbsp; **Michigan 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series G | 3.084 | 12/01/34 | 10720 | 9554956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 3.384 | 12/01/40 | 13895 | 11407372 |
|  |  |  |  | 20962328 |
| &nbsp;&nbsp; **New Jersey 0.1%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | 7.102 | 01/01/41 | 15953 | 18188151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | 7.414 | 01/01/40 | 12865 | 15482893 |
| &nbsp;&nbsp; Rutgers The State University of New Jersey, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | 5.665 | 05/01/40 | 1350 | 1367447 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35038491 |
| &nbsp;&nbsp; **New York 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | 5.770 | 03/15/39 | 14730 | 15179133 |
| &nbsp;&nbsp; Metropolitan Transportation Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | 6.687 | 11/15/40 | 700 | 754925 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | 5.882 | 06/15/44 | 920 | 939892 |
| &nbsp;&nbsp; Port Authority of New York & New Jersey, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | 4.458 | 10/01/62 | 2600 | 2180265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 192 | 4.810 | 10/15/65 | 8650 | 7676185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 210 | 4.031 | 09/01/48 | 4000 | 3252818 |
|  |  |  |  | 29983218 |
| &nbsp;&nbsp; **Ohio 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Ohio State University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.800 | 06/01/2111 | 7815 | 6682142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | 4.910 | 06/01/40 | 295 | 289933 |
|  |  |  |  | 6972075 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 173

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pennsylvania 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | 6.105% | 12/01/39 | 400 | $426461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | 5.511 | 12/01/45 | 5370 | 5298021 |
| &nbsp;&nbsp; University of Pittsburgh-of the Commonwealth System of Higher Education, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 3.555 | 09/15/2119 | 20900 | 13143411 |
|  |  |  |  | 18867893 |
| &nbsp;&nbsp; **Texas 0.0%** |  |  |  |  |
| &nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | 5.985 | 02/01/39 | 1000 | 1053559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 4.427 | 02/01/42 | 6480 | 6070049 |
| &nbsp;&nbsp; Dallas Fort Worth International Airport, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | 2.919 | 11/01/50 | 2035 | 1387940 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 3.922 | 12/31/49 | 16510 | 12949908 |
|  |  |  |  | 21461456 |
| &nbsp;&nbsp; **Virginia 0.0%** |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | 4.179 | 09/01/2117 | 8135 | 6061621 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (cost $262,032,641) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214017207 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 4.3%** |  |  |  |  |
| &nbsp;&nbsp; Banc of America Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-D, Class A1 | 5.687(cc) | 05/25/35 | 14 | 12718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 4A1 | 4.622(cc) | 10/20/46 | 21 | 17026 |
| &nbsp;&nbsp; Banc of America Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-E, Class 2A6 | 6.218(cc) | 06/25/34 | 91 | 86047 |
| &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%<br> (Cap N/A, Floor 4.000%)^ | 8.350(c) | 07/01/26 | 27870 | 27894610 |
| &nbsp;&nbsp; Bear Stearns Adjustable Rate Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-11, Class 1A1 | 6.750(cc) | 02/25/33 | —(r) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 3A1 | 5.413(cc) | 08/25/35 | 50 | 45947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-03, Class 1A1 | 4.304(cc) | 05/25/47 | 102 | 90040 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Bear Stearns ALT-A Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 23A1 | 5.491%(cc) | 05/25/35 | 36 | $33490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 23A2 | 5.491(cc) | 05/25/35 | 12 | 11190 |
| &nbsp;&nbsp; Bellemeade Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class M1B, 144A, 30 Day Average SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.754(c) | 09/25/31 | 1484 | 1484300 |
| &nbsp;&nbsp; Chase Home Lending Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | 3.250(cc) | 08/25/64 | 15210 | 13502183 |
| &nbsp;&nbsp; CHL Mortgage Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-53, Class A1 | 6.835(cc) | 02/19/34 | 3396 | 3348180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-29, Class A1 | 5.750 | 12/25/35 | 332 | 155788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HYB09, Class 3A2A, 12 Month SOFR + 2.465% (Cap 11.000%, Floor 1.750%) | 6.662(c) | 02/20/36 | 6 | 4745 |
| &nbsp;&nbsp; CIM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | 4.750(cc) | 06/25/64 | 33423 | 33009083 |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | 4.863(cc) | 09/25/47 | 2526 | 2287631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | 4.100(cc) | 02/25/63 | 95253 | 90586115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | 4.222(cc) | 02/25/63 | 8815 | 7383674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | 3.113(cc) | 02/25/63 | 2667 | 1993365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | 0.000(cc) | 02/25/63 | 963 | 660644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | 11.556(s) | 02/25/63 | 2444 | 296023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | 15.130(s) | 02/25/63 | 4445 | 359220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | 4.222(cc) | 02/25/63 | 5926 | 4941015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | 4.222(cc) | 02/25/63 | 4518 | 3594902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | 0.000(cc) | 02/25/63 | 193 | 165527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | 0.000(cc) | 02/25/63 | 135807 | 151221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | 3.977(cc) | 01/25/64 | 151272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142618837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | 3.977(cc) | 01/25/64 | 6684 | 4988624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | 3.977(cc) | 01/25/64 | 2674 | 1601419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | 3.977(cc) | 01/25/64 | 1693 | 872085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | 0.155(cc) | 01/25/64 | 2139 | 899914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | 0.000(cc) | 01/25/64 | 2139 | 763545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | 3.977(cc) | 01/25/64 | 5704 | 4023809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | 3.977(cc) | 01/25/64 | 3564 | 2314623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | 0.000(cc) | 01/25/64 | 312 | 276430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | 0.000(cc) | 01/25/64 | 175874 | 17587 |
| &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%) | 7.454(c) | 10/25/41 | 3600 | 3657384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | 5.904(c) | 10/25/41 | 5418 | 5423515 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 175

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | 7.504%(c) | 12/25/41 | 2652 | $2701725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%) | 6.254(c) | 12/25/41 | 2400 | 2410470 |
| &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%) | 10.604(c) | 03/25/42 | 14390 | 15505225 |
| &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%) | 7.454(c) | 03/25/42 | 6300 | 6468825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.453(c) | 06/25/43 | 20500 | 21291195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 6.054(c) | 07/25/44 | 6500 | 6471647 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class PT, 144A | 3.369(cc) | 09/25/57 | 16201 | 13344699 |
| &nbsp;&nbsp; Eagle Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | 7.804(c) | 04/25/34 | 29734 | 30029292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.354(c) | 09/26/33 | 8966 | 8990369 |
| &nbsp;&nbsp; Fannie Mae Connecticut Avenue Securities, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) | 6.354(c) | 11/25/41 | 12930 | 12938146 |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2000-32, Class FM, 30 Day Average SOFR + 0.564% (Cap 9.000%, Floor 0.450%) | 4.915(c) | 10/18/30 | —(r) | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-29, Class Z | 6.500 | 07/25/31 | 7 | 7657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-132, Class KI, IO | 3.000 | 12/25/32 | 3591 | &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;270064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-57, Class MI, IO | 3.000 | 06/25/28 | 487 | 12474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05, Class AI, IO | 4.500 | 04/25/43 | 1558 | 231776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-51, Class CI, IO | 4.000 | 07/25/45 | 2686 | 439165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-30, Class CI, IO | 3.000 | 05/25/36 | 1771 | 134894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-74, Class GM | 2.500 | 09/25/43 | 6555 | 6328095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-83, Class IO, IO | 4.000 | 10/25/47 | 2052 | 370675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16, Class MB | 3.500 | 07/25/46 | 1816 | 1800308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-24, Class BH | 3.500 | 04/25/48 | 3566 | 3257656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-58, Class BI, IO | 4.000 | 08/25/48 | 1461 | 270634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-08, Class Z | 3.500 | 03/25/49 | 2828 | 2414748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-13, Class LZ | 4.000 | 04/25/49 | 10636 | 10108014 |
| &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%) | 7.354(c) | 12/25/50 | 400 | 421668 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | 6.004%(c) | 01/25/34 | 6699 | $6720014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 7.754(c) | 10/25/41 | 20695 | 21206630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 5.854(c) | 10/25/41 | 2977 | 2972413 |
| &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%) | 6.154(c) | 11/25/41 | 6495 | 6514315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.704(c) | 09/25/41 | 1793 | 1823491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 6.454(c) | 09/25/41 | 51600 | 51729000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class B1, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) | 8.104(c) | 12/25/41 | 572 | &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;584004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | 6.704(c) | 12/25/41 | 37280 | 37489886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | 6.854(c) | 01/25/42 | 1770 | 1794337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%) | 6.754(c) | 02/25/42 | 13835 | 14122491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 7.254(c) | 04/25/42 | 7600 | 7800442 |
| &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%) | 7.704(c) | 05/25/42 | 800 | 829000 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T-61, Class 1A1, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.400% (Cap N/A, Floor 1.400%) | 5.975(c) | 07/25/44 | 44 | 42029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T-63, Class 1A1, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.200% (Cap N/A, Floor 1.200%) | 5.775(c) | 02/25/45 | 5 | 4778 |
| &nbsp;&nbsp; Freddie Mac REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1935, Class JZ | 7.000 | 02/15/27 | 5 | 5516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2241, Class PH | 7.500 | 07/15/30 | 8 | 8296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3795, Class VZ | 4.000 | 01/15/41 | 1798 | 1755774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3889, Class DZ | 4.000 | 01/15/41 | 1888 | 1843371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4135, Class AI, IO | 3.500 | 11/15/42 | 5690 | 729286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4372, Class GI, IO | 4.500 | 08/15/44 | 3145 | 467741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4468, Class IO, IO | 4.500 | 05/15/45 | 3661 | 508724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4500, Class ZX | 4.000 | 07/15/45 | 1824 | 1768112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4735, Class IM, IO | 4.000 | 12/15/47 | 5664 | 1051946 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 177

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Freddie Mac REMIC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4736, Class IP, IO | 4.000% | 08/15/47 | 1455 | $257347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4751, Class PI, IO | 4.000 | 11/15/47 | 1030 | 182848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4795, Class WQ | 4.000 | 07/15/46 | 373 | 369571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4801, Class ZD | 4.000 | 06/15/48 | 5272 | 4977325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4802, Class EZ | 4.000 | 06/15/48 | 3609 | 3414360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4831, Class BA | 3.500 | 10/15/44 | 245 | &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;244172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4870, Class K | 4.000 | 04/15/49 | 14997 | 14173466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4903, Class ED | 2.750 | 09/15/48 | 3497 | 3181307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4903, Class IP, IO | 4.500 | 07/25/49 | 6827 | 1601286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4939, Class KT | 3.000 | 07/15/48 | 13341 | 11934282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4946, Class KB | 3.000 | 12/15/48 | 6181 | 5560460 |
| &nbsp;&nbsp; Freddie Mac Strips, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C54, IO | 4.000 | 12/15/32 | 1392 | 133747 |
| &nbsp;&nbsp; Government National Mortgage Assoc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-99, Class AX | 3.000(cc) | 07/20/43 | 1000 | 906059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-064, Class IA, IO | 4.000 | 05/20/45 | 7110 | 1279900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-165, Class IB, IO | 3.500 | 11/20/42 | 2514 | 237164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01, Class ZP | 3.000 | 01/20/46 | 7288 | 5857565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-161, Class PI, IO | 3.500 | 06/20/46 | 15402 | 2421837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-69, Class B | 3.000 | 05/20/46 | 10208 | 9098427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class ZK | 3.000 | 08/20/47 | 6599 | 5190759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05, Class IB, IO | 4.000 | 01/20/48 | 8372 | 1616439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-21, Class IH, IO | 4.500 | 02/20/48 | 2799 | 665262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-59, Class PZ | 3.000 | 09/20/46 | 6909 | 6409670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-159, Class IJ, IO | 3.500 | 12/20/49 | 8817 | 1493579 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | 0.000(s) | 01/25/64 | 441 | 409035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | 3.085(cc) | 01/25/64 | 169444 | 149582045 |
| &nbsp;&nbsp; Home Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | 7.154(c) | 01/25/34 | 13430 | 13521461 |
| &nbsp;&nbsp; Impac CMB Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 1A1, 1 Month SOFR + 0.634% (Cap 11.250%, Floor 0.520%) | 4.961(c) | 04/25/35 | 440 | 417251 |
| &nbsp;&nbsp; IndyMac Adjustable Rate Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-H02, Class A1 | 6.622(cc) | 01/25/32 | 1 | 897 |
| &nbsp;&nbsp; IndyMac INDX Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX04, Class 2A1, 1 Month SOFR + 0.474% (Cap N/A, Floor 0.360%) | 4.801(c) | 07/25/37 | 1645 | 1470262 |
| &nbsp;&nbsp; JPMorgan Alternative Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A01, Class 4A1 | 4.770(cc) | 03/25/36 | 61 | 44813 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal<br>Amount**<br> **(000)#** | **Principal<br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Kinbane DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | 3.201%(c) | 01/24/63 | EUR | 37755 | $42523588 |
| &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 |  | 28250 | 28367175 |
| &nbsp;&nbsp; Lincoln Senior Participation Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 3.000%^ | 7.070(c) | 08/04/25 |  | 102618 | 102618129 |
| &nbsp;&nbsp; Lugo Funding DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | 3.521(c) | 05/26/66 | EUR | 54286 | 60658202 |
| &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%) | 5.191(c) | 01/25/48 |  | 7417 | 7230795 |
| &nbsp;&nbsp; NLT Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | 5.506(cc) | 02/25/70 |  | 105805 | 106202604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | 5.708(cc) | 02/25/70 |  | 11864 | 11912518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | 5.860(cc) | 02/25/70 |  | 20359 | 20422812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | 0.399(cc) | 02/25/70 |  | 160413 | 1384363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | 6.604(cc) | 02/25/70 |  | 6037 | 5857775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | 6.604(cc) | 02/25/70 |  | 4751 | 4461854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | 6.604(cc) | 02/25/70 |  | 2979 | 2656939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | 6.314(cc) | 02/25/70 |  | 8617 | 8618350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A^ | 0.901(cc) | 02/25/70 |  | 160413 | 5373831 |
| &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%) | 7.254(c) | 04/25/34 |  | 39016 | 39401291 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | 5.648(cc) | 12/01/64 |  | 30932 | 31066030 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.854(c) | 05/25/33 |  | 108478 | 108891185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.701(c) | 03/29/27 |  | 84376 | 84494419 |
| &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%) | 7.451(c) | 09/27/28 |  | 73776 | 73151202 |
| &nbsp;&nbsp; Prime Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CL01, Class 1A2, 1 Month SOFR + 0.514% (Cap 8.000%, Floor 0.400%) | 4.841(c) | 02/25/34 |  | 3 | 2611 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 3.500(cc) | 05/25/54 |  | 17403 | 16729615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | 4.000(cc) | 03/25/55 |  | 56772 | 55074870 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 179

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; PRPM LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | 4.000%(cc) | 03/25/55 | 10215 | $9498985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | 4.000(cc) | 03/25/55 | 6023 | 5494240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | 4.000(cc) | 03/25/55 | 5879 | 5270350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | 4.000(cc) | 03/25/55 | 2072 | 1819235 |
| &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%) | 8.054(c) | 11/25/31 | 25825 | 26254153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 7.054(c) | 07/25/33 | 5092 | 5119728 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | 5.846(cc) | 08/25/44 | 21716 | 21861684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES07, Class A1A, 144A | 5.158(cc) | 10/25/44 | 28274 | 28219968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES08, Class A1A, 144A | 5.490(cc) | 11/25/44 | 44726 | 44844359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | 5.582(cc) | 12/25/44 | 53637 | 54041240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.653(cc) | 01/25/45 | 62537 | 62978994 |
| &nbsp;&nbsp; Regal Trust IV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1999-01, Class A, 144A, Cost of Funds for the 11th District of San Francisco + 1.500% (Cap N/A, Floor 1.500%) | 1.723(c) | 09/29/31 | 4 | 3466 |
| &nbsp;&nbsp; RFMSI Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S09, Class A1 | 6.500 | 03/25/32 | 4 | 3619 |
| &nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | 6.527(cc) | 02/25/34 | 27 | 26059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | 5.169(cc) | 12/25/34 | 3170 | 2890804 |
| &nbsp;&nbsp; Structured Asset Mortgage Investments Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR03, Class A1, 1 Month SOFR + 0.774% (Cap 11.000%, Floor 0.660%) | 5.094(c) | 09/19/32 | 2 | 1824 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | 5.725(cc) | 11/25/64 | 52118 | 52515175 |
| &nbsp;&nbsp; Vendee Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-02, Class DZ | 3.750 | 10/15/41 | 1989 | 1874810 |
| &nbsp;&nbsp; Verus Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A1, 144A | 6.095(cc) | 02/25/69 | 7169 | 7211140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | 5.548(cc) | 02/25/70 | 31185 | 31305317 |
| &nbsp;&nbsp; Washington Mutual Mortgage Pass-Through Certificates Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%) | 5.281(c) | 06/25/44 | 486 | &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;470469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR10, Class A3, 1 Month SOFR + 1.214% (Cap 10.500%, Floor 1.100%) | 5.541(c) | 07/25/44 | 730 | 692890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR05, Class A6 | 5.705(cc) | 05/25/35 | 304 | 296498 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Washington Mutual MSC Mortgage Pass-Through Certificates Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR01, Class 2A | 4.724%(cc) | 02/25/33 |  | —(r) | $120 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $2,092,469,004) |  |  |  |  | 2094011770 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 3.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Albania Government International Bond (Albania), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series PAR | 2.708(s) | 08/31/25 |  | 91274 | 89587969 |
| &nbsp;&nbsp; Amazon Conservation DAC (Ecuador), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.034 | 01/16/42 |  | 112000 | 111367850 |
| &nbsp;&nbsp; Argentine Republic Government International Bond (Argentina), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.670 | 12/31/38(d) JPY | 12/31/38(d) JPY | 402629 | 478717 |
| &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 |  | 50367 | 49912690 |
| &nbsp;&nbsp; Colombia Government International Bond (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.375 | 04/25/30 |  | 52735 | 53526025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.375 | 02/15/27 |  | 900 | 932202 |
| &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 01/30/30 |  | 2544 | 2369418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/22/29 |  | 10291 | 10146926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 |  | 51930 | 51202980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 07/19/28 |  | 10493 | 10576944 |
| &nbsp;&nbsp; Ecuador Social Bond Sarl (Ecuador), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes^ | 0.350 | 01/30/35 |  | 146880 | 2555712 |
| &nbsp;&nbsp; Export-Import Bank of India (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 08/05/26 |  | 8420 | 8286964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 02/01/28 |  | 11845 | 11596847 |
| &nbsp;&nbsp; Gabon Blue Bond Master Trust 2 (Gabon), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | 6.097 | 08/01/38 |  | 23006 | 23006000 |
| &nbsp;&nbsp; Hellenic Republic Government International Bond (Greece), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 07/17/34 | EUR | 191900 | 240658520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.140 | 04/14/28 | EUR | 70800 | 88529536 |
| &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 | 34367 | 33440426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 49957 | 52575629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 72132 | 74156123 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 181

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal <br> Amount <br> (000)#** | **Principal <br> Amount <br> (000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Philippine Government International Bond (Philippines), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.500% | 02/02/30 |  | 3500 | $4226250 |
| &nbsp;&nbsp; Province of Alberta (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.300 | 07/22/30 |  | 21630 | 18880784 |
| &nbsp;&nbsp; Province of British Columbia (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 7.250 | 09/01/36 |  | 17530 | 21335074 |
| &nbsp;&nbsp; Province of Quebec (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | 7.295 | 07/22/26 |  | 474 | 489337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | 7.365 | 03/06/26 |  | 91 | 93013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | 7.380 | 04/09/26 |  | 100 | 103023 |
| &nbsp;&nbsp; Repubic of Italy Government International Bond Coupon Strips (Italy), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.758(s) | 02/20/31 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43130 | 40329271 |
| &nbsp;&nbsp; Republic of Italy Government International Bond (Italy), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10Y | 2.875 | 10/17/29 |  | 184670 | 173579994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | 3.875 | 05/06/51 |  | 700 | 481903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y, MTN | 5.375 | 06/15/33 |  | 46388 | 48320311 |
| &nbsp;&nbsp; Republic of South Africa Government International Bond (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 07/24/26 | EUR | 600 | 681239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 09/16/25 |  | 10510 | 10496862 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 2.375 | 04/19/27 | EUR | 6600 | 7334751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 6.000 | 05/25/34 |  | 6002 | 5527842 |
| &nbsp;&nbsp; Serbia International Bond (Serbia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 06/26/29 | EUR | 37883 | 38434922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/03/33 | EUR | 3888 | 3493358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 12/01/30 |  | 12350 | 10275200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/15/27 | EUR | 71822 | 80371934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/26/28 |  | 23345 | 23975315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.500 | 06/26/29 | EUR | 9990 | 10135546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.650 | 03/03/33 | EUR | 16252 | 14602378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125 | 05/15/27 | EUR | 33806 | 37830381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 06/12/34 |  | 20207 | 19954412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.250 | 05/26/28 |  | 8350 | 8575450 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $1,477,578,707) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494436028 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 20.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Fannie Mae Interest Strips | 1.758(s) | 08/06/38 |  | 386 | 193991 |
| &nbsp;&nbsp; Fannie Mae Principal Strips | 3.155(s) | 01/15/30 |  | 1168 | 968342 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br> Amount <br> (000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Fannie Mae Principal Strips | 3.528%(s) | 07/15/37 | 5105 | $2871025 |
| &nbsp;&nbsp; Fannie Mae Principal Strips, MTN | 3.339(s) | 05/15/30 | 2880 | 2366941 |
| &nbsp;&nbsp; Federal Home Loan Bank | 3.200 | 11/29/32 | 22500 | 20458236 |
| &nbsp;&nbsp; Federal Home Loan Bank | 4.250 | 11/02/38 | 4340 | 3950301 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 12/01/50 | 3415 | 2576556 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 02/01/51 | 7243 | 5457375 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 04/01/51 | 17433 | 13142954 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 05/01/51 | 46410 | 34980217 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 06/01/51 | 7625 | 5747105 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 10/01/50 | 2212 | 1771441 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 11/01/50 | 8906 | 7083246 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 12/01/50 | 38281 | 30650709 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 01/01/51 | 20405 | 16329874 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 02/01/51 | 3577 | 2839542 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 03/01/51 | 30496 | 24220434 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 04/01/51 | 54397 | 43391918 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 05/01/51 | 352846 | 281718884 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 08/01/51 | 19320 | 15392177 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 09/01/51 | 5251 | 4179426 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/49 | 4885 | 4122347 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/50 | 2177 | 1832844 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/50 | 11570 | 9721783 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/50 | 5962 | 5006312 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/50 | 6227 | 5183428 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/50 | 11767 | 9896370 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/50 | 22415 | 18838406 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/50 | 54123 | 45486499 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/51 | 42518 | 35633349 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/51 | 2164 | 1814851 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/51 | 41060 | 34448693 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 | 128193 | 107149498 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 7820 | 6543506 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 | 5816 | 4896004 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 | 109740 | 91364929 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 1073 | 902195 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 40563 | 33928887 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 102539 | 85597196 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 107660 | 90018431 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/51 | 64699 | 54166650 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/51 | 75363 | 63649261 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/51 | 42787 | 35821758 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/51 | 3576 | 3012832 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 183

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500% | 12/01/51 | 4598 | $3837166 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 | 44142 | 37233635 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/52 | 465 | 388654 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/52 | 15519 | 13095861 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/52 | 2606 | 2171163 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/52 | 49975 | 42154129 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 06/01/52 | 3399 | 2826680 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/43 | 1342 | 1217370 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 09/01/43 | 1126 | 1027004 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/45 | 13259 | 12013173 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/51 | 14898 | 13077208 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 05/01/51 | 4051 | 3545251 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/51 | 10710 | 9370083 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/51 | 16365 | 14453187 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/51 | 38955 | 34052997 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 08/01/51 | 1245 | 1083191 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 09/01/51 | 12094 | 10558891 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 | 1671 | 1459955 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 | 7420 | 6458680 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/51 | 2228 | 1950420 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 1789 | 1556454 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 3308 | 2878495 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 106636 | 92802758 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 03/01/52 | 17585 | 15300114 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 2225 | 1937089 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 44518 | 39041294 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/52 | 53088 | 46554112 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/52 | 59789 | 52651423 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 08/01/52 | 789 | 687203 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 08/01/52 | 267962 | 235520595 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/47 | 635 | 583169 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/49 | 728 | 662804 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 08/01/49 | 219 | 200451 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 01/01/52 | 9839 | 8912576 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/52 | 7027 | 6372100 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 03/01/52 | 60277 | 54751628 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/52 | 4473 | 4038162 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/52 | 10815 | 9762534 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 | 228709 | 206745143 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/41 | 258 | 249014 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/41 | 307 | 297250 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 09/01/41 | 611 | 589633 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000% | 11/01/41 | 9156 | $8837948 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 12/01/41 | 439 | 424494 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 01/01/42 | 5782 | 5582599 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 01/01/42 | 9483 | 9152545 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 02/01/42 | 861 | 832253 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 06/01/42 | 990 | 955950 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 10/01/51 | 2143 | 2003191 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/52 | 133164 | 124335966 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 06/01/52 | 26496 | 24740573 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/39 | 238 | 236078 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 03/01/47 | 5254 | 5188802 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 11/01/48 | 3118 | 3036803 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/52 | 48348 | 46320499 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/52 | 6183 | 5923514 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 10/01/52 | 21738 | 20827894 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/39 | 28 | 27889 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 02/01/42 | 7741 | 7819155 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 07/01/50 | 5904 | 5870883 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/50 | 19243 | 19144703 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 07/01/52 | 9451 | 9297564 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/52 | 22694 | 22258347 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 09/01/52 | 4109 | 4036564 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 06/01/31 | —(r) | 317 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/33 | 137 | 140824 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 07/01/34 | 2 | 1687 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/52 | 52669 | 52694063 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 319366 | 319667642 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 10/01/32 | 3 | 2941 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/32 | 3 | 3149 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 02/01/33 | 3 | 2931 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 11/01/33 | 13 | 13542 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/34 | 15 | 14885 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/36 | 1 | 774 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 11/01/52 | 6557 | 6671425 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 | 5552 | 5656949 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 | 28318 | 28791861 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 03/01/53 | 28280 | 28717956 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 04/01/53 | 26789 | 27263801 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 05/01/53 | 8973 | 9120630 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/54 | 202711 | 205693543 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/55 | 46747 | 47437339 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp.(k) | 6.250 | 07/15/32 | 25297 | 28709663 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 185

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500% | 07/01/32 | —(r) | $343 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 08/01/32 | 1 | 745 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 08/01/32 | 1 | 1208 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 08/01/32 | 1 | 1227 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 08/01/32 | 2 | 1818 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 09/01/32 | 9 | 9349 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 11/01/33 | 16 | 17109 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp.(k) | 6.750 | 03/15/31 | 47678 | 54700018 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 09/01/32 | 19 | 19661 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 01/01/53 | 665 | 696032 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 05/01/53 | 859 | 899232 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 06/01/53 | 803 | 840235 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp., MTN | 2.054(s) | 11/15/38 | 1565 | 805504 |
| &nbsp;&nbsp; Federal National Mortgage Assoc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise 11th District COFI Institutional Replacement Index + 1.254% (Cap 12.492%, Floor 4.385%) | 4.386(c) | 01/01/28 | —(r) | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise 11th District COFI Institutional Replacement Index + 1.255% (Cap 11.468%, Floor 3.021%) | 4.441(c) | 05/01/36 | 3 | 2651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise 11th District COFI Institutional Replacement Index + 1.257% (Cap 12.889%, Floor 3.117%) | 4.456(c) | 05/01/36 | 1 | 721 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.265(s) | 11/15/30 | 5420 | 4303003 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 10/01/50 | 4004 | 3020078 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 12/01/50 | 61065 | 46028414 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 01/01/51 | 22443 | 16935364 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 03/01/51 | 29897 | 22543110 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 03/01/51 | 64739 | 48806980 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 04/01/51 | 67125 | 50593927 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 05/01/51 | 1042 | 785043 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 06/01/51 | 104764 | 79041988 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 07/01/51 | 5823 | 4389698 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 09/01/51 | 5427 | 4092846 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | TBA | 257000 | 203790527 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 06/01/50 | 88261 | 70392402 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/50 | 54400 | 43552630 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/50 | 9329 | 7466064 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 13338 | 10666199 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 02/01/51 | 18329 | 14639684 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 03/01/51 | 1801 | 1439176 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 03/01/51 | 10825 | 8600830 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000% | 04/01/51 | 124207 | $98709943 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/51 | 83949 | 66724881 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 06/01/51 | 10560 | 8406635 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 07/01/51 | 14267 | 11374938 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/51 | 12739 | 10152853 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 10/01/51 | 60121 | 47766182 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/51 | 63074 | 50172181 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/51 | 5222 | 4152786 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 2.186(s) | 03/17/31 | 794 | 619453 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | TBA | 138500 | 115160433 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/50 | 11429 | 9630338 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/50 | 102533 | 86428906 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/50 | 5077 | 4265886 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 59660 | 50131602 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/50 | 3866 | 3246208 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/50 | 4531 | 3784855 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/50 | 34094 | 28678718 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/51 | 5252 | 4395773 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/51 | 86093 | 72129800 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/51 | 121803 | 102198058 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 25380 | 21229849 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/51 | 111263 | 93028736 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/51 | 5571 | 4659047 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/51 | 59677 | 49858287 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 6596 | 5560475 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 12537 | 10486745 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 | 66548 | 55619076 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/51 | 9865 | 8258863 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/51 | 21700 | 18093636 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/51 | 5286 | 4442434 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/51 | 2332 | 1952405 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/52 | 18623 | 15544376 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/52 | 6917 | 5847852 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/52 | 3610 | 3012432 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/52 | 60822 | 51293085 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/52 | 31445 | 26215511 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/52 | 855 | 712011 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/44 | 2798 | 2538964 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/44 | 38279 | 34851963 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/45 | 2861 | 2608651 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/45 | 1984 | 1802806 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/48 | 7309 | 6645349 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 187

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000% | 09/01/50 | 29288 | $25713369 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/51 | 680 | 595758 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/51 | 27890 | 24452279 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/51 | 3446 | 3014111 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/51 | 112636 | 98601935 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/51 | 8800 | 7690564 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 1318 | 1149854 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 5169 | 4491967 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/51 | 704 | 615143 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/51 | 735 | 642755 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/51 | 2534 | 2214015 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 303 | 263923 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 4456 | 3868662 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 411 | 357465 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 7436 | 6475779 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 139863 | 121568108 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 633 | 550665 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 131060 | 114749361 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 173553 | 151038985 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 3.000 | 03/01/52 | 370266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322155878 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 30761 | 26764310 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/52 | 941 | 816993 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/52 | 1414 | 1234472 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/52 | 5795 | 5065337 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/42 | 34302 | 32119906 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/42 | 3642 | 3410479 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/46 | 3360 | 3147002 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/47 | 11804 | 11052674 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/49 | 2024 | 1843822 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/49 | 468 | 427817 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/49 | 926 | 845426 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/49 | 910 | 828486 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/49 | 7540 | 6884559 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/49 | 8930 | 8152749 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/49 | 4578 | 4179109 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/49 | 1971 | 1790908 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/50 | 11279 | 10290491 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/50 | 16258 | 15213439 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/50 | 39 | 35848 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/50 | 1947 | 1776732 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/50 | 6878 | 6278141 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/50 | 4425 | 4031575 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500% | 06/01/50 | 2233 | $2034332 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/50 | 367 | 331626 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/51 | 20995 | 19089455 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/51 | 1590 | 1444316 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/52 | 16679 | 15144981 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/52 | 18521 | 16777750 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/52 | 27448 | 24899872 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/52 | 115947 | 104817647 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 176407 | 159475518 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/52 | 59929 | 54406638 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/40 | 106 | 102602 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/40 | 227 | 215629 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/41 | 2665 | 2574241 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/41 | 353 | 340949 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/41 | 1925 | 1862586 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 11/01/41 | 1376 | 1329488 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 11/01/41 | 4136 | 3993749 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/42 | 1762 | 1701032 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/42 | 10344 | 9988459 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/42 | 21587 | 20844756 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/42 | 5485 | 5299303 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/42 | 8626 | 8323476 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/48 | 22790 | 21976137 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 29422 | 27644685 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 31348 | 29221240 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 206421 | 192736267 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/52 | 117062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109300787 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/53 | 29871 | 28010905 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/53 | 12026 | 11221825 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/33 | 2 | 1803 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/33 | 2 | 1936 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/40 | 3240 | 3213087 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/41 | 2120 | 2101903 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 11/01/42 | 11163 | 11063608 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 10/01/44 | 11053 | 10916863 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 11387 | 11175745 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 09/01/46 | 4615 | 4540993 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 04/01/48 | 15252 | 15015135 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/48 | 3539 | 3447300 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 05/01/49 | 13926 | 13498794 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 09/01/49 | 30078 | 29272292 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/50 | 14576 | 14450500 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 189

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal** <br> **Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500% | 01/01/50 |  | 18811 | $18547854 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/50 |  | 24110 | 23932203 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 03/01/50 |  | 12283 | 12179116 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 12/01/50 |  | 53950 | 53283610 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 |  | 60828 | 58277485 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/52 |  | 30219 | 28951469 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 09/01/52 |  | 29464 | 28229366 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/34 |  | 220 | 222863 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/39 |  | 1586 | 1601031 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/40 |  | 412 | 415700 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/44 |  | 34368 | 34633144 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/50 |  | 6862 | 6831346 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/50 |  | 15993 | 15918870 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 |  | 21010 | 20645435 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 |  | 52606 | 51692947 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/52 |  | 4678 | 4595991 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/52 |  | 7862 | 7721179 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.375 | 12/07/28 | GBP | 6098 | 8414615 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | TBA |  | 309000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308332937 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 07/01/33 |  | 10 | 9728 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 08/01/33 |  | —(r) | 121 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/33 |  | 18 | 18074 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/33 |  | 3 | 3216 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 04/01/34 |  | 2 | 1608 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 04/01/34 |  | 8 | 8030 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 04/01/34 |  | 49 | 49843 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 05/01/34 |  | 1 | 1296 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 05/01/34 |  | 13 | 13112 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 03/01/35 |  | 373 | 382372 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 |  | 28597 | 28707601 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 04/01/53 |  | 14508 | 14503301 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | TBA |  | 142000 | 144046388 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/32 |  | —(r) | 46 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/32 |  | 1 | 1407 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 03/01/33 |  | 1 | 771 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 10/01/33 |  | 2 | 1919 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/33 |  | 43 | 43384 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 02/01/34 |  | 49 | 51328 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 |  | 13 | 13205 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 |  | 16 | 17024 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/36 |  | 1 | 949 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/36 |  | 1 | 1489 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000% | 04/01/36 | 4 | $4028 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 06/01/37 | 4 | 4512 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 49714 | 50593315 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 36619 | 37330208 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/53 | 1449 | 1470408 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/53 | 7698 | 7857675 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/53 | 20107 | 20468001 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 08/01/53 | 8040 | 8170029 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/53 | 35178 | 36116679 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/54 | 52376 | 53169856 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 07/01/32 | 3 | 3215 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 08/01/32 | 4 | 4522 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/32 | 1 | 661 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/32 | 15 | 15713 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/32 | 18 | 18742 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/32 | 19 | 19457 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/32 | 11 | 11065 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 04/01/33 | 15 | 15373 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.625 | 11/15/30 | 55120 | 62604482 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 05/01/32 | 5 | 5364 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 06/01/32 | 3 | 3233 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 01/01/53 | 846 | 885492 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 02/01/53 | 680 | 711956 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 03/01/53 | 2899 | 3033483 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 06/01/53 | 637 | 666846 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 7.125 | 01/15/30 | 7255 | 8302117 |
| &nbsp;&nbsp; Freddie Mac Coupon Strips | 4.124(s) | 07/15/32 | 8525 | 6211169 |
| &nbsp;&nbsp; Freddie Mac Coupon Strips | 4.809(s) | 07/15/31 | 504 | 387422 |
| &nbsp;&nbsp; Freddie Mac Coupon Strips | 5.245(s) | 03/15/31 | 1670 | 1314303 |
| &nbsp;&nbsp; Freddie Mac Strips | 1.474(s) | 03/15/31 | 10264 | 8092548 |
| &nbsp;&nbsp; Freddie Mac Strips | 3.886(s) | 07/15/32 | 4621 | 3417213 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/50 | 97523 | 79577974 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 12/20/50 | 143758 | 117304715 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 01/20/51 | 17993 | 14681859 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 01/20/51 | 35805 | 30520234 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 03/20/51 | 79067 | 67416558 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 04/20/51 | 96810 | 82587454 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 09/20/51 | 75754 | 64571502 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/15/45 | 54 | 48458 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/15/45 | 12 | 10346 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/15/45 | 114 | 102563 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/51 | 8698 | 7707915 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 191

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500% | 10/15/40 | 58 | $53973 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/47 | 3269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000895 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/51 | 2598 | 2370214 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/51 | 196908 | 179647952 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/52 | 94586 | 85945933 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 49576 | 45138256 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/48 | 285 | 268450 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/52 | 22160 | 20713484 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/52 | 4921 | 4600070 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/52 | 117610 | 109934125 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/41 | 770 | 763709 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/52 | 46726 | 44973401 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 217364 | 209345779 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 08/20/39 | 233 | 235631 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 09/20/52 | 74829 | 73741194 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 02/20/54 | 15733 | 15448125 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 10/20/52 | 23896 | 23985248 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 11/20/52 | 64994 | 65224460 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 01/15/33 | 9 | 9354 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 03/15/33 | 2 | 2273 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 05/15/33 | 3 | 3584 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 06/15/33 | 2 | 1529 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 12/15/33 | 11 | 10878 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 12/20/52 | 25666 | 25981540 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 01/20/53 | 9790 | 9910161 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 02/20/53 | 36022 | 36692892 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 06/20/53 | 5889 | 5992253 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 09/15/32 | 15 | 15621 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 09/15/32 | 25 | 25838 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 11/15/33 | 15 | 15386 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 11/15/33 | 43 | 44558 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 07/15/38 | —(r) | 417 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 07/20/54 | 66958 | 68537298 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 09/20/53 | 2235 | 2307266 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 10/20/53 | 2599 | 2687113 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 8.000 | 08/20/31 | —(r) | 116 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 8.500 | 06/15/30 | —(r) | 89 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 8.500 | 08/20/30 | 1 | 616 |
| &nbsp;&nbsp; Indonesia Government AID Bond, U.S. Gov't. Gtd. Notes | 6.650 | 07/15/29 | 8736 | 9204768 |
| &nbsp;&nbsp; Resolution Funding Corp., Unsec'd. Notes, Series A | 8.625 | 01/15/30 | 429 | 515992 |
| &nbsp;&nbsp; Resolution Funding Corp. Interest Strips, Bonds | 2.449(s) | 01/15/30 | 1519 | 1257703 |
| &nbsp;&nbsp; Resolution Funding Corp. Interest Strips, Bonds | 3.599(s) | 04/15/30 | 18610 | 15229267 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Resolution Funding Corp. Principal Strips, Bonds | 3.479%(s) | 04/15/30 | 905 | $743168 |
| &nbsp;&nbsp; Resolution Funding Corp. Principal Strips, Bonds | 4.176(s) | 01/15/30 | 7498 | 6215338 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 5.980 | 04/01/36 | 790 | &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;871616 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes, Series A | 2.875 | 02/01/27 | 4560 | 4495115 |
| &nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | 1.886(s) | 09/15/39 | 575 | 268370 |
| &nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | 2.338(s) | 09/15/27 | 1878 | 1706010 |
| &nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | 4.951(s) | 07/15/35 | 13972 | 8482535 |
| &nbsp;&nbsp; Tennessee Valley Authority Principal Strips, Bonds | 3.018(s) | 05/01/30 | 6423 | 5210528 |
| &nbsp;&nbsp; Tennessee Valley Authority Principal Strips, Bonds | 3.874(s) | 06/15/35 | 1300 | 798713 |
| &nbsp;&nbsp; U.S. International Development Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes, Series 2 | 3.190 | 10/05/34 | 2280 | 2146425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes, Series 4 | 3.000 | 10/05/34 | 5320 | 4957646 |
| &nbsp;&nbsp; U.S. International Development Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes | 3.250 | 10/15/30 | 1271 | 1239588 |
| &nbsp;&nbsp; U.S. International Development Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes | 3.370 | 10/05/34 | 5410 | 5137955 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $10,056,699,162) |  |  |  | 10036396271 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 3.5%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds(h)(k)(kk) | 1.375 | 08/15/50 | 660000 | 329381250 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h)(k)(kk) | 1.625 | 11/15/50 | 1145000 | 610428125 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h)(k) | 2.500 | 02/15/45 | 41805 | 29714210 |
| &nbsp;&nbsp; U.S. Treasury Bonds(k) | 2.500 | 02/15/46 | 100000 | 70046875 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h) | 3.000 | 11/15/44 | 138000 | 107316563 |
| &nbsp;&nbsp; U.S. Treasury Bonds(kk) | 3.000 | 02/15/49 | 1000 | 744375 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/43 | 83000 | 83894844 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.125 | 05/15/25 | 12270 | 12258018 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.364(s) | 05/15/45 | 32250 | 11977593 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.389(s) | 05/15/43 | 13155 | 5412004 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.509(s) | 02/15/45 | 35525 | 13358613 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.695(s) | 05/15/41 | 36415 | 16757760 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.146(s) | 11/15/43 | 74569 | 29901843 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.165(s) | 08/15/41 | 33805 | 15353538 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.212(s) | 08/15/44 | 132650 | 51125370 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.619(s) | 05/15/44 | 128320 | 50143224 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.826(s) | 11/15/44 | 49085 | 18696083 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.922(s) | 08/15/45 | 42525 | 15581938 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.926(s) | 08/15/42 | 63055 | 27047347 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.335(s) | 08/15/51 | 50000 | 13773648 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.349(s) | 02/15/43 | 2100 | 875137 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 193

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.369%(s) | 05/15/42 | 18020 | $7844808 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.433(s) | 08/15/43 | 65550 | 26639214 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.449(s) | 11/15/42 | 17285 | 7328754 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.500(s) | 05/15/46 | 23485 | 8292679 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 4.522(s) | 11/15/45 | 76475 | 27700423 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.531(s) | 11/15/41 | 160330 | 71805733 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.608(s) | 11/15/48 | 6925 | 2161400 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.667(s) | 02/15/41 | 39240 | 18340077 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.685(s) | 08/15/40 | 10470 | 5023399 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.813(s) | 02/15/42 | 36390 | 16064114 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.920(s) | 08/15/48 | 25990 | 8215326 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.924(s) | 02/15/49 | 19925 | 6140006 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,985,935,510) |  |  |  | 1719344291 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 0.2%** | &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 0.2%** | &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUND 0.2%** |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF<br>(cost $89,146,670)(wa) |  |  | 1740083 | 89074849 |
| &nbsp;&nbsp; **COMMON STOCKS 0.2%** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |  |  |
| &nbsp;&nbsp; TPC Group, Inc.\*^ |  |  | 353022 | 7060440 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** | &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** | &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A1 Stock)\*^ |  |  | 58748 | 1297777 |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A2 Stock)\*^ |  |  | 82700 | 1826891 |
|  |  |  |  | 3124668 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\* |  |  | 791890 | 11324027 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Expand Energy Corp. |  |  | 450899 | 46848406 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Pharmaceuticals 0.0%** |  |  |
| &nbsp;&nbsp; Endo, Inc.\* | 2 | $42 |
| &nbsp;&nbsp; Endo, Inc. (Class A1 Stock), 144A^ | 148 |  |
|  |  | 42 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.1%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\* | 1695385 | 11867695 |
| &nbsp;&nbsp; Intelsat Emergence SA (Luxembourg)\* | 66981 | 2687613 |
|  |  | 14555308 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $14,169,471) |  | 82912891 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.0%** |  |  |
| &nbsp;&nbsp; **Banks 0.0%** |  |  |
| &nbsp;&nbsp; Citigroup Capital XIII, 10.911%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40 | 22000 | 655600 |
| &nbsp;&nbsp; **Capital Markets 0.0%** |  |  |
| &nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo) | 315000 | 6970950 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^ | 110440 | 1274345 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $8,815,071) |  | 8900895 |
|  | **Units** |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain), expiring 09/30/34^ | 200 | 1813 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 195

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | |
|:---|:---|:---|
| **Description** | **Units** | **Value** |
| &nbsp;&nbsp; **WARRANTS\* (Continued)** |  |  |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26 | 1481098 | $401081 |
| &nbsp;&nbsp; **TOTAL WARRANTS**<br> (cost $7,763) |  | 402894 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $49,889,420,779) |  | 48481170237 |
|  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.7%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.7%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wa) | 1355502977 | 1355502977 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<br>(cost $476,170,087; includes $474,732,847 of cash collateral for securities on loan)(b)(wa) | 476503319 | 476169767 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $1,831,673,064) |  | 1831672744 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%**<br> (cost $322,379) |  | 2509614 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,831,995,443) |  | 1834182358 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 102.4%**<br> (cost $51,721,416,222) |  | 50315352595 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%**<br> (premiums received $4,963,660) |  | (6250660) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 102.4%**<br> (cost $51,716,452,562) |  | 50309101935 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (2.4)% |  | (1176830159) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $49132271776 |

---

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

\* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail. Excludes centrally cleared swaptions. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $667,822,374 and 1.4% 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 $464,978,543; cash collateral of $474,732,847 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30, 2025.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 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.

(kk) Represents security, or a portion thereof, segregated as collateral for TBA securities.

(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.

(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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Original<br>Cost** | **Market<br>Value** | **Percentage<br>of**<br>**Net Assets** |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A, 3.203%(cc), 05/15/35 | 05/09/18 | $35678061 | $30807325 | 0.1% |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A, 3.203%(cc), 05/15/35 | 05/09/18 | 35625556 | 29585587 | 0.1 |
|  Greystone Commercial Capital Trust, Sr. Unsec'd. Notes, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 144A, 1 Month LIBOR + 2.270%^, 7.230%(c), 05/31/25(d) | 05/18/21 | 196471029 | 174859216 | 0.4 |
|  SMB Private Education Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1A, 144A, 5.240%, 03/15/56 | 03/07/24 | 60404987 | 61102096 | 0.1 |
|  SMB Private Education Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A1A, 144A, 5.380%, 07/15/53 | 06/25/24 | 25386928 | 25835615 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $353566561 | $322189839 | 0.7% |

---

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

See Notes to Financial Statements.

PGIM Total Return Bond Fund 197

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Unfunded corporate bond commitment outstanding at April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  New Generation Gas Gathering LLC, Sr. Sec'd. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $10,082,939)^ | 10236 | $10082939 | $– | $— |

---

#### Unfunded loan commitments outstanding at April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount<br>(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  Dukes Education Group Ltd., Delayed Draw Term Loan, 1.000%, Maturity Date 11/25/28 (cost $24,526,183)^ | 19440 | $25908150 | $1381967 | $— |

---

#### 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 | 06/12/25 | $(128500) | $(119721870) |
|  Federal National Mortgage Assoc. | 4.500% | TBA | 06/12/25 | (14000) | (13383129) |
|  Federal National Mortgage Assoc. | 5.000% | TBA | 06/12/25 | (6500) | (6359512) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br>(proceeds receivable $139,178,770) |  |  |  |  | $(139464511) |

---

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 1784 | 4460 | $22300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $25,208) |  |  |  |  |  |  |

---

#### OTC Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3-Year Interest Rate Swap, 07/29/28<br> Call | JPM | 07/25/25 | 2.90% | 2.90%(A) | 1 Day SOFR(A)/<br>4.410% | 165980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554564 |
|  5-Year Interest Rate Swap, 06/27/30<br> Call | JPM | 06/25/25 | 1.00% | 1.00%(A) | 1 Day SOFR(A)/<br>4.410% | 102030 | 738 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Options Purchased (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  5-Year Interest Rate Swap, 06/27/30 | Call | CITI | 06/25/25 | 3.40% | 3.40%(A) | 1 Day SOFR(A)/<br>4.410% | 102030 | $987436 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | JPM | 09/25/25 | 0.40% | 0.40%(A) | 1 Day SOFR(A)/<br>4.410% | 49940 | 1110 |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.53% | 3.53%(A) | 1 Day SOFR(A)/<br>4.410% | 49940 | 894632 |
|  10-Year Interest Rate Swap, 05/23/35 | Put | CITI | 05/21/25 | 4.10% | 1 Day SOFR(A)/<br>4.410% | 4.10%(A) | 120605 | 47585 |
|  10-Year Interest Rate Swap, 05/23/35 | Put | CITI | 05/21/25 | 4.50% | 1 Day SOFR(A)/<br>4.410% | 4.50%(A) | 120605 | 1249 |
|  **Total OTC Swaptions** (cost $297,171) | **Total OTC Swaptions** (cost $297,171) | **Total OTC Swaptions** (cost $297,171) | **Total OTC Swaptions** (cost $297,171) |  |  |  |  | $2487314 |
|  **Total Options Purchased** (cost $322,379) | **Total Options Purchased** (cost $322,379) | **Total Options Purchased** (cost $322,379) | **Total Options Purchased** (cost $322,379) |  |  |  |  | $2509614 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $96.25 | 1784 | 4460 | $(2642550) |
|  3 Month SOFR | Put | 12/12/25 | $96.25 | 1784 | 4460 | (691300) |
|  **Total Exchange Traded** (premiums received $2,810,992) |  |  |  |  |  | $(3333850) |

---

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Azerbaijan Contingent CAP | Call | DB | 12/22/32 | 6.86% |  | 298867 | $(103151) |
|  FNMA TBA 6.00% | Call | CITI | 05/06/25 | $101.52 |  | 104500 | (123748) |
|  Israel GAP^ | Put | MSI | 04/24/26 | $85.00 |  | 20000 | (622) |
|  **Total OTC Traded** (premiums received $1,998,835) |  |  |  |  |  |  | $(227521) |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 199

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Options Written (continued):

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  3-Year Interest Rate Swap, 07/29/28 | Call | JPM | 07/25/25 | 3.05% | 1 Day SOFR(A)/4.410% | 3.05%(A) | 165980 | $(766700) |
|  5-Year Interest Rate Swap, 06/27/30 | Call | CITI | 06/25/25 | 3.15% | 1 Day SOFR(A)/<br>4.410% | 3.15%(A) | 204060 | (1008216) |
|  10-Year Interest Rate Swap, 09/29/35 | Call | DB | 09/25/25 | 3.21% | 1 Day SOFR(A)/<br>4.410% | 3.21%(A) | 99880 | (898190) |
|  10-Year Interest Rate Swap, 05/23/35 | Put | CITI | 05/21/25 | 4.30% | 4.30%(A) | 1 Day SOFR(A)/<br>4.410% | 241210 | (16183) |
|  **Total OTC Swaptions** (premiums received $153,833) | **Total OTC Swaptions** (premiums received $153,833) | **Total OTC Swaptions** (premiums received $153,833) | **Total OTC Swaptions** (premiums received $153,833) |  |  |  |  | $(2689289) |
|  **Total Options Written** (premiums received $4,963,660) | **Total Options Written** (premiums received $4,963,660) | **Total Options Written** (premiums received $4,963,660) | **Total Options Written** (premiums received $4,963,660) |  |  |  |  | $(6250660) |

---

#### Options Purchased:

#### Centrally Cleared Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount<br>(000)#** | **Value at<br>April 30,**<br>**2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  CDX.NA.HY.43.V1, 12/20/29 | Put | 05/21/25 | $100.00 | CDX.NA.HY.<br>43.V1(Q) | 5.00%(Q) | 850000 | $1360445 | $(2606412) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | 05/21/25 | $100.00 | CDX.NA.HY.<br>44.V1(Q) | 5.00%(Q) | 900000 | 1862164 | (3933589) |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | 06/18/25 | $99.00 | CDX.NA.HY.<br>44.V1(Q) | 5.00%(Q) | 2000000 | 7823436 | (8001564) |
|  **Total Centrally Cleared Swaptions** (cost $25,587,610) | **Total Centrally Cleared Swaptions** (cost $25,587,610) | **Total Centrally Cleared Swaptions** (cost $25,587,610) | **Total Centrally Cleared Swaptions** (cost $25,587,610) | **Total Centrally Cleared Swaptions** (cost $25,587,610) |  |  | $11046045 | $(14541565) |

---

#### Options Written:

#### Centrally Cleared Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount<br>(000)#** | **Value at<br>April 30,<br>2025** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  CDX.NA.HY.43.V1, 12/20/29<br> Call | 05/21/25 | $100.00 | CDX.NA.HY.<br>43.V1(Q) | 5.00%(Q) | 850000 | $(31738526) | $(3236504) |
|  CDX.NA.HY.44.V1, 06/20/30<br> Call | 05/21/25 | $100.00 | CDX.NA.HY.<br>44.V1(Q) | 5.00%(Q) | 900000 | (31898895) | (1573782) |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Options Written (continued):

#### Centrally Cleared Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value at**<br>**April 30,**<br>**2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  CDX.NA.HY.44.V1, 06/20/30 | Call | 06/18/25 | $99.00 | CDX.NA.HY.<br>44.V1(Q) | 5.00%(Q) | 2000000 | $(86874662) | $(8074662) |
|  CDX.NA.HY.43.V1, 12/20/29 | Put | 05/21/25 | $102.00 | 5.00%(Q) | CDX.NA.HY.<br>43.V1 | 87500 | (271267) | 52483 |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | 06/18/25 | $96.00 | 5.00%(Q) | CDX.NA.HY.<br>44.V1 | 88170 | (191886) | 689814 |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | 06/18/25 | $98.00 | 5.00%(Q) | CDX.NA.HY.<br>44.V1 | 85610 | (270122) | 341990 |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | 07/16/25 | $99.00 | 5.00%(Q) | CDX.NA.HY.<br>44.V1 | 85360 | (592120) | (41548) |
|  CDX.NA.IG.43.V1, 12/20/29 | Put | 05/21/25 | 0.75% | 1.00%(Q) | CDX.NA.IG.<br>43.V1 | 435000 | (177652) | 226898 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | 05/21/25 | 0.78% | 1.00%(Q) | CDX.NA.IG.<br>44.V1 | 433760 | (283169) | 68177 |
|  **Total Centrally Cleared Swaptions** (premiums received $140,751,165) | **Total Centrally Cleared Swaptions** (premiums received $140,751,165) | **Total Centrally Cleared Swaptions** (premiums received $140,751,165) | **Total Centrally Cleared Swaptions** (premiums received $140,751,165) | **Total Centrally Cleared Swaptions** (premiums received $140,751,165) |  |  | $(152298299) | $(11547134) |

---

#### Futures contracts outstanding at April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:** | **Long Positions:** | **Long Positions:** |
| 2432 | 3 Month CME SOFR | Jun. 2025 | $581552000 | $1236554 |
| 13055 | 2 Year U.S. Treasury Notes | Jun. 2025 | 2717377858 | 20826735 |
| 31203 | 5 Year U.S. Treasury Notes | Jun. 2025 | 3407221258 | 59650547 |
| 26613 | 10 Year U.S. Treasury Notes | Jun. 2025 | 2986477594 | 66504680 |
| 17250 | 10 Year U.S. Ultra Treasury Notes | Jun. 2025 | 1979168055 | 36388582 |
| 33398 | 20 Year U.S. Treasury Bonds | Jun. 2025 | 3895041750 | 54827125 |
| 5682 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2025 | 687699563 | 17368024 |
| 100 | 30 Year UMBS TBA – 5.0% Coupon | Jun. 2025 | 9775781 | 124491 |
| 100 | 30 Year UMBS TBA – 6.0% Coupon | Jun. 2025 | 10130469 | 66288 |
| 50 | Bloomberg IG Credit | Jun. 2025 | 5216250 | (47579) |
|  |  |  |  | 256945447 |
|  **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** |
| 2518 | 5 Year Euro-Bobl | Jun. 2025 | 341246525 | (2053976) |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 201

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Futures contracts outstanding at April 30, 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):** | **Short Positions (cont'd):** | **Short Positions (cont'd):** |
| 2540 | 10 Year Euro-Bund | Jun. 2025 | $379188911 | $1666440 |
| 635 | Euro Schatz Index | Jun. 2025 | 77381528 | (367420) |
|  |  |  |  | (754956) |
|  |  |  |  | $256190491 |

---

#### Forward foreign currency exchange contracts outstanding at April 30, 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:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **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 05/05/25 | DB | BRL | 759539 | $132389537 | $133675194 | $1285657 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/03/25 | BNP | BRL | 569140 | 99152363 | 99430037 | 277674 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | GBP | 31776 | 42160142 | 42361169 | 201027 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CLP | 18582069 | 19417000 | 19617562 | 200562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CLP | 14371837 | 15083000 | 15172713 | 89713 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CNH | 108392 | 14870000 | 14968527 | 98527 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | COP | 324264000 | 77991197 | 76194325 |  | (1796872) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | TD | COP | 131304129 | 31463000 | 30853346 |  | (609654) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BOA | EUR | 12960 | 14810000 | 14758718 |  | (51282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 27311 | 31130112 | 31101020 |  | (29092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 43060 | 49330699 | 49035143 |  | (295556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 32471 | 37132193 | 36976967 |  | (155226) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | BARC | HUF | 6882791 | 19082024 | 19195541 | 113517 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | INR | 14440837 | 164923166 | 170048248 | 5125082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | JPM | INR | 8850836 | 100582823 | 104223120 | 3640297 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | IDR | 1906740000 | 116115949 | 114981261 |  | (1134688) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | IDR | 656951415 | 39869000 | 39615838 |  | (253162) |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | JPY | 2692415 | 18879000 | 19008293 | 129293 |  |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Forward foreign currency exchange contracts outstanding at April 30, 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.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  Japanese Yen (cont'd.), | Japanese Yen (cont'd.), |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SCB | JPY | 5673906 | $40150772 | $40057443 | $— | $(93329) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BNP | MXN | 766185 | 37645000 | 38808675 | 1163675 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | MXN | 1226127 | 59501962 | 62105596 | 2603634 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | TWD | 470108 | 14730000 | 14795738 | 65738 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | TWD | 1814490 | 56418000 | 57107573 | 689573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | TWD | 1361002 | 41349000 | 42834915 | 1485915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | SCB | TWD | 1465819 | 44608000 | 46133813 | 1525813 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | PEN | 145174 | 39333000 | 39535019 | 202019 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | PEN | 121371 | 33089920 | 33052613 |  | (37307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | SCB | PEN | 96811 | 26428000 | 26364378 |  | (63622) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | PHP | 6567714 | 114593798 | 117612027 | 3018229 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | PLN | 48214 | 12715459 | 12729819 | 14360 |  |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | ZAR | 597363 | 32454814 | 31988384 |  | (466430) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | KRW | 45734368 | 31672000 | 32206621 | 534621 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | KRW | 20822475 | 14730000 | 14663405 |  | (66595) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | THB | 1099663 | 33070000 | 33040092 |  | (29908) |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/03/25 | HSBC | TRY | 4793043 | 119713855 | 119609086 |  | (104769) |
|  |  |  |  | $1776584785 | $1793862219 | 22464926 | (5187492) |
| **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:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |
|  Brazilian Real, | Brazilian Real, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/05/25 | BNP | BRL | 565306 | $99155634 | $99491190 | $— | $(335556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 05/05/25 | CITI | BRL | 194233 | 32923000 | 34184003 |  | (1261003) |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | DB | GBP | 519962 | 687945240 | 693172887 |  | (5227647) |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 203

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.):** | **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.):** |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | CLP | 13990150 | $15100000 | $14769757 | $330243 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CLP | 27730917 | 29792242 | 29276233 | 516009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | DB | CLP | 14000504 | 15022000 | 14780688 | 241312 |  |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | CNH | 108845 | 14870000 | 15031158 |  | (161158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | JPM | CNH | 1935864 | 268317387 | 267335836 | 981551 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BARC | COP | 72769750 | 17490500 | 17099160 | 391340 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | COP | 75622625 | 17490500 | 17769518 |  | (279018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | COP | 66907540 | 14995000 | 15721680 |  | (726680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | DB | COP | 63616774 | 15007000 | 14948428 | 58572 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | CITI | CZK | 978385 | 44543419 | 44509819 | 33600 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 1440703 | 1585249005 | 1640619814 |  | (55370809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | HSBC | EUR | 20185 | 23053000 | 22986301 | 66699 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | JPM | EUR | 109257 | 124693946 | 124418288 | 275658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 129158 | 146533166 | 147080886 |  | (547720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | MSI | EUR | 26243 | 29923321 | 29884840 | 38481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SCB | EUR | 118971 | 131047035 | 135480326 |  | (4433291) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | SSB | EUR | 1579776 | 1809029768 | 1798990579 | 10039189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 07/22/25 | TD | EUR | 1563610 | 1786968042 | 1780581760 | 6386282 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | INR | 3842867 | 44389000 | 45251722 |  | (862722) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | INR | 4692196 | 53375000 | 55253012 |  | (1878012) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | INR | 3988539 | 45563000 | 46967093 |  | (1404093) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | SSB | INR | 3354909 | 38812000 | 39505773 |  | (693773) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | DB | MXN | 717140 | 34336000 | 36324458 |  | (1988458) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | TWD | 1535073 | 46851000 | 48313453 |  | (1462453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | TWD | 7109610 | 217919095 | 223761235 |  | (5842140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | TWD | 1699112 | 51827000 | 53476260 |  | (1649260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | MSI | TWD | 1512266 | 46380000 | 47595655 |  | (1215655) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | DB | PEN | 103737 | 28355000 | 28250446 | 104554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | SCB | PEN | 130267 | 35487000 | 35475306 | 11694 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | SGD | 200829 | 151637967 | 154193476 |  | (2555509) |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  Singapore Dollar (cont'd.), | Singapore Dollar (cont'd.), |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BOA | SGD | 61748 | $46454000 | $47408788 | $— | $(954788) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BNP | KRW | 182400500 | 126826428 | 128448343 |  | (1621915) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | BNY | KRW | 182400500 | 126757681 | 128448343 |  | (1690662) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | CITI | THB | 1582667 | 46707000 | 47552233 |  | (845233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 06/18/25 | HSBC | THB | 4967742 | 147596877 | 149258981 |  | (1662104) |
|  |  |  |  | $8198423253 | $8273617728 | 19475184 | (94669659) |
|  |  |  |  |  |  | $41940110 | $(99857151) |

---

#### Cross currency exchange contracts outstanding at April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **In Exchange**<br>**For (000)** | **In Exchange**<br>**For (000)** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Counterparty** |
|  **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |  |  |  |
|  07/22/25 | Buy | EUR | 9739 | JPY | 1562029 | $62897 | $— | MSI |
|  07/22/25 | Buy | JPY | 1570037 | EUR | 9739 |  | (6362) | CITI |
|  07/22/25 | Buy | JPY | 3143070 | EUR | 19479 | 8423 |  | MSI |
|  |  |  |  |  |  | $71320 | $(6362) |  |

---

#### Credit default swap agreements outstanding at April 30, 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)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Arab Republic of Egypt (D05) | 06/20/30 | 1.000%(Q) | 6000 | $1370323 | $163 | $1370160 | BARC |
|  Dominican Republic (D05) | 06/20/30 | 1.000%(Q) | 6000 | 340348 | 163 | 340185 | BARC |
|  Emirate of Abu Dhabi (D05) | 06/20/30 | 1.000%(Q) | 6000 | (177499) | 163 | (177662) | BARC |
|  Federal Republic of Nigeria (D05) | 06/20/30 | 1.000%(Q) | 6000 | 1384004 | 163 | 1383841 | BARC |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 205

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Credit default swap agreements outstanding at April 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Federation of Malaysia (D05) | 06/20/30 | 1.000%(Q) | 9000 | $(164559) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | $(164804) | BARC |
|  Federative Republic of Brazil (D05) | 06/20/30 | 1.000%(Q) | 27000 | 956067 | 734 | 955333 | BARC |
|  Kingdom of Bahrain (D05) | 06/20/30 | 1.000%(Q) | 6000 | 366569 | 163 | 366406 | BARC |
|  Kingdom of Morocco (D05) | 06/20/30 | 1.000%(Q) | 6000 | 70894 | 163 | 70731 | BARC |
|  Kingdom of Saudi Arabia (D05) | 06/20/30 | 1.000%(Q) | 15000 | (130110) | 408 | (130518) | BARC |
|  People's Republic of China (D05) | 06/20/30 | 1.000%(Q) | 27000 | (511756) | 734 | (512490) | BARC |
|  Republic of Argentina (D05) | 06/20/30 | 1.000%(Q) | 6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734631 | 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734468 | BARC |
|  Republic of Chile (D05) | 06/20/30 | 1.000%(Q) | 18000 | (274269) | 489 | (274758) | BARC |
|  Republic of Colombia (D05) | 06/20/30 | 1.000%(Q) | 21000 | 1514435 | 571 | 1513864 | BARC |
|  Republic of Indonesia (D05) | 06/20/30 | 1.000%(Q) | 24000 | (55136) | 652 | (55788) | BARC |
|  Republic of Ivory Coast (D05) | 06/20/30 | 1.000%(Q) | 6000 | 960058 | 163 | 959895 | BARC |
|  Republic of Panama (D05) | 06/20/30 | 1.000%(Q) | 6000 | 330738 | 163 | 330575 | BARC |
|  Republic of Peru (D05) | 06/20/30 | 1.000%(Q) | 9000 | (2554) | 245 | (2799) | BARC |
|  Republic of Philippines (D05) | 06/20/30 | 1.000%(Q) | 9000 | (101387) | 245 | (101632) | BARC |
|  Republic of South Africa (D05) | 06/20/30 | 1.000%(Q) | 27000 | 1700087 | 734 | 1699353 | BARC |
|  Republic of Turkey (D05) | 06/20/30 | 1.000%(Q) | 27000 | 2990174 | 734 | 2989440 | BARC |
|  Sultanate of Oman (D05) | 06/20/30 | 1.000%(Q) | 6000 | 76625 | 163 | 76462 | BARC |
|  United Mexican States (D05) | 06/20/30 | 1.000%(Q) | 27000 | 463655 | 734 | 462921 | BARC |
|  Emirate of Abu Dhabi (D06) | 06/20/26 | 1.000%(Q) | 800 | (8526) | 212 | (8738) | BOA |
|  Federation of Malaysia (D06) | 06/20/26 | 1.000%(Q) | 1600 | (15284) | 425 | (15709) | BOA |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Federative Republic of Brazil (D06) | 06/20/26 | 1.000%(Q) | 4800 | $(23398) | $1275 | $(24673) | BOA |
|  Kingdom of Saudi Arabia (D06) | 06/20/26 | 1.000%(Q) | 800 | (6576) | 212 | (6788) | BOA |
|  People's Republic of China (D06) | 06/20/26 | 1.000%(Q) | 4800 | (41365) | 1275 | (42640) | BOA |
|  Republic of Argentina (D06) | 06/20/26 | 1.000%(Q) | 800 | 58769 | 212 | 58557 | BOA |
|  Republic of Chile (D06) | 06/20/26 | 1.000%(Q) | 800 | (7479) | 212 | (7691) | BOA |
|  Republic of Colombia (D06) | 06/20/26 | 1.000%(Q) | 2000 | (1247) | 531 | (1778) | BOA |
|  Republic of Indonesia (D06) | 06/20/26 | 1.000%(Q) | 3600 | (29395) | 956 | (30351) | BOA |
|  Republic of Panama (D06) | 06/20/26 | 1.000%(Q) | 800 | (588) | 212 | (800) | BOA |
|  Republic of Peru (D06) | 06/20/26 | 1.000%(Q) | 800 | (6077) | 212 | (6289) | BOA |
|  Republic of Philippines (D06) | 06/20/26 | 1.000%(Q) | 800 | (7181) | 212 | (7393) | BOA |
|  Republic of South Africa (D06) | 06/20/26 | 1.000%(Q) | 4000 | (6389) | 1062 | (7451) | BOA |
|  Republic of Turkey (D06) | 06/20/26 | 1.000%(Q) | 4800 | 58373 | 1275 | 57098 | BOA |
|  State of Qatar (D06) | 06/20/26 | 1.000%(Q) | 800 | (8732) | 212 | (8944) | BOA |
|  United Mexican States (D06) | 06/20/26 | 1.000%(Q) | 4800 | (28045) | 1275 | (29320) | BOA |
|  Emirate of Abu Dhabi (D07) | 06/20/26 | 1.000%(Q) | 100 | (1066) | 34 | (1100) | BOA |
|  Federation of Malaysia (D07) | 06/20/26 | 1.000%(Q) | 200 | (1910) | 68 | (1978) | BOA |
|  Federative Republic of Brazil (D07) | 06/20/26 | 1.000%(Q) | 600 | (2925) | 204 | (3129) | BOA |
|  Kingdom of Saudi Arabia (D07) | 06/20/26 | 1.000%(Q) | 100 | (822) | 34 | (856) | BOA |
|  People's Republic of China (D07) | 06/20/26 | 1.000%(Q) | 600 | (5170) | 204 | (5374) | BOA |
|  Republic of Argentina (D07) | 06/20/26 | 1.000%(Q) | 100 | 7346 | 34 | 7312 | BOA |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 207

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Chile (D07) | 06/20/26 | 1.000%(Q) | 100 | $(935) | $34 | $(969) | BOA |
|  Republic of Colombia (D07) | 06/20/26 | 1.000%(Q) | 250 | (156) | 85 | (241) | BOA |
|  Republic of Indonesia (D07) | 06/20/26 | 1.000%(Q) | 450 | (3674) | 153 | (3827) | BOA |
|  Republic of Panama (D07) | 06/20/26 | 1.000%(Q) | 100 | (73) | 34 | (107) | BOA |
|  Republic of Peru (D07) | 06/20/26 | 1.000%(Q) | 100 | (760) | 34 | (794) | BOA |
|  Republic of Philippines (D07) | 06/20/26 | 1.000%(Q) | 100 | (898) | 34 | (932) | BOA |
|  Republic of South Africa (D07) | 06/20/26 | 1.000%(Q) | 500 | (798) | 170 | (968) | BOA |
|  Republic of Turkey (D07) | 06/20/26 | 1.000%(Q) | 600 | 7297 | 204 | 7093 | BOA |
|  State of Qatar (D07) | 06/20/26 | 1.000%(Q) | 100 | (1091) | 34 | (1125) | BOA |
|  United Mexican States (D07) | 06/20/26 | 1.000%(Q) | 600 | (3505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | (3709) | BOA |
|  Arab Republic of Egypt (D17) | 06/20/30 | 1.000%(Q) | 4000 | 913549 | 109 | 913440 | GSI |
|  Dominican Republic (D17) | 06/20/30 | 1.000%(Q) | 4000 | 226899 | 109 | 226790 | GSI |
|  Emirate of Abu Dhabi (D17) | 06/20/30 | 1.000%(Q) | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118332) | 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118441) | GSI |
|  Federal Republic of Nigeria (D17) | 06/20/30 | 1.000%(Q) | 4000 | 922670 | 109 | 922561 | GSI |
|  Federation of Malaysia (D17) | 06/20/30 | 1.000%(Q) | 6000 | (109706) | 163 | (109869) | GSI |
|  Federative Republic of Brazil (D17) | 06/20/30 | 1.000%(Q) | 18000 | 637378 | 489 | 636889 | GSI |
|  Kingdom of Bahrain (D17) | 06/20/30 | 1.000%(Q) | 4000 | 244380 | 109 | 244271 | GSI |
|  Kingdom of Morocco (D17) | 06/20/30 | 1.000%(Q) | 4000 | 47263 | 109 | 47154 | GSI |
|  Kingdom of Saudi Arabia (D17) | 06/20/30 | 1.000%(Q) | 10000 | (86740) | 272 | (87012) | GSI |
|  People's Republic of China (D17) | 06/20/30 | 1.000%(Q) | 18000 | (341171) | 489 | (341660) | GSI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Argentina (D17) | 06/20/30 | 1.000%(Q) | 4000 | $1156421 | $109 | $1156312 | GSI |
|  Republic of Chile (D17) | 06/20/30 | 1.000%(Q) | 12000 | (182846) | 326 | (183172) | GSI |
|  Republic of Colombia (D17) | 06/20/30 | 1.000%(Q) | 14000 | 1009623 | 381 | 1009242 | GSI |
|  Republic of Indonesia (D17) | 06/20/30 | 1.000%(Q) | 16000 | (36757) | 435 | (37192) | GSI |
|  Republic of Ivory Coast (D17) | 06/20/30 | 1.000%(Q) | 4000 | 640039 | 109 | 639930 | GSI |
|  Republic of Panama (D17) | 06/20/30 | 1.000%(Q) | 4000 | 220493 | 109 | 220384 | GSI |
|  Republic of Peru (D17) | 06/20/30 | 1.000%(Q) | 6000 | (1703) | 163 | (1866) | GSI |
|  Republic of Philippines (D17) | 06/20/30 | 1.000%(Q) | 6000 | (67592) | 163 | (67755) | GSI |
|  Republic of South Africa (D17) | 06/20/30 | 1.000%(Q) | 18000 | 1133391 | 489 | 1132902 | GSI |
|  Republic of Turkey (D17) | 06/20/30 | 1.000%(Q) | 18000 | 1993449 | 489 | 1992960 | GSI |
|  Sultanate of Oman (D17) | 06/20/30 | 1.000%(Q) | 4000 | 51084 | 109 | 50975 | GSI |
|  United Mexican States (D17) | 06/20/30 | 1.000%(Q) | 18000 | 309103 | 489 | 308614 | GSI |
|  Arab Republic of Egypt (D18) | 06/20/30 | 1.000%(Q) | 2000 | 456774 | 327 | 456447 | GSI |
|  Dominican Republic (D18) | 06/20/30 | 1.000%(Q) | 2000 | 113449 | 327 | 113122 | GSI |
|  Emirate of Abu Dhabi (D18) | 06/20/30 | 1.000%(Q) | 2000 | (59166) | 327 | (59493) | GSI |
|  Federal Republic of Nigeria (D18) | 06/20/30 | 1.000%(Q) | 2000 | 461335 | 327 | 461008 | GSI |
|  Federation of Malaysia (D18) | 06/20/30 | 1.000%(Q) | 3000 | (54853) | 491 | (55344) | GSI |
|  Federative Republic of Brazil (D18) | 06/20/30 | 1.000%(Q) | 9000 | 318689 | 1472 | 317217 | GSI |
|  Kingdom of Bahrain (D18) | 06/20/30 | 1.000%(Q) | 2000 | 122190 | 327 | 121863 | GSI |
|  Kingdom of Morocco (D18) | 06/20/30 | 1.000%(Q) | 2000 | 23631 | 327 | 23304 | GSI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 209

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Kingdom of Saudi Arabia (D18) | 06/20/30 | 1.000%(Q) | 5000 | $(43370) | $818 | $(44188) | GSI |
|  People's Republic of China (D18) | 06/20/30 | 1.000%(Q) | 9000 | (170585) | 1472 | (172057) | GSI |
|  Republic of Argentina (D18) | 06/20/30 | 1.000%(Q) | 2000 | 578210 | 327 | 577883 | GSI |
|  Republic of Chile (D18) | 06/20/30 | 1.000%(Q) | 6000 | (91423) | 981 | (92404) | GSI |
|  Republic of Colombia (D18) | 06/20/30 | 1.000%(Q) | 7000 | 504812 | 1145 | 503667 | GSI |
|  Republic of Indonesia (D18) | 06/20/30 | 1.000%(Q) | 8000 | (18379) | 1308 | (19687) | GSI |
|  Republic of Ivory Coast (D18) | 06/20/30 | 1.000%(Q) | 2000 | 320019 | 327 | 319692 | GSI |
|  Republic of Panama (D18) | 06/20/30 | 1.000%(Q) | 2000 | 110246 | 327 | 109919 | GSI |
|  Republic of Peru (D18) | 06/20/30 | 1.000%(Q) | 3000 | (851) | 491 | (1342) | GSI |
|  Republic of Philippines (D18) | 06/20/30 | 1.000%(Q) | 3000 | (33795) | 491 | (34286) | GSI |
|  Republic of South Africa (D18) | 06/20/30 | 1.000%(Q) | 9000 | 566696 | 1472 | 565224 | GSI |
|  Republic of Turkey (D18) | 06/20/30 | 1.000%(Q) | 9000 | 996725 | 1472 | 995253 | GSI |
|  Sultanate of Oman (D18) | 06/20/30 | 1.000%(Q) | 2000 | 25542 | 327 | 25215 | GSI |
|  United Mexican States (D18) | 06/20/30 | 1.000%(Q) | 9000 | 154552 | 1472 | 153080 | GSI |
|  Arab Republic of Egypt (D19) | 06/20/30 | 1.000%(Q) | 5000 | 1141936 | 818 | 1141118 | GSI |
|  Dominican Republic (D19) | 06/20/30 | 1.000%(Q) | 5000 | 283623 | 818 | 282805 | GSI |
|  Emirate of Abu Dhabi (D19) | 06/20/30 | 1.000%(Q) | 5000 | (147915) | 818 | (148733) | GSI |
|  Federal Republic of Nigeria (D19) | 06/20/30 | 1.000%(Q) | 5000 | 1153337 | 818 | 1152519 | GSI |
|  Federation of Malaysia (D19) | 06/20/30 | 1.000%(Q) | 7500 | (137133) | 1226 | (138359) | GSI |
|  Federative Republic of Brazil (D19) | 06/20/30 | 1.000%(Q) | 22500 | 796722 | 3679 | 793043 | GSI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Kingdom of Bahrain (D19) | 06/20/30 | 1.000%(Q) | 5000 | $305475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | $304657 | GSI |
|  Kingdom of Morocco (D19) | 06/20/30 | 1.000%(Q) | 5000 | 59079 | 818 | 58261 | GSI |
|  Kingdom of Saudi Arabia (D19) | 06/20/30 | 1.000%(Q) | 12500 | (108425) | 2044 | (110469) | GSI |
|  People's Republic of China (D19) | 06/20/30 | 1.000%(Q) | 22500 | (426463) | 3679 | (430142) | GSI |
|  Republic of Argentina (D19) | 06/20/30 | 1.000%(Q) | 5000 | 1445526 | 818 | 1444708 | GSI |
|  Republic of Chile (D19) | 06/20/30 | 1.000%(Q) | 15000 | (228557) | 2453 | (231010) | GSI |
|  Republic of Colombia (D19) | 06/20/30 | 1.000%(Q) | 17500 | 1262029 | 2862 | 1259167 | GSI |
|  Republic of Indonesia (D19) | 06/20/30 | 1.000%(Q) | 20000 | (45946) | 3271 | (49217) | GSI |
|  Republic of Ivory Coast (D19) | 06/20/30 | 1.000%(Q) | 5000 | 800049 | 818 | 799231 | GSI |
|  Republic of Panama (D19) | 06/20/30 | 1.000%(Q) | 5000 | 275616 | 818 | 274798 | GSI |
|  Republic of Peru (D19) | 06/20/30 | 1.000%(Q) | 7500 | (2129) | 1226 | (3355) | GSI |
|  Republic of Philippines (D19) | 06/20/30 | 1.000%(Q) | 7500 | (84490) | 1226 | (85716) | GSI |
|  Republic of South Africa (D19) | 06/20/30 | 1.000%(Q) | 22500 | 1416739 | 3679 | 1413060 | GSI |
|  Republic of Turkey (D19) | 06/20/30 | 1.000%(Q) | 22500 | 2491811 | 3679 | 2488132 | GSI |
|  Sultanate of Oman (D19) | 06/20/30 | 1.000%(Q) | 5000 | 63855 | 818 | 63037 | GSI |
|  United Mexican States (D19) | 06/20/30 | 1.000%(Q) | 22500 | 386378 | 3679 | 382699 | GSI |
|  Arab Republic of Egypt (D20) | 06/20/30 | 1.000%(Q) | 2000 | 456775 | 382 | 456393 | BOA |
|  Dominican Republic (D20) | 06/20/30 | 1.000%(Q) | 2000 | 113449 | 382 | 113067 | BOA |
|  Emirate of Abu Dhabi (D20) | 06/20/30 | 1.000%(Q) | 2000 | (59166) | 382 | (59548) | BOA |
|  Federal Republic of Nigeria (D20) | 06/20/30 | 1.000%(Q) | 2000 | 461335 | 382 | 460953 | BOA |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 211

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Federation of Malaysia (D20) | 06/20/30 | 1.000%(Q) | 3000 | $(54853) | $573 | $(55426) | BOA |
|  Federative Republic of Brazil (D20) | 06/20/30 | 1.000%(Q) | 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 | 316971 | BOA |
|  Kingdom of Bahrain (D20) | 06/20/30 | 1.000%(Q) | 2000 | 122190 | 382 | 121808 | BOA |
|  Kingdom of Morocco (D20) | 06/20/30 | 1.000%(Q) | 2000 | 23632 | 382 | 23250 | BOA |
|  Kingdom of Saudi Arabia (D20) | 06/20/30 | 1.000%(Q) | 5000 | (43371) | 954 | (44325) | BOA |
|  People's Republic of China (D20) | 06/20/30 | 1.000%(Q) | 9000 | (170585) | 1718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172303) | BOA |
|  Republic of Argentina (D20) | 06/20/30 | 1.000%(Q) | 2000 | 578211 | 382 | 577829 | BOA |
|  Republic of Chile (D20) | 06/20/30 | 1.000%(Q) | 6000 | (91423) | 1145 | (92568) | BOA |
|  Republic of Colombia (D20) | 06/20/30 | 1.000%(Q) | 7000 | 504811 | 1336 | 503475 | BOA |
|  Republic of Indonesia (D20) | 06/20/30 | 1.000%(Q) | 8000 | (18378) | 1527 | (19905) | BOA |
|  Republic of Ivory Coast (D20) | 06/20/30 | 1.000%(Q) | 2000 | 320020 | 382 | 319638 | BOA |
|  Republic of Panama (D20) | 06/20/30 | 1.000%(Q) | 2000 | 110246 | 382 | 109864 | BOA |
|  Republic of Peru (D20) | 06/20/30 | 1.000%(Q) | 3000 | (851) | 573 | (1424) | BOA |
|  Republic of Philippines (D20) | 06/20/30 | 1.000%(Q) | 3000 | (33795) | 573 | (34368) | BOA |
|  Republic of South Africa (D20) | 06/20/30 | 1.000%(Q) | 9000 | 566696 | 1718 | 564978 | BOA |
|  Republic of Turkey (D20) | 06/20/30 | 1.000%(Q) | 9000 | 996725 | 1718 | 995007 | BOA |
|  Sultanate of Oman (D20) | 06/20/30 | 1.000%(Q) | 2000 | 25542 | 382 | 25160 | BOA |
|  United Mexican States (D20) | 06/20/30 | 1.000%(Q) | 9000 | 154552 | 1718 | 152834 | BOA |
|  Arab Republic of Egypt (D21) | 06/20/30 | 1.000%(Q) | 4000 | 913548 | 873 | 912675 | BARC |
|  Dominican Republic (D21) | 06/20/30 | 1.000%(Q) | 4000 | 226898 | 873 | 226025 | BARC |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Federal Republic of Nigeria (D21) | 06/20/30 | 1.000%(Q) | 4000 | $922669 | $873 | $921796 | BARC |
|  Federative Republic of Brazil (D21) | 06/20/30 | 1.000%(Q) | 18000 | 637378 | 3929 | 633449 | BARC |
|  Kingdom of Bahrain (D21) | 06/20/30 | 1.000%(Q) | 4000 | 244379 | 873 | 243506 | BARC |
|  Kingdom of Morocco (D21) | 06/20/30 | 1.000%(Q) | 4000 | 47262 | 873 | 46389 | BARC |
|  Republic of Argentina (D21) | 06/20/30 | 1.000%(Q) | 4000 | 1156421 | 873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155548 | BARC |
|  Republic of Colombia (D21) | 06/20/30 | 1.000%(Q) | 14000 | 1009623 | 3056 | 1006567 | BARC |
|  Republic of Ivory Coast (D21) | 06/20/30 | 1.000%(Q) | 4000 | 640039 | 873 | 639166 | BARC |
|  Republic of South Africa (D21) | 06/20/30 | 1.000%(Q) | 18000 | 1133391 | 3929 | 1129462 | BARC |
|  Republic of Turkey (D21) | 06/20/30 | 1.000%(Q) | 18000 | 1993449 | 3929 | 1989520 | BARC |
|  Sultanate of Oman (D21) | 06/20/30 | 1.000%(Q) | 4000 | 51084 | 873 | 50211 | BARC |
|  Arab Republic of Egypt (D22) | 06/20/30 | 1.000%(Q) | 2000 | 456775 | 822 | 455953 | GSI |
|  Dominican Republic (D22) | 06/20/30 | 1.000%(Q) | 2000 | 113450 | 822 | 112628 | GSI |
|  Federal Republic of Nigeria (D22) | 06/20/30 | 1.000%(Q) | 2000 | 461335 | 822 | 460513 | GSI |
|  Federative Republic of Brazil (D22) | 06/20/30 | 1.000%(Q) | 9000 | 318689 | 3697 | 314992 | GSI |
|  Kingdom of Bahrain (D22) | 06/20/30 | 1.000%(Q) | 2000 | 122190 | 822 | 121368 | GSI |
|  Kingdom of Morocco (D22) | 06/20/30 | 1.000%(Q) | 2000 | 23632 | 822 | 22810 | GSI |
|  Republic of Argentina (D22) | 06/20/30 | 1.000%(Q) | 2000 | 578211 | 822 | 577389 | GSI |
|  Republic of Colombia (D22) | 06/20/30 | 1.000%(Q) | 7000 | 504811 | 2875 | 501936 | GSI |
|  Republic of Ivory Coast (D22) | 06/20/30 | 1.000%(Q) | 2000 | 320020 | 822 | 319198 | GSI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 213

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of South Africa (D22) | 06/20/30 | 1.000%(Q) | 9000 | $566696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697 | $562999 | GSI |
|  Republic of Turkey (D22) | 06/20/30 | 1.000%(Q) | 9000 | 996725 | 3697 | 993028 | GSI |
|  Sultanate of Oman (D22) | 06/20/30 | 1.000%(Q) | 2000 | 25542 | 822 | 24720 | GSI |
|  Arab Republic of Egypt (D23) | 06/20/30 | 1.000%(Q) | 4000 | 913548 | 2196 | 911352 | MSI |
|  Dominican Republic (D23) | 06/20/30 | 1.000%(Q) | 4000 | 226898 | 2196 | 224702 | MSI |
|  Emirate of Abu Dhabi (D23) | 06/20/30 | 1.000%(Q) | 4000 | (118333) | 2196 | (120529) | MSI |
|  Federal Republic of Nigeria (D23) | 06/20/30 | 1.000%(Q) | 4000 | 922669 | 2196 | 920473 | MSI |
|  Federation of Malaysia (D23) | 06/20/30 | 1.000%(Q) | 6000 | (109706) | 3295 | (113001) | MSI |
|  Federative Republic of Brazil (D23) | 06/20/30 | 1.000%(Q) | 18000 | 637378 | 9884 | 627494 | MSI |
|  Kingdom of Bahrain (D23) | 06/20/30 | 1.000%(Q) | 4000 | 244379 | 2196 | 242183 | MSI |
|  Kingdom of Morocco (D23) | 06/20/30 | 1.000%(Q) | 4000 | 47262 | 2196 | 45066 | MSI |
|  Kingdom of Saudi Arabia (D23) | 06/20/30 | 1.000%(Q) | 10000 | (86740) | 5491 | (92231) | MSI |
|  People's Republic of China (D23) | 06/20/30 | 1.000%(Q) | 18000 | (341170) | 9884 | (351054) | MSI |
|  Republic of Argentina (D23) | 06/20/30 | 1.000%(Q) | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156420 | 2196 | 1154224 | MSI |
|  Republic of Chile (D23) | 06/20/30 | 1.000%(Q) | 12000 | (182846) | 6589 | (189435) | MSI |
|  Republic of Colombia (D23) | 06/20/30 | 1.000%(Q) | 14000 | 1009623 | 7688 | 1001935 | MSI |
|  Republic of Indonesia (D23) | 06/20/30 | 1.000%(Q) | 16000 | (36757) | 8786 | (45543) | MSI |
|  Republic of Ivory Coast (D23) | 06/20/30 | 1.000%(Q) | 4000 | 640038 | 2196 | 637842 | MSI |
|  Republic of Panama (D23) | 06/20/30 | 1.000%(Q) | 4000 | 220492 | 2196 | 218296 | MSI |
|  Republic of Peru (D23) | 06/20/30 | 1.000%(Q) | 6000 | (1702) | 3295 | (4997) | MSI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Philippines (D23) | 06/20/30 | 1.000%(Q) | 6000 | $(67591) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 | $(70886) | MSI |
|  Republic of South Africa (D23) | 06/20/30 | 1.000%(Q) | 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133391 | 9884 | 1123507 | MSI |
|  Republic of Turkey (D23) | 06/20/30 | 1.000%(Q) | 18000 | 1993449 | 9884 | 1983565 | MSI |
|  Sultanate of Oman (D23) | 06/20/30 | 1.000%(Q) | 4000 | 51083 | 2196 | 48887 | MSI |
|  United Mexican States (D23) | 06/20/30 | 1.000%(Q) | 18000 | 309103 | 9884 | 299219 | MSI |
|  Arab Republic of Egypt (D24) | 06/20/30 | 1.000%(Q) | 2000 | 456774 | 1098 | 455676 | BOA |
|  Dominican Republic (D24) | 06/20/30 | 1.000%(Q) | 2000 | 113449 | 1098 | 112351 | BOA |
|  Emirate of Abu Dhabi (D24) | 06/20/30 | 1.000%(Q) | 2000 | (59167) | 1098 | (60265) | BOA |
|  Federal Republic of Nigeria (D24) | 06/20/30 | 1.000%(Q) | 2000 | 461335 | 1098 | 460237 | BOA |
|  Federation of Malaysia (D24) | 06/20/30 | 1.000%(Q) | 3000 | (54853) | 1647 | (56500) | BOA |
|  Federative Republic of Brazil (D24) | 06/20/30 | 1.000%(Q) | 9000 | 318689 | 4942 | 313747 | BOA |
|  Kingdom of Bahrain (D24) | 06/20/30 | 1.000%(Q) | 2000 | 122190 | 1098 | 121092 | BOA |
|  Kingdom of Morocco (D24) | 06/20/30 | 1.000%(Q) | 2000 | 23631 | 1098 | 22533 | BOA |
|  Kingdom of Saudi Arabia (D24) | 06/20/30 | 1.000%(Q) | 5000 | (43370) | 2746 | (46116) | BOA |
|  People's Republic of China (D24) | 06/20/30 | 1.000%(Q) | 9000 | (170585) | 4942 | (175527) | BOA |
|  Republic of Argentina (D24) | 06/20/30 | 1.000%(Q) | 2000 | 578210 | 1098 | 577112 | BOA |
|  Republic of Chile (D24) | 06/20/30 | 1.000%(Q) | 6000 | (91422) | 3295 | (94717) | BOA |
|  Republic of Colombia (D24) | 06/20/30 | 1.000%(Q) | 7000 | 504812 | 3844 | 500968 | BOA |
|  Republic of Indonesia (D24) | 06/20/30 | 1.000%(Q) | 8000 | (18378) | 4393 | (22771) | BOA |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 215

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Ivory Coast (D24) | 06/20/30 | 1.000%(Q) | 2000 | $320019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 | $318921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOA |
|  Republic of Panama (D24) | 06/20/30 | 1.000%(Q) | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110246 | 1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109148 | BOA |
|  Republic of Peru (D24) | 06/20/30 | 1.000%(Q) | 3000 | (852) | 1647 | (2499) | BOA |
|  Republic of Philippines (D24) | 06/20/30 | 1.000%(Q) | 3000 | (33796) | 1647 | (35443) | BOA |
|  Republic of South Africa (D24) | 06/20/30 | 1.000%(Q) | 9000 | 566696 | 4942 | 561754 | BOA |
|  Republic of Turkey (D24) | 06/20/30 | 1.000%(Q) | 9000 | 996725 | 4942 | 991783 | BOA |
|  Sultanate of Oman (D24) | 06/20/30 | 1.000%(Q) | 2000 | 25542 | 1098 | 24444 | BOA |
|  United Mexican States (D24) | 06/20/30 | 1.000%(Q) | 9000 | 154552 | 4942 | 149610 | BOA |
|  Arab Republic of Egypt (D25) | 06/20/30 | 1.000%(Q) | 2000 | 456774 | 1098 | 455676 | CITI |
|  Dominican Republic (D25) | 06/20/30 | 1.000%(Q) | 2000 | 113449 | 1098 | 112351 | CITI |
|  Emirate of Abu Dhabi (D25) | 06/20/30 | 1.000%(Q) | 2000 | (59167) | 1098 | (60265) | CITI |
|  Federal Republic of Nigeria (D25) | 06/20/30 | 1.000%(Q) | 2000 | 461335 | 1098 | 460237 | CITI |
|  Federation of Malaysia (D25) | 06/20/30 | 1.000%(Q) | 3000 | (54853) | 1647 | (56500) | CITI |
|  Federative Republic of Brazil (D25) | 06/20/30 | 1.000%(Q) | 9000 | 318689 | 4942 | 313747 | CITI |
|  Kingdom of Bahrain (D25) | 06/20/30 | 1.000%(Q) | 2000 | 122190 | 1098 | 121092 | CITI |
|  Kingdom of Morocco (D25) | 06/20/30 | 1.000%(Q) | 2000 | 23631 | 1098 | 22533 | CITI |
|  Kingdom of Saudi Arabia (D25) | 06/20/30 | 1.000%(Q) | 5000 | (43370) | 2746 | (46116) | CITI |
|  People's Republic of China (D25) | 06/20/30 | 1.000%(Q) | 9000 | (170585) | 4942 | (175527) | CITI |
|  Republic of Argentina (D25) | 06/20/30 | 1.000%(Q) | 2000 | 578210 | 1098 | 577112 | CITI |
|  Republic of Chile (D25) | 06/20/30 | 1.000%(Q) | 6000 | (91422) | 3295 | (94717) | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Colombia (D25) | 06/20/30 | 1.000%(Q) | 7000 | $504812 | $3844 | $500968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CITI |
|  Republic of Indonesia (D25) | 06/20/30 | 1.000%(Q) | 8000 | (18378) | 4393 | (22771) | CITI |
|  Republic of Ivory Coast (D25) | 06/20/30 | 1.000%(Q) | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320019 | 1098 | 318921 | CITI |
|  Republic of Panama (D25) | 06/20/30 | 1.000%(Q) | 2000 | 110246 | 1098 | 109148 | CITI |
|  Republic of Peru (D25) | 06/20/30 | 1.000%(Q) | 3000 | (852) | 1647 | (2499) | CITI |
|  Republic of Philippines (D25) | 06/20/30 | 1.000%(Q) | 3000 | (33796) | 1647 | (35443) | CITI |
|  Republic of South Africa (D25) | 06/20/30 | 1.000%(Q) | 9000 | 566696 | 4942 | 561754 | CITI |
|  Republic of Turkey (D25) | 06/20/30 | 1.000%(Q) | 9000 | 996725 | 4942 | 991783 | CITI |
|  Sultanate of Oman (D25) | 06/20/30 | 1.000%(Q) | 2000 | 25542 | 1098 | 24444 | CITI |
|  United Mexican States (D25) | 06/20/30 | 1.000%(Q) | 9000 | 154552 | 4942 | 149610 | CITI |
|  Arab Republic of Egypt (D26) | 06/20/30 | 1.000%(Q) | 4000 | 913549 | 2308 | 911241 | CITI |
|  Dominican Republic (D26) | 06/20/30 | 1.000%(Q) | 4000 | 226899 | 2308 | 224591 | CITI |
|  Emirate of Abu Dhabi (D26) | 06/20/30 | 1.000%(Q) | 4000 | (118332) | 2308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120640) | CITI |
|  Federal Republic of Nigeria (D26) | 06/20/30 | 1.000%(Q) | 4000 | 922670 | 2308 | 920362 | CITI |
|  Federation of Malaysia (D26) | 06/20/30 | 1.000%(Q) | 6000 | (109706) | 3461 | (113167) | CITI |
|  Federative Republic of Brazil (D26) | 06/20/30 | 1.000%(Q) | 18000 | 637379 | 10384 | 626995 | CITI |
|  Kingdom of Bahrain (D26) | 06/20/30 | 1.000%(Q) | 4000 | 244380 | 2308 | 242072 | CITI |
|  Kingdom of Morocco (D26) | 06/20/30 | 1.000%(Q) | 4000 | 47263 | 2308 | 44955 | CITI |
|  Kingdom of Saudi Arabia (D26) | 06/20/30 | 1.000%(Q) | 10000 | (86740) | 5769 | (92509) | CITI |
|  People's Republic of China (D26) | 06/20/30 | 1.000%(Q) | 18000 | (341170) | 10384 | (351554) | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 217

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Argentina (D26) | 06/20/30 | 1.000 %(Q) | 4000 | $1156421 | $2308 | $1154113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CITI |
|  Republic of Chile (D26) | 06/20/30 | 1.000 %(Q) | 12000 | (182845) | 6923 | (189768) | CITI |
|  Republic of Colombia (D26) | 06/20/30 | 1.000 %(Q) | 14000 | 1009623 | 8076 | 1001547 | CITI |
|  Republic of Indonesia (D26) | 06/20/30 | 1.000 %(Q) | 16000 | (36757) | 9230 | (45987) | CITI |
|  Republic of Ivory Coast (D26) | 06/20/30 | 1.000 %(Q) | 4000 | 640039 | 2308 | 637731 | CITI |
|  Republic of Panama (D26) | 06/20/30 | 1.000 %(Q) | 4000 | 220493 | 2308 | 218185 | CITI |
|  Republic of Peru (D26) | 06/20/30 | 1.000 %(Q) | 6000 | (1703) | 3461 | (5164) | CITI |
|  Republic of Philippines (D26) | 06/20/30 | 1.000 %(Q) | 6000 | (67592) | 3461 | (71053) | CITI |
|  Republic of South Africa (D26) | 06/20/30 | 1.000 %(Q) | 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123008 | CITI |
|  Republic of Turkey (D26) | 06/20/30 | 1.000 %(Q) | 18000 | 1993449 | 10384 | 1983065 | CITI |
|  Sultanate of Oman (D26) | 06/20/30 | 1.000 %(Q) | 4000 | 51084 | 2308 | 48776 | CITI |
|  United Mexican States (D26) | 06/20/30 | 1.000 %(Q) | 18000 | 309103 | 10384 | 298719 | CITI |
|  Arab Republic of Egypt (D28) | 06/20/30 | 1.000 %(Q) | 2000 | 456774 | 1209 | 455565 | CITI |
|  Dominican Republic (D28) | 06/20/30 | 1.000 %(Q) | 2000 | 113449 | 1209 | 112240 | CITI |
|  Emirate of Abu Dhabi (D28) | 06/20/30 | 1.000 %(Q) | 2000 | (59167) | 1209 | (60376) | CITI |
|  Federal Republic of Nigeria (D28) | 06/20/30 | 1.000 %(Q) | 2000 | 461334 | 1209 | 460125 | CITI |
|  Federation of Malaysia (D28) | 06/20/30 | 1.000 %(Q) | 3000 | (54853) | 1814 | (56667) | CITI |
|  Federative Republic of Brazil (D28) | 06/20/30 | 1.000 %(Q) | 9000 | 318689 | 5442 | 313247 | CITI |
|  Kingdom of Bahrain (D28) | 06/20/30 | 1.000 %(Q) | 2000 | 122189 | 1209 | 120980 | CITI |
|  Kingdom of Morocco (D28) | 06/20/30 | 1.000 %(Q) | 2000 | 23631 | 1209 | 22422 | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Kingdom of Saudi Arabia (D28) | 06/20/30 | 1.000%(Q) | 5000 | $(43370) | $3023 | $(46393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CITI |
|  People's Republic of China (D28) | 06/20/30 | 1.000%(Q) | 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170585) | 5442 | (176027) | CITI |
|  Republic of Argentina (D28) | 06/20/30 | 1.000%(Q) | 2000 | 578210 | 1209 | 577001 | CITI |
|  Republic of Chile (D28) | 06/20/30 | 1.000%(Q) | 6000 | (91423) | 3628 | (95051) | CITI |
|  Republic of Colombia (D28) | 06/20/30 | 1.000%(Q) | 7000 | 504812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233 | 500579 | CITI |
|  Republic of Indonesia (D28) | 06/20/30 | 1.000%(Q) | 8000 | (18379) | 4837 | (23216) | CITI |
|  Republic of Ivory Coast (D28) | 06/20/30 | 1.000%(Q) | 2000 | 320019 | 1209 | 318810 | CITI |
|  Republic of Panama (D28) | 06/20/30 | 1.000%(Q) | 2000 | 110246 | 1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109037 | CITI |
|  Republic of Peru (D28) | 06/20/30 | 1.000%(Q) | 3000 | (851) | 1814 | (2665) | CITI |
|  Republic of Philippines (D28) | 06/20/30 | 1.000%(Q) | 3000 | (33796) | 1814 | (35610) | CITI |
|  Republic of South Africa (D28) | 06/20/30 | 1.000%(Q) | 9000 | 566696 | 5442 | 561254 | CITI |
|  Republic of Turkey (D28) | 06/20/30 | 1.000%(Q) | 9000 | 996725 | 5442 | 991283 | CITI |
|  Sultanate of Oman (D28) | 06/20/30 | 1.000%(Q) | 2000 | 25542 | 1209 | 24333 | CITI |
|  United Mexican States (D28) | 06/20/30 | 1.000%(Q) | 9000 | 154552 | 5442 | 149110 | CITI |
|  Arab Republic of Egypt (D29) | 06/20/30 | 1.000%(Q) | 2000 | 456774 | 1544 | 455230 | BOA |
|  Dominican Republic (D29) | 06/20/30 | 1.000%(Q) | 2000 | 113449 | 1544 | 111905 | BOA |
|  Emirate of Abu Dhabi (D29) | 06/20/30 | 1.000%(Q) | 2000 | (59166) | 1544 | (60710) | BOA |
|  Federal Republic of Nigeria (D29) | 06/20/30 | 1.000%(Q) | 2000 | 461335 | 1544 | 459791 | BOA |
|  Federation of Malaysia (D29) | 06/20/30 | 1.000%(Q) | 3000 | (54853) | 2316 | (57169) | BOA |
|  Federative Republic of Brazil (D29) | 06/20/30 | 1.000%(Q) | 9000 | 318689 | 6948 | 311741 | BOA |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 219

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Kingdom of Bahrain (D29) | 06/20/30 | 1.000%(Q) | 2000 | $122190 | $1544 | $120646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOA |
|  Kingdom of Morocco (D29) | 06/20/30 | 1.000%(Q) | 2000 | 23631 | 1544 | 22087 | BOA |
|  Kingdom of Saudi Arabia (D29) | 06/20/30 | 1.000%(Q) | 5000 | (43370) | 3860 | (47230) | BOA |
|  People's Republic of China (D29) | 06/20/30 | 1.000%(Q) | 9000 | (170585) | 6948 | (177533) | BOA |
|  Republic of Argentina (D29) | 06/20/30 | 1.000%(Q) | 2000 | 578210 | 1544 | 576666 | BOA |
|  Republic of Chile (D29) | 06/20/30 | 1.000%(Q) | 6000 | (91423) | 4632 | (96055) | BOA |
|  Republic of Colombia (D29) | 06/20/30 | 1.000%(Q) | 7000 | 504811 | 5404 | 499407 | BOA |
|  Republic of Indonesia (D29) | 06/20/30 | 1.000%(Q) | 8000 | (18379) | 6176 | (24555) | BOA |
|  Republic of Ivory Coast (D29) | 06/20/30 | 1.000%(Q) | 2000 | 320019 | 1544 | 318475 | BOA |
|  Republic of Panama (D29) | 06/20/30 | 1.000%(Q) | 2000 | 110246 | 1544 | 108702 | BOA |
|  Republic of Peru (D29) | 06/20/30 | 1.000%(Q) | 3000 | (851) | 2316 | (3167) | BOA |
|  Republic of Philippines (D29) | 06/20/30 | 1.000%(Q) | 3000 | (33796) | 2316 | (36112) | BOA |
|  Republic of South Africa (D29) | 06/20/30 | 1.000%(Q) | 9000 | 566695 | 6948 | 559747 | BOA |
|  Republic of Turkey (D29) | 06/20/30 | 1.000%(Q) | 9000 | 996724 | 6948 | 989776 | BOA |
|  Sultanate of Oman (D29) | 06/20/30 | 1.000%(Q) | 2000 | 25542 | 1544 | 23998 | BOA |
|  United Mexican States (D29) | 06/20/30 | 1.000%(Q) | 9000 | 154551 | 6948 | 147603 | BOA |
|  |  |  |  | $88289754 | $616306 | $87673448 |  |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,**<br>**2025(4)** | **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 - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** |
|  Emirate of Abu Dhabi (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.135% | $12965 | $(58) | $13023 | MSI |
|  Federation of Malaysia (D01) | 12/20/25 | 1.000%(Q) | 2910 | 0.246% | 17373 | (87) | 17460 | MSI |
|  Federative Republic of Brazil (D01) | 12/20/25 | 1.000%(Q) | 11640 | 0.541% | 47551 | (349) | 47900 | MSI |
|  Kingdom of Saudi Arabia (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.292% | 11009 | (58) | 11067 | MSI |
|  People's Republic of China (D01) | 12/20/25 | 1.000%(Q) | 11640 | 0.305% | 65126 | (349) | 65475 | MSI |
|  Republic of Argentina (D01) | 12/20/25 | 1.000%(Q) | 4850 | 7.210% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180424) | MSI |
|  Republic of Chile (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.215% | 11967 | (58) | 12025 | MSI |
|  Republic of Colombia (D01) | 12/20/25 | 1.000%(Q) | 4850 | 0.851% | 10261 | (145) | 10406 | MSI |
|  Republic of Indonesia (D01) | 12/20/25 | 1.000%(Q) | 7760 | 0.335% | 41893 | (233) | 42126 | MSI |
|  Republic of Panama (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.858% | 4015 | (58) | 4073 | MSI |
|  Republic of Peru (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.368% | 10073 | (58) | 10131 | MSI |
|  Republic of Philippines (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.269% | 11299 | (58) | 11357 | MSI |
|  Republic of South Africa (D01) | 12/20/25 | 1.000%(Q) | 8730 | 0.720% | 25713 | (262) | 25975 | MSI |
|  Republic of Turkey (D01) | 12/20/25 | 1.000%(Q) | 11640 | 1.754% | (42012) | (349) | (41663) | MSI |
|  State of Qatar (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.104% | 13346 | (73) | 13419 | MSI |
|  United Mexican States (D01) | 12/20/25 | 1.000%(Q) | 11640 | 0.439% | 55140 | (349) | 55489 | MSI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 221

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at**<br>**April 30,**<br>**2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.135% | $13366 | $(189) | $13555 | CITI |
|  Federation of Malaysia (D02) | 12/20/25 | 1.000%(Q) | 3000 | 0.246% | 17910 | (284) | 18194 | CITI |
|  Federative Republic of Brazil (D02) | 12/20/25 | 1.000%(Q) | 12000 | 0.541% | 49022 | (1136) | 50158 | CITI |
|  Kingdom of Saudi Arabia (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.292% | 11349 | (189) | 11538 | CITI |
|  People's Republic of China (D02) | 12/20/25 | 1.000%(Q) | 12000 | 0.305% | 67140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1136) | 68276 | CITI |
|  Republic of Argentina (D02) | 12/20/25 | 1.000%(Q) | 5000 | 7.210% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186154) | (473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185681) | CITI |
|  Republic of Chile (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.215% | 12338 | (189) | 12527 | CITI |
|  Republic of Colombia (D02) | 12/20/25 | 1.000%(Q) | 5000 | 0.851% | 10579 | (473) | 11052 | CITI |
|  Republic of Indonesia (D02) | 12/20/25 | 1.000%(Q) | 8000 | 0.335% | 43190 | (757) | 43947 | CITI |
|  Republic of Panama (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.858% | 4140 | (189) | 4329 | CITI |
|  Republic of Peru (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.368% | 10384 | (189) | 10573 | CITI |
|  Republic of Philippines (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.269% | 11648 | (189) | 11837 | CITI |
|  Republic of South Africa (D02) | 12/20/25 | 1.000%(Q) | 9000 | 0.720% | 26508 | (852) | 27360 | CITI |
|  Republic of Turkey (D02) | 12/20/25 | 1.000%(Q) | 12000 | 1.754% | (43312) | (1136) | (42176) | CITI |
|  State of Qatar (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.104% | 13759 | (189) | 13948 | CITI |
|  United Mexican States (D02) | 12/20/25 | 1.000%(Q) | 12000 | 0.439% | 56845 | (1136) | 57981 | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit**<br>**Spread at**<br>**April 30,**<br>**2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.135% | $26732 | $(379) | $27111 | MSI |
|  Federation of Malaysia (D03) | 12/20/25 | 1.000%(Q) | 6000 | 0.246% | 35821 | (568) | 36389 | MSI |
|  Federative Republic of Brazil (D03) | 12/20/25 | 1.000%(Q) | 24000 | 0.541% | 98044 | (2272) | 100316 | MSI |
|  Kingdom of Saudi Arabia (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.292% | 22698 | (379) | 23077 | MSI |
|  People's Republic of China (D03) | 12/20/25 | 1.000%(Q) | 24000 | 0.305% | 134280 | (2272) | 136552 | MSI |
|  Republic of Argentina (D03) | 12/20/25 | 1.000%(Q) | 10000 | 7.210% | (372309) | (947) | (371362) | MSI |
|  Republic of Chile (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.215% | 24674 | (379) | 25053 | MSI |
|  Republic of Colombia (D03) | 12/20/25 | 1.000%(Q) | 10000 | 0.851% | 21156 | (947) | 22103 | MSI |
|  Republic of Indonesia (D03) | 12/20/25 | 1.000%(Q) | 16000 | 0.335% | 86378 | (1515) | 87893 | MSI |
|  Republic of Panama (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.858% | 8278 | (379) | 8657 | MSI |
|  Republic of Peru (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.368% | 20768 | (379) | 21147 | MSI |
|  Republic of Philippines (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.269% | 23295 | (379) | 23674 | MSI |
|  Republic of South Africa (D03) | 12/20/25 | 1.000%(Q) | 18000 | 0.720% | 53016 | (1704) | 54720 | MSI |
|  Republic of Turkey (D03) | 12/20/25 | 1.000%(Q) | 24000 | 1.754% | (86623) | (2272) | (84351) | MSI |
|  State of Qatar (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.104% | 27517 | (409) | 27926 | MSI |
|  United Mexican States (D03) | 12/20/25 | 1.000%(Q) | 24000 | 0.439% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2272) | 115963 | MSI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 223

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit**<br>**Spread at**<br>**April 30,**<br>**2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.135% | $26732 | $(379) | $27111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSI |
|  Federation of Malaysia (D04) | 12/20/25 | 1.000%(Q) | 6000 | 0.246% | 35821 | (568) | 36389 | MSI |
|  Federative Republic of Brazil (D04) | 12/20/25 | 1.000%(Q) | 24000 | 0.541% | 98044 | (2272) | 100316 | MSI |
|  Kingdom of Saudi Arabia (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.292% | 22698 | (379) | 23077 | MSI |
|  People's Republic of China (D04) | 12/20/25 | 1.000%(Q) | 24000 | 0.305% | 134280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2272) | 136552 | MSI |
|  Republic of Argentina (D04) | 12/20/25 | 1.000%(Q) | 10000 | 7.210% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372309) | (947) | (371362) | MSI |
|  Republic of Chile (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.215% | 24674 | (379) | 25053 | MSI |
|  Republic of Colombia (D04) | 12/20/25 | 1.000%(Q) | 10000 | 0.851% | 21156 | (947) | 22103 | MSI |
|  Republic of Indonesia (D04) | 12/20/25 | 1.000%(Q) | 16000 | 0.335% | 86378 | (1515) | 87893 | MSI |
|  Republic of Panama (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.858% | 8278 | (379) | 8657 | MSI |
|  Republic of Peru (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.368% | 20768 | (379) | 21147 | MSI |
|  Republic of Philippines (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.269% | 23295 | (379) | 23674 | MSI |
|  Republic of South Africa (D04) | 12/20/25 | 1.000%(Q) | 18000 | 0.720% | 53016 | (1704) | 54720 | MSI |
|  Republic of Turkey (D04) | 12/20/25 | 1.000%(Q) | 24000 | 1.754% | (86623) | (2272) | (84351) | MSI |
|  State of Qatar (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.104% | 27517 | (409) | 27926 | MSI |
|  United Mexican States (D04) | 12/20/25 | 1.000%(Q) | 24000 | 0.439% | 113691 | (2272) | 115963 | MSI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit**<br>**Spread at**<br>**April 30,**<br>**2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D08) | 12/20/26 | 1.000%(Q) | 500 | 0.187% | $7105 | $(336) | $7441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BOA |
|  Federation of Malaysia (D08) | 12/20/26 | 1.000%(Q) | 1000 | 0.304% | 12314 | (672) | 12986 | BOA |
|  Federative Republic of Brazil (D08) | 12/20/26 | 1.000%(Q) | 3000 | 0.798% | 13161 | (2016) | 15177 | BOA |
|  Kingdom of Saudi Arabia (D08) | 12/20/26 | 1.000%(Q) | 500 | 0.452% | 4971 | (336) | 5307 | BOA |
|  People's Republic of China (D08) | 12/20/26 | 1.000%(Q) | 3000 | 0.367% | 33886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2016) | 35902 | BOA |
|  Republic of Argentina (D08) | 12/20/26 | 1.000%(Q) | 500 | 8.208% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52620) | (336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52284) | BOA |
|  Republic of Chile (D08) | 12/20/26 | 1.000%(Q) | 500 | 0.336% | 5899 | (336) | 6235 | BOA |
|  Republic of Colombia (D08) | 12/20/26 | 1.000%(Q) | 1250 | 1.367% | (5835) | (840) | (4995) | BOA |
|  Republic of Indonesia (D08) | 12/20/26 | 1.000%(Q) | 2250 | 0.468% | 21772 | (1512) | 23284 | BOA |
|  Republic of Panama (D08) | 12/20/26 | 1.000%(Q) | 500 | 1.265% | (1522) | (336) | (1186) | BOA |
|  Republic of Peru (D08) | 12/20/26 | 1.000%(Q) | 500 | 0.510% | 4504 | (336) | 4840 | BOA |
|  Republic of Philippines (D08) | 12/20/26 | 1.000%(Q) | 500 | 0.371% | 5618 | (336) | 5954 | BOA |
|  Republic of South Africa (D08) | 12/20/26 | 1.000%(Q) | 2750 | 1.234% | (7004) | (1848) | (5156) | BOA |
|  Republic of Turkey (D08) | 12/20/26 | 1.000%(Q) | 3000 | 2.503% | (67293) | (2016) | (65277) | BOA |
|  State of Qatar (D08) | 12/20/26 | 1.000%(Q) | 500 | 0.158% | 7338 | (336) | 7674 | BOA |
|  United Mexican States (D08) | 12/20/26 | 1.000%(Q) | 2750 | 0.698% | 16486 | (1848) | 18334 | BOA |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 225

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit**<br>**Spread at**<br>**April 30,**<br>**2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D09) | 12/20/26 | 1.000%(Q) | 4000 | 0.187% | $56843 | $(3044) | $59887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CITI |
|  Federation of Malaysia (D09) | 12/20/26 | 1.000%(Q) | 8000 | 0.304% | 98513 | (6089) | 104602 | CITI |
|  Federative Republic of Brazil (D09) | 12/20/26 | 1.000%(Q) | 24000 | 0.798% | 105286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18267) | 123553 | CITI |
|  Kingdom of Saudi Arabia (D09) | 12/20/26 | 1.000%(Q) | 4000 | 0.452% | 39772 | (3044) | 42816 | CITI |
|  People's Republic of China (D09) | 12/20/26 | 1.000%(Q) | 24000 | 0.367% | 271090 | (18267) | 289357 | CITI |
|  Republic of Argentina (D09) | 12/20/26 | 1.000%(Q) | 4000 | 8.208% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420957) | (3044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417913) | CITI |
|  Republic of Chile (D09) | 12/20/26 | 1.000%(Q) | 4000 | 0.336% | 47189 | (3044) | 50233 | CITI |
|  Republic of Colombia (D09) | 12/20/26 | 1.000%(Q) | 10000 | 1.367% | (46681) | (7611) | (39070) | CITI |
|  Republic of Indonesia (D09) | 12/20/26 | 1.000%(Q) | 18000 | 0.468% | 174172 | (13700) | 187872 | CITI |
|  Republic of Panama (D09) | 12/20/26 | 1.000%(Q) | 4000 | 1.265% | (12175) | (3044) | (9131) | CITI |
|  Republic of Peru (D09) | 12/20/26 | 1.000%(Q) | 4000 | 0.510% | 36032 | (3044) | 39076 | CITI |
|  Republic of Philippines (D09) | 12/20/26 | 1.000%(Q) | 4000 | 0.371% | 44940 | (3044) | 47984 | CITI |
|  Republic of South Africa (D09) | 12/20/26 | 1.000%(Q) | 22000 | 1.234% | (56028) | (16744) | (39284) | CITI |
|  Republic of Turkey (D09) | 12/20/26 | 1.000%(Q) | 24000 | 2.503% | (538342) | (18267) | (520075) | CITI |
|  State of Qatar (D09) | 12/20/26 | 1.000%(Q) | 4000 | 0.158% | 58703 | (3044) | 61747 | CITI |
|  United Mexican States (D09) | 12/20/26 | 1.000%(Q) | 22000 | 0.698% | 131889 | (16744) | 148633 | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D10) | 12/20/26 | 1.000%(Q) | 2000 | 0.187% | $28422 | $(1522) | $29944 | MSI |
|  Federation of Malaysia (D10) | 12/20/26 | 1.000%(Q) | 4000 | 0.304% | 49257 | (3044) | 52301 | MSI |
|  Federative Republic of Brazil (D10) | 12/20/26 | 1.000%(Q) | 12000 | 0.798% | 52644 | (9133) | 61777 | MSI |
|  Kingdom of Saudi Arabia (D10) | 12/20/26 | 1.000%(Q) | 2000 | 0.452% | 19886 | (1522) | 21408 | MSI |
|  People's Republic of China (D10) | 12/20/26 | 1.000%(Q) | 12000 | 0.367% | 135546 | (9133) | 144679 | MSI |
|  Republic of Argentina (D10) | 12/20/26 | 1.000%(Q) | 2000 | 8.208% | (210479) | (1522) | (208957) | MSI |
|  Republic of Chile (D10) | 12/20/26 | 1.000%(Q) | 2000 | 0.336% | 23595 | (1522) | 25117 | MSI |
|  Republic of Colombia (D10) | 12/20/26 | 1.000%(Q) | 5000 | 1.367% | (23341) | (3806) | (19535) | MSI |
|  Republic of Indonesia (D10) | 12/20/26 | 1.000%(Q) | 9000 | 0.468% | 87086 | (6850) | 93936 | MSI |
|  Republic of Panama (D10) | 12/20/26 | 1.000%(Q) | 2000 | 1.265% | (6087) | (1522) | (4565) | MSI |
|  Republic of Peru (D10) | 12/20/26 | 1.000%(Q) | 2000 | 0.510% | 18016 | (1522) | 19538 | MSI |
|  Republic of Philippines (D10) | 12/20/26 | 1.000%(Q) | 2000 | 0.371% | 22470 | (1522) | 23992 | MSI |
|  Republic of South Africa (D10) | 12/20/26 | 1.000%(Q) | 11000 | 1.234% | (28014) | (8372) | (19642) | MSI |
|  Republic of Turkey (D10) | 12/20/26 | 1.000%(Q) | 12000 | 2.503% | (269171) | (9133) | (260038) | MSI |
|  State of Qatar (D10) | 12/20/26 | 1.000%(Q) | 2000 | 0.158% | 29351 | (1522) | 30873 | MSI |
|  United Mexican States (D10) | 12/20/26 | 1.000%(Q) | 11000 | 0.698% | 65945 | (8372) | 74317 | MSI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 227

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D11) | 12/20/26 | 1.000%(Q) | 10000 | 0.187% | $142107 | $(7611) | $149718 | BARC |
|  Federation of Malaysia (D11) | 12/20/26 | 1.000%(Q) | 20000 | 0.304% | 246282 | (15222) | 261504 | BARC |
|  Federative Republic of Brazil (D11) | 12/20/26 | 1.000%(Q) | 60000 | 0.798% | 263217 | (45666) | 308883 | BARC |
|  Kingdom of Saudi Arabia (D11) | 12/20/26 | 1.000%(Q) | 10000 | 0.452% | 99429 | (7611) | 107040 | BARC |
|  People's Republic of China (D11) | 12/20/26 | 1.000%(Q) | 60000 | 0.367% | 677727 | (45666) | 723393 | BARC |
|  Republic of Argentina (D11) | 12/20/26 | 1.000%(Q) | 10000 | 8.208% | (1052394) | (7611) | (1044783) | BARC |
|  Republic of Chile (D11) | 12/20/26 | 1.000%(Q) | 10000 | 0.336% | 117973 | (7611) | 125584 | BARC |
|  Republic of Colombia (D11) | 12/20/26 | 1.000%(Q) | 25000 | 1.367% | (116704) | (19028) | (97676) | BARC |
|  Republic of Indonesia (D11) | 12/20/26 | 1.000%(Q) | 45000 | 0.468% | 435429 | (34250) | 469679 | BARC |
|  Republic of Panama (D11) | 12/20/26 | 1.000%(Q) | 10000 | 1.265% | (30438) | (7611) | (22827) | BARC |
|  Republic of Peru (D11) | 12/20/26 | 1.000%(Q) | 10000 | 0.510% | 90079 | (7611) | 97690 | BARC |
|  Republic of Philippines (D11) | 12/20/26 | 1.000%(Q) | 10000 | 0.371% | 112350 | (7611) | 119961 | BARC |
|  Republic of South Africa (D11) | 12/20/26 | 1.000%(Q) | 55000 | 1.234% | (140071) | (41861) | (98210) | BARC |
|  Republic of Turkey (D11) | 12/20/26 | 1.000%(Q) | 60000 | 2.503% | (1345855) | (45666) | (1300189) | BARC |
|  State of Qatar (D11) | 12/20/26 | 1.000%(Q) | 10000 | 0.158% | 146756 | (7611) | 154367 | BARC |
|  United Mexican States (D11) | 12/20/26 | 1.000%(Q) | 55000 | 0.698% | 329721 | (41861) | 371582 | BARC |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.187% | $28422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1702) | $30124 | MSI |
|  Federation of Malaysia (D12) | 12/20/26 | 1.000%(Q) | 4000 | 0.304% | 49257 | (3404) | 52661 | MSI |
|  Federative Republic of Brazil (D12) | 12/20/26 | 1.000%(Q) | 12000 | 0.798% | 52644 | (10213) | 62857 | MSI |
|  Kingdom of Saudi Arabia (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.452% | 19886 | (1702) | 21588 | MSI |
|  People's Republic of China (D12) | 12/20/26 | 1.000%(Q) | 12000 | 0.367% | 135546 | (10213) | 145759 | MSI |
|  Republic of Argentina (D12) | 12/20/26 | 1.000%(Q) | 2000 | 8.208% | (210478) | (1702) | (208776) | MSI |
|  Republic of Chile (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.336% | 23595 | (1702) | 25297 | MSI |
|  Republic of Colombia (D12) | 12/20/26 | 1.000%(Q) | 5000 | 1.367% | (23341) | (4256) | (19085) | MSI |
|  Republic of Indonesia (D12) | 12/20/26 | 1.000%(Q) | 9000 | 0.468% | 87086 | (7660) | 94746 | MSI |
|  Republic of Panama (D12) | 12/20/26 | 1.000%(Q) | 2000 | 1.265% | (6087) | (1702) | (4385) | MSI |
|  Republic of Peru (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.510% | 18016 | (1702) | 19718 | MSI |
|  Republic of Philippines (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.371% | 22470 | (1702) | 24172 | MSI |
|  Republic of South Africa (D12) | 12/20/26 | 1.000%(Q) | 11000 | 1.234% | (28014) | (9362) | (18652) | MSI |
|  Republic of Turkey (D12) | 12/20/26 | 1.000%(Q) | 12000 | 2.503% | (269171) | (10213) | (258958) | MSI |
|  State of Qatar (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.158% | 29351 | (1702) | 31053 | MSI |
|  United Mexican States (D12) | 12/20/26 | 1.000%(Q) | 11000 | 0.698% | 65945 | (9362) | 75307 | MSI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 229

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination <br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D13) | 12/20/26 | 1.000%(Q) | 2000 | 0.187% | $28422 | $(309) | $28731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSI |
|  Federation of Malaysia (D13) | 12/20/26 | 1.000%(Q) | 4000 | 0.304% | 49257 | (618) | 49875 | MSI |
|  Federative Republic of Brazil (D13) | 12/20/26 | 1.000%(Q) | 12000 | 0.798% | 52644 | (1855) | 54499 | MSI |
|  Kingdom of Saudi Arabia (D13) | 12/20/26 | 1.000%(Q) | 2000 | 0.452% | 19886 | (309) | 20195 | MSI |
|  People's Republic of China (D13) | 12/20/26 | 1.000%(Q) | 12000 | 0.367% | 135546 | (1855) | 137401 | MSI |
|  Republic of Argentina (D13) | 12/20/26 | 1.000%(Q) | 2000 | 8.208% | (210479) | (309) | (210170) | MSI |
|  Republic of Chile (D13) | 12/20/26 | 1.000%(Q) | 2000 | 0.336% | 23595 | (309) | 23904 | MSI |
|  Republic of Colombia (D13) | 12/20/26 | 1.000%(Q) | 5000 | 1.367% | (23341) | (773) | (22568) | MSI |
|  Republic of Indonesia (D13) | 12/20/26 | 1.000%(Q) | 9000 | 0.468% | 87085 | (1392) | 88477 | MSI |
|  Republic of Panama (D13) | 12/20/26 | 1.000%(Q) | 2000 | 1.265% | (6087) | (309) | (5778) | MSI |
|  Republic of Peru (D13) | 12/20/26 | 1.000%(Q) | 2000 | 0.510% | 18016 | (309) | 18325 | MSI |
|  Republic of Philippines (D13) | 12/20/26 | 1.000%(Q) | 2000 | 0.371% | 22470 | (309) | 22779 | MSI |
|  Republic of South Africa (D13) | 12/20/26 | 1.000%(Q) | 11000 | 1.234% | (28014) | (1701) | (26313) | MSI |
|  Republic of Turkey (D13) | 12/20/26 | 1.000%(Q) | 12000 | 2.503% | (269171) | (1855) | (267316) | MSI |
|  State of Qatar (D13) | 12/20/26 | 1.000%(Q) | 2000 | 0.158% | 29351 | (309) | 29660 | MSI |
|  United Mexican States (D13) | 12/20/26 | 1.000%(Q) | 11000 | 0.698% | 65944 | (1701) | 67645 | MSI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination <br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D14) | 12/20/26 | 1.000%(Q) | 4000 | 0.187% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56843 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSI |
|  Federation of Malaysia (D14) | 12/20/26 | 1.000%(Q) | 8000 | 0.304% | 98513 | (1237) | 99750 | MSI |
|  Federative Republic of Brazil (D14) | 12/20/26 | 1.000%(Q) | 24000 | 0.798% | 105287 | (3711) | 108998 | MSI |
|  Kingdom of Saudi Arabia (D14) | 12/20/26 | 1.000%(Q) | 4000 | 0.452% | 39772 | (618) | 40390 | MSI |
|  People's Republic of China (D14) | 12/20/26 | 1.000%(Q) | 24000 | 0.367% | 271090 | (3711) | 274801 | MSI |
|  Republic of Argentina (D14) | 12/20/26 | 1.000%(Q) | 4000 | 8.208% | (420957) | (618) | (420339) | MSI |
|  Republic of Chile (D14) | 12/20/26 | 1.000%(Q) | 4000 | 0.336% | 47189 | (618) | 47807 | MSI |
|  Republic of Colombia (D14) | 12/20/26 | 1.000%(Q) | 10000 | 1.367% | (46681) | (1546) | (45135) | MSI |
|  Republic of Indonesia (D14) | 12/20/26 | 1.000%(Q) | 18000 | 0.468% | 174172 | (2783) | 176955 | MSI |
|  Republic of Panama (D14) | 12/20/26 | 1.000%(Q) | 4000 | 1.265% | (12175) | (618) | (11557) | MSI |
|  Republic of Peru (D14) | 12/20/26 | 1.000%(Q) | 4000 | 0.510% | 36032 | (618) | 36650 | MSI |
|  Republic of Philippines (D14) | 12/20/26 | 1.000%(Q) | 4000 | 0.371% | 44940 | (618) | 45558 | MSI |
|  Republic of South Africa (D14) | 12/20/26 | 1.000%(Q) | 22000 | 1.234% | (56028) | (3401) | (52627) | MSI |
|  Republic of Turkey (D14) | 12/20/26 | 1.000%(Q) | 24000 | 2.503% | (538342) | (3711) | (534631) | MSI |
|  State of Qatar (D14) | 12/20/26 | 1.000%(Q) | 4000 | 0.158% | 58703 | (618) | 59321 | MSI |
|  United Mexican States (D14) | 12/20/26 | 1.000%(Q) | 22000 | 0.698% | 131889 | (3401) | 135290 | MSI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 231

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination <br>Date** | **Fixed <br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D15) | 06/20/26 | 1.000%(Q) | 1500 | 0.155% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BARC |
|  Federation of Malaysia (D15) | 06/20/26 | 1.000%(Q) | 3000 | 0.253% | 28658 | (383) | 29041 | BARC |
|  Federative Republic of Brazil (D15) | 06/20/26 | 1.000%(Q) | 9000 | 0.669% | 43872 | (1149) | 45021 | BARC |
|  Kingdom of Saudi Arabia (D15) | 06/20/26 | 1.000%(Q) | 1500 | 0.371% | 12329 | (192) | 12521 | BARC |
|  People's Republic of China (D15) | 06/20/26 | 1.000%(Q) | 9000 | 0.335% | 77559 | (1149) | 78708 | BARC |
|  Republic of Argentina (D15) | 06/20/26 | 1.000%(Q) | 1500 | 8.026% | (110193) | (192) | (110001) | BARC |
|  Republic of Chile (D15) | 06/20/26 | 1.000%(Q) | 1500 | 0.271% | 14022 | (192) | 14214 | BARC |
|  Republic of Colombia (D15) | 06/20/26 | 1.000%(Q) | 3750 | 1.049% | 2337 | (479) | 2816 | BARC |
|  Republic of Indonesia (D15) | 06/20/26 | 1.000%(Q) | 6750 | 0.376% | 55115 | (862) | 55977 | BARC |
|  Republic of Panama (D15) | 06/20/26 | 1.000%(Q) | 1500 | 1.039% | 1101 | (192) | 1293 | BARC |
|  Republic of Peru (D15) | 06/20/26 | 1.000%(Q) | 1500 | 0.427% | 11393 | (192) | 11585 | BARC |
|  Republic of Philippines (D15) | 06/20/26 | 1.000%(Q) | 1500 | 0.304% | 13464 | (192) | 13656 | BARC |
|  Republic of South Africa (D15) | 06/20/26 | 1.000%(Q) | 7500 | 0.961% | 11978 | (958) | 12936 | BARC |
|  Republic of Turkey (D15) | 06/20/26 | 1.000%(Q) | 9000 | 2.202% | (109448) | (1149) | (108299) | BARC |
|  State of Qatar (D15) | 06/20/26 | 1.000%(Q) | 1500 | 0.132% | 16371 | (192) | 16563 | BARC |
|  United Mexican States (D15) | 06/20/26 | 1.000%(Q) | 9000 | 0.583% | 52584 | (1149) | 53733 | BARC |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Emirate of Abu Dhabi (D16) | 12/20/26 | 1.000%(Q) | 300 | 0.187% | $4263 | $(55) | $4318 | BOA |
|  Federation of Malaysia (D16) | 12/20/26 | 1.000%(Q) | 600 | 0.304% | 7389 | (110) | 7499 | BOA |
|  Federative Republic of Brazil (D16) | 12/20/26 | 1.000%(Q) | 1800 | 0.798% | 7897 | (331) | 8228 | BOA |
|  Kingdom of Saudi Arabia (D16) | 12/20/26 | 1.000%(Q) | 300 | 0.452% | 2983 | (55) | 3038 | BOA |
|  People's Republic of China (D16) | 12/20/26 | 1.000%(Q) | 1800 | 0.367% | 20332 | (331) | 20663 | BOA |
|  Republic of Argentina (D16) | 12/20/26 | 1.000%(Q) | 300 | 8.208% | (31572) | (55) | (31517) | BOA |
|  Republic of Chile (D16) | 12/20/26 | 1.000%(Q) | 300 | 0.336% | 3539 | (55) | 3594 | BOA |
|  Republic of Colombia (D16) | 12/20/26 | 1.000%(Q) | 750 | 1.367% | (3501) | (138) | (3363) | BOA |
|  Republic of Indonesia (D16) | 12/20/26 | 1.000%(Q) | 1350 | 0.468% | 13063 | (248) | 13311 | BOA |
|  Republic of Panama (D16) | 12/20/26 | 1.000%(Q) | 300 | 1.265% | (913) | (55) | (858) | BOA |
|  Republic of Peru (D16) | 12/20/26 | 1.000%(Q) | 300 | 0.510% | 2703 | (55) | 2758 | BOA |
|  Republic of Philippines (D16) | 12/20/26 | 1.000%(Q) | 300 | 0.371% | 3371 | (55) | 3426 | BOA |
|  Republic of South Africa (D16) | 12/20/26 | 1.000%(Q) | 1650 | 1.234% | (4202) | (303) | (3899) | BOA |
|  Republic of Turkey (D16) | 12/20/26 | 1.000%(Q) | 1800 | 2.503% | (40376) | (331) | (40045) | BOA |
|  State of Qatar (D16) | 12/20/26 | 1.000%(Q) | 300 | 0.158% | 4403 | (55) | 4458 | BOA |
|  United Mexican States (D16) | 12/20/26 | 1.000%(Q) | 1650 | 0.698% | 9892 | (303) | 10195 | BOA |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 233

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Arab Republic of Egypt (D27) | 06/20/27 | 1.000%(Q) | 1000 | 5.346% | $(83075) | $(1073) | $(82002) | BOA |
|  Emirate of Abu Dhabi (D27) | 06/20/27 | 1.000%(Q) | 1000 | 0.204% | 17687 | (1073) | 18760 | BOA |
|  Federation of Malaysia (D27) | 06/20/27 | 1.000%(Q) | 1500 | 0.331% | 22516 | (1609) | 24125 | BOA |
|  Federative Republic of Brazil (D27) | 06/20/27 | 1.000%(Q) | 6000 | 0.867% | 23473 | (6437) | 29910 | BOA |
|  Kingdom of Saudi Arabia (D27) | 06/20/27 | 1.000%(Q) | 1000 | 0.494% | 11624 | (1073) | 12697 | BOA |
|  People's Republic of China (D27) | 06/20/27 | 1.000%(Q) | 6000 | 0.383% | 83457 | (6437) | 89894 | BOA |
|  Republic of Argentina (D27) | 06/20/27 | 1.000%(Q) | 1000 | 8.305% | (134613) | (1073) | (133540) | BOA |
|  Republic of Chile (D27) | 06/20/27 | 1.000%(Q) | 1500 | 0.371% | 21283 | (1609) | 22892 | BOA |
|  Republic of Colombia (D27) | 06/20/27 | 1.000%(Q) | 3000 | 1.536% | (29340) | (3218) | (26122) | BOA |
|  Republic of Indonesia (D27) | 06/20/27 | 1.000%(Q) | 4500 | 0.516% | 50166 | (4828) | 54994 | BOA |
|  Republic of Panama (D27) | 06/20/27 | 1.000%(Q) | 1000 | 1.385% | (6702) | (1073) | (5629) | BOA |
|  Republic of Peru (D27) | 06/20/27 | 1.000%(Q) | 1500 | 0.554% | 15578 | (1609) | 17187 | BOA |
|  Republic of Philippines (D27) | 06/20/27 | 1.000%(Q) | 1000 | 0.406% | 13438 | (1073) | 14511 | BOA |
|  Republic of South Africa (D27) | 06/20/27 | 1.000%(Q) | 6000 | 1.377% | (39340) | (6437) | (32903) | BOA |
|  Republic of Turkey (D27) | 06/20/27 | 1.000%(Q) | 6000 | 2.662% | (193686) | (6437) | (187249) | BOA |
|  State of Qatar (D27) | 06/20/27 | 1.000%(Q) | 1000 | 0.172% | 18355 | (1073) | 19428 | BOA |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination** <br>**Date** | **Fixed** <br>**Rate** | **Notional<br>Amount**<br>**(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**April 30,**<br>**2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  United Mexican States (D27) | 06/20/27 | 1.000%(Q) | 6000 | 0.758% | $36858 | $(6437) | $43295 | BOA |
|  Air France-KLM (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.504% | 7389 | (540) | 7929 | CITI |
|  Altice Finco SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 25.513% | (1867146) | (540) | (1866606) | CITI |
|  Altice France SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 55.240% | (2506486) | (540) | (2505946) | CITI |
|  Anglo American PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.227% | 30651 | (540) | 31191 | CITI |
|  ArcelorMittal SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.261% | 27724 | (540) | 28264 | CITI |
|  Ardagh Packaging Finance PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 57.177% | (3740810) | (540) | (3740270) | CITI |
|  AT&T, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.277% | 26378 | (540) | 26918 | CITI |
|  Avient Corp. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.450% | 11852 | (540) | 12392 | CITI |
|  Avis Budget Group, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 1.150% | (46647) | (540) | (46107) | CITI |
|  Ball Corp. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.275% | 26611 | (540) | 27151 | CITI |
|  Bank of America Corp. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.296% | 24823 | (540) | 25363 | CITI |
|  Barclays Bank PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.322% | 22610 | (540) | 23150 | CITI |
|  Beazer Homes USA, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.652% | (5087) | (540) | (4547) | CITI |
|  BNP Paribas SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.255% | 28300 | (540) | 28840 | CITI |
|  British American Tobacco PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.136% | 38293 | (540) | 38833 | CITI |
|  CCO Holdings LLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.481% | 9311 | (540) | 9851 | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 235

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination** <br>**Date** | **Fixed** <br>**Rate** | **Notional**<br>**Amount<br>(000)#(3)** | **Implied<br>Credit**<br>**Spread at<br>April 30,**<br>**2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Ceconomy AG (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.598% | $(527) | $(540) | $13 | CITI |
|  Cellnex Telecom SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.174% | 35107 | (540) | 35647 | CITI |
|  Clariant AG (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.283% | 25881 | (540) | 26421 | CITI |
|  Commerzbank AG (D30)^ | 12/20/25 | 0.500%(Q) | 13187 | \* | 29071 | (540) | 29611 | CITI |
|  Constellium SE (D30) | 12/20/25 | 0.500%(Q) | 13187 | 1.149% | (46590) | (540) | (46050) | CITI |
|  Continental AG (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.188% | 33903 | (540) | 34443 | CITI |
|  DaVita, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.374% | 18276 | (540) | 18816 | CITI |
|  Dell, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.158% | 36447 | (540) | 36987 | CITI |
|  Deutsche Lufthansa AG (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.414% | 14906 | (540) | 15446 | CITI |
|  Devon Energy Corp. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.374% | 18294 | (540) | 18834 | CITI |
|  eG Global Finance PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.563% | 2423 | (540) | 2963 | CITI |
|  Elis SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.187% | 33950 | (540) | 34490 | CITI |
|  Elo SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 1.327% | (61364) | (540) | (60824) | CITI |
|  Expedia Group, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.133% | 38537 | (540) | 39077 | CITI |
|  Ford Motor Co. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.951% | (30031) | (540) | (29491) | CITI |
|  Ford Motor Co. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.710% | (9931) | (540) | (9391) | CITI |
|  Forvia SE (D30) | 12/20/25 | 0.500%(Q) | 13187 | 1.466% | (72971) | (540) | (72431) | CITI |
|  General Electric Co. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.067% | 44062 | (540) | 44602 | CITI |
|  General Motors Co. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.319% | 22899 | (540) | 23439 | CITI |
|  Genworth Holdings, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.410% | 15216 | (540) | 15756 | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit**<br>**Spread at<br>April 30,**<br>**2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Glencore International AG (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.373% | $18339 | $(540) | $18879 | CITI |
|  Goldman Sachs Group, Inc. (The) (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.322% | 22637 | (540) | 23177 | CITI |
|  Goodyear Tire & Rubber Co. (The) (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.619% | (2298) | (540) | (1758) | CITI |
|  Grifols SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 1.461% | (72529) | (540) | (71989) | CITI |
|  HCA, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.147% | 37361 | (540) | 37901 | CITI |
|  HeidelbergCement AG (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.180% | 34571 | (540) | 35111 | CITI |
|  HP, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.182% | 34386 | (540) | 34926 | CITI |
|  Iceland Bondco PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 1.469% | (73186) | (540) | (72646) | CITI |
|  Jaguar Land Rover Automotive PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.586% | 500 | (540) | 1040 | CITI |
|  JPMorgan Chase & Co. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.235% | 29930 | (540) | 30470 | CITI |
|  KB Home (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.391% | 16809 | (540) | 17349 | CITI |
|  Kraft Heinz Foods Co. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.114% | 40132 | (540) | 40672 | CITI |
|  Loxam SAS (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.862% | (22633) | (540) | (22093) | CITI |
|  Macy's, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.841% | (20883) | (540) | (20343) | CITI |
|  Marks & Spencer Group PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.183% | 34323 | (540) | 34863 | CITI |
|  Marriott International, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.176% | 34899 | (540) | 35439 | CITI |
|  MGIC Investment Corp. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.174% | 35065 | (540) | 35605 | CITI |
|  Morgan Stanley (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.298% | 24675 | (540) | 25215 | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 237

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination <br>Date** | **Fixed** <br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit**<br>**Spread at**<br>**April 30,**<br>**2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Naturgy Energy Group SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.225% | $30802 | $(540) | $31342 | CITI |
|  NatWest Group PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.346% | 20585 | (540) | 21125 | CITI |
|  Nokia OYJ (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.153% | 36860 | (540) | 37400 | CITI |
|  Novafives SAS (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.314% | 23288 | (540) | 23828 | CITI |
|  Olin Corp. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.559% | 2741 | (540) | 3281 | CITI |
|  Optics Bidco SpA (D30) | 12/20/25 | 0.500%(Q) | 6593 | 0.673% | (3420) | (2052) | (1368) | CITI |
|  Paramount Global (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.188% | 33867 | (540) | 34407 | CITI |
|  Radian Group, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.241% | 29448 | (540) | 29988 | CITI |
|  Renault SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.290% | 25338 | (540) | 25878 | CITI |
|  Rolls-Royce Holdings PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.149% | 37200 | (540) | 37740 | CITI |
|  Schaeffler AG (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.580% | 994 | (540) | 1534 | CITI |
|  Sealed Air Corp. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.339% | 21174 | (540) | 21714 | CITI |
|  Societe Generale SA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.324% | 22471 | (540) | 23011 | CITI |
|  Sprint Communications LLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.213% | 31841 | (540) | 32381 | CITI |
|  Stellantis NV (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.400% | 16107 | (540) | 16647 | CITI |
|  Stena AB (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.878% | (23992) | (540) | (23452) | CITI |
|  Stonegate Pub Co. Financing PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.611% | (1592) | (540) | (1052) | CITI |
|  Sunrise HoldCo IV BV (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.546% | 3860 | (540) | 4400 | CITI |
|  Telecom Italia SpA (D30) | 12/20/25 | 0.500%(Q) | 6593 | 0.390% | 8448 | (270) | 8718 | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Telefonaktiebolaget LM Ericsson (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.157% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36545 | $(540) | $37085 | CITI |
|  Tenet Healthcare Corp. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.290% | 25292 | (540) | 25832 | CITI |
|  Tesla, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.229% | 30435 | (540) | 30975 | CITI |
|  Teva Pharmaceutical Industries Ltd. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.305% | 24051 | (540) | 24591 | CITI |
|  thyssenkrupp AG (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.146% | 37438 | (540) | 37978 | CITI |
|  T-Mobile USA, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.154% | 36783 | (540) | 37323 | CITI |
|  TUI AG (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.371% | 18511 | (540) | 19051 | CITI |
|  Unibail-Rodamco-Westfield SE (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.242% | 29351 | (540) | 29891 | CITI |
|  UniCredit SpA (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.353% | 20063 | (540) | 20603 | CITI |
|  United Group BV (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.841% | (20901) | (540) | (20361) | CITI |
|  Valeo SE (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.800% | (17412) | (540) | (16872) | CITI |
|  Verizon Communications, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.269% | 27102 | (540) | 27642 | CITI |
|  Virgin Media Finance PLC (D30) | 12/20/25 | 0.500%(Q) | 13187 | 1.144% | (46129) | (540) | (45589) | CITI |
|  Volkswagen AG (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.417% | 14642 | (540) | 15182 | CITI |
|  Walt Disney Co. (The) (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.135% | 38343 | (540) | 38883 | CITI |
|  Wells Fargo & Co. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.267% | 27293 | (540) | 27833 | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 239

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **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 - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Yum! Brands, Inc. (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.275% | $26584 | $(540) | $27124 | CITI |
|  Ziggo Bond Co. BV (D30) | 12/20/25 | 0.500%(Q) | 13187 | 0.906% | (26275) | (540) | (25735) | CITI |
|  |  |  |  |  | $(6381814) | $(857189) | $(5524625) |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** |
|  CDX.EM.34.V3 (D01) | 12/20/25 | 1.000%(Q) | 89240 | $(92870) | $268 | $(93138) | MSI |
|  CDX.EM.34.V3 (D02) | 12/20/25 | 1.000%(Q) | 92000 | (95743) | (3833) | (91910) | CITI |
|  CDX.EM.34.V3 (D03) | 12/20/25 | 1.000%(Q) | 184000 | (191485) | (7665) | (183820) | MSI |
|  CDX.EM.34.V3 (D04) | 12/20/25 | 1.000%(Q) | 184000 | (191485) | (7665) | (183820) | MSI |
|  CDX.EM.36.V3 (D08) | 12/20/26 | 1.000%(Q) | 23000 | (7862) | 10754 | (18616) | BOA |
|  CDX.EM.36.V3 (D09) | 12/20/26 | 1.000%(Q) | 184000 | (62894) | 77024 | (139918) | CITI |
|  CDX.EM.36.V3 (D10) | 12/20/26 | 1.000%(Q) | 92000 | (31447) | 44814 | (76261) | MSI |
|  CDX.EM.36.V3 (D11) | 12/20/26 | 1.000%(Q) | 460000 | (157237) | 350108 | (507345) | BARC |
|  CDX.EM.36.V3 (D12) | 12/20/26 | 1.000%(Q) | 92000 | (31447) | 56132 | (87579) | MSI |
|  CDX.EM.36.V3 (D13) | 12/20/26 | 1.000%(Q) | 92000 | (31447) | (17780) | (13667) | MSI |
|  CDX.EM.36.V3 (D14) | 12/20/26 | 1.000%(Q) | 184000 | (62894) | 9246 | (72140) | MSI |
|  CDX.EM.35.V3 (D15) | 06/20/26 | 1.000%(Q) | 69000 | (130461) | 8809 | (139270) | BARC |
|  CDX.EM.36.V3 (D16) | 12/20/26 | 1.000%(Q) | 13800 | (4717) | (2271) | (2446) | BOA |
|  CDX.EM.37.V2 (D27) | 06/20/27 | 1.000%(Q) | 49000 | 196329 | 18774 | 177555 | BOA |
|  CDX.San Jose.0-1% (D30)^ | 12/20/25 | 0.500%(Q) | 8835 | 5039347 | 362 | 5038985 | CITI |
|  CDX.San Jose.10-15% (D30)^ | 12/20/25 | 0.500%(Q) | 60000 | (125063) | 2458 | (127521) | CITI |
|  CDX.San Jose.1-5% (D30)^ | 12/20/25 | 0.500%(Q) | 48000 | 5420309 | 1966 | 5418343 | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*(cont'd.):** |
|  CDX.San Jose.15-100% (D30)^ | 12/20/25 | 0.500%(Q) | 1009979 | $(3447767) | $(111948) | $(3335819) | CITI |
|  CDX.San Jose.5-10% (D30)^ | 12/20/25 | 0.500%(Q) | 60000 | 72347 | 2458 | 69889 | CITI |
|  |  |  |  | $6063513 | $432011 | $5631502 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)\*\*:** |
|  CDX.EM.43.V1 (D05) | 06/20/30 | 1.000%(Q) | 300000 | 1.992% | $(12938682) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96230) | $(12842452) | BARC |
|  CDX.EM.35.V3 (D06) | 06/20/26 | 1.000%(Q) | 36800 | 0.935% | 69579 | (16430) | 86009 | BOA |
|  CDX.EM.35.V3 (D07) | 06/20/26 | 1.000%(Q) | 4600 | 0.935% | 8697 | (2399) | 11096 | BOA |
|  CDX.EM.43.V1 (D17) | 06/20/30 | 1.000%(Q) | 200000 | 1.992% | (8625788) | (64153) | (8561635) | GSI |
|  CDX.EM.43.V1 (D18) | 06/20/30 | 1.000%(Q) | 100000 | 1.992% | (4312894) | (45788) | (4267106) | GSI |
|  CDX.EM.43.V1 (D19) | 06/20/30 | 1.000%(Q) | 250000 | 1.992% | (10782236) | (114470) | (10667766) | GSI |
|  CDX.EM.43.V1 (D20) | 06/20/30 | 1.000%(Q) | 100000 | 1.992% | (4312894) | (117257) | (4195637) | BOA |
|  CDX.EM.HY.43.V1 (D21) | 06/20/30 | 1.000%(Q) | 100000 | 3.125% | (9023124) | (41471) | (8981653) | BARC |
|  CDX.EM.HY.43.V1 (D22) | 06/20/30 | 1.000%(Q) | 50000 | 3.125% | (4511561) | (69828) | (4441733) | GSI |
|  CDX.EM.43.V1 (D23) | 06/20/30 | 1.000%(Q) | 200000 | 1.992% | (8625788) | (307505) | (8318283) | MSI |
|  CDX.EM.43.V1 (D24) | 06/20/30 | 1.000%(Q) | 100000 | 1.992% | (4312894) | (153752) | (4159142) | BOA |
|  CDX.EM.43.V1 (D25) | 06/20/30 | 1.000%(Q) | 100000 | 1.992% | (4312894) | (153752) | (4159142) | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 241

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity/<br>Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)(cont'd.)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)(cont'd.)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)(cont'd.)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)(cont'd.)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)(cont'd.)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)(cont'd.)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)(cont'd.)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)(cont'd.)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Sell Protection(2)(cont'd.)\*\*:** |
|  CDX.EM.43.V1 (D26) | 06/20/30 | 1.000%(Q) | 200000 | 1.992% | $(8625788) | $(313161) | $(8312627) | CITI |
|  CDX.EM.43.V1 (D28) | 06/20/30 | 1.000%(Q) | 100000 | 1.992% | (4312895) | (159412) | (4153483) | CITI |
|  CDX.EM.43.V1 (D29) | 06/20/30 | 1.000%(Q) | 100000 | 1.992% | (4312894) | (176461) | (4136433) | BOA |
|  |  |  |  |  | $(88932056) | $(1832069) | $(87099987) |  |

---

\*\* 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). Individual packages in the tables above are denoted by the corresponding footnotes (D01 - D29). The Fund also bought/sold protection on a customized CDX Index and bought/sold protection on the corporate issuers which comprise the index. The upfront premium is attached to the index of the trade for the customized CDX package(s). Each swap is priced individually. The Index trades are divided into tranches differentiated by a percentage range representing the risk of default of the underlying issuers; individual tranches will be reduced according to corresponding aggregate rates of default. Individual packages in the tables above are denoted by the corresponding footnotes (D30 – D30). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<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)^:** | **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) | 99714 | \* | $138450 | $(6651) | $145101 | GSI |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>**April 30,<br>2025** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) | 20000 | $437033 | $593672 | $156639 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap 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):** | **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):** |
|  China Development Bank | 06/20/29 | 1.000 | %(Q) | 34725 | $(641130) | $(294043) | $(347087) | JPM |
|  Gazprom PAO | 06/20/27 | 1.000 | %(Q) | 4600 | 1011585 | 1208791 | (197206) | JPM |
|  Hellenic Republic | 12/20/29 | 1.000 | %(Q) | 50000 | (1047053) | (1052627) | 5574 | BARC |
|  Industrial and Commercial Bank of China Ltd. | 06/20/29 | 1.000 | %(Q) | 34725 | (695909) | (256489) | (439420) | JPM |
|  Israel Electric Corp. Ltd. | 09/20/28 | 1.000 | %(Q) | 3000 | (3130) | 49333 | (52463) | BARC |
|  Kingdom of Spain | 12/20/29 | 1.000 | %(Q) | 75000 | (2242198) | (2244053) | 1855 | BARC |
|  Petroleo Brasileiro SA | 06/20/29 | 1.000 | %(Q) | 5000 | 101235 | 100596 | 639 | MSI |
|  Petroleos Mexicanos | 06/20/25 | 1.000 | %(Q) | 13000 | 40660 | 32978 | 7682 | BARC |
|  Petroleos Mexicanos | 06/20/25 | 1.000 | %(Q) | 10000 | 31277 | 25371 | 5906 | BARC |
|  Petroleos Mexicanos | 12/20/25 | 2.795 | %(Q) | 53000 | 304055 |  | 304055 | CITI |
|  Petroleos Mexicanos | 12/20/25 | 1.000 | %(Q) | 15000 | 278087 | 241962 | 36125 | CITI |
|  Petroleos Mexicanos | 12/20/25 | 1.000 | %(Q) | 10000 | 185391 | 167413 | 17978 | CITI |
|  Petroleos Mexicanos | 03/20/27 | 1.000 | %(Q) | 20000 | 1322426 | 659345 | 663081 | MSI |
|  Republic of Italy | 12/20/27 | 1.000 | %(Q)EUR | 89075 | (2576230) | (1756327) | (819903) | BARC |
|  Republic of Italy | 12/20/27 | 1.000 | %(Q)EUR | 40000 | (997083) | (788696) | (208387) | BARC |
|  Republic of Italy | 12/20/29 | 1.000 | %(Q)EUR | 125000 | (5658911) | (4848688) | (810223) | BARC |
|  U.S. Treasury Notes | 06/20/25 | 0.250 | %(Q)EUR | 20930 | 4176 | (1671) | 5847 | BARC |
|  |  |  |  |  | $(10582752) | $(8756805) | $(1825947) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>April 30,<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):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |
|  Bank of America Corp. | 12/20/25 | 1.000%(Q) | 63080 | 0.296% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356384 | $289580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66804 | GSI |
|  Bank of Montreal^ | 11/20/29 | 1.250%(Q) | 18495 | \* | (28336) |  | (28336) | GSI |
|  Canadian Imperial Bank of Commerce^ | 06/20/28 | 1.100%(Q) | 14805 | \* | 62673 |  | 62673 | GSI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 243

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit**<br>**Spread at**<br>**April 30,**<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.):** |  |
|  Citigroup, Inc. | 12/20/25 | 1.000 %(Q) | 63080 | 0.315% | $348678 | $293577 | $55101 | GSI |
|  General Motors Co. | 06/20/26 | 5.000 %(Q) | 14920 | 0.468% | 844807 | 661682 | 183125 | GSI |
|  Generalitat de Catalunya | 12/20/25 | 1.000 %(Q) | 29800 | 0.311% | 165485 | (36314) | 201799 | DB |
|  Government of Japan | 06/20/28 | 1.000 %(Q) | 35000 | 0.100% | 986393 | 766815 | 219578 | CITI |
|  Halliburton Co. | 12/20/26 | 1.000 %(Q) | 27820 | 0.433% | 284534 | 87389 | 197145 | GSI |
|  Hellenic Republic | 06/20/25 | 1.000 %(Q) | 20000 | 0.072% | 49337 | 21505 | 27832 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000 %(Q) | 12360 | 0.239% | 209404 | 184404 | 25000 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000 %(Q) | 9275 | 0.308% | 173641 | 154825 | 18816 | BARC |
|  Hellenic Republic | 12/20/30 | 1.000 %(Q) | 50000 | 0.667% | 904838 | 945990 | (41152) | BARC |
|  Kingdom of Norway | 12/20/25 | — %(Q) | 34920 | 0.044% | (9699) | (11029) | 1330 | BARC |
|  Kingdom of Spain | 06/20/25 | 1.000 %(Q) | 31790 | 0.071% | 78480 | 41801 | 36679 | BARC |
|  Kingdom of Spain | 12/20/31 | 1.000 %(Q) | 75000 | 0.462% | 2469228 | 2452044 | 17184 | BARC |
|  Millicom International Cellular SA^ | 12/20/25 | 1.000 %(Q) | 5060 | \* | (3266) | (77858) | 74592 | BOA |
|  Morgan Stanley | 12/20/25 | 1.000 %(Q) | 63080 | 0.298% | 355678 | 289580 | 66098 | GSI |
|  Pacific Life | 08/20/35 | 2.500 %(Q) | 22200 | 2.281% | 453468 | (83) | 453551 | GSI |
|  People's Republic of China | 06/20/29 | 1.000 %(Q) | 69450 | 0.524% | 1353436 | 714686 | 638750 | JPM |
|  Petroleos Mexicanos | 06/20/25 | 1.770 %(Q) | 70000 | 4.075% | (80821) | (819) | (80002) | CITI |
|  Petroleos Mexicanos | 09/20/25 | 2.010 %(Q) | 70000 | 4.152% | (416700) | (1838) | (414862) | CITI |
|  Petroleos Mexicanos^ | 12/20/25 | 3.795 %(Q) | 53000 | \* | 1461556 |  | 1461556 | CITI |
|  Petroleos Mexicanos | 12/24/25 | 3.750 %(M) | 49690 | 4.157% | (92903) |  | (92903) | GSI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied**<br>**Credit**<br>**Spread at**<br>**April 30,<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.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100 %(M) | 47330 | \* | $(22604) | $— | $(22604) | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750 %(M) | 83840 | \* | 480729 |  | 480729 | GSI |
|  Petroleos Mexicanos | 12/20/28 | 1.000 %(Q) | 10000 | 5.403% | (1342191) | (636923) | (705268) | CITI |
|  Republic of France | 12/20/34 | 0.250 %(Q) | 300 | 0.690% | (10434) | (9793) | (641) | BARC |
|  Republic of Italy | 06/20/25 | 1.000 %(Q) | 55630 | 0.084% | 136301 | 73096 | 63205 | BARC |
|  Republic of Serbia | 12/20/25 | 1.000 %(Q) | 5700 | 0.298% | 32131 | (1060) | 33191 | BNP |
|  Simon Property Group LP | 06/20/26 | 1.000 %(Q) | 68920 | 0.253% | 658195 | 182049 | 476146 | GSI |
|  SoftBank Group Corp. | 06/20/26 | 1.000 %(Q) | 43535 | 1.444% | (164398) | (243908) | 79510 | GSI |
|  Verizon Communications, Inc. | 06/20/26 | 1.000 %(Q) | 40810 | 0.353% | 343675 | 194686 | 148989 | GSI |
|  |  |  |  |  | $10037699 | $6334084 | $3703615 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>April 30,**<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):** | **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) | 2769554 | $(38912546) | $(44064373) | $(5151827) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied Credit<br>Spread at<br>April 30,<br>2025(4)** | **Value at**<br>**Trade Date** | **Value at**<br>**April 30,**<br>**2025** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |  |
|  CDX.NA.HY.43.V1 | 12/20/29 | 5.000 %(Q) | 850000 | 3.991% | $28258143 | $37722140 | $9463997 |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000 %(Q) | 2820600 | 4.123% | 85664170 | 118524531 | 32860361 |
|  |  |  |  |  | $113922313 | $156246671 | $42324358 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 245

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

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

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

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

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

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

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

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Interest rate swap agreements outstanding at April 30, 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>**April 30,**<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:** |  |  |
|  EUR | 74923 | 02/15/34 | 2.192%(A) | 1 Day EuroSTR(1)(A)/2.156% | $— | $161917 | $161917 |
|  GBP | 230000 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/4.459% | (10753886) | 20281145 | 31035031 |
|  GBP | 40000 | 05/08/30 | 1.100%(A) | 1 Day SONIA(1)(A)/4.459% | (2744672) | 8089240 | 10833912 |
|  GBP | 35625 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/4.459% | (1550973) | 7931260 | 9482233 |
|  | 3884180 | 05/07/25 | 4.321%(T) | 1 Day USOIS(2)(T)/4.330% |  | (113045) | (113045) |
|  | 1952755 | 08/19/25 | 4.395%(T) | 1 Day SOFR(2)(T)/4.410% | 60278 | (3696124) | (3756402) |
|  | 1051915 | 08/31/25 | 4.805%(A) | 1 Day SOFR(1)(A)/4.410% |  | (2803227) | (2803227) |
|  | 298540 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/4.410% | 55220 | (4890984) | (4946204) |
|  | 1458020 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/4.410% | 368835 | 25960664 | 25591829 |
|  | 907365 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/4.410% | (964766) | (25614585) | (24649819) |
|  | 462295 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/4.410% |  | 6143143 | 6143143 |
|  | 252990 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/4.410% | (1801124) | (3195633) | (1394509) |
|  | 72870 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/4.410% | 33262750 | 34130916 | 868166 |
|  | 438170 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/4.410% | 6408115 | 7254282 | 846167 |
|  | 224000 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/4.410% | 1736344 | 4497361 | 2761017 |
|  | 352385 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/4.410% |  | 281779 | 281779 |
|  |  |  |  |  | $24076121 | $74418109 | $50341988 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 247

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Interest rate swap agreements outstanding at April 30, 2025 (continued):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Fair**<br>**Value** | **Upfront<br>Premiums**<br>**Paid(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |  |  |  |  |
|  BRL 474,011 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/0.053% | $(652634) | $— | $(652634) | GSI |
|  BRL 474,011 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/0.053% | 1344845 |  | 1344845 | GSI |
|  BRL 961,569 | 01/02/31 | 14.190%(T) | 1 Day BROIS(1)(T)/0.053% | (5063644) |  | (5063644) | GSI |
|  BRL 961,569 | 01/02/31 | 14.340%(T) | 1 Day BROIS(2)(T)/0.053% | 6476240 |  | 6476240 | GSI |
|  |  |  |  | $2104807 | $— | $2104807 |  |

---

(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 April 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br>**Rate** | **Counterparty** | **Termination<br>Date** | **Long<br>(Short)**<br>**Notional**<br>**Amount**<br>**(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR -55bps(T)/3.860% | JPM | 06/20/25 | (36652) | $1238518 | $— | $1238518 |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -39bps(T)/3.940% | GSI | 07/23/25 | (250458) | (1453054) |  | (1453054) |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -40bps(T)/3.930% | GSI | 09/19/25 | (137547) | 2488532 |  | 2488532 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +18bps(T)/4.510% | GSI | 07/24/25 | 245800 | 1475826 |  | 1475826 |
|  |  |  |  |  | $3749822 | $— | $3749822 |

---

(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).

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### 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 | $11038977 | $(15109290) | $138137179 | $(129579443) |

---

#### 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 | $– | $161093789 |
|  JPS | – | 352335189 |
|  **Total** | $– | $513428978 |

---

#### 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 April 30, 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;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $494701381 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 9935956353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 241786829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 88497368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 342802114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 328126296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 26699876 | 29425857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 171791639 |  |
|  Commercial Mortgage-Backed Securities |  | 5286454116 |  |
|  Corporate Bonds |  | 14975412647 | 233032184 |
|  Floating Rate and Other Loans |  | 341984487 | 245001994 |
|  Municipal Bonds |  | 214017207 |  |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 249

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Residential Mortgage-Backed Securities | $— | $1958125200 | $135886570 |
|  Sovereign Bonds |  | 1491880316 | 2555712 |
|  U.S. Government Agency Obligations |  | 10036396271 |  |
|  U.S. Treasury Obligations |  | 1719344291 |  |
|  Affiliated Exchange-Traded Fund | 89074849 |  |  |
|  Common Stocks | 46848448 | 25879335 | 10185108 |
|  Preferred Stocks | 7626550 |  | 1274345 |
|  Warrants |  | 401081 | 1813 |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 1831672744 |  |  |
|  Options Purchased | 22300 | 2487314 |  |
|  **Total** | $**1975244891** | $**47682744121** | $**657363583** |
|  **Liabilities** |  |  |  |
|  Options Written | $**(3333850)** | $**(2916188)** | $**(622** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Corporate Bond Commitment | $— | $— | $— |
|  Unfunded Loan Commitment |  |  | 1381967 |
|  Centrally Cleared Swaptions Written |  | 1379362 |  |
|  Futures Contracts | 258659466 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 41940110 |  |
|  OTC Cross Currency Exchange Contracts |  | 71320 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 108090030 | 10561074 |
|  Centrally Cleared Credit Default Swap Agreements |  | 42480997 |  |
|  OTC Credit Default Swap Agreements |  | 13482985 | 2143408 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 88005194 |  |
|  OTC Interest Rate Swap Agreements |  | 7821085 |  |
|  OTC Total Return Swap Agreements |  | 5202876 |  |
|  **Total** | $**258659466** | $**308473959** | $**14086449** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(139464511) | $— |
|  Centrally Cleared Swaptions Purchased |  | (14541565) |  |
|  Centrally Cleared Swaptions Written |  | (12926496) |  |
|  Futures Contracts | (2468975) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (99857151) |  |
|  OTC Cross Currency Exchange Contracts |  | (6362) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (116038877) | (3572830) |
|  Centrally Cleared Credit Default Swap Agreement |  | (5151827) |  |
|  OTC Credit Default Swap Agreements |  | (15978790) | (54206) |
|  Centrally Cleared Interest Rate Swap Agreements |  | (37663206) |  |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\* (continued)** |  |  |  |
|  **Liabilities (continued)** |  |  |  |
|  OTC Interest Rate Swap Agreements | $— | $(5716278) | $— |
|  OTC Total Return Swap Agreement |  | (1453054) |  |
|  **Total** | $**(2468975)** | $**(448798117)** | $**(3627036)** |

---

\* 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. Centrally cleared swaptions, 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. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **Sovereign<br>Bonds** |
|  **Balance as of 10/31/24** | $34206820 | $230081645 | $135982937 | $29258657 | $— |
|  Realized gain (loss) | (475180) | 71242 | 8568 | 559432 | (128952) |
|  Change in unrealized appreciation (depreciation) | 2089084 | (223996) | 6626970 | (1428716) | (367200) |
|  Purchase/Exchange/Issuances |  | 8066351 | 102607843 | 212282136 | 3051864 |
|  Sales/Paydowns | (6394867) | (4991475) | (512766) | (104815619) |  |
|  Accrued discount/premium |  | 28417 | 288442 | 30680 |  |
|  Transfer into Level 3\* |  |  |  |  |  |
|  Transfer out of Level 3\* |  |  |  |  |  |
|  **Balance as of 04/30/25** | $29425857 | $233032184 | $245001994 | $135886570 | $2555712 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $2089084 | $(136998) | $6626970 | $(1428716) | $(367200) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common**<br>**Stocks** | **Preferred<br>Stocks** | **Warrants** | **Options<br>Written** | **Unfunded<br>Corporate<br>Bond<br>Commitment** |
|  **Balance as of 10/31/24** | $24750254 | $1963231 | $2176 | $— | $— |
|  Realized gain (loss) | (60950) | 86990 |  |  |  |
|  Change in unrealized appreciation (depreciation) | (7469275) | 7034 | (363) | (622) |  |
|  Purchase/Exchange/Issuances | 28 |  |  |  |  |
|  Sales/Paydowns | (2779533) | (782910) |  |  |  |
|  Accrued discount/premium |  |  |  |  |  |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 251

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common**<br>**Stocks** | **Preferred<br>Stocks** | **Warrants** | **Options<br>Written** | **Unfunded<br>Corporate<br>Bond<br>Commitment** |
|  Transfer into Level 3\* | $— | $— | $— | $— | $— |
|  Transfer out of Level 3\* | (4255416) |  |  |  |  |
|  **Balance as of 04/30/25** | $10185108 | $1274345 | $1813 | $(622) |  |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $(7469275) | $7034 | $(363) | $(622) | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Unfunded<br>Loan<br>Commitments** | **OTC Packaged<br>Credit Default**<br>**Swap Agreements** | **OTC Credit<br>Default Swap**<br>**Agreements** |
|  **Balance as of 10/31/24** | $650424 | $11427044 | $60387 |
|  Realized gain (loss) |  | (16962237) | 1795861 |
|  Change in unrealized appreciation (depreciation) | 731543 |  | 1954018 |
|  Purchase/Exchange/Issuances |  | 18642745 |  |
|  Sales/Paydowns |  | (6119308) | (1721064) |
|  Accrued discount/premium |  |  |  |
|  Transfer into Level 3\* |  |  |  |
|  Transfer out of Level 3\* |  |  |  |
|  **Balance as of 04/30/25** | $1381967 | $6988244 | $2089202 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $746849 | $— | $1954018 |

---

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<br>of**<br>**April 30,**<br>**2025** | **Valuation<br>Approach** | **Valuation<br>Methodology** | **Unobservable<br>Inputs** | **Inputs<br>(Range)** |
|  Asset-Backed Securities- Residential Mortgage-Backed Securities | $1 | Market | Recovery Value | Recovery Rate | 0.00% |
|  Asset-Backed Securities- Residential Mortgage-Backed Securities | 29425856 | Market | Yield and Spread | Adjusted Spread | 400 bps |
|  Corporate Bonds | 14788310 | Market | Transaction-based | Unadjusted Price | NA |
|  Corporate Bonds |  | Market | Enterprise Value | Recovery Rate | 0.00% |
|  Floating Rate and Other Loans | 60832635 | Market | Enterprise Value | EBITDA Multiple | 6.0x |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Securities\*\*** | **Fair Value as**<br>**of**<br>**April 30,**<br>**2025** | **Valuation<br>Approach** | **Valuation<br>Methodology** | **Unobservable Inputs** | **Inputs<br>(Range)** |
|  Floating Rate and Other Loans | $49657200 | Market | Comparable Bond | Yield Curve Spread Discount | 150 bps |
|  Common Stocks |  | Market | Enterprise Value | Recovery Rate | 0.00% |
|  Preferred Stocks | 1274345 | Market | Enterprise Value | Recovery Rate | 11.54% |
|  Unfunded Corporate Bond Commitment |  | Market | Transaction-based | Unadjusted Price | NA |
|  Unfunded Loan Commitment | 1381967 | Market | Enterprise Value | EBITDA Multiple | 6.0x |
|  | $157360314 |  |  |  |  |

---

\*\* The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of April 30, 2025, the aggregate value of these securities and/or derivatives was $510,462,060. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes). 

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 20.4 |
|  Collateralized Loan Obligations | 20.2 |
|  Commercial Mortgage-Backed Securities | 10.8 |
|  Banks | 8.8 |
|  Residential Mortgage-Backed Securities | 4.4 |
|  Affiliated Mutual Funds (1.0% represents investments purchased with collateral from securities on loan) | 3.7 |
|  U.S. Treasury Obligations | 3.5 |
|  Sovereign Bonds | 3 |
|  Electric | 2.5 |
|  Telecommunications | 2 |
|  Pipelines | 1.9 |
|  Oil & Gas | 1.6 |
|  Healthcare-Services | 1.4 |
|  Automobiles | 1 |
|  Aerospace & Defense | 0.9 |
|  Diversified Financial Services | 0.8 |
|  Foods | 0.8 |
|  Pharmaceuticals | 0.8 |

---

---

| | |
|:---|:---|
|  Media | 0.8 |
|  Commercial Services | 0.8 |
|  Retail | 0.7 |
|  Auto Manufacturers | 0.7 |
|  Home Equity Loans | 0.7 |
|  Other | 0.7 |
|  Agriculture | 0.7 |
|  Real Estate Investment Trusts (REITs) | 0.6 |
|  Consumer Loans | 0.5 |
|  Insurance | 0.5 |
|  Chemicals | 0.5 |
|  Semiconductors | 0.5 |
|  Municipal Bonds | 0.4 |
|  Student Loans | 0.3 |
|  Airlines | 0.3 |
|  Software | 0.3 |
|  Machinery-Diversified | 0.3 |
|  Auto Parts & Equipment | 0.3 |
|  Holding Companies-Diversified | 0.3 |
|  Lodging | 0.2 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 253

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Mining | 0.2 |
|  Leisure Time | 0.2 |
|  Healthcare-Products | 0.2 |
|  Engineering & Construction | 0.2 |
|  Internet | 0.2 |
|  Metal Fabricate/Hardware | 0.2 |
|  Entertainment | 0.2 |
|  Affiliated Exchange-Traded Fund | 0.2 |
|  Credit Cards | 0.2 |
|  Beverages | 0.2 |
|  Computers | 0.2 |
|  Multi-National | 0.2 |
|  Gas | 0.2 |
|  Building Materials | 0.1 |
|  Transportation | 0.1 |
|  Distribution/Wholesale | 0.1 |
|  Investment Companies | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Biotechnology | 0.1 |
|  Home Builders | 0.1 |
|  Real Estate | 0.1 |
|  Packaging & Containers | 0.1 |
|  Iron/Steel | 0.1 |

---

---

| | |
|:---|:---|
|  Wireless Telecommunication Services | 0.1 |
|  Electrical Components & Equipment | 0.0 |
|  Electronics | 0.0 |
|  Office/Business Equipment | 0.0 |
|  Housewares | 0.0 |
|  Interactive Media & Services | 0.0 |
|  Education | 0.0 |
|  Capital Markets | 0.0 |
|  Cosmetics/Personal Care | 0.0 |
|  Household Products/Wares | 0.0 |
|  Forest Products & Paper | 0.0 |
|  Hotels, Restaurants & Leisure | 0.0 |
|  Oil & Gas Services | 0.0 |
|  Options Purchased | 0.0 |
|  Miscellaneous Manufacturing | 0.0 |
|  | 102.4 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (2.4) |
|  | 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, 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 April 30, 2025 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not**<br> **accounted for as hedging<br>instruments, carried at**<br> **fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Credit contracts | Due from/to broker-variation margin swaps and swaptions | $43,860,359\* | Due from/to broker-variation margin swaps and swaptions | $32,619,888\* |
|  Credit contracts | Premiums paid for OTC swap<br>agreements | 11038977 | Premiums received for OTC swap agreements | 15109290 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 125113218 | Unrealized depreciation on OTC swap agreements | 122410111 |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 71320 | Unrealized depreciation on OTC cross currency exchange contracts | 6362 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 41940110 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 99857151 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 258659466 \* | Due from/to broker-variation margin futures | 2468975 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 88005194 \* | Due from/to broker-variation margin swaps | 37663206 \* |
|  Interest rate contracts | Unaffiliated investments | 2509614 | Options written outstanding, at value | 6250660 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 13023961 | Unrealized depreciation on OTC swap agreements | 7169332 |
|  |  | $584222219 |  | $323554975 |

---

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

See Notes to Financial Statements.

PGIM Total Return Bond Fund 255

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 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**<br> **as hedging**<br> **instruments, carried at fair**<br> **value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures**  | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $(89177983) | $666516539 | $— | $— | $(583219116) |
|  Foreign exchange contracts |  |  |  | (103705797) |  |
|  Interest rate contracts | 3103195 | 131619 | (477359668) |  | 23659782 |
|  **Total** | $(86074788) | $666648158 | $(477359668) | $(103705797) | $(559559334) |

---

(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**<br> **as hedging instruments,**<br> **carried at fair value** | **Options<br>Purchased(2)** | **Options<br>Written** | **Futures**  | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $(14103223) | $(12774936) | $— | $— | $30103757 |
|  Foreign exchange contracts |  |  |  | (87572943) |  |
|  Interest rate contracts | 803879 | (1781670) | 572513908 |  | (3285546) |
|  **Total** | $(13299344) | $(14556606) | $572513908 | $(87572943) | $26818211 |

---

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

For the six months ended April 30, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $15957341 |
| &nbsp;&nbsp; Options Written (2) | 7963879722 |
| &nbsp;&nbsp; Futures Contracts - Long Positions (2) | 16669872106 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (2) | 899510448 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Purchased (3) | 2133193800 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Sold (3) | 8131304178 |
| &nbsp;&nbsp; Cross Currency Exchange Contracts (4) | 14831721 |
| &nbsp;&nbsp; Interest Rate Swap Agreements (2) | 10347471797 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Buy Protection (2) | 7405831633 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (2) | 9863269960 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| Total Return Swap Agreements (2) | $514590237 |

---

\* Average volume is based on average quarter end balances for the six months ended April 30, 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 | $464978543 | $(464978543) | $— |

---

#### 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 | $31553602 | $(39815432) | $(8261830) | $8261830 | $— |
| BNP | 1474540 | (1958531) | (483991) |  | (483991) |
| BNY |  | (1690662) | (1690662) | 839655 | (851007) |
| BOA | 16274930 | (21663917) | (5388987) | 5388987 |  |
| CITI | 46171092 | (41367678) | 4803414 | (3069464) | 1733950 |
| DB | 2786526 | (8253760) | (5467234) | 5467234 |  |
| GSI | 46852263 | (38419065) | 8433198 | (2000000) | 6433198 |
| HSBC | 2385840 | (66270396) | (63884556) | 63884556 |  |
| JPM | 9455690 | (2751727) | 6703963 | (5981457) | 722506 |
| MSI | 18757439 | (19384219) | (626780) | 626780 |  |
| SCB | 1537507 | (4590242) | (3052735) | 2912419 | (140316) |
| SSB | 10039189 | (693773) | 9345416 | (1357139) | 7988277 |
| TD | 6386282 | (609654) | 5776628 |  | 5776628 |
|  | $193674900 | $(247469056) | $(53794156) | $74973401 | $21179245 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 257

------

PGIM Total Return Bond Fund

Schedule of Investments (unaudited) (continued)

as of April 30, 2025

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

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

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

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Statement of Assets & Liabilities (unaudited)

as of April 30, 2025

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $464,978,543: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $49,800,596,488) | $48394605002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,920,819,734) | 1920747593 |
| &nbsp;&nbsp; Cash | 44835 |
| &nbsp;&nbsp; Foreign currency, at value (cost $61,050,940) | 60839410 |
| &nbsp;&nbsp; Cash segregated for counterparty - OTC | 950000 |
| &nbsp;&nbsp; Dividends and interest receivable | 332207559 |
| &nbsp;&nbsp; Receivable for investments sold | 234233845 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 138137179 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 70471177 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 41940110 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 11038977 |
| &nbsp;&nbsp; Unrealized appreciation on unfunded loan commitment | 1381967 |
| &nbsp;&nbsp; Due from broker—variation margin swaps and swaptions | 1065028 |
| &nbsp;&nbsp; Unrealized appreciation on OTC cross currency exchange contracts | 71320 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 5317043 |
| &nbsp;&nbsp; **Total Assets** | 51213051045 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 1031929366 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 474732847 |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $139,178,770) | 139464511 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 138027425 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 129579443 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 99857151 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 15109290 |
| &nbsp;&nbsp; Management fee payable | 15057118 |
| &nbsp;&nbsp; Dividends payable | 13109690 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 12483547 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $4,963,660) | 6250660 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 4254865 |
| &nbsp;&nbsp; Distribution fee payable | 816727 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 90472 |
| &nbsp;&nbsp; Directors' fees payable | 9795 |
| &nbsp;&nbsp; Unrealized depreciation on OTC cross currency exchange contracts | 6362 |
| &nbsp;&nbsp; **Total Liabilities** | 2080779269 |
| &nbsp;&nbsp; **Net Assets** | $49132271776 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $4095481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 58058164713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (8929988418) |
| &nbsp;&nbsp; **Net assets, April 30, 2025** | $49132271776 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 259

------

PGIM Total Return Bond Fund

Statement of Assets & Liabilities (unaudited) (continued)

as of April 30, 2025

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($2,229,220,803 ÷ 185,320,427 shares of common stock issued and outstanding) | $12.03 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.40 |
| &nbsp;&nbsp; Maximum offering price to public | $12.43 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($290,731,557 ÷ 24,193,870 shares of common stock issued and outstanding) | $12.02 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($277,627,039 ÷ 23,034,065 shares of common stock issued and outstanding) | $12.05 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($24,797,709,048 ÷ 2,068,678,376 shares of common stock issued and outstanding) | $11.99 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($38,450,733 ÷ 3,204,516 shares of common stock issued and outstanding) | $12.00 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($44,772,327 ÷ 3,730,477 shares of common stock issued and outstanding) | $12.00 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($21,453,760,269 ÷ 1,787,319,365 shares of common stock issued and outstanding) | $12.00 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Statement of Operations (unaudited)

Six Months Ended April 30, 2025

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $1243571080 |
| &nbsp;&nbsp; Affiliated dividend income | 16289199 |
| &nbsp;&nbsp; Unaffiliated dividend income | 5019224 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $323,450) | 324394 |
| &nbsp;&nbsp; **Total income** | 1265203897 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 94185837 |
| &nbsp;&nbsp; Distribution fee(a) | 5370069 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 41999 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $329,266)(a) | 14326149 |
| &nbsp;&nbsp; Custodian and accounting fees | 1344745 |
| &nbsp;&nbsp; Shareholders' reports | 794376 |
| &nbsp;&nbsp; Registration fees(a) | 439359 |
| &nbsp;&nbsp; Directors' fees | 307278 |
| &nbsp;&nbsp; Professional fees | 152766 |
| &nbsp;&nbsp; SEC registration fees | 89624 |
| &nbsp;&nbsp; Audit fee | 36373 |
| &nbsp;&nbsp; Miscellaneous | 344952 |
| &nbsp;&nbsp; **Total expenses** | 117433527 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (2449442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (352802) |
| &nbsp;&nbsp; **Net expenses** | 114631283 |
| &nbsp;&nbsp; Net investment income (loss) | 1150572614 |
| &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 $(42456)) | (586926594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 24162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (477359668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (103705797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 666648158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (559559334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (126083320) |
|  | (1186962393) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(186483)) | 761420612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 572513908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (87572943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (14556606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 26818211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 1879043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | 731543 |
|  | 1261233768 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 74271375 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1224843989 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 261

------

PGIM Total Return Bond Fund

Statement of Operations (unaudited) (continued)

Six Months Ended April 30, 2025

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R2** | **Class R4** | **Class R6** |
|  Distribution fee | 2745327 | 1515167 | 1058407 |  | 51168 |  |  |
|  Shareholder servicing fees |  |  |  |  | 20467 | 21532 |  |
|  Transfer agent's fees and expenses | 1222196 | 133829 | 170176 | 12451096 | 32777 | 33977 | 282098 |
|  Registration fees | 54548 | 24795 | 14380 | 198356 | 9918 | 8430 | 128932 |
|  Fee waiver and/or expense reimbursement | (79413) | (10953) | (25251) | (1128034) | (13457) | (11643) | (1180691) |
|  Distribution fee waiver |  |  | (352802) |  |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Statements of Changes in Net Assets (unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>**April 30, 2025** | **Year Ended**<br> **October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1150572614 | $2179203537 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (1186986555) | (850435681) |
| &nbsp;&nbsp; Affiliated net capital gain distributions received | 24162 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 1261233768 | 3725128124 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1224843989 | 5053895980 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (48077327) | (90829938) |
| &nbsp;&nbsp; Class C | (5518882) | (12076209) |
| &nbsp;&nbsp; Class R | (5821076) | (13107550) |
| &nbsp;&nbsp; Class Z | (576361195) | (1030449804) |
| &nbsp;&nbsp; Class R2 | (868867) | (1655462) |
| &nbsp;&nbsp; Class R4 | (967447) | (2319513) |
| &nbsp;&nbsp; Class R6 | (505094844) | (981611617) |
|  | (1142709638) | (2132050093) |
| &nbsp;&nbsp; Tax return of capital distributions |  |  |
| &nbsp;&nbsp; Class A |  | (1437763) |
| &nbsp;&nbsp; Class C |  | (191156) |
| &nbsp;&nbsp; Class R |  | (207482) |
| &nbsp;&nbsp; Class Z |  | (16311176) |
| &nbsp;&nbsp; Class R2 |  | (26205) |
| &nbsp;&nbsp; Class R4 |  | (36716) |
| &nbsp;&nbsp; Class R6 |  | (15538108) |
|  |  | (33748606) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 7406777127 | 17867354631 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1064485978 | 2025940839 |
| &nbsp;&nbsp; Cost of shares purchased | (8701219749) | (13031553471) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (229956644) | 6861741999 |
| &nbsp;&nbsp; Total increase (decrease) | (147822293) | 9749839280 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 49280094069 | 39530254789 |
| &nbsp;&nbsp; End of period | $49132271776 | $49280094069 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 263

------

PGIM Total Return Bond Fund

Financial Highlights (unaudited)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $12.01 | $11.19 | $11.59 | $14.59 | $14.76 | $15.06 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.26 | 0.54 | 0.49 | 0.35 | 0.31 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.02 | 0.82 | (0.23) | (2.91) | (0.13) | 0.30 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.28 | 1.36 | 0.26 | (2.56) | 0.18 | 0.65 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.26) | (0.53) | (0.61) | (0.44) | (0.35) | (0.44) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  | (0.01) | (0.05) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  |  | (0.50) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.26) | (0.54) | (0.66) | (0.44) | (0.35) | (0.95) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $12.03 | $12.01 | $11.19 | $11.59 | $14.59 | $14.76 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 2.35% | 12.28% | 2.10% | (17.86)% | 1.24% | 4.64% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $2229221 | $2206338 | $1824759 | $2008053 | $2758270 | $5060608 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $2214463 | $2042292 | $2035470 | $2296656 | $3625405 | $4694599 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.76 %<sup>(d)</sup> | 0.76% | 0.76% | 0.75% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.77 %<sup>(d)</sup> | 0.77% | 0.78% | 0.76% | 0.78% | 0.80% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.41 %<sup>(d)</sup> | 4.55% | 4.15% | 2.68% | 2.11% | 2.40% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 39% | 113% | 310% | 130% | 46% | 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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(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 Total Return Bond Fund

Financial Highlights (unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $11.99 | $11.17 | $11.58 | $14.57 | $14.74 | $15.05 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.22 | 0.45 | 0.40 | 0.26 | 0.21 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.03 | 0.82 | (0.23) | (2.91) | (0.13) | 0.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.25 | 1.27 | 0.17 | (2.65) | 0.08 | 0.54 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.22) | (0.44) | (0.53) | (0.34) | (0.25) | (0.34) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  | (0.01) | (0.05) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  |  | (0.50) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.22) | (0.45) | (0.58) | (0.34) | (0.25) | (0.85) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $12.02 | $11.99 | $11.17 | $11.58 | $14.57 | $14.74 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 2.07% | 11.46% | 1.27% | (18.42)% | 0.52% | 3.82% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $290732 | $322437 | $310104 | $356761 | $624724 | $763705 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $305545 | $324413 | $338939 | $487082 | $705707 | $727885 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.49 %<sup>(d)</sup> | 1.50% | 1.49% | 1.49% | 1.47% | 1.48% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.50 %<sup>(d)</sup> | 1.51% | 1.50% | 1.50% | 1.47% | 1.49% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.67 %<sup>(d)</sup> | 3.81% | 3.41% | 1.93% | 1.39% | 1.69% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 39% | 113% | 310% | 130% | 46% | 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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(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 Total Return Bond Fund 265

------

PGIM Total Return Bond Fund

Financial Highlights (unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $12.03 | $11.21 | $11.62 | $14.62 | $14.79 | $15.09 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.25 | 0.51 | 0.46 | 0.32 | 0.27 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.01 | 0.82 | (0.23) | (2.91) | (0.12) | 0.30 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.26 | 1.33 | 0.23 | (2.59) | 0.15 | 0.62 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.24) | (0.50) | (0.59) | (0.41) | (0.32) | (0.41) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions |  | (0.01) | (0.05) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains |  |  |  |  |  | (0.50) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.24) | (0.51) | (0.64) | (0.41) | (0.32) | (0.92) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $12.05 | $12.03 | $11.21 | $11.62 | $14.62 | $14.79 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 2.22% | 11.98% | 1.77% | (18.03)% | 0.99% | 4.37% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $277627 | $298219 | $304132 | $338271 | $503005 | $522645 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $284581 | $311709 | $332133 | $423633 | $521465 | $522378 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.01 %<sup>(d)</sup> | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.28 %<sup>(d)</sup> | 1.28% | 1.29% | 1.30% | 1.29% | 1.29% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.16 %<sup>(d)</sup> | 4.30% | 3.89% | 2.42% | 1.85% | 2.17% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 39% | 113% | 310% | 130% | 46% | 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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(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 Total Return Bond Fund

Financial Highlights (unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.96 | $11.15 | $11.55 | $14.54 | $14.71 | $15.01 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.57 | 0.52 | 0.39 | 0.35 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.02 | 0.81 | (0.23) | (2.91) | (0.13) | 0.30 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.30 | 1.38 | 0.29 | (2.52) | 0.22 | 0.69 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.56) | (0.64) | (0.47) | (0.39) | (0.48) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  | (0.01) | (0.05) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.50) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.27) | (0.57) | (0.69) | (0.47) | (0.39) | (0.99) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $11.99 | $11.96 | $11.15 | $11.55 | $14.54 | $14.71 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.57% | 12.51% | 2.28% | (17.57)% | 1.51% | 4.93% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $24797709 | $24451209 | $18260271 | $16247522 | $27785966 | $32816831 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $25024645 | $21919268 | $17843531 | $21834025 | $32125666 | $29367898 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.49 %<sup>(d)</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.50 %<sup>(d)</sup> | 0.50% | 0.51% | 0.52% | 0.51% | 0.52% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.68 %<sup>(d)</sup> | 4.81% | 4.43% | 2.92% | 2.37% | 2.67% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup> | 39% | 113% | 310% | 130% | 46% | 53% |

---

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

See Notes to Financial Statements.

PGIM Total Return Bond Fund 267

------

PGIM Total Return Bond Fund

Financial Highlights (unaudited) (continued)

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

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

(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 Total Return Bond Fund

Financial Highlights (unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R2 Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.98 | $11.16 | $11.56 | $14.55 | $14.72 | $15.02 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.25 | 0.53 | 0.47 | 0.34 | 0.29 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.02 | 0.81 | (0.22) | (2.91) | (0.13) | 0.30 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.27 | 1.34 | 0.25 | (2.57) | 0.16 | 0.63 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.51) | (0.60) | (0.42) | (0.33) | (0.42) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  | (0.01) | (0.05) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.50) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.25) | (0.52) | (0.65) | (0.42) | (0.33) | (0.93) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.00 | $11.98 | $11.16 | $11.56 | $14.55 | $14.72 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.29% | 12.15% | 1.88% | (17.89)% | 1.10% | 4.44% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $38451 | $42583 | $33851 | $38733 | $54918 | $87499 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $41273 | $38417 | $37134 | $47445 | $75003 | $77134 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.89 %<sup>(d)</sup> | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96 %<sup>(d)</sup> | 0.97% | 0.95% | 0.96% | 0.93% | 0.96% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.28 %<sup>(d)</sup> | 4.41% | 4.01% | 2.54% | 1.98% | 2.27% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup> | 39% | 113% | 310% | 130% | 46% | 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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(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 Total Return Bond Fund 269

------

PGIM Total Return Bond Fund

Financial Highlights (unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R4 Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.98 | $11.16 | $11.57 | $14.55 | $14.73 | $15.02 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 | 0.56 | 0.50 | 0.37 | 0.33 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.02 | 0.81 | (0.23) | (2.90) | (0.14) | 0.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | 1.37 | 0.27 | (2.53) | 0.19 | 0.68 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.54) | (0.63) | (0.45) | (0.37) | (0.46) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  | (0.01) | (0.05) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.50) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.27) | (0.55) | (0.68) | (0.45) | (0.37) | (0.97) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.00 | $11.98 | $11.16 | $11.57 | $14.55 | $14.73 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.41% | 12.43% | 2.13% | (17.68)% | 1.29% | 4.77% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $44772 | $44366 | $49884 | $65262 | $103030 | $121778 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $43421 | $50744 | $60376 | $88897 | $114912 | $99194 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.64 %<sup>(d)</sup> | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.69 %<sup>(d)</sup> | 0.68% | 0.68% | 0.68% | 0.66% | 0.70% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.53 %<sup>(d)</sup> | 4.67% | 4.26% | 2.77% | 2.23% | 2.50% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup> | 39% | 113% | 310% | 130% | 46% | 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 accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(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 Total Return Bond Fund

Financial Highlights (unaudited) (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | | | | | |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months**<br>**Ended**<br>**April 30,**<br>**2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $11.98 | $11.16 | $11.57 | $14.56 | $14.73 | $15.03 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.59 | 0.53 | 0.40 | 0.36 | 0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.02 | 0.81 | (0.23) | (2.90) | (0.12) | 0.30 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.30 | 1.40 | 0.30 | (2.50) | 0.24 | 0.71 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.28) | (0.57) | (0.66) | (0.49) | (0.41) | (0.50) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  | (0.01) | (0.05) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  |  | (0.50) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.28) | (0.58) | (0.71) | (0.49) | (0.41) | (1.01) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $12.00 | $11.98 | $11.16 | $11.57 | $14.56 | $14.73 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.54% | 12.71% | 2.39% | (17.53)% | 1.61% | 5.03% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $21453760 | $21914943 | $18747254 | $18996401 | $25136248 | $21400826 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $21463217 | $20421250 | $19675230 | $22463818 | $23688250 | $20511616 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.39 %<sup>(d)</sup> | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.40 %<sup>(d)</sup> | 0.40% | 0.40% | 0.40% | 0.40% | 0.41% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.78 %<sup>(d)</sup> | 4.91% | 4.52% | 3.05% | 2.47% | 2.78% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup> | 39% | 113% | 310% | 130% | 46% | 53% |

---

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

See Notes to Financial Statements.

PGIM Total Return Bond Fund 271

------

PGIM Total Return Bond Fund

Financial Highlights (unaudited) (continued)

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

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

(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.

------

Notes to Financial Statements (unaudited)

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

**1.** **Organization** 

Prudential Investment Portfolios, Inc. 17 (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 Maryland Corporation. These financial statements relate only to the following series of the RIC: PGIM Short Duration Multi-Sector Bond Fund and PGIM Total Return Bond Fund (each, a "Fund" and collectively, the Funds"). The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective(s)** |
| PGIM Short Duration Multi-Sector Bond Fund<br>("Short Duration Multi-Sector Bond") | To seek total return. |
| PGIM Total Return Bond Fund<br>("Total Return Bond") | To seek total return. |

---

**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.

During the reporting period, 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. PGIM Investments LLC ("PGIM Investments" or the "Manager") acts 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.

------

Notes to Financial Statements (unaudited) (continued)

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

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 Directors (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments 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.

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.

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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 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 Funds utilize 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.

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.

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 Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include 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

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Notes to Financial Statements (unaudited) (continued)

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

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 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

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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. Notwithstanding the above, the Funds do 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 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.

*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. Certain Funds enter into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their 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 Funds' 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:* Certain Funds 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 Funds may also use options to gain additional market exposure. The Funds' principal reason for writing options is

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Notes to Financial Statements (unaudited) (continued)

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

to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

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

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

*Financial Futures Contracts:* A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date.

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Upon entering into a financial futures contract, the Funds are 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 Funds 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.

Certain Funds invested in financial futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds 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 Funds since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Swap Agreements:* Certain Funds 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. Certain Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objective. Certain Funds used interest rate swaps to maintain their 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 Funds' 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

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Notes to Financial Statements (unaudited) (continued)

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

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.

Certain Funds are subject to credit risk in the normal course of pursuing their 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 Funds' maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap,

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represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Currency Swaps:* Certain Funds entered into currency swap agreements primarily to gain yield exposure on foreign bonds. Currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates.

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

*Floating Rate and Other Loans:* Certain Funds 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 Funds 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 Funds 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 Funds generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Funds 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 Funds may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Funds will assume the credit risk of both the borrower and the institution selling the participation to the Funds.

*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

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Notes to Financial Statements (unaudited) (continued)

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

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 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.

The RIC, on behalf of each 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 each Fund is held in a segregated account by each 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 each Fund is segregated by each 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 each Fund and the applicable counterparty. Collateral requirements are determined based on each Fund's net position with each counterparty. Termination events applicable to each Fund may occur upon a decline in each 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

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

*Payment-In-Kind:* Certain Funds 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:* Certain Funds 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

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Notes to Financial Statements (unaudited) (continued)

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

segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeit their eligibility to realize future gains (losses) with respect to the security.

*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.

*Mortgage Dollar Rolls:* Certain Funds entered into mortgage dollar rolls in which the Funds sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Funds forgoes principal and interest paid on the securities. The Funds are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the

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future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Funds maintains a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Funds are subject to the risk that the market value of the securities the Funds are 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 Funds become 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 each Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2025, the contractual and effective management fee rates were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Management Fee** | **Effective**<br> **Management Fee,**<br> **before any waiver**<br> **and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | 0.32% of average daily net assets up<br>to $5 billion;<br>0.31% of average daily net assets<br>over $5 billion. | 0.32% |
| &nbsp;&nbsp; Total Return Bond | 0.44% of average daily net assets up<br>to $1 billion;<br>0.42% of average daily net assets<br>from $1 billion to $3 billion;<br>0.40% of average daily net assets<br>from $3 billion to $5 billion;<br>0.39% of average daily net assets<br>from $5 billion to $10 billion;<br>0.38% of average daily net assets from<br>$10 billion to $50 billion;<br>0.37% of average daily net assets from<br>$50 billion to $100 billion;<br>and 0.36% of average daily net assets<br>over $100 billion. | 0.38 |

---

The Manager has contractually agreed, through February 28, 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:

---

| | |
|:---|:---|
| **Fund** | **Class Expense <br>Limitation** |
|  Short Duration Multi-Sector Bond - Class A | 0.85% |
|  Short Duration Multi-Sector Bond - Class C | 1.60 |
|  Short Duration Multi-Sector Bond - Class Z | 0.39 |
|  Short Duration Multi-Sector Bond - Class R6 | 0.32 |
|  Total Return Bond - Class A | 0.76 |
|  Total Return Bond - Class C | 1.51 |
|  Total Return Bond - Class R | 1.01 |
|  Total Return Bond - Class Z | 0.49 |
|  Total Return Bond - Class R2 | 0.89 |
|  Total Return Bond - Class R4 | 0.64 |
|  Total Return Bond - Class R6 | 0.39 |

---

Separately, the Manager has contractually agreed that to the extent the Fund invests in an ETF advised by PGIM Investments ("PGIM ETF"), the Manager will waive any management fees it receives from the Fund in an amount equal to the unitary management fee received by PGIM Investments from the PGIM ETF attributable to the Fund's investment in such PGIM ETF. This waiver will be effective at any time the Fund is invested in the PGIM ETF and will remain in effect for so long as the Fund is invested in the PGIM ETF, unless earlier terminated by agreement of the Board of the Fund.

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, Class R2, Class R4 and Class R6 shares of each Fund, as applicable. Each Fund compensates PIMS for distributing and servicing each Fund's Class A, Class C, Class R and Class R2 shares, as applicable, 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 February 28, 2026 to limit such fees on certain classes based on the average net assets. The distribution fees are accrued daily and payable monthly.

------

Notes to Financial Statements (unaudited) (continued)

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

The Total Return Bond Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to compensate Prudential Mutual Fund Services LLC ("PMFS"), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Gross Distribution Fee** | **Net Distribution Fee** | **Shareholder Service Fee** |
|  Short Duration Multi-Sector Bond - Class A | 0.25% | 0.25% | N/A% |
|  Short Duration Multi-Sector Bond - Class C | 1.00 | 1.00 | N/A |
|  Short Duration Multi-Sector Bond - Class Z | N/A | N/A | N/A |
|  Short Duration Multi-Sector Bond - Class R6 | N/A | N/A | N/A |
|  Total Return Bond - Class A | 0.25 | 0.25 | N/A |
|  Total Return Bond - Class C | 1.00 | 1.00 | N/A |
|  Total Return Bond - Class R | 0.75 | 0.50 | N/A |
|  Total Return Bond - Class Z | N/A | N/A | N/A |
|  Total Return Bond - Class R2 | 0.25 | 0.25 | 0.10 |
|  Total Return Bond - Class R4 | N/A | N/A | 0.10 |
|  Total Return Bond - Class R6 | N/A | N/A | N/A |

---

For the reporting period ended April 30, 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:

---

| | | |
|:---|:---|:---|
| **Fund** | **FESL** | **CDSC** |
|  Short Duration Multi-Sector Bond - Class A | $303681 | $56341 |
|  Short Duration Multi-Sector Bond - Class C |  | 6183 |
|  Total Return Bond - Class A | 696849 | 50671 |
|  Total Return Bond - Class C |  | 22241 |

---

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

------

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

PMFS serves as each Fund's transfer agent and shareholder servicing agent. Transfer agent's and shareholder servicing agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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

The 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 April 30, 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 April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | $3490574706 | $2560549513 |
| &nbsp;&nbsp; Total Return Bond | 19037548128 | 19006264392 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2025, is presented in thousands (000) as follows:

------

Notes to Financial Statements (unaudited) (continued)

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

#### Short Duration Multi-Sector Bond:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change**<br> **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** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF |  |
| &nbsp;&nbsp; $15230 | $61473 | $— | $(135) | $— | $76568 | &nbsp;&nbsp;&nbsp;&nbsp;1496 | $1309 | $24 |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;73741 | 1091189 | 1025117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 139813 | 139813 | 2054 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;42499 | &nbsp;&nbsp;&nbsp;&nbsp;392569 | &nbsp;&nbsp;&nbsp;&nbsp;380351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;54700 | 54738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83<sup>(1)</sup> |  |
| &nbsp;&nbsp; $116240 | $1483758 | $1405468 | $(1) | $(16) | $194513 |  | $2137 | $— |
| &nbsp;&nbsp; $131470 | $1545231 | $1405468 | $(136) | $(16) | $271081 |  | $3446 | $24 |

---

#### Total Return Bond:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change**<br> **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** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF |  |
| &nbsp;&nbsp; $25526 | $63735 | $— | $(186) | $— | $89075 | &nbsp;&nbsp;&nbsp;&nbsp;1740 | $1421 | $24 |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.478%)<sup>(wa)</sup> |  |
| &nbsp;&nbsp; 524074 | 6219540 | 5388111 | &nbsp;&nbsp;&nbsp;&nbsp;— |  | 1355503 | 1355503 | 14868 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.540%)<sup>(b)(wa)</sup> |  |
| &nbsp;&nbsp; 257037 | 1233456 | 1014281 | &nbsp;&nbsp;&nbsp;&nbsp;(—)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;476170 | &nbsp;&nbsp;&nbsp;&nbsp;476503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324<sup>(1)</sup> |  |
| &nbsp;&nbsp; $781111 | $7452996 | $6402392 | $(—) | $(42) | $1831673 |  | $15192 | $— |
| &nbsp;&nbsp; $806637 | $7516731 | $6402392 | $(186) | $(42) | $1920748 |  | $16613 | $24 |

---

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

<sup>(2)</sup> Amount rounds to zero. 

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

<sup>(wa)</sup> Represents investments in Funds 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 April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
| &nbsp;&nbsp; Short Duration<br> Multi-Sector Bond | $6537507240 | $121681959 | $(117141644) | $4540315 |
| &nbsp;&nbsp; Total Return Bond | 51666753280 | 1123635444 | (2354961043) | (1231325599) |

---

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 October 31, 2024 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; Short Duration Multi-Sector Bond | $171083000 | $— |
| &nbsp;&nbsp; Total Return Bond | 6644617000 |  |

---

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 October 31, 2024 are subject to such review.

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

Each Fund offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares, as applicable. Class A shares are sold with a maximum front-end sales charge of 2.25% for Short Duration Multi-Sector Bond Fund and 3.25% for Total Return Bond Fund. For Short Duration Multi-Sector Bond Fund, investors who purchase $250,000 or more of Class A shares and sell those shares within 18 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. For Total Return Bond Fund, investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z, Class R2, Class R4 and

------

Notes to Financial Statements (unaudited) (continued)

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

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 is authorized to issue 55,500,000,000 shares of common stock, $0.001 par value per share. The authorized shares of each Fund are currently classified and designated as follows:

---

| | |
|:---|:---|
| **Fund**<br>| <br> **Number of Shares** |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond - Class A | 250000000 |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond - Class C | 50000000 |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond - Class Z | 1500000000 |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond - Class T | 25000000 |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond - Class R6 | 1500000000 |
| &nbsp;&nbsp; Total Return Bond - Class A | 2200000000 |
| &nbsp;&nbsp; Total Return Bond - Class B | 5000000 |
| &nbsp;&nbsp; Total Return Bond - Class C | 500000000 |
| &nbsp;&nbsp; Total Return Bond - Class R | 500000000 |
| &nbsp;&nbsp; Total Return Bond - Class Z | 23000000000 |
| &nbsp;&nbsp; Total Return Bond - Class T | 470000000 |
| &nbsp;&nbsp; Total Return Bond - Class R2 | 400000000 |
| &nbsp;&nbsp; Total Return Bond - Class R4 | 400000000 |
| &nbsp;&nbsp; Total Return Bond - Class R6 | 19700000000 |

---

The Funds currently do not have any Class B or Class T shares outstanding, as applicable.

As of April 30, 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; Total Return Bond–Class Z | 395760 | 0.1% |
| &nbsp;&nbsp; Total Return Bond–Class R6 | 7018248 | 0.4 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond |  | —% |
| &nbsp;&nbsp; Total Return Bond |  |  |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | 6 | 82.3% |
| &nbsp;&nbsp; Total Return Bond | 7 | 66.3 |

---

#### Short Duration Multi-Sector Bond:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 23128589 | $205069320 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1872225 | 16592524 |
| &nbsp;&nbsp; Shares purchased | (11443239) | (101440225) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 13557575 | 120221619 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 730666 | 6475791 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (614519) | (5444726) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 13673722 | $121252684 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 50906049 | $448656371 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1809933 | 15946773 |
| &nbsp;&nbsp; Shares purchased | (22058434) | (194098457) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 30657548 | 270504687 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 924049 | 8139491 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1467241) | (12891792) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 30114356 | $265752386 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1234354 | $10956413 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 125593 | 1113661 |
| &nbsp;&nbsp; Shares purchased | (449097) | (3982693) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 910850 | 8087381 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (191681) | (1698295) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 719169 | $6389086 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2815046 | $24831837 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 123394 | 1087222 |
| &nbsp;&nbsp; Shares purchased | (713096) | (6270619) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2225344 | 19648440 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (256422) | (2263293) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1968922 | $17385147 |

---

------

Notes to Financial Statements (unaudited) (continued)

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

#### Short Duration Multi-Sector Bond (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 127542962 | $1134498886 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9505088 | 84566901 |
| &nbsp;&nbsp; Shares purchased | (62519676) | (555912725) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 74528374 | 663153062 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1271537 | 11331157 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (804226) | (7152719) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 74995685 | $667331500 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 230047273 | $2033805905 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9513854 | 84125198 |
| &nbsp;&nbsp; Shares purchased | (92589589) | (817926387) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 146971538 | 1300004716 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1164315 | 10266999 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (7540881) | (67686768) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 140594972 | $1242584947 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 68288167 | $605668252 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6810742 | 60390369 |
| &nbsp;&nbsp; Shares purchased | (32801654) | (290882802) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 42297255 | 375175819 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 468889 | 4154060 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (862046) | (7665268) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 41904098 | $371664611 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 101763775 | $895947582 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8037435 | 70813075 |
| &nbsp;&nbsp; Shares purchased | (54900670) | (482968376) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 54900540 | 483792281 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 7372137 | 65974112 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (174669) | (1538749) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 62098008 | $548227644 |

---

------

#### Total Return Bond:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 27672119 | $330981928 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3747798 | 44992063 |
| &nbsp;&nbsp; Shares purchased | (31450010) | (375888276) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (30093) | 85715 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4493978 | 53675606 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2910777) | (34803005) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1553108 | $18958316 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 61393773 | $736030152 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7188659 | 85990872 |
| &nbsp;&nbsp; Shares purchased | (51092118) | (609287510) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 17490314 | 212733514 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 8361281 | 99893870 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (5224597) | (62372786) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 20626998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250254598 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1665133 | $19893997 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 434203 | 5207361 |
| &nbsp;&nbsp; Shares purchased | (2904703) | (34699067) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (805367) | (9597709) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1884087) | (22462012) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2689454) | $(32059721) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 7542910 | $90177749 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 965177 | 11527869 |
| &nbsp;&nbsp; Shares purchased | (5687778) | (67717677) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2820309 | 33987941 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3689749) | (44068208) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (869440) | $(10080267) |
| &nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1338193 | $16022074 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 483421 | 5816454 |
| &nbsp;&nbsp; Shares purchased | (3576447) | (42880165) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1754833) | (21041637) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (712) | (8497) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1755545) | $(21050134) |

---

------

Notes to Financial Statements (unaudited) (continued)

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

#### Total Return Bond (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 3064058 | $36782128 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1110377 | 13301619 |
| &nbsp;&nbsp; Shares purchased | (6514000) | (78003339) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2339565) | (27919592) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (7162) | (85842) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2346727) | $(28005434) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 367132975 | $4379690614 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 44676972 | 534466976 |
| &nbsp;&nbsp; Shares purchased | (398262314) | (4742489303) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 13547633 | 171668287 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 16369856 | 196146939 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (4901770) | (58389974) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 25015719 | $309425252 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 856670876 | $10218646742 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 81699371 | 974088708 |
| &nbsp;&nbsp; Shares purchased | (519167690) | (6172377851) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 419202557 | 5020357599 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5802554 | 69041015 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (19572980) | (238593971) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 405432131 | $4850804643 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 384261 | $4586429 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 72296 | 865659 |
| &nbsp;&nbsp; Shares purchased | (807709) | (9612945) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (351152) | $(4160857) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1508122 | $17852002 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 140499 | 1677456 |
| &nbsp;&nbsp; Shares purchased | (1126920) | (13422286) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 521701 | $6107172 |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 823997 | $9824074 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 50513 | 605291 |
| &nbsp;&nbsp; Shares purchased | (847694) | (10142265) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 26816 | $287100 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1919944 | $22873681 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 109953 | 1311743 |
| &nbsp;&nbsp; Shares purchased | (2796245) | (33230723) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (766348) | $(9045299) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended April 30, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 221621954 | $2645778011 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 39436003 | 472532174 |
| &nbsp;&nbsp; Shares purchased | (291784034) | (3485507728) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (30726077) | (367197543) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 2860660 | 34139072 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (14009045) | (168298129) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (41874462) | $(501356600) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 565834136 | $6744992177 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 78595022 | 938042572 |
| &nbsp;&nbsp; Shares purchased | (509158881) | (6057514085) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 135270277 | 1625520664 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 15666658 | 192385520 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1359723) | (16199598) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 149577212 | $1801706586 |

---

**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 |

---

------

Notes to Financial Statements (unaudited) (continued)

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

---

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

---

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 did not utilize the SCA during the reporting period ended April 30, 2025.

**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** | **Short Duration<br>Multi-Sector**<br> **Bond** | **Total Return <br>Bond** |
| &nbsp;&nbsp; Collarteralized Loan Obligations |  | X |
| &nbsp;&nbsp; Covenant-Lite | X | X |
| &nbsp;&nbsp; Credit | X | X |
| &nbsp;&nbsp; Currency | X | X |
| &nbsp;&nbsp; Debt Obligations | X | X |
| &nbsp;&nbsp; Derivatives | X | X |
| &nbsp;&nbsp; Economic and Market Events | X | X |
| &nbsp;&nbsp; Emerging Markets |  | X |
| &nbsp;&nbsp; Floating Rate and Other Loans | X | X |
| &nbsp;&nbsp; Foreign Securities | X | X |
| &nbsp;&nbsp; Increase in Expenses | X | X |
| &nbsp;&nbsp; Interest Rate | X | X |
| &nbsp;&nbsp; Junk Bonds | X | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X |
| &nbsp;&nbsp; Liquidity | X | X |

---

------

---

| | | |
|:---|:---|:---|
| **Risks** | **Short Duration<br>Multi-Sector<br>Bond** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return** <br> **Bond** |
| &nbsp;&nbsp; Management | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X |
| &nbsp;&nbsp; Market | X | X |
| &nbsp;&nbsp; Mortgage-Backed and Asset-Backed Securities | X | X |
| &nbsp;&nbsp; Portfolio Turnover |  | X |
| &nbsp;&nbsp; Structured Products |  | X |
| &nbsp;&nbsp; U.S. Government and Agency Securities | X | X |

---

*Collateralized Loan Obligations ("CLOs") Risk:* CLOs are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of CLOs may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets.

*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:* This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

*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.

------

Notes to Financial Statements (unaudited) (continued)

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

*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 the 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-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

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

*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 OTC 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

------

Notes to Financial Statements (unaudited) (continued)

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

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. 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." For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund,

------

prepayment risk may be enhanced. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

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

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

------

Notes to Financial Statements (unaudited) (continued)

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

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as 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.

*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.

*Portfolio Turnover Risk:* The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance.

*Structured Products Risk:* Holders of structured product securities bear risks of the underlying investments, index or reference obligation. Certain structured products may be thinly traded or have a limited trading market, and as a result may be characterized as illiquid. The possible lack of a liquid secondary market for structured securities and the resulting inability of the Fund to sell a structured security could expose the Fund to losses and could make structured securities more difficult for the Fund to value accurately, which may also result in additional costs. Structured products are also subject to credit risk; the assets backing the structured product may be insufficient to pay interest or principal. In addition to the general risks associated with investments in fixed income, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured securities are generally privately negotiated debt obligations where the principal and/or interest or value of the structured security is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate ("reference instrument"), and changes in the reference instrument or security may cause significant price fluctuations, or could cause the interest rate on the structured security to be reduced to zero. Holders of structured products indirectly bear risks associated with the reference instrument, are subject to counterparty risk and typically do not have direct rights against the reference instrument. Structured products may also entail structural complexity and documentation risk and there is no guarantee that the courts or administrators will interpret the priority of principal and interest payments as expected.

*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

------

Notes to Financial Statements (unaudited) (continued)

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

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.** **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 April 30, 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. - None.

------

---

| | |
|:---|:---|
|  Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable. |
|  Item 13 – | Portfolio Managers of Closed-End Management Investment Companies – Not applicable. |
|  Item 14 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable. |
|  Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors. |
|  Item 16 – | Controls and Procedures |
|  | (a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
|  | (b) There has been no significant change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
|  Item 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable. |
|  Item 18 – | Recovery of Erroneously Awarded Compensation – Not applicable. |
|  Item 19 – | Exhibits |
|  | (a)(1) Code of Ethics – Not required, as this is not an annual filing. |
|  | (a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable. |
|  | [(a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d899762dex99cert.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.](d899762dex99906cert.htm) |

---

------

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

---

| | |
|:---|:---|
| Registrant:  | <u>Prudential Investment Portfolios, Inc. 17</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | June 20, 2025 |

---

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

---

| | |
|:---|:---|
| By:  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | June 20, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | June 20, 2025 |

---

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios, Inc. 17** 

Semi-Annual period ending 4/30/25

File No. 811-07215

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

I, Stuart S. Parker, certify that:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; and

------

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

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

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

June 20, 2025

---

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

---

------

Item 19

**Prudential Investment Portfolios, Inc. 17** 

Semi-Annual period ending 4/30/25

File No. 811-07215

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

I, Christian J. Kelly, certify that:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; and

------

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

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

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

June 20, 2025

---

| |
|:---|
| <u>/s/ Christian J. Kelly</u> |
| Christian J. Kelly |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios, Inc. 17</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.

---

| | |
|:---|:---|
| June 20, 2025 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| June 20, 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.*