# EDGAR Filing Document

**Accession Number:** 0001104631
**File Stem:** 0001193125-26-189400
**Filing Date:** 2026-4
**Character Count:** 632275
**Document Hash:** d197cb9650f5293754bb4ccf1ad9e129
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-189400.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-189400

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09805
- **FILM NUMBER:** 26910911

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-09805 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 3 |
| (This Form N-CSR relates solely to the Registrant's: PGIM Jennison Focused Growth Fund, PGIM Quant Solutions Large-Cap Value Fund and PGIM Strategic Bond Fund) | (This Form N-CSR relates solely to the Registrant's: PGIM Jennison Focused Growth Fund, PGIM Quant Solutions Large-Cap Value Fund and PGIM Strategic Bond Fund) |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup>Floor<br>Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French<br>655 Broad Street, 6<sup>th</sup>Floor<br>Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 2/28/2026 |
| Date of reporting period: | 2/28/2026 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g144212g1tsrbanner_2026.jpg)

PGIM Jennison Focused Growth Fund

Class A:

SPFAX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class A shares of PGIM Jennison Focused Growth Fund (the "Fund") for

the period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Focused Growth Fund—Class A | $108 | 1.03% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

U.S. equities generated solid gains over the reporting period, driven by resilient corporate earnings, easing inflation pressures, and sustained

enthusiasm for secular growth themes, including artificial intelligence (AI) and digital transformation. Market leadership broadened (rather than

being concentrated in a few mega-cap technology or AI-related stocks), while volatility increased later in the period as investors reassessed the

pace of AI-related investment returns amid elevated embedded expectations. A supportive economic backdrop, together with continued

technological adoption, helped sustain confidence in longer-term growth opportunities.

■

Stock selection was strong within the industrials sector, especially aerospace & defense, adding the most value relative to the Russell 1000

Growth Index (the Index). The Fund's security selection within the information technology and consumer staples sectors, along with its

underweight to the financials sector, also supported relative results for the period.

■

While the Fund produced solid absolute performance, relative returns fell short of the Index. Security selection within the communication

services, health care, and consumer discretionary sectors, along with an underweight to the information technology and a modest overweight to

the health care sectors, detracted the most from the Fund's performance relative to the Index.

MF500EA

![](g144212g1pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g1focusedgrowth_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 3.81% | 5.27% | 15.71% |
| Class A without sales charges | 9.85% | 6.47% | 16.37% |
| S&P 500 Index | 16.99% | 14.19% | 15.50% |
| Russell 1000 Growth Index | 14.78% | 14.36% | 18.23% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1603244471<br>|
| Number of fund holdings | 38 |
| Total advisory fees paid for the year | $10702994<br>|
| Portfolio turnover rate for the year | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 20.2% |
| Software | 14.3% |
| Interactive Media & Services | 12.7% |
| Broadline Retail | 8.2% |
| Technology Hardware, Storage & Peripherals | 8.2% |
| Aerospace & Defense | 5.7% |
| Entertainment | 5.4% |
| Pharmaceuticals | 5.1% |
| Automobiles | 3.6% |
| Financial Services | 3.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.8% represents investments purchased with <br>collateral from securities on loan)<br>| 3.1% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 3.0% |
| IT Services | 2.4% |
| Health Care Equipment & Supplies | 2.0% |
| Electric Utilities | 1.8% |
| Electronic Equipment, Instruments & Components | 1.4% |
| Specialty Retail | 1.1% |
| Biotechnology | 1.0% |
|  | 102.8% |
| Liabilities in excess of other assets | (2.8)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Focused Growth Fund

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

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

MF500EA

![](g144212g1pgimlogo_2026.jpg)

------

![](g144212g2tsrbanner_2026.jpg)

PGIM Jennison Focused Growth Fund

Class C:

SPFCX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class C shares of PGIM Jennison Focused Growth Fund (the "Fund") for

the period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Focused Growth Fund—Class C | $186 | 1.78% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

U.S. equities generated solid gains over the reporting period, driven by resilient corporate earnings, easing inflation pressures, and sustained

enthusiasm for secular growth themes, including artificial intelligence (AI) and digital transformation. Market leadership broadened (rather than

being concentrated in a few mega-cap technology or AI-related stocks), while volatility increased later in the period as investors reassessed the

pace of AI-related investment returns amid elevated embedded expectations. A supportive economic backdrop, together with continued

technological adoption, helped sustain confidence in longer-term growth opportunities.

■

Stock selection was strong within the industrials sector, especially aerospace & defense, adding the most value relative to the Russell 1000

Growth Index (the Index). The Fund's security selection within the information technology and consumer staples sectors, along with its

underweight to the financials sector, also supported relative results for the period.

■

While the Fund produced solid absolute performance, relative returns fell short of the Index. Security selection within the communication

services, health care, and consumer discretionary sectors, along with an underweight to the information technology and a modest overweight to

the health care sectors, detracted the most from the Fund's performance relative to the Index.

MF500EC

![](g144212g2pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g2focusedgrowth_c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 8.04% | 5.66% | 15.50% |
| Class C without sales charges | 9.04% | 5.66% | 15.50% |
| S&P 500 Index | 16.99% | 14.19% | 15.50% |
| Russell 1000 Growth Index | 14.78% | 14.36% | 18.23% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1603244471<br>|
| Number of fund holdings | 38 |
| Total advisory fees paid for the year | $10702994<br>|
| Portfolio turnover rate for the year | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 20.2% |
| Software | 14.3% |
| Interactive Media & Services | 12.7% |
| Broadline Retail | 8.2% |
| Technology Hardware, Storage & Peripherals | 8.2% |
| Aerospace & Defense | 5.7% |
| Entertainment | 5.4% |
| Pharmaceuticals | 5.1% |
| Automobiles | 3.6% |
| Financial Services | 3.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.8% represents investments purchased with <br>collateral from securities on loan)<br>| 3.1% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 3.0% |
| IT Services | 2.4% |
| Health Care Equipment & Supplies | 2.0% |
| Electric Utilities | 1.8% |
| Electronic Equipment, Instruments & Components | 1.4% |
| Specialty Retail | 1.1% |
| Biotechnology | 1.0% |
|  | 102.8% |
| Liabilities in excess of other assets | (2.8)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Focused Growth Fund

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

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

MF500EC

![](g144212g2pgimlogo_2026.jpg)

------

![](g144212g3tsrbanner_2026.jpg)

PGIM Jennison Focused Growth Fund

Class Z:

SPFZX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Focused Growth Fund (the "Fund") for

the period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Focused Growth Fund—Class Z | $79 | 0.75% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

U.S. equities generated solid gains over the reporting period, driven by resilient corporate earnings, easing inflation pressures, and sustained

enthusiasm for secular growth themes, including artificial intelligence (AI) and digital transformation. Market leadership broadened (rather than

being concentrated in a few mega-cap technology or AI-related stocks), while volatility increased later in the period as investors reassessed the

pace of AI-related investment returns amid elevated embedded expectations. A supportive economic backdrop, together with continued

technological adoption, helped sustain confidence in longer-term growth opportunities.

■

Stock selection was strong within the industrials sector, especially aerospace & defense, adding the most value relative to the Russell 1000

Growth Index (the Index). The Fund's security selection within the information technology and consumer staples sectors, along with its

underweight to the financials sector, also supported relative results for the period.

■

While the Fund produced solid absolute performance, relative returns fell short of the Index. Security selection within the communication

services, health care, and consumer discretionary sectors, along with an underweight to the information technology and a modest overweight to

the health care sectors, detracted the most from the Fund's performance relative to the Index.

MF500EZ

![](g144212g3pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g3focusedgrowth_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 10.19% | 6.78% | 16.71% |
| S&P 500 Index | 16.99% | 14.19% | 15.50% |
| Russell 1000 Growth Index | 14.78% | 14.36% | 18.23% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1603244471<br>|
| Number of fund holdings | 38 |
| Total advisory fees paid for the year | $10702994<br>|
| Portfolio turnover rate for the year | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 20.2% |
| Software | 14.3% |
| Interactive Media & Services | 12.7% |
| Broadline Retail | 8.2% |
| Technology Hardware, Storage & Peripherals | 8.2% |
| Aerospace & Defense | 5.7% |
| Entertainment | 5.4% |
| Pharmaceuticals | 5.1% |
| Automobiles | 3.6% |
| Financial Services | 3.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.8% represents investments purchased with <br>collateral from securities on loan)<br>| 3.1% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 3.0% |
| IT Services | 2.4% |
| Health Care Equipment & Supplies | 2.0% |
| Electric Utilities | 1.8% |
| Electronic Equipment, Instruments & Components | 1.4% |
| Specialty Retail | 1.1% |
| Biotechnology | 1.0% |
|  | 102.8% |
| Liabilities in excess of other assets | (2.8)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Focused Growth Fund

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

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

MF500EZ

![](g144212g3pgimlogo_2026.jpg)

------

![](g144212g4tsrbanner_2026.jpg)

PGIM Jennison Focused Growth Fund

Class R6:

PSGQX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

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

for the period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Focused Growth Fund—Class R6 | $70 | 0.67% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

U.S. equities generated solid gains over the reporting period, driven by resilient corporate earnings, easing inflation pressures, and sustained

enthusiasm for secular growth themes, including artificial intelligence (AI) and digital transformation. Market leadership broadened (rather than

being concentrated in a few mega-cap technology or AI-related stocks), while volatility increased later in the period as investors reassessed the

pace of AI-related investment returns amid elevated embedded expectations. A supportive economic backdrop, together with continued

technological adoption, helped sustain confidence in longer-term growth opportunities.

■

Stock selection was strong within the industrials sector, especially aerospace & defense, adding the most value relative to the Russell 1000

Growth Index (the Index). The Fund's security selection within the information technology and consumer staples sectors, along with its

underweight to the financials sector, also supported relative results for the period.

■

While the Fund produced solid absolute performance, relative returns fell short of the Index. Security selection within the communication

services, health care, and consumer discretionary sectors, along with an underweight to the information technology and a modest overweight to

the health care sectors, detracted the most from the Fund's performance relative to the Index.

MF500ER6

![](g144212g4pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g4focusedgrowth_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 10.25% | 6.87% | 16.79% |
| S&P 500 Index | 16.99% | 14.19% | 15.50% |
| Russell 1000 Growth Index | 14.78% | 14.36% | 18.23% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1603244471<br>|
| Number of fund holdings | 38 |
| Total advisory fees paid for the year | $10702994<br>|
| Portfolio turnover rate for the year | 30% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Semiconductors & Semiconductor Equipment | 20.2% |
| Software | 14.3% |
| Interactive Media & Services | 12.7% |
| Broadline Retail | 8.2% |
| Technology Hardware, Storage & Peripherals | 8.2% |
| Aerospace & Defense | 5.7% |
| Entertainment | 5.4% |
| Pharmaceuticals | 5.1% |
| Automobiles | 3.6% |
| Financial Services | 3.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.8% represents investments purchased with <br>collateral from securities on loan)<br>| 3.1% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Consumer Staples Distribution & Retail | 3.0% |
| IT Services | 2.4% |
| Health Care Equipment & Supplies | 2.0% |
| Electric Utilities | 1.8% |
| Electronic Equipment, Instruments & Components | 1.4% |
| Specialty Retail | 1.1% |
| Biotechnology | 1.0% |
|  | 102.8% |
| Liabilities in excess of other assets | (2.8)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Focused Growth Fund

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

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

MF500ER6

![](g144212g4pgimlogo_2026.jpg)

------

![](g144212g5tsrbanner_2026.jpg)

PGIM Quant Solutions Large-Cap Value Fund

Class A:

SUVAX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

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

"Fund") for the period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Large-Cap Value Fund—Class A | $122 | 1.11% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Over the reporting period, the stock market saw a sharp but brief downturn driven by tariff uncertainty, which was ultimately overshadowed by

enthusiasm over artificial intelligence (AI), earnings growth, interest rate cuts, and investor resilience to volatility. As a result, the market

continued to post strong gains for the period as a whole, with U.S. large-cap stocks (as measured by the Russell 1000 Index) advancing

16.74%. Value outpaced growth, with the Russell 1000 Value Index (up by 18.36%) outperforming the Russell 1000 Growth Index (up by

14.78%) by over 3.5%.

■

PGIM Quantitative Solutions' focus on stocks with low valuations and attractive business prospects drove relative performance, as the Fund

outperformed the Russell 1000 Value Index (the Index) in six of the 11 economic sectors.

■

The top contributors to performance relative to the Index came from the financials, consumer discretionary, utilities, and health care sectors.

Outperformance in financials was predominantly driven by stock selection across the financial services, capital markets, and insurance

industries, while positive results in consumer discretionary were broadly distributed across a handful of industries. Within utilities, gains were

primarily driven by positioning in electric utilities. In health care, gains reflected an overweight in health care facilities (up over 57% for the

period) combined with an underweight in the managed health care industry (down over 33%).

■

The top detractors from performance relative to the Index came from positioning in the communication services and energy sectors.

MF502EA

![](g144212g5pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g5largecapvalue_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 13.74% | 9.80% | 9.73% |
| Class A without sales charges | 20.36% | 11.05% | 10.36% |
| S&P 500 Index | 16.99% | 14.19% | 15.50% |
| Russell 1000 Value Index | 18.36% | 11.79% | 11.90% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $254533966<br>|
| Number of fund holdings | 270 |
| Total advisory fees paid for the year | $1501559<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Oil, Gas & Consumable Fuels | 6.1% |
| Pharmaceuticals | 6.0% |
| Semiconductors & Semiconductor Equipment | 5.9% |
| Capital Markets | 5.4% |
| Banks | 4.2% |
| Insurance | 4.0% |
| Interactive Media & Services | 3.8% |
| Machinery | 3.8% |
| Diversified Telecommunication Services | 3.7% |
| Electric Utilities | 3.1% |
| Health Care Providers & Services | 3.0% |
| Software | 2.9% |
| Aerospace & Defense | 2.8% |
| Consumer Staples Distribution & Retail | 2.6% |
| Biotechnology | 2.3% |
| Financial Services | 2.3% |
| IT Services | 2.2% |
| Health Care Equipment & Supplies | 1.9% |
| Electrical Equipment | 1.8% |
| Metals & Mining | 1.7% |
| Specialty Retail | 1.7% |
| Life Sciences Tools & Services | 1.6% |
| Passenger Airlines | 1.5% |
| Building Products | 1.5% |
| Air Freight & Logistics | 1.4% |
| Multi-Utilities | 1.4% |
| Hotels, Restaurants & Leisure | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Specialized REITs | 1.4% |
| Tobacco | 1.3% |
| Food Products | 1.3% |
| Communications Equipment | 1.2% |
| Technology Hardware, Storage & Peripherals | 1.2% |
| Chemicals | 1.1% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Broadline Retail | 1.0% |
| Industrial Conglomerates | 1.0% |
| Gas Utilities | 0.9% |
| Media | 0.9% |
| Hotel & Resort REITs | 0.8% |
| Real Estate Management & Development | 0.7% |
| Automobiles | 0.6% |
| Retail REITs | 0.6% |
| Commercial Services & Supplies | 0.6% |
| Household Products | 0.5% |
| Marine Transportation | 0.5% |
| Beverages | 0.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
| Others\* | 2.7% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\*\* |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Quant Solutions Large-Cap Value Fund

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

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

MF502EA

![](g144212g5pgimlogo_2026.jpg)

------

![](g144212g6tsrbanner_2026.jpg)

PGIM Quant Solutions Large-Cap Value Fund

Class C:

SUVCX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

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

"Fund") for the period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Large-Cap Value Fund—Class C | $233 | 2.13% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Over the reporting period, the stock market saw a sharp but brief downturn driven by tariff uncertainty, which was ultimately overshadowed by

enthusiasm over artificial intelligence (AI), earnings growth, interest rate cuts, and investor resilience to volatility. As a result, the market

continued to post strong gains for the period as a whole, with U.S. large-cap stocks (as measured by the Russell 1000 Index) advancing

16.74%. Value outpaced growth, with the Russell 1000 Value Index (up by 18.36%) outperforming the Russell 1000 Growth Index (up by

14.78%) by over 3.5%.

■

PGIM Quantitative Solutions' focus on stocks with low valuations and attractive business prospects drove relative performance, as the Fund

outperformed the Russell 1000 Value Index (the Index) in six of the 11 economic sectors.

■

The top contributors to performance relative to the Index came from the financials, consumer discretionary, utilities, and health care sectors.

Outperformance in financials was predominantly driven by stock selection across the financial services, capital markets, and insurance

industries, while positive results in consumer discretionary were broadly distributed across a handful of industries. Within utilities, gains were

primarily driven by positioning in electric utilities. In health care, gains reflected an overweight in health care facilities (up over 57% for the

period) combined with an underweight in the managed health care industry (down over 33%).

■

The top detractors from performance relative to the Index came from positioning in the communication services and energy sectors.

MF502EC

![](g144212g6pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g6largecapvalue_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 18.02% | 9.93% | 9.30% |
| Class C without sales charges | 19.02% | 9.93% | 9.30% |
| S&P 500 Index | 16.99% | 14.19% | 15.50% |
| Russell 1000 Value Index | 18.36% | 11.79% | 11.90% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $254533966<br>|
| Number of fund holdings | 270 |
| Total advisory fees paid for the year | $1501559<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Oil, Gas & Consumable Fuels | 6.1% |
| Pharmaceuticals | 6.0% |
| Semiconductors & Semiconductor Equipment | 5.9% |
| Capital Markets | 5.4% |
| Banks | 4.2% |
| Insurance | 4.0% |
| Interactive Media & Services | 3.8% |
| Machinery | 3.8% |
| Diversified Telecommunication Services | 3.7% |
| Electric Utilities | 3.1% |
| Health Care Providers & Services | 3.0% |
| Software | 2.9% |
| Aerospace & Defense | 2.8% |
| Consumer Staples Distribution & Retail | 2.6% |
| Biotechnology | 2.3% |
| Financial Services | 2.3% |
| IT Services | 2.2% |
| Health Care Equipment & Supplies | 1.9% |
| Electrical Equipment | 1.8% |
| Metals & Mining | 1.7% |
| Specialty Retail | 1.7% |
| Life Sciences Tools & Services | 1.6% |
| Passenger Airlines | 1.5% |
| Building Products | 1.5% |
| Air Freight & Logistics | 1.4% |
| Multi-Utilities | 1.4% |
| Hotels, Restaurants & Leisure | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Specialized REITs | 1.4% |
| Tobacco | 1.3% |
| Food Products | 1.3% |
| Communications Equipment | 1.2% |
| Technology Hardware, Storage & Peripherals | 1.2% |
| Chemicals | 1.1% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Broadline Retail | 1.0% |
| Industrial Conglomerates | 1.0% |
| Gas Utilities | 0.9% |
| Media | 0.9% |
| Hotel & Resort REITs | 0.8% |
| Real Estate Management & Development | 0.7% |
| Automobiles | 0.6% |
| Retail REITs | 0.6% |
| Commercial Services & Supplies | 0.6% |
| Household Products | 0.5% |
| Marine Transportation | 0.5% |
| Beverages | 0.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
| Others\* | 2.7% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\*\* |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Quant Solutions Large-Cap Value Fund

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

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

MF502EC

![](g144212g6pgimlogo_2026.jpg)

------

![](g144212g7tsrbanner_2026.jpg)

PGIM Quant Solutions Large-Cap Value Fund

Class R:

PRVRX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

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

"Fund") for the period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Large-Cap Value Fund—Class R | $145 | 1.32% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Over the reporting period, the stock market saw a sharp but brief downturn driven by tariff uncertainty, which was ultimately overshadowed by

enthusiasm over artificial intelligence (AI), earnings growth, interest rate cuts, and investor resilience to volatility. As a result, the market

continued to post strong gains for the period as a whole, with U.S. large-cap stocks (as measured by the Russell 1000 Index) advancing

16.74%. Value outpaced growth, with the Russell 1000 Value Index (up by 18.36%) outperforming the Russell 1000 Growth Index (up by

14.78%) by over 3.5%.

■

PGIM Quantitative Solutions' focus on stocks with low valuations and attractive business prospects drove relative performance, as the Fund

outperformed the Russell 1000 Value Index (the Index) in six of the 11 economic sectors.

■

The top contributors to performance relative to the Index came from the financials, consumer discretionary, utilities, and health care sectors.

Outperformance in financials was predominantly driven by stock selection across the financial services, capital markets, and insurance

industries, while positive results in consumer discretionary were broadly distributed across a handful of industries. Within utilities, gains were

primarily driven by positioning in electric utilities. In health care, gains reflected an overweight in health care facilities (up over 57% for the

period) combined with an underweight in the managed health care industry (down over 33%).

■

The top detractors from performance relative to the Index came from positioning in the communication services and energy sectors.

MF502ER

![](g144212g7pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g7largecapvalue_r.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R | 20.02% | 10.82% | 10.13% |
| S&P 500 Index | 16.99% | 14.19% | 15.50% |
| Russell 1000 Value Index | 18.36% | 11.79% | 11.90% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $254533966<br>|
| Number of fund holdings | 270 |
| Total advisory fees paid for the year | $1501559<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Oil, Gas & Consumable Fuels | 6.1% |
| Pharmaceuticals | 6.0% |
| Semiconductors & Semiconductor Equipment | 5.9% |
| Capital Markets | 5.4% |
| Banks | 4.2% |
| Insurance | 4.0% |
| Interactive Media & Services | 3.8% |
| Machinery | 3.8% |
| Diversified Telecommunication Services | 3.7% |
| Electric Utilities | 3.1% |
| Health Care Providers & Services | 3.0% |
| Software | 2.9% |
| Aerospace & Defense | 2.8% |
| Consumer Staples Distribution & Retail | 2.6% |
| Biotechnology | 2.3% |
| Financial Services | 2.3% |
| IT Services | 2.2% |
| Health Care Equipment & Supplies | 1.9% |
| Electrical Equipment | 1.8% |
| Metals & Mining | 1.7% |
| Specialty Retail | 1.7% |
| Life Sciences Tools & Services | 1.6% |
| Passenger Airlines | 1.5% |
| Building Products | 1.5% |
| Air Freight & Logistics | 1.4% |
| Multi-Utilities | 1.4% |
| Hotels, Restaurants & Leisure | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Specialized REITs | 1.4% |
| Tobacco | 1.3% |
| Food Products | 1.3% |
| Communications Equipment | 1.2% |
| Technology Hardware, Storage & Peripherals | 1.2% |
| Chemicals | 1.1% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Broadline Retail | 1.0% |
| Industrial Conglomerates | 1.0% |
| Gas Utilities | 0.9% |
| Media | 0.9% |
| Hotel & Resort REITs | 0.8% |
| Real Estate Management & Development | 0.7% |
| Automobiles | 0.6% |
| Retail REITs | 0.6% |
| Commercial Services & Supplies | 0.6% |
| Household Products | 0.5% |
| Marine Transportation | 0.5% |
| Beverages | 0.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
| Others\* | 2.7% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\*\* |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Quant Solutions Large-Cap Value Fund

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

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

MF502ER

![](g144212g7pgimlogo_2026.jpg)

------

![](g144212g8tsrbanner_2026.jpg)

PGIM Quant Solutions Large-Cap Value Fund

Class Z:

SUVZX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

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

"Fund") for the period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Large-Cap Value Fund—Class Z | $87 | 0.79% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Over the reporting period, the stock market saw a sharp but brief downturn driven by tariff uncertainty, which was ultimately overshadowed by

enthusiasm over artificial intelligence (AI), earnings growth, interest rate cuts, and investor resilience to volatility. As a result, the market

continued to post strong gains for the period as a whole, with U.S. large-cap stocks (as measured by the Russell 1000 Index) advancing

16.74%. Value outpaced growth, with the Russell 1000 Value Index (up by 18.36%) outperforming the Russell 1000 Growth Index (up by

14.78%) by over 3.5%.

■

PGIM Quantitative Solutions' focus on stocks with low valuations and attractive business prospects drove relative performance, as the Fund

outperformed the Russell 1000 Value Index (the Index) in six of the 11 economic sectors.

■

The top contributors to performance relative to the Index came from the financials, consumer discretionary, utilities, and health care sectors.

Outperformance in financials was predominantly driven by stock selection across the financial services, capital markets, and insurance

industries, while positive results in consumer discretionary were broadly distributed across a handful of industries. Within utilities, gains were

primarily driven by positioning in electric utilities. In health care, gains reflected an overweight in health care facilities (up over 57% for the

period) combined with an underweight in the managed health care industry (down over 33%).

■

The top detractors from performance relative to the Index came from positioning in the communication services and energy sectors.

MF502EZ

![](g144212g8pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g8largecapvalue_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 20.67% | 11.43% | 10.71% |
| S&P 500 Index | 16.99% | 14.19% | 15.50% |
| Russell 1000 Value Index | 18.36% | 11.79% | 11.90% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $254533966<br>|
| Number of fund holdings | 270 |
| Total advisory fees paid for the year | $1501559<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Oil, Gas & Consumable Fuels | 6.1% |
| Pharmaceuticals | 6.0% |
| Semiconductors & Semiconductor Equipment | 5.9% |
| Capital Markets | 5.4% |
| Banks | 4.2% |
| Insurance | 4.0% |
| Interactive Media & Services | 3.8% |
| Machinery | 3.8% |
| Diversified Telecommunication Services | 3.7% |
| Electric Utilities | 3.1% |
| Health Care Providers & Services | 3.0% |
| Software | 2.9% |
| Aerospace & Defense | 2.8% |
| Consumer Staples Distribution & Retail | 2.6% |
| Biotechnology | 2.3% |
| Financial Services | 2.3% |
| IT Services | 2.2% |
| Health Care Equipment & Supplies | 1.9% |
| Electrical Equipment | 1.8% |
| Metals & Mining | 1.7% |
| Specialty Retail | 1.7% |
| Life Sciences Tools & Services | 1.6% |
| Passenger Airlines | 1.5% |
| Building Products | 1.5% |
| Air Freight & Logistics | 1.4% |
| Multi-Utilities | 1.4% |
| Hotels, Restaurants & Leisure | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Specialized REITs | 1.4% |
| Tobacco | 1.3% |
| Food Products | 1.3% |
| Communications Equipment | 1.2% |
| Technology Hardware, Storage & Peripherals | 1.2% |
| Chemicals | 1.1% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Broadline Retail | 1.0% |
| Industrial Conglomerates | 1.0% |
| Gas Utilities | 0.9% |
| Media | 0.9% |
| Hotel & Resort REITs | 0.8% |
| Real Estate Management & Development | 0.7% |
| Automobiles | 0.6% |
| Retail REITs | 0.6% |
| Commercial Services & Supplies | 0.6% |
| Household Products | 0.5% |
| Marine Transportation | 0.5% |
| Beverages | 0.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
| Others\* | 2.7% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\*\* |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Quant Solutions Large-Cap Value Fund

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

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

MF502EZ

![](g144212g8pgimlogo_2026.jpg)

------

![](g144212g9tsrbanner_2026.jpg)

PGIM Quant Solutions Large-Cap Value Fund

Class R6:

SUVQX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

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

"Fund") for the period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Large-Cap Value Fund—Class R6 | $87 | 0.79% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

Over the reporting period, the stock market saw a sharp but brief downturn driven by tariff uncertainty, which was ultimately overshadowed by

enthusiasm over artificial intelligence (AI), earnings growth, interest rate cuts, and investor resilience to volatility. As a result, the market

continued to post strong gains for the period as a whole, with U.S. large-cap stocks (as measured by the Russell 1000 Index) advancing

16.74%. Value outpaced growth, with the Russell 1000 Value Index (up by 18.36%) outperforming the Russell 1000 Growth Index (up by

14.78%) by over 3.5%.

■

PGIM Quantitative Solutions' focus on stocks with low valuations and attractive business prospects drove relative performance, as the Fund

outperformed the Russell 1000 Value Index (the Index) in six of the 11 economic sectors.

■

The top contributors to performance relative to the Index came from the financials, consumer discretionary, utilities, and health care sectors.

Outperformance in financials was predominantly driven by stock selection across the financial services, capital markets, and insurance

industries, while positive results in consumer discretionary were broadly distributed across a handful of industries. Within utilities, gains were

primarily driven by positioning in electric utilities. In health care, gains reflected an overweight in health care facilities (up over 57% for the

period) combined with an underweight in the managed health care industry (down over 33%).

■

The top detractors from performance relative to the Index came from positioning in the communication services and energy sectors.

MF502ER6

![](g144212g9pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: April 26, 2017 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g9largecapvalue_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 20.69% | 11.41% | 8.57% (4/26/2017) |
| S&P 500 Index | 16.99% | 14.19% | 14.64% |
| Russell 1000 Value Index | 18.36% | 11.79% | 10.49% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the month-end

closest to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $254533966<br>|
| Number of fund holdings | 270 |
| Total advisory fees paid for the year | $1501559<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Oil, Gas & Consumable Fuels | 6.1% |
| Pharmaceuticals | 6.0% |
| Semiconductors & Semiconductor Equipment | 5.9% |
| Capital Markets | 5.4% |
| Banks | 4.2% |
| Insurance | 4.0% |
| Interactive Media & Services | 3.8% |
| Machinery | 3.8% |
| Diversified Telecommunication Services | 3.7% |
| Electric Utilities | 3.1% |
| Health Care Providers & Services | 3.0% |
| Software | 2.9% |
| Aerospace & Defense | 2.8% |
| Consumer Staples Distribution & Retail | 2.6% |
| Biotechnology | 2.3% |
| Financial Services | 2.3% |
| IT Services | 2.2% |
| Health Care Equipment & Supplies | 1.9% |
| Electrical Equipment | 1.8% |
| Metals & Mining | 1.7% |
| Specialty Retail | 1.7% |
| Life Sciences Tools & Services | 1.6% |
| Passenger Airlines | 1.5% |
| Building Products | 1.5% |
| Air Freight & Logistics | 1.4% |
| Multi-Utilities | 1.4% |
| Hotels, Restaurants & Leisure | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Specialized REITs | 1.4% |
| Tobacco | 1.3% |
| Food Products | 1.3% |
| Communications Equipment | 1.2% |
| Technology Hardware, Storage & Peripherals | 1.2% |
| Chemicals | 1.1% |
| Electronic Equipment, Instruments & Components | 1.1% |
| Broadline Retail | 1.0% |
| Industrial Conglomerates | 1.0% |
| Gas Utilities | 0.9% |
| Media | 0.9% |
| Hotel & Resort REITs | 0.8% |
| Real Estate Management & Development | 0.7% |
| Automobiles | 0.6% |
| Retail REITs | 0.6% |
| Commercial Services & Supplies | 0.6% |
| Household Products | 0.5% |
| Marine Transportation | 0.5% |
| Beverages | 0.5% |
| Affiliated Mutual Fund - Short-Term Investment | 0.1% |
| Others\* | 2.7% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\*\* |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Quant Solutions Large-Cap Value Fund

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

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

MF502ER6

![](g144212g9pgimlogo_2026.jpg)

------

![](g144212g10tsrbanner_2026.jpg)

PGIM Strategic Bond Fund

Class A:

PUCAX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

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

of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Strategic Bond Fund—Class A | $96 | 0.93% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, newly introduced tariffs, signs of a softening labor market, and a U.S. government shutdown in November (which

slowed the release of economic data) increased market expectations for cuts to the Federal funds rate. Indeed, the U.S. Federal Reserve (the

Fed) responded with 25-basis-point (bp) rate cuts in September, October, and December of 2025 before pausing again in January of 2026.

(One basis point equals 0.01%.) These cuts were preceded by notable declines in U.S. Treasury yields. Despite bouts of market volatility due to

artificial intelligence (AI)-related developments and heightened geopolitical tensions in the first two months of 2026, credit spreads across fixed

income were fairly resilient—e.g., investment-grade corporates, emerging markets (EM) hard-currency debt, and securitized debt, and the

period ended with most sectors posting positive total returns.

■

The following contributed most to the Fund's performance relative to the Bloomberg Intermediate US Aggregate Bond Index (the Index) during

the period: positioning in U.S. investment-grade corporates; security selection in U.S. high-yield corporates, non-agency mortgage-backed

securities (MBS), and MBS; overweight allocations to the EM high yield, AA collateralized loan obligations (CLOs), and AA-and-below

non-agency commercial mortgage-backed securities (CMBS) sectors; and credit positioning in the health care & pharmaceutical, electric

utilities, and real estate investment trusts (REITs). The combined impact of the Fund's yield curve strategies and duration positioning also

contributed to results. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities.

of principal—of a bond to a change in interest rates.)

■

The following detracted the most from the Fund's performance relative to the Index during the period: positioning in Great British Pound Sterling

(GBP)-denominated high yield corporates; security selection in EM high-yield bonds, EM investment-grade bonds, and AA CLOs; overweight

allocations to the U.S high-yield corporate, European bank loan, and MBS sectors; and credit positioning in telecom.

■

The Fund held financial futures, Treasury swaps, and options to help manage its duration and yield curve exposure during the period. Financial

futures and Treasury swap positions detracted from the Fund's performance, while options contributed. The Fund also traded foreign exchange

derivatives and credit default swaps to manage credit risk. The use of these derivatives detracted from the Fund's performance.

MF231EA

![](g144212g10pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g10strategicbond_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 3.53% | 1.38% | 4.46% |
| Class A without sales charges | 7.01% | 2.06% | 4.80% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| Bloomberg Intermediate US Aggregate Bond Index | 6.58% | 1.16% | 2.04% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1329507549<br>|
| Number of fund holdings | 1087 |
| Total advisory fees paid for the year | $5686246<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 22.3 |
| AA | 32.4 |
| A | 5.0 |
| BBB | 14.6 |
| BB | 16.5 |
| B | 6.1 |
| CCC | 1.6 |
| Not Rated | 5.3 |
| Cash/Cash Equivalents | (3.6) |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Strategic Bond Fund

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

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

MF231EA

![](g144212g10pgimlogo_2026.jpg)

------

![](g144212g11tsrbanner_2026.jpg)

PGIM Strategic Bond Fund

Class C:

PUCCX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

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

of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Strategic Bond Fund—Class C | $178 | 1.73% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, newly introduced tariffs, signs of a softening labor market, and a U.S. government shutdown in November (which

slowed the release of economic data) increased market expectations for cuts to the Federal funds rate. Indeed, the U.S. Federal Reserve (the

Fed) responded with 25-basis-point (bp) rate cuts in September, October, and December of 2025 before pausing again in January of 2026.

(One basis point equals 0.01%.) These cuts were preceded by notable declines in U.S. Treasury yields. Despite bouts of market volatility due to

artificial intelligence (AI)-related developments and heightened geopolitical tensions in the first two months of 2026, credit spreads across fixed

income were fairly resilient—e.g., investment-grade corporates, emerging markets (EM) hard-currency debt, and securitized debt, and the

period ended with most sectors posting positive total returns.

■

The following contributed most to the Fund's performance relative to the Bloomberg Intermediate US Aggregate Bond Index (the Index) during

the period: positioning in U.S. investment-grade corporates; security selection in U.S. high-yield corporates, non-agency mortgage-backed

securities (MBS), and MBS; overweight allocations to the EM high yield, AA collateralized loan obligations (CLOs), and AA-and-below

non-agency commercial mortgage-backed securities (CMBS) sectors; and credit positioning in the health care & pharmaceutical, electric

utilities, and real estate investment trusts (REITs). The combined impact of the Fund's yield curve strategies and duration positioning also

contributed to results. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities.

of principal—of a bond to a change in interest rates.)

■

The following detracted the most from the Fund's performance relative to the Index during the period: positioning in Great British Pound Sterling

(GBP)-denominated high yield corporates; security selection in EM high-yield bonds, EM investment-grade bonds, and AA CLOs; overweight

allocations to the U.S high-yield corporate, European bank loan, and MBS sectors; and credit positioning in telecom.

■

The Fund held financial futures, Treasury swaps, and options to help manage its duration and yield curve exposure during the period. Financial

futures and Treasury swap positions detracted from the Fund's performance, while options contributed. The Fund also traded foreign exchange

derivatives and credit default swaps to manage credit risk. The use of these derivatives detracted from the Fund's performance.

MF231EC

![](g144212g11pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g11strategicbond_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 5.16% | 1.28% | 4.00% |
| Class C without sales charges | 6.16% | 1.28% | 4.00% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| Bloomberg Intermediate US Aggregate Bond Index | 6.58% | 1.16% | 2.04% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1329507549<br>|
| Number of fund holdings | 1087 |
| Total advisory fees paid for the year | $5686246<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 22.3 |
| AA | 32.4 |
| A | 5.0 |
| BBB | 14.6 |
| BB | 16.5 |
| B | 6.1 |
| CCC | 1.6 |
| Not Rated | 5.3 |
| Cash/Cash Equivalents | (3.6) |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Strategic Bond Fund

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

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

MF231EC

![](g144212g11pgimlogo_2026.jpg)

------

![](g144212g12tsrbanner_2026.jpg)

PGIM Strategic Bond Fund

Class Z:

PUCZX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

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

of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Strategic Bond Fund—Class Z | $64 | 0.62% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, newly introduced tariffs, signs of a softening labor market, and a U.S. government shutdown in November (which

slowed the release of economic data) increased market expectations for cuts to the Federal funds rate. Indeed, the U.S. Federal Reserve (the

Fed) responded with 25-basis-point (bp) rate cuts in September, October, and December of 2025 before pausing again in January of 2026.

(One basis point equals 0.01%.) These cuts were preceded by notable declines in U.S. Treasury yields. Despite bouts of market volatility due to

artificial intelligence (AI)-related developments and heightened geopolitical tensions in the first two months of 2026, credit spreads across fixed

income were fairly resilient—e.g., investment-grade corporates, emerging markets (EM) hard-currency debt, and securitized debt, and the

period ended with most sectors posting positive total returns.

■

The following contributed most to the Fund's performance relative to the Bloomberg Intermediate US Aggregate Bond Index (the Index) during

the period: positioning in U.S. investment-grade corporates; security selection in U.S. high-yield corporates, non-agency mortgage-backed

securities (MBS), and MBS; overweight allocations to the EM high yield, AA collateralized loan obligations (CLOs), and AA-and-below

non-agency commercial mortgage-backed securities (CMBS) sectors; and credit positioning in the health care & pharmaceutical, electric

utilities, and real estate investment trusts (REITs). The combined impact of the Fund's yield curve strategies and duration positioning also

contributed to results. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities.

of principal—of a bond to a change in interest rates.)

■

The following detracted the most from the Fund's performance relative to the Index during the period: positioning in Great British Pound Sterling

(GBP)-denominated high yield corporates; security selection in EM high-yield bonds, EM investment-grade bonds, and AA CLOs; overweight

allocations to the U.S high-yield corporate, European bank loan, and MBS sectors; and credit positioning in telecom.

■

The Fund held financial futures, Treasury swaps, and options to help manage its duration and yield curve exposure during the period. Financial

futures and Treasury swap positions detracted from the Fund's performance, while options contributed. The Fund also traded foreign exchange

derivatives and credit default swaps to manage credit risk. The use of these derivatives detracted from the Fund's performance.

MF231EZ

![](g144212g12pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: February 29, 2016 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g12strategicbond_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 7.34% | 2.41% | 5.14% |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.97% |
| Bloomberg Intermediate US Aggregate Bond Index | 6.58% | 1.16% | 2.04% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1329507549<br>|
| Number of fund holdings | 1087 |
| Total advisory fees paid for the year | $5686246<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 22.3 |
| AA | 32.4 |
| A | 5.0 |
| BBB | 14.6 |
| BB | 16.5 |
| B | 6.1 |
| CCC | 1.6 |
| Not Rated | 5.3 |
| Cash/Cash Equivalents | (3.6) |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g12qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Strategic Bond Fund

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

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

MF231EZ

![](g144212g12pgimlogo_2026.jpg)

------

![](g144212g13tsrbanner_2026.jpg)

PGIM Strategic Bond Fund

Class R6:

PUCQX

ANNUAL SHAREHOLDER REPORT – February 28, 2026

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

period of March 1, 2025 to February 28, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Strategic Bond Fund—Class R6 | $61 | 0.59% |

---

WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, newly introduced tariffs, signs of a softening labor market, and a U.S. government shutdown in November (which

slowed the release of economic data) increased market expectations for cuts to the Federal funds rate. Indeed, the U.S. Federal Reserve (the

Fed) responded with 25-basis-point (bp) rate cuts in September, October, and December of 2025 before pausing again in January of 2026.

(One basis point equals 0.01%.) These cuts were preceded by notable declines in U.S. Treasury yields. Despite bouts of market volatility due to

artificial intelligence (AI)-related developments and heightened geopolitical tensions in the first two months of 2026, credit spreads across fixed

income were fairly resilient—e.g., investment-grade corporates, emerging markets (EM) hard-currency debt, and securitized debt, and the

period ended with most sectors posting positive total returns.

■

The following contributed most to the Fund's performance relative to the Bloomberg Intermediate US Aggregate Bond Index (the Index) during

the period: positioning in U.S. investment-grade corporates; security selection in U.S. high-yield corporates, non-agency mortgage-backed

securities (MBS), and MBS; overweight allocations to the EM high yield, AA collateralized loan obligations (CLOs), and AA-and-below

non-agency commercial mortgage-backed securities (CMBS) sectors; and credit positioning in the health care & pharmaceutical, electric

utilities, and real estate investment trusts (REITs). The combined impact of the Fund's yield curve strategies and duration positioning also

contributed to results. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities.

of principal—of a bond to a change in interest rates.)

■

The following detracted the most from the Fund's performance relative to the Index during the period: positioning in Great British Pound Sterling

(GBP)-denominated high yield corporates; security selection in EM high-yield bonds, EM investment-grade bonds, and AA CLOs; overweight

allocations to the U.S high-yield corporate, European bank loan, and MBS sectors; and credit positioning in telecom.

■

The Fund held financial futures, Treasury swaps, and options to help manage its duration and yield curve exposure during the period. Financial

futures and Treasury swap positions detracted from the Fund's performance, while options contributed. The Fund also traded foreign exchange

derivatives and credit default swaps to manage credit risk. The use of these derivatives detracted from the Fund's performance.

MF231ER6

![](g144212g13pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

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

Cumulative Performance: April 26, 2017 to February 28, 2026<br>Initial Investment of $10,000<br>

![](g144212g13strategicbond_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 | Average Annual Total Returns as of 2/28/2026 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 7.25% | 2.42% | 3.97% (4/26/2017) |
| Bloomberg US Aggregate Bond Index\* | 6.26% | 0.42% | 1.99% |
| Bloomberg Intermediate US Aggregate Bond Index | 6.58% | 1.16% | 2.13% |

---

\*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided for the share class it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the month-end closest to

the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Fund's net assets | $1329507549<br>|
| Number of fund holdings | 1087 |
| Total advisory fees paid for the year | $5686246<br>|
| Portfolio turnover rate for the year | 122% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 2/28/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) | Credit Quality expressed as a percentage of total investments as of 2/28/2026 (%) |
| AAA | 22.3 |
| AA | 32.4 |
| A | 5.0 |
| BBB | 14.6 |
| BB | 16.5 |
| B | 6.1 |
| CCC | 1.6 |
| Not Rated | 5.3 |
| Cash/Cash Equivalents | (3.6) |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

![](g144212g13qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Strategic Bond Fund

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

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

MF231ER6

![](g144212g13pgimlogo_2026.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 – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant's Board has determined that Ms. Grace C. Torres, member of the Board's Audit Committee is an "audit committee financial expert," and that she is "independent," for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended February 28, 2026 and February 28, 2025, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $125,415 and $120,591, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended February 28, 2026 and February 28, 2025: none.

(c) Tax Fees

For the fiscal years ended February 28, 2026 and February 28, 2025: none.

(d) All Other Fees

For the fiscal years ended February 28, 2026 and February 28, 2025: none.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Audit Committee Pre-Approval Policies and Procedures

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent* 

*Accountants* 

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm's engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

#### Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

#### Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

------

(e) (2) <u>Percentage of services described in each of paragraphs (b)</u> <u>through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X</u> –

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended</u><br> <u>February 28, 2026</u> | <u>Fiscal Year Ended</u><br> <u>February 28, 2025</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater</u> <u>than 50%.</u>

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

(g) <u>Non-Audit Fees</u>

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended February 28, 2026 and February 28, 2025 was $0 and $0, respectively.

(h) <u>Principal Accountant's Independence</u>

Not applicable as the Registrant's principal accountant has not provided non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

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

------

![LOGO](g144212g68i77.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 3
PGIM Jennison Focused Growth Fund

PGIM Quant Solutions Large-Cap Value Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### FEBRUARY 28, 2026
![LOGO](g144212g30b19.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information</u>   <u> February 28, 2026 </u>

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

---

| | |
|:---|:---|
|  [Glossary](#edgar144212_1) | 1 |
|  [PGIM Jennison Focused Growth Fund](#edgar144212_2) | 2 |
|  [PGIM Quant Solutions Large-Cap Value Fund](#edgar144212_3) | 14 |
|  [Notes to Financial Statements](#edgar144212_4) | 34 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar144212_5)

------

**Glossary**

The following abbreviations are used in the Funds' descriptions:

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

------

PGIM Jennison Focused Growth Fund

Schedule of Investments

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.7%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 5.7%** |  |  |
| &nbsp;&nbsp; Boeing Co. (The)\* | 139649 | $31774337 |
| &nbsp;&nbsp; General Electric Co. | 172200 | 58937172 |
|  |  | 90711509 |
| &nbsp;&nbsp; **Automobiles 3.6%** |  |  |
| &nbsp;&nbsp; Tesla, Inc.\* | 144803 | 58284656 |
| &nbsp;&nbsp; **Biotechnology 1.0%** |  |  |
| &nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 33191 | 16490285 |
| &nbsp;&nbsp; **Broadline Retail 8.2%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 588869 | 123662490 |
| &nbsp;&nbsp; MercadoLibre, Inc. (Brazil)\* | 4276 | 7515412 |
|  |  | 131177902 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 3.0%** |  |  |
| &nbsp;&nbsp; Costco Wholesale Corp. | 29579 | 29898158 |
| &nbsp;&nbsp; Walmart, Inc.(a) | 145413 | 18605593 |
|  |  | 48503751 |
| &nbsp;&nbsp; **Electric Utilities 1.8%** |  |  |
| &nbsp;&nbsp; Constellation Energy Corp.(a) | 86838 | 28646119 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 1.4%** |  |  |
| &nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 156445 | 22850357 |
| &nbsp;&nbsp; **Entertainment 5.4%** |  |  |
| &nbsp;&nbsp; Netflix, Inc.\* | 349571 | 33642713 |
| &nbsp;&nbsp; Spotify Technology SA\*(a) | 52042 | 26798507 |
| &nbsp;&nbsp; Walt Disney Co. (The) | 244370 | 25912995 |
|  |  | 86354215 |
| &nbsp;&nbsp; **Financial Services 3.6%** |  |  |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 110577 | 57191530 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 1.9%** |  |  |
| &nbsp;&nbsp; Edwards Lifesciences Corp.\*(a) | 102422 | 8856430 |
| &nbsp;&nbsp; Intuitive Surgical, Inc.\* | 44587 | 22450001 |
|  |  | 31306431 |
| &nbsp;&nbsp; **Interactive Media & Services 12.7%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 217301 | 67745760 |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 216622 | 67462589 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 106026 | 68723933 |
|  |  | 203932282 |
| &nbsp;&nbsp; **IT Services 2.4%** |  |  |
| &nbsp;&nbsp; Shopify, Inc. (Canada) (Class A Stock)\* | 179636 | 21687454 |
| &nbsp;&nbsp; Snowflake, Inc.\* | 95259 | 16042568 |
|  |  | 37730022 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Pharmaceuticals 5.1%** |  |  |
| &nbsp;&nbsp; Eli Lilly & Co. | 67813 | $71338598 |
| &nbsp;&nbsp; UCB SA (Belgium) | 35058 | 10530841 |
|  |  | 81869439 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 20.3%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 126036 | 25233667 |
| &nbsp;&nbsp; Broadcom, Inc. | 253232 | 80920286 |
| &nbsp;&nbsp; NVIDIA Corp. | 1012793 | 179456792 |
| &nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan), ADR | 108375 | 40595107 |
|  |  | 326205852 |
| &nbsp;&nbsp; **Software 14.3%** |  |  |
| &nbsp;&nbsp; AppLovin Corp. (Class A Stock)\* | 38512 | 16743862 |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 102827 | 30992058 |
| &nbsp;&nbsp; Crowdstrike Holdings, Inc. (Class A Stock)\* | 63018 | 23441435 |
| &nbsp;&nbsp; Datadog, Inc. (Class A Stock)\* | 108655 | 12165014 |
| &nbsp;&nbsp; Microsoft Corp. | 306930 | 120543688 |
| &nbsp;&nbsp; Oracle Corp. | 88750 | 12904250 |
| &nbsp;&nbsp; Palantir Technologies, Inc. (Class A Stock)\* | 95656 | 13123047 |
|  |  | 229913354 |
| &nbsp;&nbsp; **Specialty Retail 1.1%** |  |  |
| &nbsp;&nbsp; Industria de Diseno Textil SA (Spain) | 256453 | 17125258 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 8.2%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 496313 | 131115968 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $778,107,211) |  | 1599408930 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wb) | 4289574 | 4289574 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<br>(cost $44,787,061; includes $44,647,859 of cash collateral for securities on loan)(b)(wb) | 44818434 | 44787061 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>(cost $49,076,635) |  | 49076635 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.8%**<br>(cost $827,183,846) |  | 1648485565 |
| &nbsp;&nbsp; Liabilities in excess of other assets (2.8)% |  | (45241094) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603244471 |

---

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

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $44,767,533; cash collateral of $44,647,859 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

See Notes to Financial Statements.

PGIM Jennison Focused Growth Fund 3

------

PGIM Jennison Focused Growth Fund

Schedule of Investments (continued)

as of February 28, 2026

#### 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 February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $90711509 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 58284656 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 16490285 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 131177902 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 48503751 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 28646119 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 22850357 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 86354215 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 57191530 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 31306431 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 203932282 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 37730022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 71338598 | 10530841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 326205852 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 229913354 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  | 17125258 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 131115968 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 49076635 |  |  |
|  **Total** | $**1620829466** | $**27656099** | $**—** |

---

See Notes to Financial Statements.

------

Schedule of Investments

as of February 28, 2026

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 20.3 |
|  Software | 14.3 |
|  Interactive Media & Services | 12.7 |
|  Broadline Retail | 8.2 |
|  Technology Hardware, Storage & Peripherals | 8.2 |
|  Aerospace & Defense | 5.7 |
|  Entertainment | 5.4 |
|  Pharmaceuticals | 5.1 |
|  Automobiles | 3.6 |
|  Financial Services | 3.6 |
| Affiliated Mutual Funds (2.8% represents investments purchased with collateral from securities on loan) | 3.1 |
|  Consumer Staples Distribution & Retail | 3.0 |

---

---

| | |
|:---|:---|
|  IT Services | 2.4% |
|  Health Care Equipment & Supplies | 1.9 |
|  Electric Utilities | 1.8 |
|  Electronic Equipment, Instruments & Components | 1.4 |
|  Specialty Retail | 1.1 |
|  Biotechnology | 1 |
|  | 102.8 |
|  Liabilities in excess of other assets | (2.8) |
|  | 100.0% |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Securities on Loan | $44767533 | $(44647859) | $119674 |

---

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

See Notes to Financial Statements.

PGIM Jennison Focused Growth Fund 5

------

PGIM Jennison Focused Growth Fund

Statement of Assets & Liabilities

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $44,767,533: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $778,107,211) | $1599408930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $49,076,635) | 49076635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value (cost $23) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 4555485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 409300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 258634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 227803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 1653946116 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 44647859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 3053355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 1490208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 756682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 446228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 236825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 63048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 50701645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $1603244471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $56395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 709622372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 893565704 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, February 28, 2026** | $1603244471 |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth Fund

Statement of Assets & Liabilities (continued)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share,<br> ($1,061,868,831 ÷ 38,341,463 shares of beneficial interest issued and outstanding) | $27.70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $29.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($39,367,365 ÷ 2,121,090 shares of beneficial interest issued and outstanding) | $18.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($392,901,240 ÷ 12,481,677 shares of beneficial interest issued and outstanding) | $31.48 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($109,107,035 ÷ 3,450,905 shares of beneficial interest issued and outstanding) | $31.62 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Growth Fund 7

------

PGIM Jennison Focused Growth Fund

Statement of Operations

Year Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $249,028 foreign withholding tax) | $6103309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 395474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $41,555) | 46418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 6545201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 11089979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 3744190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $339,738)(a) | 1567169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 117401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 87914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 64451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 42532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 33823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 27722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 145497 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 16920678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (386985) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (553337) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 15980356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (9435155) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(5086)) | 154955957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 10436 |
|  | 154966393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 12549991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 13890 |
|  | 12563881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 167530274 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $158095119 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 3320021 | 424169 |  |  |
|  Transfer agent's fees and expenses | 1160131 | 50206 | 349546 | 7286 |
|  Registration fees | 21092 | 12277 | 18060 | 13022 |
|  Fee waiver and/or expense reimbursement | (203052) | (23644) | (117897) | (42392) |
|  Distribution fee waiver | (553337) |  |  |  |

---

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28,** | **Year Ended**<br>**February 28,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(9435155) | $(8527252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | 154966393 | 197284670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 12563881 | 33934160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 158095119 | 222691578 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (47396348) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (2588586) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (15674721) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (4426039) |  |
|  | (70085694) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 109343229 | 114574682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 67409215 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (283459751) | (298133822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (106707307) | (183559140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (18697882) | 39132438 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1621942353 | 1582809915 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1603244471 | $1621942353 |

---

See Notes to Financial Statements.

PGIM Jennison Focused Growth Fund 9

------

PGIM Jennison Focused Growth Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $26.28 | $22.94 | $14.58 | $18.46 | $24.34 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.18) | (0.15) | (0.09) | (0.08) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.85 | 3.49 | 8.45 | (3.80) | (2.10) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.67 | 3.34 | 8.36 | (3.88) | (2.30) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.25) |  |  |  | (3.58) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $27.70 | $26.28 | $22.94 | $14.58 | $18.46 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.85% | 14.56% | 57.34% | (21.02)% | (12.51)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1061869 | $1077302 | $1037945 | $739492 | $1078256 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1106674 | $1077815 | $870689 | $829415 | $653573 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.03% | 1.02% | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.10% | 1.09% | 1.14% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.64)% | (0.59)% | (0.49)% | (0.53)% | (0.86)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 30% | 33% | 34% | 49% | 67% |

---

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $18.10 | $15.92 | $10.19 | $13.00 | $18.25 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.27) | (0.23) | (0.15) | (0.13) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 1.98 | 2.41 | 5.88 | (2.68) | (1.39) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.71 | 2.18 | 5.73 | (2.81) | (1.67) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.25) |  |  |  | (3.58) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $18.56 | $18.10 | $15.92 | $10.19 | $13.00 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.04% | 13.69% | 56.23% | (21.62)% | (13.27)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $39367 | $44074 | $47880 | $36391 | $60205 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $42417 | $46914 | $41006 | $43727 | $60666 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.78% | 1.78% | 1.78% | 1.78% | 1.79% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.84% | 1.83% | 1.87% | 1.87% | 1.82% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (1.39)% | (1.35)% | (1.22)% | (1.26)% | (1.61)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 30% | 33% | 34% | 49% | 67% |

---

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.

PGIM Jennison Focused Growth Fund 11

------

PGIM Jennison Focused Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $29.64 | $25.80 | $16.35 | $20.64 | $26.76 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.12) | (0.09) | (0.04) | (0.04) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.21 | 3.93 | 9.49 | (4.25) | (2.39) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.09 | 3.84 | 9.45 | (4.29) | (2.54) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.25) |  |  |  | (3.58) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $31.48 | $29.64 | $25.80 | $16.35 | $20.64 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.19% | 14.88% | 57.80% | (20.78)% | (12.27)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $392901 | $378525 | $369697 | $232765 | $538780 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $405927 | $382188 | $303068 | $347807 | $587500 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.78% | 0.78% | 0.80% | 0.80% | 0.81% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.36)% | (0.32)% | (0.20)% | (0.24)% | (0.56)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 30% | 33% | 34% | 49% | 67% |

---

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

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

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

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

See Notes to Financial Statements.

------

PGIM Jennison Focused Growth Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $29.75 | $25.87 | $16.38 | $20.66 | $26.76 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.09) | (0.07) | (0.02) | (0.03) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.21 | 3.95 | 9.51 | (4.25) | (2.39) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 3.12 | 3.88 | 9.49 | (4.28) | (2.52) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.25) |  |  |  | (3.58) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $31.62 | $29.75 | $25.87 | $16.38 | $20.66 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 10.25% | 15.00% | 57.94% | (20.72)% | (12.19)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $109107 | $122041 | $127289 | $101583 | $158547 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $120364 | $127844 | $116341 | $119659 | $180823 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.71% | 0.70% | 0.71% | 0.71% | 0.71% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | (0.28)% | (0.24)% | (0.12)% | (0.15)% | (0.48)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 30% | 33% | 34% | 49% | 67% |

---

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

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

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

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

See Notes to Financial Statements.

PGIM Jennison Focused Growth Fund 13

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.9%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS 99.6%** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 2.8%** |  |  |
| &nbsp;&nbsp; ATI, Inc.\* | 3200 | $523488 |
| &nbsp;&nbsp; General Dynamics Corp. | 8920 | 3184886 |
| &nbsp;&nbsp; L3Harris Technologies, Inc. | 2040 | 743662 |
| &nbsp;&nbsp; Lockheed Martin Corp. | 2240 | 1474099 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 500 | 362190 |
| &nbsp;&nbsp; RTX Corp. | 3400 | 688908 |
| &nbsp;&nbsp; V2X, Inc.\* | 2200 | 153450 |
| &nbsp;&nbsp; Woodward, Inc. | 100 | 38676 |
|  |  | 7169359 |
| &nbsp;&nbsp; **Air Freight & Logistics 1.4%** |  |  |
| &nbsp;&nbsp; Expeditors International of Washington, Inc. | 800 | 116024 |
| &nbsp;&nbsp; FedEx Corp. | 7100 | 2747700 |
| &nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 7100 | 823316 |
|  |  | 3687040 |
| &nbsp;&nbsp; **Automobile Components 0.2%** |  |  |
| &nbsp;&nbsp; Aptiv PLC\* | 1000 | 73540 |
| &nbsp;&nbsp; BorgWarner, Inc. | 5000 | 287850 |
| &nbsp;&nbsp; Garrett Motion, Inc. (Switzerland) | 9700 | 197492 |
| &nbsp;&nbsp; Lear Corp. | 400 | 52500 |
|  |  | 611382 |
| &nbsp;&nbsp; **Automobiles 0.6%** |  |  |
| &nbsp;&nbsp; Ford Motor Co. | 45600 | 642504 |
| &nbsp;&nbsp; General Motors Co. | 12796 | 1007173 |
|  |  | 1649677 |
| &nbsp;&nbsp; **Banks 4.2%** |  |  |
| &nbsp;&nbsp; Bank of America Corp. | 4111 | 204851 |
| &nbsp;&nbsp; Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 7700 | 390775 |
| &nbsp;&nbsp; Bank OZK | 13200 | 614592 |
| &nbsp;&nbsp; California BanCorp | 13900 | 254509 |
| &nbsp;&nbsp; Civista Bancshares, Inc. | 5000 | 119050 |
| &nbsp;&nbsp; First BanCorp. (Puerto Rico) | 5500 | 116215 |
| &nbsp;&nbsp; Hanmi Financial Corp. | 7100 | 185381 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 15784 | 4739935 |
| &nbsp;&nbsp; Parke Bancorp, Inc. | 3800 | 105868 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 300 | 63705 |
| &nbsp;&nbsp; Regions Financial Corp. | 32300 | 898909 |
| &nbsp;&nbsp; Shore Bancshares, Inc. | 14600 | 271268 |
| &nbsp;&nbsp; Third Coast Bancshares, Inc.\* | 3600 | 142596 |
| &nbsp;&nbsp; Truist Financial Corp. | 3100 | 152861 |
| &nbsp;&nbsp; U.S. Bancorp | 24800 | 1355568 |
| &nbsp;&nbsp; Wells Fargo & Co. | 7632 | 621627 |
| &nbsp;&nbsp; Zions Bancorp NA | 6300 | 360864 |
|  |  | 10598574 |
| &nbsp;&nbsp; **Beverages 0.5%** |  |  |
| &nbsp;&nbsp; Monster Beverage Corp.\* | 14200 | 1211260 |
| &nbsp;&nbsp; **Biotechnology 2.3%** |  |  |
| &nbsp;&nbsp; Amgen, Inc. | 4740 | 1839878 |
| &nbsp;&nbsp; Exelixis, Inc.\* | 9800 | 431788 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Biotechnology (cont'd.)** |  |  |
| &nbsp;&nbsp; Gilead Sciences, Inc. | 9100 | $1355445 |
| &nbsp;&nbsp; Incyte Corp.\* | 5600 | 567112 |
| &nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 1580 | 1235039 |
| &nbsp;&nbsp; United Therapeutics Corp.\* | 900 | 453510 |
|  |  | 5882772 |
| &nbsp;&nbsp; **Broadline Retail 1.0%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 11200 | 2352000 |
| &nbsp;&nbsp; Dillard's, Inc. (Class A Stock) | 300 | 180837 |
|  |  | 2532837 |
| &nbsp;&nbsp; **Building Products 1.5%** |  |  |
| &nbsp;&nbsp; Advanced Drainage Systems, Inc. | 800 | 137072 |
| &nbsp;&nbsp; Hayward Holdings, Inc.\* | 7800 | 124800 |
| &nbsp;&nbsp; Johnson Controls International PLC | 22700 | 3275610 |
| &nbsp;&nbsp; Trane Technologies PLC | 480 | 221914 |
|  |  | 3759396 |
| &nbsp;&nbsp; **Capital Markets 5.4%** |  |  |
| &nbsp;&nbsp; Ameriprise Financial, Inc. | 320 | 150439 |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 19610 | 2335551 |
| &nbsp;&nbsp; Charles Schwab Corp. (The) | 21800 | 2075360 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 4790 | 4117340 |
| &nbsp;&nbsp; Morgan Stanley | 22362 | 3723497 |
| &nbsp;&nbsp; Northern Trust Corp. | 7900 | 1130411 |
| &nbsp;&nbsp; State Street Corp. | 618 | 79487 |
| &nbsp;&nbsp; Virtu Financial, Inc. (Class A Stock) | 1700 | 70397 |
|  |  | 13682482 |
| &nbsp;&nbsp; **Chemicals 1.1%** |  |  |
| &nbsp;&nbsp; CF Industries Holdings, Inc. | 11300 | 1124802 |
| &nbsp;&nbsp; Corteva, Inc. | 10500 | 841260 |
| &nbsp;&nbsp; Element Solutions, Inc. | 15900 | 557931 |
| &nbsp;&nbsp; Linde PLC | 200 | 101616 |
| &nbsp;&nbsp; Mosaic Co. (The) | 4700 | 130848 |
|  |  | 2756457 |
| &nbsp;&nbsp; **Commercial Services & Supplies 0.6%** |  |  |
| &nbsp;&nbsp; Cimpress PLC (Ireland)\* | 6200 | 452910 |
| &nbsp;&nbsp; Deluxe Corp. | 37500 | 1040625 |
|  |  | 1493535 |
| &nbsp;&nbsp; **Communications Equipment 1.2%** |  |  |
| &nbsp;&nbsp; Cisco Systems, Inc. | 39100 | 3106886 |
| &nbsp;&nbsp; **Construction & Engineering 0.1%** |  |  |
| &nbsp;&nbsp; Valmont Industries, Inc. | 400 | 183972 |
| &nbsp;&nbsp; **Consumer Finance 0.1%** |  |  |
| &nbsp;&nbsp; Bread Financial Holdings, Inc. | 2900 | 205494 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 2.6%** |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc. (Class A Stock) | 67200 | 1202880 |
| &nbsp;&nbsp; Dollar General Corp. | 12700 | 1984248 |
| &nbsp;&nbsp; Kroger Co. (The) | 5100 | 348024 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 15

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail (cont'd.)** |  |  |
| &nbsp;&nbsp; Maplebear, Inc.\* | 1400 | $52514 |
| &nbsp;&nbsp; Sysco Corp. | 5200 | 474032 |
| &nbsp;&nbsp; Target Corp. | 8100 | 921699 |
| &nbsp;&nbsp; US Foods Holding Corp.\* | 1500 | 144915 |
| &nbsp;&nbsp; Walmart, Inc. | 12156 | 1555360 |
|  |  | 6683672 |
| &nbsp;&nbsp; **Containers & Packaging 0.1%** |  |  |
| &nbsp;&nbsp; Crown Holdings, Inc. | 2400 | 275040 |
| &nbsp;&nbsp; **Distributors 0.1%** |  |  |
| &nbsp;&nbsp; GigaCloud Technology, Inc. (Class A Stock)\* | 7000 | 310380 |
| &nbsp;&nbsp; **Diversified Consumer Services 0.2%** |  |  |
| &nbsp;&nbsp; ADT, Inc. | 23700 | 190074 |
| &nbsp;&nbsp; H&R Block, Inc. | 4300 | 131666 |
| &nbsp;&nbsp; Perdoceo Education Corp. | 5000 | 166750 |
|  |  | 488490 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 3.7%** |  |  |
| &nbsp;&nbsp; AT&T, Inc. | 135900 | 3806559 |
| &nbsp;&nbsp; Comcast Corp. (Class A Stock) | 48282 | 1494811 |
| &nbsp;&nbsp; Verizon Communications, Inc. | 82716 | 4147380 |
|  |  | 9448750 |
| &nbsp;&nbsp; **Electric Utilities 3.1%** |  |  |
| &nbsp;&nbsp; American Electric Power Co., Inc. | 8500 | 1137470 |
| &nbsp;&nbsp; Edison International | 32700 | 2443998 |
| &nbsp;&nbsp; Exelon Corp. | 60241 | 2980122 |
| &nbsp;&nbsp; PG&E Corp. | 64500 | 1225500 |
|  |  | 7787090 |
| &nbsp;&nbsp; **Electrical Equipment 1.8%** |  |  |
| &nbsp;&nbsp; AMETEK, Inc. | 8000 | 1913760 |
| &nbsp;&nbsp; Emerson Electric Co. | 1500 | 226125 |
| &nbsp;&nbsp; EnerSys | 1700 | 282455 |
| &nbsp;&nbsp; nVent Electric PLC | 7200 | 852192 |
| &nbsp;&nbsp; Rockwell Automation, Inc. | 3400 | 1385330 |
|  |  | 4659862 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 1.1%** |  |  |
| &nbsp;&nbsp; Avnet, Inc. | 1900 | 125096 |
| &nbsp;&nbsp; Flex Ltd.\* | 7500 | 472650 |
| &nbsp;&nbsp; Jabil, Inc. | 3600 | 953964 |
| &nbsp;&nbsp; Keysight Technologies, Inc.\* | 400 | 122932 |
| &nbsp;&nbsp; Kimball Electronics, Inc.\* | 8200 | 204918 |
| &nbsp;&nbsp; ScanSource, Inc.\* | 13300 | 489174 |
| &nbsp;&nbsp; TD SYNNEX Corp. | 900 | 141129 |
| &nbsp;&nbsp; Vontier Corp. | 5100 | 208692 |
|  |  | 2718555 |
| &nbsp;&nbsp; **Energy Equipment & Services 0.3%** |  |  |
| &nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 11100 | 736041 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Entertainment 0.4%** |  |  |
| &nbsp;&nbsp; Walt Disney Co. (The) | 10400 | $1102816 |
| &nbsp;&nbsp; **Financial Services 2.3%** |  |  |
| &nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 9998 | 5048490 |
| &nbsp;&nbsp; Enact Holdings, Inc. | 6700 | 280328 |
| &nbsp;&nbsp; MGIC Investment Corp. | 6400 | 169792 |
| &nbsp;&nbsp; PayPal Holdings, Inc. | 4400 | 203324 |
| &nbsp;&nbsp; Radian Group, Inc. | 4500 | 155340 |
|  |  | 5857274 |
| &nbsp;&nbsp; **Food Products 1.3%** |  |  |
| &nbsp;&nbsp; Darling Ingredients, Inc.\* | 2300 | 122268 |
| &nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 12600 | 540918 |
| &nbsp;&nbsp; Pilgrim's Pride Corp. | 6400 | 276224 |
| &nbsp;&nbsp; Smithfield Foods, Inc. | 97400 | 2423312 |
|  |  | 3362722 |
| &nbsp;&nbsp; **Gas Utilities 0.9%** |  |  |
| &nbsp;&nbsp; National Fuel Gas Co. | 25400 | 2312162 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 1.9%** |  |  |
| &nbsp;&nbsp; Abbott Laboratories | 11100 | 1291485 |
| &nbsp;&nbsp; Edwards Lifesciences Corp.\* | 8200 | 709054 |
| &nbsp;&nbsp; Embecta Corp. | 10700 | 109782 |
| &nbsp;&nbsp; Medtronic PLC | 4700 | 459002 |
| &nbsp;&nbsp; ResMed, Inc. | 2000 | 512520 |
| &nbsp;&nbsp; Solventum Corp.\* | 16500 | 1224300 |
| &nbsp;&nbsp; STERIS PLC | 1700 | 428995 |
|  |  | 4735138 |
| &nbsp;&nbsp; **Health Care Providers & Services 3.0%** |  |  |
| &nbsp;&nbsp; Cardinal Health, Inc. | 3300 | 756459 |
| &nbsp;&nbsp; CVS Health Corp. | 9500 | 759050 |
| &nbsp;&nbsp; HCA Healthcare, Inc. | 3820 | 2023454 |
| &nbsp;&nbsp; McKesson Corp. | 360 | 355453 |
| &nbsp;&nbsp; Tenet Healthcare Corp.\* | 4000 | 957560 |
| &nbsp;&nbsp; UnitedHealth Group, Inc. | 5240 | 1536735 |
| &nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 6100 | 1257210 |
|  |  | 7645921 |
| &nbsp;&nbsp; **Hotel & Resort REITs 0.8%** |  |  |
| &nbsp;&nbsp; DiamondRock Hospitality Co. | 30800 | 309232 |
| &nbsp;&nbsp; Host Hotels & Resorts, Inc. | 86500 | 1694535 |
|  |  | 2003767 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 1.4%** |  |  |
| &nbsp;&nbsp; Boyd Gaming Corp. | 2500 | 208075 |
| &nbsp;&nbsp; Carnival Corp. | 34200 | 1079010 |
| &nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 37100 | 410326 |
| &nbsp;&nbsp; Expedia Group, Inc. | 600 | 129414 |
| &nbsp;&nbsp; Las Vegas Sands Corp. | 10600 | 601232 |
| &nbsp;&nbsp; Travel + Leisure Co. | 15700 | 1157090 |
|  |  | 3585147 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 17

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Household Products 0.5%** |  |  |
| &nbsp;&nbsp; Central Garden & Pet Co. (Class A Stock)\* | 4100 | $141614 |
| &nbsp;&nbsp; Church & Dwight Co., Inc. | 3500 | 367010 |
| &nbsp;&nbsp; Procter & Gamble Co. (The) | 4372 | 730998 |
| &nbsp;&nbsp; Reynolds Consumer Products, Inc. | 5100 | 126531 |
|  |  | 1366153 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.1%** |  |  |
| &nbsp;&nbsp; AES Corp. (The) | 17500 | 302400 |
| &nbsp;&nbsp; **Industrial Conglomerates 1.0%** |  |  |
| &nbsp;&nbsp; 3M Co. | 7700 | 1272964 |
| &nbsp;&nbsp; Honeywell International, Inc. | 5100 | 1242309 |
|  |  | 2515273 |
| &nbsp;&nbsp; **Insurance 4.0%** |  |  |
| &nbsp;&nbsp; Allstate Corp. (The) | 13000 | 2788760 |
| &nbsp;&nbsp; American International Group, Inc. | 19000 | 1529310 |
| &nbsp;&nbsp; Arch Capital Group Ltd.\* | 7100 | 711065 |
| &nbsp;&nbsp; Axis Capital Holdings Ltd. | 15100 | 1596372 |
| &nbsp;&nbsp; Hamilton Insurance Group Ltd. (Bermuda) (Class B Stock)\* | 22700 | 717093 |
| &nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 3000 | 422490 |
| &nbsp;&nbsp; Lincoln National Corp. | 30600 | 1049580 |
| &nbsp;&nbsp; Mercury General Corp. | 1300 | 117754 |
| &nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 100 | 30246 |
| &nbsp;&nbsp; Slide Insurance Holdings, Inc.\* | 54900 | 1043100 |
| &nbsp;&nbsp; Universal Insurance Holdings, Inc. | 2600 | 91442 |
|  |  | 10097212 |
| &nbsp;&nbsp; **Interactive Media & Services 3.8%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | 15300 | 4769928 |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | 10100 | 3145443 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock) | 2880 | 1866758 |
|  |  | 9782129 |
| &nbsp;&nbsp; **IT Services 2.2%** |  |  |
| &nbsp;&nbsp; Accenture PLC (Class A Stock) | 7400 | 1544528 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 32900 | 2119747 |
| &nbsp;&nbsp; EPAM Systems, Inc.\* | 500 | 70500 |
| &nbsp;&nbsp; International Business Machines Corp. | 7540 | 1811183 |
|  |  | 5545958 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 1.6%** |  |  |
| &nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 800 | 142792 |
| &nbsp;&nbsp; IQVIA Holdings, Inc.\* | 1900 | 339739 |
| &nbsp;&nbsp; Medpace Holdings, Inc.\* | 580 | 262021 |
| &nbsp;&nbsp; Sotera Health Co.\* | 36100 | 586625 |
| &nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 5040 | 2626394 |
|  |  | 3957571 |
| &nbsp;&nbsp; **Machinery 3.8%** |  |  |
| &nbsp;&nbsp; AGCO Corp. | 500 | 68250 |
| &nbsp;&nbsp; Allison Transmission Holdings, Inc. | 8700 | 1090110 |
| &nbsp;&nbsp; Blue Bird Corp.\* | 3900 | 227253 |
| &nbsp;&nbsp; Caterpillar, Inc. | 1520 | 1129102 |
| &nbsp;&nbsp; Cummins, Inc. | 1500 | 875805 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Machinery (cont'd.)** |  |  |
| &nbsp;&nbsp; Dover Corp. | 6000 | $1353000 |
| &nbsp;&nbsp; Fortive Corp. | 15400 | 911680 |
| &nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 400 | 114820 |
| &nbsp;&nbsp; Mueller Industries, Inc. | 12400 | 1462704 |
| &nbsp;&nbsp; Nordson Corp. | 2200 | 645568 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 1300 | 1311934 |
| &nbsp;&nbsp; Toro Co. (The) | 5900 | 583274 |
|  |  | 9773500 |
| &nbsp;&nbsp; **Marine Transportation 0.5%** |  |  |
| &nbsp;&nbsp; Costamare, Inc. (Monaco) | 53200 | 934724 |
| &nbsp;&nbsp; Matson, Inc. | 1900 | 315647 |
|  |  | 1250371 |
| &nbsp;&nbsp; **Media 0.9%** |  |  |
| &nbsp;&nbsp; Fox Corp. (Class A Stock) | 6100 | 343674 |
| &nbsp;&nbsp; Fox Corp. (Class B Stock) | 19100 | 988043 |
| &nbsp;&nbsp; Gray Media, Inc. | 89400 | 463986 |
| &nbsp;&nbsp; Nexstar Media Group, Inc. | 1300 | 326326 |
| &nbsp;&nbsp; Versant Media Group, Inc.\* | 1931 | 64341 |
|  |  | 2186370 |
| &nbsp;&nbsp; **Metals & Mining 1.7%** |  |  |
| &nbsp;&nbsp; Alcoa Corp. | 5500 | 341440 |
| &nbsp;&nbsp; Anglogold Ashanti PLC (Australia) | 1800 | 229986 |
| &nbsp;&nbsp; Commercial Metals Co. | 600 | 43980 |
| &nbsp;&nbsp; Newmont Corp. | 16500 | 2145000 |
| &nbsp;&nbsp; Nucor Corp. | 6300 | 1114344 |
| &nbsp;&nbsp; SSR Mining, Inc. (Canada)\* | 6200 | 199578 |
| &nbsp;&nbsp; Steel Dynamics, Inc. | 1200 | 231756 |
|  |  | 4306084 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 0.1%** |  |  |
| &nbsp;&nbsp; TPG Mortgage Investment Trust, Inc. | 42000 | 339780 |
| &nbsp;&nbsp; **Multi-Utilities 1.4%** |  |  |
| &nbsp;&nbsp; Consolidated Edison, Inc. | 25200 | 2835504 |
| &nbsp;&nbsp; Public Service Enterprise Group, Inc. | 9300 | 800451 |
|  |  | 3635955 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 6.1%** |  |  |
| &nbsp;&nbsp; Antero Midstream Corp. | 6300 | 141624 |
| &nbsp;&nbsp; Antero Resources Corp.\* | 9000 | 331290 |
| &nbsp;&nbsp; APA Corp. | 5800 | 176146 |
| &nbsp;&nbsp; Cheniere Energy, Inc. | 8100 | 1909413 |
| &nbsp;&nbsp; Chevron Corp. | 1138 | 212533 |
| &nbsp;&nbsp; ConocoPhillips | 5115 | 580348 |
| &nbsp;&nbsp; Devon Energy Corp. | 61400 | 2672742 |
| &nbsp;&nbsp; EOG Resources, Inc. | 21300 | 2642904 |
| &nbsp;&nbsp; Exxon Mobil Corp. | 16871 | 2572827 |
| &nbsp;&nbsp; HF Sinclair Corp. | 9300 | 465093 |
| &nbsp;&nbsp; Marathon Petroleum Corp. | 3000 | 594630 |
| &nbsp;&nbsp; Ovintiv, Inc. | 25000 | 1264750 |
| &nbsp;&nbsp; Phillips 66 | 800 | 123464 |
| &nbsp;&nbsp; SandRidge Energy, Inc. | 15300 | 268209 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 19

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels (cont'd.)** |  |  |
| &nbsp;&nbsp; Teekay Corp. Ltd. (Bermuda) | 66200 | $857290 |
| &nbsp;&nbsp; Valero Energy Corp. | 3900 | 798096 |
|  |  | 15611359 |
| &nbsp;&nbsp; **Passenger Airlines 1.5%** |  |  |
| &nbsp;&nbsp; Delta Air Lines, Inc. | 19100 | 1254870 |
| &nbsp;&nbsp; SkyWest, Inc.\* | 5000 | 520400 |
| &nbsp;&nbsp; Southwest Airlines Co. | 4200 | 206892 |
| &nbsp;&nbsp; United Airlines Holdings, Inc.\* | 17000 | 1807100 |
|  |  | 3789262 |
| &nbsp;&nbsp; **Pharmaceuticals 6.0%** |  |  |
| &nbsp;&nbsp; Bristol-Myers Squibb Co. | 42400 | 2644488 |
| &nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 3600 | 150012 |
| &nbsp;&nbsp; Elanco Animal Health, Inc.\* | 7700 | 203280 |
| &nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 2200 | 62788 |
| &nbsp;&nbsp; Johnson & Johnson | 29420 | 7308811 |
| &nbsp;&nbsp; Merck & Co., Inc. | 20000 | 2476400 |
| &nbsp;&nbsp; Pfizer, Inc. | 84786 | 2344333 |
|  |  | 15190112 |
| &nbsp;&nbsp; **Professional Services 0.3%** |  |  |
| &nbsp;&nbsp; Genpact Ltd. | 4900 | 194628 |
| &nbsp;&nbsp; IBEX Holdings Ltd.\* | 8900 | 257210 |
| &nbsp;&nbsp; Leidos Holdings, Inc. | 2200 | 385220 |
|  |  | 837058 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.7%** |  |  |
| &nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 5900 | 871194 |
| &nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 3200 | 1009760 |
|  |  | 1880954 |
| &nbsp;&nbsp; **Retail REITs 0.6%** |  |  |
| &nbsp;&nbsp; Brixmor Property Group, Inc. | 51700 | 1564959 |
| &nbsp;&nbsp; CBL & Associates Properties, Inc. | 1200 | 45336 |
|  |  | 1610295 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 5.9%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 200 | 40042 |
| &nbsp;&nbsp; Analog Devices, Inc. | 8300 | 2953057 |
| &nbsp;&nbsp; Applied Materials, Inc. | 2500 | 930750 |
| &nbsp;&nbsp; Cirrus Logic, Inc.\* | 5800 | 818496 |
| &nbsp;&nbsp; Intel Corp.\* | 11800 | 538198 |
| &nbsp;&nbsp; KLA Corp. | 260 | 396383 |
| &nbsp;&nbsp; Lam Research Corp. | 4300 | 1005727 |
| &nbsp;&nbsp; Marvell Technology, Inc. | 11700 | 955773 |
| &nbsp;&nbsp; Micron Technology, Inc. | 11300 | 4659781 |
| &nbsp;&nbsp; MKS, Inc. | 5100 | 1246746 |
| &nbsp;&nbsp; QUALCOMM, Inc. | 4600 | 654856 |
| &nbsp;&nbsp; Skyworks Solutions, Inc. | 3600 | 214488 |
| &nbsp;&nbsp; Teradyne, Inc. | 1100 | 352033 |
| &nbsp;&nbsp; Texas Instruments, Inc. | 800 | 169688 |
|  |  | 14936018 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Software 2.9%** |  |  |
| &nbsp;&nbsp; Adobe, Inc.\* | 1460 | $383119 |
| &nbsp;&nbsp; Autodesk, Inc.\* | 1200 | 295044 |
| &nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 12900 | 388032 |
| &nbsp;&nbsp; Docusign, Inc.\* | 3700 | 166759 |
| &nbsp;&nbsp; Dolby Laboratories, Inc. (Class A Stock) | 1000 | 66570 |
| &nbsp;&nbsp; Gen Digital, Inc. | 29200 | 659044 |
| &nbsp;&nbsp; Microsoft Corp. | 1260 | 494852 |
| &nbsp;&nbsp; Salesforce, Inc. | 10800 | 2103732 |
| &nbsp;&nbsp; Sprinklr, Inc. (Class A Stock)\* | 7600 | 44232 |
| &nbsp;&nbsp; Teradata Corp.\* | 46300 | 1457987 |
| &nbsp;&nbsp; Zoom Communications, Inc.\* | 17700 | 1308738 |
|  |  | 7368109 |
| &nbsp;&nbsp; **Specialized REITs 1.4%** |  |  |
| &nbsp;&nbsp; EPR Properties | 13500 | 802035 |
| &nbsp;&nbsp; VICI Properties, Inc. | 91000 | 2749110 |
|  |  | 3551145 |
| &nbsp;&nbsp; **Specialty Retail 1.7%** |  |  |
| &nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 1100 | 235158 |
| &nbsp;&nbsp; AutoNation, Inc.\* | 300 | 58548 |
| &nbsp;&nbsp; Bath & Body Works, Inc. | 9200 | 209392 |
| &nbsp;&nbsp; Gap, Inc. (The) | 25900 | 726236 |
| &nbsp;&nbsp; Ross Stores, Inc. | 9000 | 1850760 |
| &nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 7900 | 126953 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 2200 | 355652 |
| &nbsp;&nbsp; Urban Outfitters, Inc.\* | 8900 | 589180 |
| &nbsp;&nbsp; Zumiez, Inc.\* | 5000 | 131100 |
|  |  | 4282979 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 1.2%** |  |  |
| &nbsp;&nbsp; Dell Technologies, Inc. (Class C Stock) | 3200 | 473856 |
| &nbsp;&nbsp; Immersion Corp. | 45000 | 274950 |
| &nbsp;&nbsp; Sandisk Corp.\* | 1300 | 825968 |
| &nbsp;&nbsp; Western Digital Corp. | 5000 | 1398500 |
|  |  | 2973274 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 0.1%** |  |  |
| &nbsp;&nbsp; Crocs, Inc.\* | 2300 | 208633 |
| &nbsp;&nbsp; **Tobacco 1.3%** |  |  |
| &nbsp;&nbsp; Altria Group, Inc. | 49700 | 3431288 |
| &nbsp;&nbsp; **Trading Companies & Distributors 0.3%** |  |  |
| &nbsp;&nbsp; United Rentals, Inc. | 800 | 672000 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>(cost $193,154,767) |  | 253645192 |
| &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUND 0.3%** |  |  |
| &nbsp;&nbsp; iShares Russell 1000 Value ETF<br>(cost $730,827) | 3430 | 773534 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $193,885,594) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254418726 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 21

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<br>(cost $191,162)(wb) | 191162 | $191162 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%**<br>(cost $194,076,756) |  | 254609888 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.0)% |  | (75922) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254533966 |

---

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

\* Non-income producing security.

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

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

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

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

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

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $7169359 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 3687040 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 611382 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 1649677 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 10598574 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 1211260 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 5882772 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 2532837 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 3759396 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 13682482 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 2756457 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 1493535 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 3106886 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 183972 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 205494 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 6683672 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 275040 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | 310380 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 488490 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 9448750 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 7787090 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 4659862 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 2718555 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 736041 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 1102816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 5857274 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 3362722 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 2312162 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 4735138 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 7645921 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 2003767 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 3585147 |  |  |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | $1366153 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 302400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 2515273 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 10097212 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 9782129 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 5545958 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 3957571 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 9773500 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 1250371 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 2186370 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 4306084 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 339780 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 3635955 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 15611359 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 3789262 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 15190112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 837058 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 1880954 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 1610295 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 14936018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 7368109 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 3551145 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 4282979 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 2973274 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 208633 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 3431288 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 672000 |  |  |
|  Unaffiliated Exchange-Traded Fund | 773534 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 191162 |  |  |
|  **Total** | $**254609888** | **$—** | **$—** |

---

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  Oil, Gas & Consumable Fuels | 6.1 |
|  Pharmaceuticals | 6.0 |
|  Semiconductors & Semiconductor Equipment | 5.9 |
|  Capital Markets | 5.4 |
|  Banks | 4.2 |
|  Insurance | 4.0 |
|  Interactive Media & Services | 3.8 |
|  Machinery | 3.8 |
|  Diversified Telecommunication Services | 3.7 |
|  Electric Utilities | 3.1 |
|  Health Care Providers & Services | 3.0 |
|  Software | 2.9 |
|  Aerospace & Defense | 2.8 |
|  Consumer Staples Distribution & Retail | 2.6 |
|  Biotechnology | 2.3 |
|  Financial Services | 2.3 |
|  IT Services | 2.2 |
|  Health Care Equipment & Supplies | 1.9 |
|  Electrical Equipment | 1.8 |
|  Metals & Mining | 1.7 |
|  Specialty Retail | 1.7 |
|  Life Sciences Tools & Services | 1.6 |

---

---

| | |
|:---|:---|
|  Passenger Airlines | 1.5 |
|  Building Products | 1.5 |
|  Air Freight & Logistics | 1.4 |
|  Multi-Utilities | 1.4 |
|  Hotels, Restaurants & Leisure | 1.4 |
|  Specialized REITs | 1.4 |
|  Tobacco | 1.3 |
|  Food Products | 1.3 |
|  Communications Equipment | 1.2 |
|  Technology Hardware, Storage & Peripherals | 1.2 |
|  Chemicals | 1.1 |
|  Electronic Equipment, Instruments & Components | 1.1 |
|  Broadline Retail | 1 |
|  Industrial Conglomerates | 1 |
|  Gas Utilities | 0.9 |
|  Media | 0.9 |
|  Hotel & Resort REITs | 0.8 |
|  Real Estate Management & Development | 0.7 |
|  Automobiles | 0.6 |
|  Retail REITs | 0.6 |
|  Commercial Services & Supplies | 0.6 |
|  Household Products | 0.5 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 23

------

PGIM Quant Solutions Large-Cap Value Fund

Schedule of Investments (continued)

as of February 28, 2026

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Marine Transportation | 0.5 |
|  Beverages | 0.5 |
|  Entertainment | 0.4 |
|  Professional Services | 0.3 |
|  Unaffiliated Exchange-Traded Fund | 0.3 |
|  Energy Equipment & Services | 0.3 |
|  Trading Companies & Distributors | 0.3 |
|  Automobile Components | 0.2 |
|  Diversified Consumer Services | 0.2 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.1 |
|  Distributors | 0.1 |
|  Independent Power & Renewable Electricity Producers | 0.1 |
|  Containers & Packaging | 0.1 |

---

---

| | | |
|:---|:---|:---|
|  Textiles, Apparel & Luxury Goods | 0.1 | % |
|  Consumer Finance | 0.1 |  |
|  Affiliated Mutual Fund | 0.1 |  |
|  Construction & Engineering | 0.1 |  |
|  | 100.0 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100.0 | % |

---

\* Less than 0.05% 

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Statement of Assets & Liabilities

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $193,885,594) | $254418726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $191,162) | 191162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 275195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaim receivable | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 7878 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 254897221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee payable | 121595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 73801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses payable | 40678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 40382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee payable | 27722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 18067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 12822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 11809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports fee payable | 11768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 363255 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $254533966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $19524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 183386158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 71128284 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, February 28, 2026** | $254533966 |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 25

------

PGIM Quant Solutions Large-Cap Value Fund

Statement of Assets & Liabilities (continued)

as of February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share,<br> ($37,055,231 ÷ 2,963,934 shares of beneficial interest issued and outstanding) | $12.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $13.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($1,767,133 ÷ 168,215 shares of beneficial interest issued and outstanding) | $10.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($171,026,698 ÷ 13,001,463 shares of beneficial interest issued and outstanding) | $13.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($42,534,728 ÷ 3,227,097 shares of beneficial interest issued and outstanding) | $13.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,150,176 ÷ 163,322 shares of beneficial interest issued and outstanding) | $13.17 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Statement of Operations

Year Ended February 28, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $236 foreign withholding tax) | $5368549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 16495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated income from securities lending, net | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 5387856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 1941533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee(a) | 1356345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $12,719)(a) | 262692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 53544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees(a) | 43511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 35158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 27722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 25394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 63682 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 3821887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (439974) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (427356) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 2954557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2433299 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $159) | 35278220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $175) | 7746492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 43024712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $45458011 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R6** |
|  Distribution fee | 111965 | 18295 | 1226085 |  |  |
|  Transfer agent's fees and expenses | 39800 | 4102 | 194395 | 23255 | 1140 |
|  Registration fees | 15845 | 7631 | 6295 | 5575 | 8165 |
|  Fee waiver and/or expense reimbursement | (62305) | (7119) | (294631) | (64744) | (11175) |
|  Distribution fee waiver | (18661) |  | (408695) |  |  |

---

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 27

------

PGIM Quant Solutions Large-Cap Value Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28,** | **Year Ended**<br>**February 28,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2433299 | $3812917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 35278220 | 47903515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 7746492 | (14091225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 45458011 | 37625207 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (5564274) | (6066641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (295551) | (361068) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (23598788) | (25098158) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (6013538) | (6378330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (292954) | (433229) |
|  | (35765105) | (38337426) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 9707661 | 20818764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 35666482 | 38231187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (59108472) | (113988490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (13734329) | (54938539) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (4041423) | (55650758) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 258575389 | 314226147 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $254533966 | $258575389 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.19 | $12.61 | $12.15 | $13.86 | $12.74 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.13 | 0.17 | 0.22 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 2.20 | 1.53 | 0.69 | (0.72) | 2.21 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.33 | 1.70 | 0.91 | (0.51) | 2.41 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.40) | (0.13) | (0.23) | (0.24) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.84) | (1.72) | (0.32) | (0.97) | (1.05) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.02) | (2.12) | (0.45) | (1.20) | (1.29) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $12.50 | $12.19 | $12.61 | $12.15 | $13.86 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 20.36% | 13.55% | 7.66% | (3.63)% | 19.13% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $37055 | $39788 | $37602 | $37826 | $38102 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $37322 | $39088 | $35169 | $37739 | $36266 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.11% | 1.11 %<sup>(d)</sup> | 1.12% | 1.12% | 1.12% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.33% | 1.31% | 1.34% | 1.34% | 1.34% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.09% | 1.32% | 1.86% | 1.62% | 1.39% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 107% | 96% | 81% | 96% | 73% |

---

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

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

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 29

------

PGIM Quant Solutions Large-Cap Value Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $10.54 | $11.16 | $10.81 | $12.48 | $11.59 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.01 | 0.04 | 0.09 | 0.07 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 1.87 | 1.34 | 0.60 | (0.65) | 2.00 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.88 | 1.38 | 0.69 | (0.58) | 2.06 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.07) | (0.28) | (0.02) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.84) | (1.72) | (0.32) | (0.97) | (1.05) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.91) | (2.00) | (0.34) | (1.09) | (1.17) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $10.51 | $10.54 | $11.16 | $10.81 | $12.48 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 19.02% | 12.54% | 6.50% | (4.60)% | 17.97% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1767 | $2008 | $2425 | $3700 | $3977 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1829 | $2257 | $2845 | $3753 | $3661 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.13% | 2.13% | 2.16% | 2.14% | 2.09% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.52% | 2.46% | 2.37% | 2.31% | 2.26% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.07% | 0.32% | 0.83% | 0.59% | 0.44% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 107% | 96% | 81% | 96% | 73% |

---

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.73 | $13.09 | $12.60 | $14.32 | $13.13 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.11 | 0.15 | 0.20 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 2.30 | 1.58 | 0.71 | (0.74) | 2.27 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.41 | 1.73 | 0.91 | (0.55) | 2.44 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.15) | (0.37) | (0.10) | (0.20) | (0.20) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.84) | (1.72) | (0.32) | (0.97) | (1.05) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.99) | (2.09) | (0.42) | (1.17) | (1.25) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.15 | $12.73 | $13.09 | $12.60 | $14.32 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 20.02% | 13.36% | 7.41% | (3.79)% | 18.91% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $171027 | $172034 | $176559 | $173940 | $234737 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $163478 | $177754 | $171600 | $189944 | $241292 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.32% | 1.32 %<sup>(d)</sup> | 1.33% | 1.33% | 1.33% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.87% | 1.11% | 1.65% | 1.39% | 1.19% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 107% | 96% | 81% | 96% | 73% |

---

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

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

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

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

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

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 31

------

PGIM Quant Solutions Large-Cap Value Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.75 | $13.10 | $12.60 | $14.33 | $13.13 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.18 | 0.22 | 0.27 | 0.26 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 2.31 | 1.59 | 0.72 | (0.75) | 2.28 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.49 | 1.81 | 0.99 | (0.49) | 2.53 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.44) | (0.17) | (0.27) | (0.28) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.84) | (1.72) | (0.32) | (0.97) | (1.05) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.06) | (2.16) | (0.49) | (1.24) | (1.33) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.18 | $12.75 | $13.10 | $12.60 | $14.33 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 20.67% | 13.99% | 8.03% | (3.34)% | 19.58% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $42535 | $42067 | $42356 | $46000 | $55747 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $41016 | $42833 | $41869 | $49467 | $71101 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.79% | 0.79 %<sup>(d)</sup> | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.95% | 0.95% | 0.95% | 0.95% | 0.96% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.40% | 1.64% | 2.18% | 1.93% | 1.69% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 107% | 96% | 81% | 96% | 73% |

---

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

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

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

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

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

See Notes to Financial Statements.

------

PGIM Quant Solutions Large-Cap Value Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $12.73 | $13.08 | $12.59 | $14.32 | $13.13 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.18 | 0.25 | 0.27 | 0.28 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 2.32 | 1.56 | 0.71 | (0.77) | 2.31 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.50 | 1.81 | 0.98 | (0.49) | 2.52 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.22) | (0.44) | (0.17) | (0.27) | (0.28) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.84) | (1.72) | (0.32) | (0.97) | (1.05) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.06) | (2.16) | (0.49) | (1.24) | (1.33) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.17 | $12.73 | $13.08 | $12.59 | $14.32 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 20.69% | 14.01% | 7.96% | (3.34)% | 19.52% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2150 | $2678 | $55285 | $35302 | $36200 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2118 | $33036 | $47186 | $49222 | $13569 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.79% | 0.79% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.32% | 0.90% | 0.90% | 0.90% | 0.98% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.41% | 1.84% | 2.18% | 2.07% | 1.37% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 107% | 96% | 81% | 96% | 73% |

---

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

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

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

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

See Notes to Financial Statements.

PGIM Quant Solutions Large-Cap Value Fund 33

------

Notes to Financial Statements

1. Organization

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

The Funds have the following investment objectives:

---

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

---

2. Accounting Policies

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

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

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

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

For the fiscal reporting year-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.

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

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

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

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

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

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

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

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

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

------

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
|  Net Investment Income |  | Annually |

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------

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

---

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

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

3. Agreements

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

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

---

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

---

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended February 28, 2026, the contractual and effective management fee rates were as follows:

---

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

---

The Manager has contractually agreed, through June 30, 2027, 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. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. The expense limitations attributable to each class are as follows: The expense limitations attributable to each class are as follows:

---

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

---

------

Notes to Financial Statements (continued)

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| | |
|:---|:---|
| **Fund** | **Class Expense <br>Limitation** |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class R | 1.32% |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class Z | 0.79 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class R6 | 0.79 |

---

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

Pursuant to the Distribution Plans, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through June 30, 2027 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

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

---

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

---

The RIC, on behalf of each Fund, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Fund on whose behalf the trades were made. Commission recapture is paid solely to the Fund generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended February 28, 2026, brokerage commissions recaptured under these agreements was as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| &nbsp;&nbsp; Jennison Focused Growth | $23065 |

---

For the year ended February 28, 2026, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

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| | | |
|:---|:---|:---|
| **Fund** | **FESL** | **CDSC** |
| &nbsp;&nbsp; Jennison Focused Growth - Class A | $308436 | $5281 |
| &nbsp;&nbsp; Jennison Focused Growth - Class C |  | 2375 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class A | 5795 |  |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value - Class C |  | 128 |

---

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

4. Other Transactions with Affiliates

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

The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional

------

Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and 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 year ended February 28, 2026, 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 year ended February 28, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
| &nbsp;&nbsp; Jennison Focused Growth | $495943757 | $681153465 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 263548102 | 310731261 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended February 28, 2026, is presented as follows:

#### Jennison Focused Growth

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |  |  |
| $31663 | $339686610 | $335428699 | $— | $— | $4289574 | 4289574 | $395474 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;873561761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828769614 |  | (5086) | 44787061 | 44818434 | 41555<sup>(1)</sup> |  |
| $31663 | $1213248371 | $1164198313 | $— | $(5086) | $49076635 |  | $437029 | $— |

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#### Quant Solutions Large-Cap Value

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change in<br>Unrealized<br>Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)<sup>(wb)</sup> |  |  |  |
| $123253 | $29802042 | $29734133 | $— | $— | $191162 | 191162 | $16495 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)<sup>(b)(wb)</sup> |  |  |  |
| 1910770 | 41884790 | 43795894 | 175 | 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2812<sup>(1)</sup> |  |
| $2034023 | $71686832 | $73530027 | $175 | $159 | $191162 |  | $19307 | $— |

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

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

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

6. Distributions and Tax Information

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. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Funds indicated below.

------

Notes to Financial Statements (continued)

For the year ended February 28, 2026, the adjustments were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Total Distributable<br>Earnings (Loss)** | **Paid-in**<br> **Capital in<br>Excess of Par**  |
| &nbsp;&nbsp; Jennison Focused Growth (a) | $9100783 | $(9100783) |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(a) Net Operating Loss

For the year ended February 28, 2026, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends<br>and Distributions** |
| &nbsp;&nbsp; Jennison Focused Growth | $— | $70085694 | $— | $70085694 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 6167587 | 29597518 |  | 35765105 |

---

For the year ended February 28, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends<br>and Distributions** |
| &nbsp;&nbsp; Jennison Focused Growth | $— | $— | $— | $— |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 9764396 | 28573030 |  | 38337426 |

---

For the year ended February 28, 2026, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed <br>Long-Term<br>Capital Gains** |
| &nbsp;&nbsp; Jennison Focused Growth | $— | $77113937 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 3141365 | &nbsp;&nbsp;&nbsp;&nbsp;8990685 |

---

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net**<br> **Unrealized<br>Appreciation** |
| &nbsp;&nbsp; Jennison Focused Growth | $830217031 | $853034780 | $(34766246) | $818268534 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 195613654 | &nbsp;&nbsp;&nbsp;&nbsp;65639251 | &nbsp;&nbsp;&nbsp;&nbsp;(6643017) | &nbsp;&nbsp;&nbsp;&nbsp;58996234 |

---

The difference between GAAP basis and tax basis was primarily attributable to deferred losses on wash sales, and investments in passive foreign investment companies.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of February 28, 2026 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

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

---

The Funds indicated below elected to treat the below approximated losses as having been incurred in the following fiscal year (February 28, 2027).

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified Late-Year<br>Losses** | **Post-October <br>Capital Losses** |
| &nbsp;&nbsp; Jennison Focused Growth | $1827000 | $— |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

------

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended February 28, 2026 are subject to such review.

7. Capital and Ownership

The Jennison Focused Growth Fund offers Class A, Class C, Class Z and Class R6 shares. The Quant Solutions Large-Cap Value Fund offers Class A, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

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

As of February 28, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br> Outstanding Shares** |
| &nbsp;&nbsp; Jennison Focused Growth–Class Z | 27738 | 0.2% |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value–Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | 0.1 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value–Class Z | 20939 | 0.6 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares**  |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; Jennison Focused Growth |  | —% |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value |  |  |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Jennison Focused Growth | 5 | 44.3 |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 2 | 83.0 |

---

------

Notes to Financial Statements (continued)

Transactions in shares of beneficial interest were as follows:

#### Jennison Focused Growth:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 829866 | $23333099 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1564589 | 46139724 |
| &nbsp;&nbsp; Shares purchased | (5007057) | (139976595) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2612602) | (70503772) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 295520 | 8214624 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (332850) | (9509953) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2649932) | $(71799101) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1288625 | $33080529 |
| &nbsp;&nbsp; Shares purchased | (5478653) | (137495945) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (4190028) | (104415416) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 259541 | 6437540 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (331446) | (8176727) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (4261933) | $(106154603) |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 242532 | $4703607 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 123930 | 2452578 |
| &nbsp;&nbsp; Shares purchased | (308681) | (5874776) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 57781 | 1281409 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (371598) | (7008470) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (313817) | $(5727061) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 226062 | $3943709 |
| &nbsp;&nbsp; Shares purchased | (480933) | (8329802) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (254871) | (4386093) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (318283) | (5536871) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (573154) | $(9922964) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 2161993 | $67579726 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 430455 | 14415937 |
| &nbsp;&nbsp; Shares purchased | (3076318) | (96689008) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (483870) | (14693345) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 292301 | 9387895 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (96124) | (3118114) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (287693) | $(8423564) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2023734 | $56748054 |
| &nbsp;&nbsp; Shares purchased | (3767112) | (106108210) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1743378) | (49360156) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 292531 | 8184608 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (109012) | (3043816) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1559859) | $(44219364) |

---

------

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 435840 | $13726797 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 130826 | 4400976 |
| &nbsp;&nbsp; Shares purchased | (1280122) | (40919372) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (713456) | (22791599) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 66086 | 2181908 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (4578) | (147890) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (651948) | $(20757581) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 735358 | $20802390 |
| &nbsp;&nbsp; Shares purchased | (1628632) | (46199865) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (893274) | (25397475) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 86519 | 2464430 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (11050) | (329164) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (817805) | $(23262209) |

---

------

Notes to Financial Statements (continued)

#### Quant Solutions Large-Cap Value:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 259365 | $3058724 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 469956 | 5484390 |
| &nbsp;&nbsp; Shares purchased | (1042283) | (12764906) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (312962) | (4221792) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 22902 | 285524 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (11259) | (145589) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (301319) | $(4081857) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 442366 | $5764441 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 497095 | 5989990 |
| &nbsp;&nbsp; Shares purchased | (637237) | (8181883) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 302224 | 3572548 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 19628 | 247055 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (39260) | (521832) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 282592 | $3297771 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 9743 | $104480 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 30097 | 295551 |
| &nbsp;&nbsp; Shares purchased | (37529) | (390195) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2311 | 9836 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (24657) | (265067) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (22346) | $(255231) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 14401 | $165923 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 33585 | 350623 |
| &nbsp;&nbsp; Shares purchased | (51679) | (584289) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (3693) | (67743) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (22964) | (252927) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (26657) | $(320670) |
| &nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 372698 | $4775836 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1921725 | 23598787 |
| &nbsp;&nbsp; Shares purchased | (2808205) | (35860617) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (513782) | $(7485994) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 351833 | $4692559 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1993499 | 25098158 |
| &nbsp;&nbsp; Shares purchased | (2322726) | (31776451) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 22606 | $(1985734) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 131249 | $1664606 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 487779 | 5994800 |
| &nbsp;&nbsp; Shares purchased | (699217) | (9071537) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (80189) | (1412131) |

---

------

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

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 9762 | $133759 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2969) | (36133) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (73396) | $(1314505) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 57477 | $786042 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 504756 | 6359921 |
| &nbsp;&nbsp; Shares purchased | (513337) | (6909962) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 48896 | 236001 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 32080 | 442779 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (14982) | (211274) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 65994 | $467506 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 8270 | $104015 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 23856 | 292954 |
| &nbsp;&nbsp; Shares purchased | (81336) | (1021217) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (49210) | (624248) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 2234 | 28275 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (54) | (769) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (47030) | $(596742) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 688796 | $9409799 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 34380 | 432495 |
| &nbsp;&nbsp; Shares purchased | (4759144) | (66535905) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (4035968) | (56693611) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 21399 | 301339 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (366) | (5140) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (4014935) | $(56397412) |

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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 current SCA in effect at the reporting period-end as well as the prior SCA.

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

---

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

The Funds indicated below utilized the SCA during the year ended February 28, 2026. The average balance outstanding is for the

------

Notes to Financial Statements (continued)

number of days the Funds utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Balance<br>Outstanding** | **Weighted<br>Average<br>Interest Rates** | **Number<br>of Days<br>Outstanding** | **Maximum<br>Balance<br>Outstanding** | **Balance<br>Outstanding at<br>February 28, 2026** |
| &nbsp;&nbsp; Jennison Focused Growth | $986288 | 5.16% | 73 | $4471000 | $— |
| &nbsp;&nbsp; Quant Solutions Large-Cap Value | 474256 | 5.15 | 39 | 5842000 |  |

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9. Risks of Investing in the Funds

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

---

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

---

*Convertible Securities Risk:* The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

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

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

*Foreign Securities Risk:* Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly

------

available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

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

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

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

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

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

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

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

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

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets.

------

Notes to Financial Statements (continued)

Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

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

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

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

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

*Portfolio Turnover Risk:* The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's portfolio turnover rate may be higher than that of other 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.

*Preferred Securities Risk:* Preferred securities can experience sharp declines in value over short or extended periods of time, regardless of the success or failure of a company's operations. A redemption by the issuer may negatively impact the return of the security held by the Fund. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred securities may be less attractive and the price of preferred securities may decline. Preferred security usually does not require the issuer to pay dividends and may permit the issuer to defer dividend payments. Deferred dividend payments could have adverse tax consequences for the Fund and may cause the preferred security to lose substantial value. Preferred securities also may have substantially lower trading volumes and less market depth than many other securities, such as common stock or U.S. Government securities.

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

*Value Style Risk:* Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security's intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or

------

may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

10. Recent Accounting Pronouncement and Regulatory Developments

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

11. Subsequent Event

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 February 28, 2026.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 3 and Shareholders of PGIM Jennison Focused Growth Fund and PGIM Quant Solutions Large-Cap Value Fund

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Jennison Focused Growth Fund and PGIM Quant Solutions Large-Cap Value Fund (two of the funds constituting Prudential Investment Portfolios 3, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinions* 

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

April 17, 2026

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

------

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

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

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

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

------

![LOGO](g121426g83a40.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 3

#### PGIM Strategic Bond Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### FEBRUARY 28, 2026
![LOGO](g121426g23j39.jpg)

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<u> **Table of Contents**</u>   <u> Financial Statements and Other Information</u>   <u>February 28, 2026</u>

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

---

| | |
|:---|:---|
|  [PGIM Strategic Bond Fund](#edgar121426_1) | 1 |
|  [Notes to Financial Statements](#edgar121426_2) | 53 |

---

**[Other Information](#edgar121426_3)**[- Form N-CSR Items 8-11](#edgar121426_3)

------

Schedule of Investments

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 101.8%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 10.8%** |  |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes,<br>Series 2024-A, Class E, 144A | 7.917% | 05/17/32 |  | 433 | $443408 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII Trust,<br>Series 2024-CAR1F, Class A, 144A | 6.971 | 07/29/32 |  | 284 | 284011 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust,<br>Series 2023-02, Class D, 144A | 6.600 | 02/15/36 |  | 1200 | 1249335 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976754 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 8.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Bilbao CLO DAC (Ireland),<br>Series 04A, Class B, 144A, 3 Month EURIBOR + 2.200% (Cap N/A, Floor 2.200%) | 4.216(c) | 04/15/36 | EUR | 5900 | 6978252 |
| &nbsp;&nbsp; BlueMountain CLO Ltd. (Cayman Islands),<br>Series 2019-25A, Class BRR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%) | 5.522(c) | 01/15/38 |  | 6000 | 6031322 |
| &nbsp;&nbsp; Carlyle Euro CLO DAC (Ireland),<br>Series 2019-01A, Class A2RA, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 3.750(c) | 03/15/32 | EUR | 8250 | 9756377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class A2B, 144A | 2.100 | 10/15/35 | EUR | 9100 | 10056128 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands),<br>Series 2021-14A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.368(c) | 01/20/38 |  | 5750 | 5771849 |
| &nbsp;&nbsp; Fidelity Grand Harbour CLO DAC (Ireland),<br>Series 2021-01A, Class B1, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%) | 3.766(c) | 10/15/34 | EUR | 9000 | 10628601 |
| &nbsp;&nbsp; Madison Park Euro Funding DAC (Ireland),<br>Series 14A, Class B1R, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%) | 3.716(c) | 07/15/32 | EUR | 8050 | 9495388 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands),<br>Series 2018-29A, Class BR2, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.268(c) | 03/25/38 |  | 4000 | 4013480 |
| &nbsp;&nbsp; Menlo CLO Ltd. (Cayman Islands),<br>Series 2024-01A, Class C, 144A, 3 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 5.918(c) | 01/20/38 |  | 5150 | 5162853 |
| &nbsp;&nbsp; Nassau Euro CLO DAC (Ireland),<br>Series 02A, Class BR, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | 3.930(c) | 04/25/39 | EUR | 5500 | 6499801 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands),<br>Series 2019-01A, Class BRR, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 5.472(c) | 10/15/37 |  | 5500 | 5520791 |
| &nbsp;&nbsp; St. Pauls CLO (Netherlands),<br>Series 11A, Class C2R, 144A | 2.500 | 01/17/32 | EUR | 8500 | 9527107 |
| &nbsp;&nbsp; St. Paul's CLO DAC (Ireland),<br>Series 04A, Class AR2B, 144A | 1.870 | 04/25/30 | EUR | 9200 | 10502336 |
| &nbsp;&nbsp; Tikehau CLO DAC (Ireland),<br>Series 09A, Class B1R, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 2.000%) | 4.026(c) | 01/20/37 | EUR | 9500 | 11232642 |
|  |  |  |  |  | 111176927 |
| &nbsp;&nbsp; **Consumer Loans 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Affirm Master Trust,<br>Series 2026-01A, Class E, 144A | 6.430 | 02/15/34 |  | 5000 | 5020255 |
| &nbsp;&nbsp; Island Finance Trust,<br>Series 2025-01A, Class A, 144A | 6.540 | 03/19/35 |  | 1000 | 1011407 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust,<br>Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 |  | 2600 | 2714551 |
|  |  |  |  |  | 8746213 |
| &nbsp;&nbsp; **Equipment 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class C, 144A | 7.830 | 08/20/55 |  | 2000 | 2065364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class C, 144A | 7.112 | 12/20/55 |  | 1900 | 1938964 |
|  |  |  |  |  | 4004328 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 1

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Home Equity Loans 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Towd Point Mortgage Trust,<br>Series 2025-CES01, Class M2B, 144A | 6.872%(cc) | 02/25/55 |  | 2200 | $2243243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE02, Class A2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.367(c) | 09/25/65 |  | 2600 | 2617445 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860688 |
| &nbsp;&nbsp; **Other 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust,<br>Series 2024-01GS, Class A, 144A | 6.250 | 06/20/57 |  | 771 | 759091 |
| &nbsp;&nbsp; Invitation Homes Trust,<br>Series 2024-SFR01, Class C, 144A | 4.250 | 09/17/41 |  | 1800 | 1772563 |
| &nbsp;&nbsp; PMT Issuer Trust - FMSR,<br>Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 6.424(c) | 12/25/27 |  | 2000 | 2014510 |
| &nbsp;&nbsp; Sierra Timeshare Receivables Funding LLC,<br>Series 2023-02A, Class D, 144A | 9.720 | 04/20/40 |  | 438 | 462503 |
| &nbsp;&nbsp; Sunrun Bacchus Issuer LLC,<br>Series 2025-01A, Class A1, 144A | 5.990 | 04/30/60 |  | 943 | 956257 |
|  |  |  |  |  | 5964924 |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; LSF11 Boson Investments Sarl Compartment 2 (Spain),<br>|  |  |  |  |  |
| &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%) | 4.047(c) | 11/25/60 | EUR | 47 | 55787 |
| &nbsp;&nbsp; PRET LLC,<br>Series 2025-NPL02, Class A1, 144A | 5.835(cc) | 03/25/55 |  | 1793 | 1794243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL05, Class A1, 144A | 6.244(cc) | 05/25/55 |  | 3677 | 3690515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL07, Class A1, 144A | 5.657(cc) | 07/25/55 |  | 1378 | 1382957 |
| &nbsp;&nbsp; TFS (Spain),<br>Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%^ | 5.185(c) | 03/15/26 | EUR | 163 | 144882 |
|  |  |  |  |  | 7068384 |
| &nbsp;&nbsp; **Student Loan 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Laurel Road Prime Student Loan Trust,<br>Series 2019-A, Class R, 144A | 0.000 | 10/25/48 |  | 339 | 167363 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br>(cost $141,988,636) |  |  |  |  | 143965581 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 7.2%** |  |  |  |  |  |
| &nbsp;&nbsp; 20 Times Square Trust,<br>Series 2018-20TS, Class F, 144A(x) | 3.100(cc) | 05/15/35 |  | 4900 | 4410000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A(x) | 3.100(cc) | 05/15/35 |  | 5000 | 4350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A(x) | 3.100(cc) | 05/15/35 |  | 100 | 84500 |
| &nbsp;&nbsp; Aesir European Loan Conduit DAC (Ireland),<br>Series 41A, Class D, 144A, SONIA + 2.400% (Cap N/A, Floor 0.000%) | 6.157(c) | 01/23/36 | GBP | 2800 | 3774609 |
| &nbsp;&nbsp; ARES Trust,<br>Series 2025-IND03, Class C, 144A, 1 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 5.760(c) | 04/15/42 |  | 1130 | 1130281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class D, 144A, 1 Month SOFR + 2.550% (Cap N/A, Floor 2.550%) | 6.210(c) | 04/15/42 |  | 1060 | 1060267 |
| &nbsp;&nbsp; BANK5,<br>Series 2023-05YR03, Class XD, IO, 144A | 3.315(cc) | 09/15/56 |  | 11949 | 869052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR04, Class XD, IO, 144A | 3.605(cc) | 12/15/56 |  | 10349 | 827647 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust,<br>Series 2016-ETC, Class E, 144A | 3.609(cc) | 08/14/36 |  | 250 | 239190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | 4.267(cc) | 08/05/38 |  | 250 | 227089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class XB, IO | 1.107(cc) | 08/15/52 |  | 43170 | 1482035 |
| &nbsp;&nbsp; Benchmark Mortgage Trust,<br>Series 2024-V05, Class XD, IO, 144A | 2.972(cc) | 01/10/57 |  | 13473 | 1003712 |
| &nbsp;&nbsp; BFLD Mortgage Trust,<br>Series 2024-VICT, Class B, 144A, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.589%) | 6.249(c) | 07/15/41 |  | 1700 | 1701062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class E, 144A, 1 Month SOFR + 3.689% (Cap N/A, Floor 3.689%) | 7.349(c) | 07/15/39 |  | 1205 | 1206602 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; BLP Commercial Mortgage Trust,<br>Series 2025-IND, Class D, 144A, 1 Month SOFR + 2.250% (Cap N/A, Floor 2.250%) | 5.910%(c) | 03/15/42 |  | 1658 | $1653290 |
| &nbsp;&nbsp; BMO Mortgage Trust,<br>Series 2024-05C04, Class XD, IO, 144A | 2.768(cc) | 05/15/57 |  | 16130 | 1160484 |
| &nbsp;&nbsp; BPR Commercial Mortgage Trust,<br>Series 2024-PARK, Class C, 144A | 6.389(cc) | 11/05/39 |  | 2240 | 2328823 |
| &nbsp;&nbsp; BPR Trust,<br>Series 2023-BRK02, Class C, 144A | 8.335(cc) | 10/05/38 |  | 3800 | 3925629 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust,<br>Series 2025-BCAT, Class A, 144A, 1 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.040(c) | 08/15/42 |  | 2252 | 2252673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class E, 144A, 1 Month SOFR + 3.690% (Cap N/A, Floor 3.690%) | 7.350(c) | 04/15/40 |  | 997 | 1002293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CSMO, Class A, 144A, 1 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.067(c) | 02/15/42 |  | 4150 | 4150000 |
| &nbsp;&nbsp; BX Trust,<br>Series 2025-ARIA, Class A, 144A | 5.031(cc) | 12/13/42 |  | 2400 | 2463685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class E, 144A, 1 Month SOFR + 3.000% (Cap N/A, Floor 3.000%) | 6.660(c) | 02/15/35 |  | 2110 | 2107362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class D, 144A, 1 Month SOFR + 1.993% (Cap N/A, Floor 1.993%) | 5.652(c) | 03/15/30 |  | 1835 | 1834909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class E, 144A, 1 Month SOFR + 3.300% (Cap N/A, Floor 3.300%) | 6.960(c) | 06/15/35 |  | 1040 | 1039357 |
| &nbsp;&nbsp; Commercial Mortgage Trust,<br>Series 2024-277P, Class A, 144A | 6.338 | 08/10/44 |  | 600 | 633776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.661(cc) | 08/10/44 |  | 1900 | 43724 |
| &nbsp;&nbsp; DBMS DAC (United Kingdom),<br>Series 2025-01A, Class D, 144A, SONIA + 2.650% (Cap N/A, Floor 0.000%) | 6.404(c) | 02/18/36 | GBP | 4300 | 5856454 |
| &nbsp;&nbsp; Durst Commercial Mortgage Trust,<br>Series 2025-151, Class A, 144A | 5.317(cc) | 08/10/42 |  | 4500 | 4630586 |
| &nbsp;&nbsp; ELP Commercial Mortgage Trust,<br>Series 2025-ELP, Class A, 144A | 4.757(cc) | 11/13/42 |  | 2900 | 2922222 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates,<br>Series K055, Class X1, IO | 1.311(cc) | 03/25/26 |  | 225 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class X1, IO | 0.725(cc) | 06/25/27 |  | 6791 | 46305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K103, Class X1, IO | 0.633(cc) | 11/25/29 |  | 144984 | 2996447 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust,<br>Series 2025-800D, Class A, 144A, 1 Month SOFR + 2.650% (Cap N/A, Floor 2.650%) | 6.314(c) | 11/25/41 |  | 2155 | 2157055 |
| &nbsp;&nbsp; Hudson Yards Mortgage Trust,<br>Series 2025-SPRL, Class D, 144A | 6.340(cc) | 01/13/40 |  | 1895 | 1982792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPRL, Class E, 144A | 6.678(cc) | 01/13/40 |  | 970 | 1020371 |
| &nbsp;&nbsp; IP Mortgage Trust,<br>Series 2025-IP, Class A, 144A | 5.250(cc) | 06/10/42 |  | 2000 | 2051855 |
| &nbsp;&nbsp; MHC Commercial Mortgage Trust,<br>Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | 6.375(c) | 04/15/38 |  | 2188 | 2188000 |
| &nbsp;&nbsp; NRTH Commercial Mortgage Trust,<br>Series 2025-PARK, Class A, 144A, 1 Month SOFR + 1.393% (Cap N/A, Floor 1.393%) | 5.053(c) | 10/15/40 |  | 2300 | 2304313 |
| &nbsp;&nbsp; NYC Commercial Mortgage Trust,<br>Series 2025-03BP, Class E, 144A, 1 Month SOFR + 3.540% (Cap N/A, Floor 3.540%) | 7.199(c) | 02/15/42 |  | 2110 | 2124327 |
| &nbsp;&nbsp; NYC Trust,<br>Series 2025-77C, Class A, 144A | 4.790(cc) | 01/10/36 |  | 2300 | 2332110 |
| &nbsp;&nbsp; ROCK Trust,<br>Series 2024-CNTR, Class E, 144A | 8.819 | 11/13/41 |  | 1895 | 2027983 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust,<br>Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | 8.274(c) | 05/15/31 |  | 11200 | 11205963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GRP, Class B, 144A, 1 Month SOFR + 2.291% (Cap N/A, Floor 2.291%) | 5.950(c) | 10/15/41 |  | 700 | 700243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-GRP, Class C, 144A, 1 Month SOFR + 2.940% (Cap N/A, Floor 2.940%) | 6.599(c) | 10/15/41 |  | 1100 | 1097724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B33RP, Class A, 144A, 1 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.010(c) | 08/15/42 |  | 1750 | 1750547 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br> (cost $97,426,041) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96357386 |
| &nbsp;&nbsp; **CORPORATE BONDS 31.0%** |  |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The),<br>Sr. Unsec'd. Notes | 2.700 | 02/01/27 |  | 1035 | 1023809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 08/01/59 |  | 1500 | 1074989 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 3

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000% | 02/15/28 |  | 918 | $917192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 06/15/33 |  | 595 | 627094 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643084 |
| &nbsp;&nbsp; **Agriculture 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Altria Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(h) | 3.400 | 05/06/30 |  | 100 | 97301 |
| &nbsp;&nbsp; **Airlines 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.750 | 04/20/29 |  | 1925 | 1944596 |
| &nbsp;&nbsp; Delta Air Lines, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 10/28/29 |  | 1720 | 1689623 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 |  | 695 | 703071 |
| &nbsp;&nbsp; United Airlines 2019-2 Class AA Pass-Through Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates(h) | 2.700 | 11/01/33 |  | 336 | 313204 |
| &nbsp;&nbsp; United Airlines Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/01/29 |  | 470 | 473365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 03/01/31 |  | 540 | 550338 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 |  | 400 | 400141 |
|  |  |  |  |  | 6074338 |
| &nbsp;&nbsp; **Apparel 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Kontoor Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 11/15/29 |  | 1250 | 1190926 |
| &nbsp;&nbsp; **Auto Manufacturers 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/12/32 |  | 875 | 786882 |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 |  | 1175 | 1166484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/16/28 |  | 550 | 533703 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 06/21/30 |  | 1365 | 1326266 |
| &nbsp;&nbsp; Nissan Motor Co. Ltd. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 07/17/33 | EUR | 2500 | 3117711 |
|  |  |  |  |  | 6931046 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/30 |  | 50 | 52373 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 |  | 200 | 206920 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 08/15/33 |  | 80 | 83120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 |  | 135 | 138128 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 |  | 1975 | 1975012 |
|  |  |  |  |  | 2455553 |
| &nbsp;&nbsp; **Banks 5.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Banco de Credito del Peru SA (Peru), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | 3.250(ff) | 09/30/31 |  | 1315 | 1299404 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bangkok Bank PCL (Thailand), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 3.466%(ff) | 09/23/36 | 1185 | $1091978 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 1605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.496(ff) | 02/13/31 | 2935 | 2755369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.884(ff) | 10/22/30 | 1200 | 1149432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.194(ff) | 07/23/30 | 1000 | 971992 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.894(ff) | 11/24/32 | 1270 | 1162715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.437(ff) | 11/02/33 | 1375 | 1576260 |
| &nbsp;&nbsp; Cassa Depositi e Prestiti SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 10/01/30 | 600 | 605636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/05/26 | 400 | 401095 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.976(ff) | 11/05/30 | 8950 | 8576730 |
| &nbsp;&nbsp; Credit Agricole SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.656(ff) | 01/12/32 | 2020 | 2030445 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series U | 3.650(ff) | 08/10/26(oo) | 1415 | 1409111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 265 | 263456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 1040 | 1042593 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.619(ff) | 11/06/31 | 2865 | 2896824 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 4.198(ff) | 06/01/32 | 700 | 674730 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series KK | 3.650(ff) | 06/01/26(oo) | 18000 | 17934383 |
| &nbsp;&nbsp; Mizrahi Tefahot Bank Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 3.077(ff) | 04/07/31 | 2545 | 2533217 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 3780 | 3764552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 5500 | 5547920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.943(ff) | 01/21/33 | 3820 | 3517307 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.889(ff) | 06/09/32 | 745 | 683718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 3.337(ff) | 01/21/33 | 2580 | 2394995 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N | 6.669(ff) | 09/01/26(oo) | 710 | 713564 |
| &nbsp;&nbsp; U.S. Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 3.700(ff) | 01/15/27(oo) | 3660 | 3621863 |
| &nbsp;&nbsp; VTB Bank OJSC Via VTB Capital SA (Russia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 6.950 | 10/17/22(d) | 2240 | 112000 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.068(ff) | 04/30/41 | 3150 | 2457020 |
|  |  |  |  | 72674904 |
| &nbsp;&nbsp; **Building Materials 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 01/15/29 | 150 | 74833 |
| &nbsp;&nbsp; Griffon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 03/01/28 | 515 | 514512 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 | 450 | 365496 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 395 | 410580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/01/33 | 85 | 88337 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 5

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Building Materials (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.000% | 11/01/28 |  | 1565 | $1564920 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 07/15/30 |  | 1200 | 1157925 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176603 |
| &nbsp;&nbsp; **Chemicals 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Ashland, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 09/01/31 |  | 575 | 528054 |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/10/28 |  | 212 | 96460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/31/30 |  | 262 | 110354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/12/31 |  | 4925 | 2090170 |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 06/23/31 |  | 200 | 188600 |
| &nbsp;&nbsp; Orbia Advance Corp. SAB de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.800 | 05/13/30 |  | 1560 | 1569036 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 09/18/26 |  | 730 | 723897 |
| &nbsp;&nbsp; SNF Group SACA (France), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 03/15/30 |  | 1400 | 1319368 |
| &nbsp;&nbsp; Solstice Advanced Materials, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/30/33 |  | 180 | 182055 |
|  |  |  |  |  | 6807994 |
| &nbsp;&nbsp; **Commercial Services 0.6%** |  |  |  |  |  |
| &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 |  | 825 | 816716 |
| &nbsp;&nbsp; Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 |  | 680 | 671153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 |  | 420 | 415409 |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 |  | 365 | 345986 |
| &nbsp;&nbsp; Covista, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 |  | 728 | 728000 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 |  | 1620 | 1661111 |
| &nbsp;&nbsp; DP World Ltd. (United Arab Emirates), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 09/25/30 | GBP | 500 | 661696 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/31 |  | 720 | 729918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 03/15/34 |  | 65 | 65375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 06/15/30 |  | 285 | 298581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/33 |  | 120 | 126655 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 01/15/32 |  | 2050 | 1935959 |
|  |  |  |  |  | 8456559 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Gartner, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 07/01/28 |  | 350 | 344952 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 |  | 656 | 703752 |
|  |  |  |  |  | 1048704 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services 2.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes^ | 5.610% | 05/03/27 |  | 1250 | $1244755 |
| &nbsp;&nbsp; Encore Capital Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 04/15/31 |  | 600 | 607145 |
| &nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 05/01/31 |  | 470 | 453514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 02/01/29 |  | 125 | 130547 |
| &nbsp;&nbsp; Greystone Commercial Capital Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A, 144A, 1 Month SOFR + 3.150%^(x) | 7.230(c) | 05/31/26(d) |  | 6293 | 5601043 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 01/23/30 |  | 350 | 344804 |
| &nbsp;&nbsp; Jerrold Finco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 06/15/31 | GBP | 2075 | 2803502 |
| &nbsp;&nbsp; Navient Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 06/15/26 |  | 925 | 927064 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 |  | 1800 | 1741568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 09/15/30 |  | 750 | 692395 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 |  | 1800 | 1730432 |
| &nbsp;&nbsp; Power Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.250 | 08/10/28 |  | 800 | 816040 |
| &nbsp;&nbsp; Sherwood Financing PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 3 Month EURIBOR + 5.500%(a) | 7.600(c) | 12/15/29 | EUR | 2475 | 2899324 |
| &nbsp;&nbsp; Stifel Financial Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.000 | 05/15/30 |  | 6525 | 6425388 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26417521 |
| &nbsp;&nbsp; **Electric 2.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Calpine LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 |  | 4000 | 4000318 |
| &nbsp;&nbsp; Cleco Corporate Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 09/15/29 |  | 295 | 280304 |
| &nbsp;&nbsp; CMS Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 4.750(ff) | 06/01/50 |  | 1550 | 1533677 |
| &nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 |  | 2775 | 2774532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 |  | 1175 | 1192897 |
| &nbsp;&nbsp; Eskom Holdings (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN | 6.350 | 08/10/28 |  | 2485 | 2564222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 8.450 | 08/10/28 |  | 306 | 328090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 |  | 2504 | 2684764 |
| &nbsp;&nbsp; Light SA (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 23.382(s) | 08/31/27 |  | 326 | 65146 |
| &nbsp;&nbsp; Light Servicos de Eletricidade SA (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 2.260 | 12/19/37 |  | 323 | 80752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.210 | 12/19/32 |  | 760 | 541271 |
| &nbsp;&nbsp; Mong Duong Finance Holdings BV (Vietnam), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.125 | 05/07/29 |  | 739 | 735977 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 |  | 225 | 225064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 |  | 200 | 192671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/31 |  | 3650 | 3448891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 02/15/32 |  | 1350 | 1264036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 |  | 1275 | 1279701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) |  | 225 | 248181 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.250 | 06/01/31 |  | 1650 | 1554555 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 7

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875% | 11/05/31 | EUR | 1106 | $1176165 |
| &nbsp;&nbsp; PG&E Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 7.375(ff) | 03/15/55 |  | 100 | 103522 |
| &nbsp;&nbsp; Puget Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.100 | 06/15/30 |  | 4130 | 4077609 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) |  | 875 | 886804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) |  | 3125 | 3180114 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 |  | 225 | 222602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 07/31/27 |  | 405 | 404997 |
| &nbsp;&nbsp; VoltaGrid LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.375 | 11/01/30 |  | 1180 | 1231628 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36278490 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 04/15/31 |  | 115 | 115366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/34 |  | 115 | 115874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/15/29 |  | 205 | 210831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 03/15/32 |  | 160 | 166349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/28 |  | 975 | 982402 |
|  |  |  |  |  | 1590822 |
| &nbsp;&nbsp; **Electronics 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Sensata Technologies, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/31 |  | 665 | 627371 |
| &nbsp;&nbsp; **Engineering & Construction 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; AECOM, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 08/01/33 |  | 95 | 97029 |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/30/28 |  | 2330 | 2300603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 10/31/46 |  | 938 | 825637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 |  | 6142 | 5373618 |
| &nbsp;&nbsp; TopBuild Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/15/32 |  | 875 | 832422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 01/31/34 |  | 125 | 126210 |
|  |  |  |  |  | 9555519 |
| &nbsp;&nbsp; **Entertainment 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/29 |  | 3525 | 3446058 |
| &nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 |  | 350 | 343841 |
| &nbsp;&nbsp; Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/01/29 |  | 1275 | 1253189 |
| &nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 01/15/27 |  | 3125 | 3126491 |
| &nbsp;&nbsp; Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 02/01/33 |  | 775 | 795575 |
|  |  |  |  |  | 8965154 |
| &nbsp;&nbsp; **Environmental Control 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Clean Harbors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 10/15/33 |  | 285 | 291636 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Environmental Control (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; GFL Environmental Holdings US, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500% | 02/01/34 |  | 450 | $451395 |
| &nbsp;&nbsp; GFL Environmental, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/31 |  | 70 | 73312 |
|  |  |  |  |  | 816343 |
| &nbsp;&nbsp; **Foods 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 03/31/32 |  | 1440 | 1445524 |
| &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 | 5.500 | 03/31/31 |  | 55 | 55373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/31/34 |  | 90 | 89573 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 |  | 1250 | 1213390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.000 | 09/15/28 |  | 350 | 339584 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 8.000 | 07/01/31 | EUR | 735 | 824010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.125 | 05/14/30 | GBP | 697 | 859470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 07/01/31 | EUR | 275 | 309274 |
| &nbsp;&nbsp; Ingles Markets, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 06/15/31 |  | 150 | 142044 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 |  | 900 | 872374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 |  | 725 | 692509 |
| &nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 04/15/31 |  | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961064 |
|  |  |  |  |  | 8804189 |
| &nbsp;&nbsp; **Forest Products & Paper 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; LD Celulose International GmbH (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 7.950 | 01/26/32 |  | 1615 | 1702525 |
| &nbsp;&nbsp; **Gas 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 05/20/27 |  | 295 | 297410 |
| &nbsp;&nbsp; **Healthcare-Products 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 |  | 2150 | 2114535 |
| &nbsp;&nbsp; **Healthcare-Services 0.9%** |  |  |  |  |  |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/31 |  | 100 | 93414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 |  | 3300 | 3230190 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.500 | 11/06/33 |  | 2000 | 2323572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 7.750 | 07/15/36 |  | 1500 | 1769264 |
| &nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.875 | 08/15/30 |  | 2050 | 2192513 |
| &nbsp;&nbsp; Molina Healthcare, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.500 | 02/15/31 |  | 15 | 15059 |
| &nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 12/31/30 |  | 725 | 532688 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 06/01/29 |  | 325 | 319670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 |  | 875 | 858882 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 9

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Tenet Healthcare Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.625% | 06/15/28 | 825 | $823799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 11/15/32 | 215 | 217804 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12376855 |
| &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 | 2811 | 2915205 |
| &nbsp;&nbsp; **Home Builders 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 08/01/29 | 675 | 657834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 04/01/30 | 825 | 787710 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 10/15/27 | 125 | 124845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 10/15/29 | 3233 | 3296805 |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 02/15/30 | 1325 | 1240969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 09/15/27 | 275 | 274296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 06/15/29 | 1200 | 1159896 |
| &nbsp;&nbsp; Empire Communities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.750 | 05/01/29 | 550 | 566803 |
| &nbsp;&nbsp; KB Home, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/15/31 | 615 | 587915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 06/15/27 | 941 | 958192 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 800 | 794521 |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/01/30 | 3575 | 3483945 |
| &nbsp;&nbsp; Shea Homes LP/Shea Homes Funding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 1925 | 1917129 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 11/15/32 | 85 | 87788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 08/01/30 | 530 | 534704 |
|  |  |  |  | 16473352 |
| &nbsp;&nbsp; **Home Furnishings 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Whirlpool Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 06/15/30 | 90 | 90283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 06/15/33 | 225 | 224816 |
|  |  |  |  | 315099 |
| &nbsp;&nbsp; **Household Products/Wares 0.1%** |  |  |  |  |
| &nbsp;&nbsp; ACCO Brands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 03/15/29 | 1475 | 1356355 |
| &nbsp;&nbsp; **Housewares 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Newell Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.375 | 05/15/30 | 145 | 145468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.625 | 05/15/32 | 75 | 75005 |
|  |  |  |  | 220473 |
| &nbsp;&nbsp; **Insurance 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Asurion LLC & Asurion Co-Issuer, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 12/31/32 | 600 | 631235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.375 | 02/01/34 | 465 | 462247 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Teachers Insurance & Annuity Association of America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 4.900% | 09/15/44 | 75 | $69531 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163013 |
| &nbsp;&nbsp; **Internet 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(h) | 6.581 | 05/30/49 | 5734 | 6089289 |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 | 266 | 265012 |
| &nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/01/29 | 1350 | 1260656 |
|  |  |  |  | 7614957 |
| &nbsp;&nbsp; **Iron/Steel 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 01/31/29 | 975 | 982283 |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 07/15/32 | 600 | 637122 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 245 | 252293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.375 | 05/01/33 | 160 | 164198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 09/15/31 | 400 | 417483 |
| &nbsp;&nbsp; Commercial Metals Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 11/15/33 | 100 | 101915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 12/15/35 | 125 | 127957 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.250 | 10/01/28 | 1175 | 1230448 |
|  |  |  |  | 3913699 |
| &nbsp;&nbsp; **Leisure Time 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 05/01/29 | 300 | 304078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/30 | 150 | 154700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 08/01/32 | 1570 | 1629299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 100 | 99282 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/01/30 | 1100 | 1127137 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 04/01/28 | 25 | 25540 |
| &nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 02/15/29 | 1075 | 1073366 |
|  |  |  |  | 4413402 |
| &nbsp;&nbsp; **Lodging 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Gohl Capital Ltd. (Malaysia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 01/24/27 | 1020 | 1015920 |
| &nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 08/08/29 | 255 | 249631 |
| &nbsp;&nbsp; MGM China Holdings Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 02/01/27 | 2160 | 2151511 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 10/15/28 | 1500 | 1500525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 04/15/27 | 250 | 252279 |
|  |  |  |  | 5169866 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 11

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Machinery-Diversified 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500% | 01/01/30 |  | 125 | $130039 |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 |  | 900 | 952451 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082490 |
| &nbsp;&nbsp; **Media 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/01/29 |  | 1350 | 1347136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 05/01/27 |  | 232 | 232242 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 |  | 50 | 47558 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 |  | 1080 | 645421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 |  | 200 | 123108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 |  | 225 | 162026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 |  | 400 | 338408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 |  | 475 | 175779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/30 |  | 4000 | 1547439 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 5.125 | 06/01/29 |  | 200 | 178040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.375 | 07/01/28 |  | 250 | 241759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(x) | 7.750 | 07/01/26 |  | 4570 | 4520824 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 11.750 | 11/15/27 |  | 525 | 542262 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 |  | 625 | 642947 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 01/15/30 | GBP | 2300 | 2844963 |
|  |  |  |  |  | 13589912 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Advanced Drainage Systems, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 03/01/34 |  | 400 | 403108 |
| &nbsp;&nbsp; **Mining 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp; AngloGold Ashanti Holdings PLC (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 11/01/28 |  | 1405 | 1367824 |
| &nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 11.500 | 10/01/31 |  | 1050 | 1157654 |
| &nbsp;&nbsp; Capstone Copper Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/31/33 |  | 155 | 159981 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 02/15/36 |  | 455 | 456463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 02/15/34 |  | 1795 | 1878147 |
| &nbsp;&nbsp; Freeport Indonesia PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.315 | 04/14/32 |  | 820 | 836831 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 |  | 277 | 277238 |
| &nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 04/01/26 |  | 900 | 898443 |
| &nbsp;&nbsp; Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.530 | 11/15/28 |  | 1265 | 1336637 |
| &nbsp;&nbsp; New Gold, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/01/32 |  | 760 | 805547 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 01/30/30 |  | 105 | 101756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 08/15/33 |  | 715 | 722342 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Mining (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Vedanta Resources Finance II PLC (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.125% | 10/15/32 |  | 1424 | $1473584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.850 | 04/24/33 |  | 1576 | 1682695 |
| &nbsp;&nbsp; Yamana Gold, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.630 | 08/15/31 |  | 5000 | 4568861 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17724003 |
| &nbsp;&nbsp; **Oil & Gas 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 01/15/31 |  | 150 | 146509 |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 11/01/27 |  | 1004 | 1202559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 10/15/32 |  | 280 | 290855 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 04/01/32 |  | 495 | 500240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 01/15/34 |  | 575 | 593613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 02/15/28 |  | 224 | 229969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.750 | 10/15/30 |  | 600 | 645099 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 04/29/30 |  | 1000 | 1005000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 |  | 2105 | 2246260 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 02/01/32 |  | 575 | 574136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 |  | 425 | 425143 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 02/01/29 |  | 675 | 676712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 |  | 675 | 658429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 |  | 700 | 706084 |
| &nbsp;&nbsp; New Generation Gas Gathering LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.417(c) | 09/30/29 |  | 149 | 146419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.417(c) | 09/30/29 |  | 178 | 175702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.417(c) | 09/30/29 |  | 149 | 146418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.590(c) | 09/30/29 |  | 45 | 43925 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 |  | 650 | 654003 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/16/34 | GBP | 730 | 1019201 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 01/23/29 |  | 100 | 102200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 06/15/38 |  | 63 | 59011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 |  | 1137 | 1140297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.750 | 04/21/27 | EUR | 424 | 496144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 |  | 2020 | 2173278 |
| &nbsp;&nbsp; SM Energy Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/26 |  | 1000 | 1000009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 08/01/29 |  | 975 | 997202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 |  | 50 | 51676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 |  | 325 | 344005 |
|  |  |  |  |  | 18450098 |
| &nbsp;&nbsp; **Packaging & Containers 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 |  | 690 | 689156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 250 | 251812 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 13

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Packaging & Containers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500% | 03/01/29 | 1100 | $1050013 |
| &nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. US, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 02/01/28 | 100 | 101415 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092396 |
| &nbsp;&nbsp; **Pharmaceuticals 0.8%** |  |  |  |  |
| &nbsp;&nbsp; 1261229 BC Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.000 | 04/15/32 | 353 | 364914 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 | 1350 | 1296027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125 | 08/01/28 | 300 | 300971 |
| &nbsp;&nbsp; Bausch Health Cos., Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 | 650 | 567125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 | 800 | 609048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 01/30/30 | 1175 | 824486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 | 4025 | 2646437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 | 75 | 59438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 | 1225 | 1107859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 171 | 158602 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 07/20/45 | 25 | 22855 |
| &nbsp;&nbsp; Mylan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 11/29/43 | 3000 | 2640445 |
| &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 | 525 | 465620 |
|  |  |  |  | 11063827 |
| &nbsp;&nbsp; **Pipelines 0.9%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 01/15/28 | 1800 | 1799013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 07/01/34 | 400 | 405929 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 2900 | 3005074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | 6.500(ff) | 11/15/26(oo) | 655 | 657819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 5 | 4561 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | 6.900(c) | 08/16/77 | 200 | 200300 |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/15/40 | 225 | 231503 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 01/15/28 | 1250 | 1249080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 12/31/30 | 2150 | 2178624 |
| &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) | 535 | 467720 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 12/15/30 | 141 | 146447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 01/15/34 | 150 | 157863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 06/15/34 | 53 | 55753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 01/15/36 | 500 | 533145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 05/01/33 | 146 | 162018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 05/01/35 | 357 | 405129 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 01/15/45 | 76 | 69445 |
|  |  |  |  | 11729423 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity <br> Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Real Estate 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Agile Group Holdings Ltd. (China), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.050% | 10/13/25(d) |  | 2085 | $85902 |
| &nbsp;&nbsp; Five Point Operating Co. LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 10/01/30 |  | 420 | 434584 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/01/29 |  | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3873946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 03/01/32 |  | 315 | 314841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.125 | 03/01/34 |  | 335 | 334247 |
| &nbsp;&nbsp; Hunt Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.250 | 04/15/29 |  | 1950 | 1857716 |
|  |  |  |  |  | 6901236 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 07/01/30 |  | 1590 | 1575771 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 |  | 1825 | 1648671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 |  | 1425 | 1394133 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/15/31 |  | 500 | 384113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/15/27 |  | 450 | 441932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 |  | 50 | 53521 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 |  | 1050 | 1031698 |
| &nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 03/15/34 |  | 225 | 226490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 04/01/32 |  | 500 | 517978 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 02/15/27 |  | 1800 | 1788734 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 12/01/26 |  | 345 | 344584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 09/01/26 |  | 75 | 75024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/01/29 |  | 285 | 284603 |
|  |  |  |  |  | 9767252 |
| &nbsp;&nbsp; **Retail 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000 | 10/15/30 |  | 1350 | 1296189 |
| &nbsp;&nbsp; Arko Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 11/15/29 |  | 325 | 289867 |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 06/01/30 |  | 1880 | 1907129 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/30 |  | 800 | 833140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/31 |  | 1750 | 1918211 |
| &nbsp;&nbsp; CD&R Firefly Bidco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.625 | 04/30/29 | GBP | 4175 | 5886662 |
| &nbsp;&nbsp; Falabella SA (Chile), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 01/15/32 |  | 2855 | 2587415 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 01/15/30 |  | 525 | 495286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 01/15/29 |  | 50 | 48519 |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 10/01/29 |  | 825 | 784348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 10/01/31 |  | 750 | 697962 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 15

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity<br> Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Retail (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875% | 06/01/29 |  | 550 | $531600 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.750 | 03/01/32 |  | 250 | 259536 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17535864 |
| &nbsp;&nbsp; **Semiconductors 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; MKS, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/34 | EUR | 950 | 1121313 |
| &nbsp;&nbsp; **Software 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 |  | 290 | 280449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 06/01/30 |  | 575 | 563114 |
| &nbsp;&nbsp; X.AI LLC/X.AI Co. Issuer Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.500 | 06/30/30 |  | 1925 | 2192449 |
|  |  |  |  |  | 3036012 |
| &nbsp;&nbsp; **Telecommunications 2.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Black Pearl Compute LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 02/15/31 |  | 765 | 783335 |
| &nbsp;&nbsp; Connect Holding II LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 10.500 | 04/03/31 |  | 3475 | 3361681 |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 1B14, 144A(x) | 0.000 | 12/31/30 |  | 127 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^(x) | 0.000 | 12/31/30 |  | 84 |  |
| &nbsp;&nbsp; Digicel International Finance Ltd./DIFL US LLC (Jamaica), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 8.625 | 08/01/32 |  | 1120 | 1165660 |
| &nbsp;&nbsp; Eutelsat Communications SACA (France), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 03/15/31 | EUR | 550 | 657971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 03/15/33 | EUR | 525 | 628094 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 |  | 2550 | 2560843 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/15/36 |  | 1205 | 1254456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/30/33 |  | 400 | 414228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 03/31/34 |  | 815 | 847116 |
| &nbsp;&nbsp; Lorca Telecom Bondco SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/30/29 | EUR | 1275 | 1552791 |
| &nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 06/15/29 |  | 1000 | 957875 |
| &nbsp;&nbsp; Millicom International Cellular SA (Guatemala), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500 | 04/27/31 |  | 720 | 669992 |
| &nbsp;&nbsp; SoftBank Group Corp. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 07/08/32 | EUR | 400 | 465739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.375 | 07/10/33 | EUR | 1925 | 2288796 |
| &nbsp;&nbsp; Sprint Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.750 | 03/15/32 |  | 3000 | 3663122 |
| &nbsp;&nbsp; SV RNO Property Owner 1 LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 03/01/31 |  | 1670 | 1677215 |
| &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 11.750%^ | 11.750 | 03/01/28(d) | GBP | 2054 | 3 |
| &nbsp;&nbsp; Total Play Telecomunicaciones SA de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 11.125 | 12/31/32 |  | 2700 | 2553598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.125 | 12/31/32 |  | 1300 | 1229037 |
| &nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 06/15/32 |  | 190 | 192561 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity<br> Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Veon Midco BV (Pakistan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 3.375% | 11/25/27 |  | 2950 | $2836425 |
| &nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.250 | 10/01/31 |  | 140 | 147226 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29907777 |
| &nbsp;&nbsp; **Transportation 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Lima Metro Line 2 Finance Ltd. (Peru), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.875 | 07/05/34 |  | 75 | 77112 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 |  | 1605 | 1525442 |
|  |  |  |  |  | 1602554 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $427,709,772) |  |  |  |  | 412666432 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 01/28/32 |  | 249 | 248545 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 8.511(c) | 11/17/28 |  | 386 | 379249 |
|  |  |  |  |  | 627794 |
| &nbsp;&nbsp; **Chemicals 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Root Bidco Sarl (Portugal), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B4, 3 Month EURIBOR + 5.000% | 7.016(c) | 09/27/30 | EUR | 1425 | 1669283 |
| &nbsp;&nbsp; **Commercial Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc.,<br>2024 Second Repricing Term Loan, 1 Month SOFR + 2.750% | 6.423(c) | 08/12/28 |  | 172 | 172065 |
| &nbsp;&nbsp; **Diversified Financial Services 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; HPS Speciality Loan Fund VI GP (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | — (p) | 09/30/34 |  | 94 | 93513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | — (p) | 09/30/34 |  | 215 | 215482 |
| &nbsp;&nbsp; HPS Speciality Loan Fund VI IM (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | — (p) | 09/30/34 |  | 140 | 140269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | — (p) | 09/30/34 |  | 323 | 323223 |
|  |  |  |  |  | 772487 |
| &nbsp;&nbsp; **Education 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; International Schools Partnership (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 4.500%^ | 8.171(c) | 07/06/31 |  | 944 | 938992 |
| &nbsp;&nbsp; **Healthcare-Products 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Avantor Funding, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental B-6 Euro Term Loan, 1 Month EURIBOR + 2.500% | 4.428(c) | 10/11/32 | EUR | 825 | 975687 |
| &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 + 4.250% | 8.023(c) | 08/21/28 |  | 686 | 685192 |
| &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 |  | 280 | 42000 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 17

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br> Rate** | **Maturity<br> Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; ClubCorp Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 3 Month SOFR + 5.000%^ | 8.672%(c) | 07/10/32 |  | 347 | $343572 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), 2025 Facility B, 6 Month EURIBOR + 5.250%^ | 7.374(c) | 01/30/32 | EUR | 1025 | 1202057 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545629 |
| &nbsp;&nbsp; **Media 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Radiate Holdco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, 1 Month SOFR + 3.614% | 8.787(c) | 09/25/29 |  | 1053 | 911320 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom),<br>2025 Term Loan, 3 Month SOFR + 6.500%^ | 10.172(c) | 04/23/30 |  | 179 | 179692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500%^ | 10.172(c) | 04/23/30 |  | 1842 | 1852927 |
|  |  |  |  |  | 2032619 |
| &nbsp;&nbsp; **Retail 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; The Boots Group (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.500% | 8.228(c) | 08/31/32 | GBP | 1325 | 1794886 |
| &nbsp;&nbsp; **Telecommunications 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; CloudHQ VA B1, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.250% | 5.910(c) | 01/29/30 |  | 527 | 527275 |
| &nbsp;&nbsp; Zegona Holdco Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2 (EUR) Loan, 6 Month EURIBOR + 2.750% | 4.891(c) | 07/17/29 | EUR | 1652 | 1957968 |
|  |  |  |  |  | 2485243 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $14,461,805) |  |  |  |  | 14653197 |
| &nbsp;&nbsp; **MUNICIPAL BOND 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; **Illinois** |  |  |  |  |  |
| &nbsp;&nbsp; State of Illinois, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,107,453) | 5.100 | 06/01/33 |  | 1056 | 1092784 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 3.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Bayview Financing Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 5.000% (Cap N/A, Floor 4.000%) | 8.686(c) | 07/01/26 |  | 650 | 651911 |
| &nbsp;&nbsp; Bellemeade Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M1B, 144A, 30 Day Average SOFR + 3.200% (Cap N/A, Floor 3.150%) | 6.867(c) | 08/25/34 |  | 1640 | 1649884 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM09, Class A3, 144A | 5.551(cc) | 09/25/65 |  | 2221 | 2234600 |
| &nbsp;&nbsp; Clavel Residential 4 DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A, 3 Month EURIBOR + 1.500% (Cap N/A, Floor 0.000%) | 3.538(c) | 10/28/66 | EUR | 1500 | 1746585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.038(c) | 10/28/66 | EUR | 1000 | 1159784 |
| &nbsp;&nbsp; COLT Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10, Class M1, 144A | 6.014(cc) | 10/25/70 |  | 1800 | 1827759 |
| &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%) | 6.767(c) | 10/25/41 |  | 1220 | 1236250 |
| &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%) | 9.917(c) | 03/25/42 |  | 1000 | 1054494 |
| &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%) | 6.767(c) | 03/25/42 |  | 1000 | 1021548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R07, Class 1B1, 144A, 30 Day Average SOFR + 6.800% (Cap N/A, Floor 0.000%) | 10.467(c) | 06/25/42 |  | 500 | 534690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 0.000%) | 9.267(c) | 07/25/42 |  | 500 | 529673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%) | 7.267(c) | 07/25/42 |  | 635 | 655560 |
| &nbsp;&nbsp; Cross Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2026-NQM02, Class A3, 144A | 5.239(cc) | 03/25/61 |  | 2000 | 2001596 |

---

See Notes to Financial Statements.

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Fannie Mae Interest Strips, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 422, Class C7, IO | 3.500% | 11/25/35 |  | 2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206913 |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-80, Class GC | 3.500 | 10/25/48 |  | 1500 | 1370137 |
| &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%) | 6.667(c) | 12/25/50 |  | 3240 | 3453578 |
| &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%) | 5.467(c) | 11/25/41 |  | 310 | 311358 |
| &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%) | 7.017(c) | 05/25/42 |  | 700 | 719691 |
| &nbsp;&nbsp; Government National Mortgage Assoc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-69, Class B | 3.000 | 05/20/46 |  | 2546 | 2345355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-137, Class IO, IO | 3.000 | 11/20/49 |  | 3437 | 559892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-159, Class IJ, IO | 3.500 | 12/20/49 |  | 597 | 91593 |
| &nbsp;&nbsp; Legacy Mortgage Asset Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PR01, Class A1, 144A | 6.000(cc) | 01/25/61 |  | 2824 | 2835926 |
| &nbsp;&nbsp; LHOME Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | 5.921(cc) | 07/25/39 |  | 3100 | 3113035 |
| &nbsp;&nbsp; Lincoln Senior Participation Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 2.200%^ | 5.873(c) | 06/27/27 |  | 2000 | 2000000 |
| &nbsp;&nbsp; Lugo Funding DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class C, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.041(c) | 05/26/66 | EUR | 1200 | 1390105 |
| &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%) | 4.538(c) | 01/25/48 |  | 56 | 55425 |
| &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%) | 6.567(c) | 04/25/34 |  | 1602 | 1613725 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 6.768(c) | 09/27/28 |  | 3570 | 3608736 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A1, 144A | 6.469(cc) | 05/25/30 |  | 1042 | 1042483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04, Class A1, 144A | 6.179(cc) | 06/25/30 |  | 3441 | 3444868 |
| &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%) | 7.367(c) | 11/25/31 |  | 784 | 790839 |
| &nbsp;&nbsp; RCO Mortgage LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class A1, 144A | 6.435(cc) | 05/25/30 |  | 1781 | 1785248 |
| &nbsp;&nbsp; TFS (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03^ | 0.000(s) | 04/16/40 | EUR | —(r) | 1 |
| &nbsp;&nbsp; VCAT LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL03, Class A1, 144A | 5.889(cc) | 02/25/55 |  | 1047 | 1049068 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $47,782,521) |  |  |  |  | 48092310 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 4.8%** |  |  |  |  |  |
| &nbsp;&nbsp; Argentine Republic Government International Bond (Argentina), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.125 | 07/09/30 | EUR | 728 | 722661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.750(cc) | 07/09/30 |  | 3745 | 3170536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.000 | 07/09/29 |  | 2120 | 1870096 |
| &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 |  | 606 | 609151 |
| &nbsp;&nbsp; Brazilian Government International Bond (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 11/06/30 |  | 1980 | 2039400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.250 | 01/12/56 |  | 4900 | 4978400 |
| &nbsp;&nbsp; Colombia Government International Bond (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 09/19/28 | EUR | 3730 | 4372241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 03/15/29 |  | 1655 | 1611143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 01/21/29 |  | 1655 | 1651690 |
| &nbsp;&nbsp; Dominican Republic International Bond (Dominican Republic), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/22/29 |  | 663 | 674105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 |  | 1635 | 1662386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.950 | 01/25/27 |  | 1740 | 1757880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.600 | 06/01/36 |  | 1800 | 1893600 |
| &nbsp;&nbsp; Ecuador Government International Bond (Ecuador), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.750 | 01/29/34 |  | 4400 | 4439600 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 19

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), | &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875% | 01/30/32 | EUR | 1172 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 1678 | 2008748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 3316 | 3996549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/25/41 |  | 1630 | 1555020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.625 | 01/30/33 |  | 1865 | 1997415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.075 | 04/01/36 |  | 3850 | 4150839 |
| &nbsp;&nbsp; Panama Government International Bond (Panama), | &nbsp;&nbsp; Panama Government International Bond (Panama), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.662 | 02/23/38 |  | 1305 | 1310579 |
| &nbsp;&nbsp; Republic of South Africa Government International Bond (South Africa), | &nbsp;&nbsp; Republic of South Africa Government International Bond (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.250 | 12/11/55 |  | 2105 | 2105000 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), | &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/04/33 | EUR | 3310 | 3903115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 09/16/30 |  | 2390 | 2481561 |
| &nbsp;&nbsp; Serbia International Bond (Serbia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 12/01/30 |  | 508 | 451410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/26/28 |  | 1119 | 1165159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.500 | 06/26/29 | EUR | 2175 | 2410127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 05/26/28 |  | 425 | 442531 |
| &nbsp;&nbsp; Trinidad & Tobago Government International Bond (Trinidad & Tobago), | &nbsp;&nbsp; Trinidad & Tobago Government International Bond (Trinidad & Tobago), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 01/28/36 |  | 2395 | 2423141 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $60,783,550) |  |  |  |  | 63206098 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 20.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 11/01/50 |  | 5726 | 4789069 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 01/01/51 |  | 495 | 413803 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 04/01/51 |  | 2685 | 2241318 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 11/01/51 |  | 2512 | 2090105 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/50 |  | 5202 | 4549642 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/50 |  | 10612 | 9290229 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp.(k) | 2.500 | 10/01/50 |  | 11001 | 9753154 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 |  | 1645 | 1440009 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 |  | 1302 | 1137750 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 |  | 1785 | 1556693 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/51 |  | 8036 | 7016024 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/51 |  | 3016 | 2632487 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 |  | 326 | 296561 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 |  | 3278 | 2971803 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 12/01/50 |  | 1628 | 1536234 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/52 |  | 966 | 915364 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 03/01/52 |  | 959 | 909749 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 12/01/43 |  | 1333 | 1373612 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/52 |  | 964 | 972965 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/54 |  | 480 | 482880 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/54 |  | 1446 | 1453898 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 |  | 1892 | 1933115 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 12/01/54 |  | 3461 | 3518787 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 01/01/55 |  | 11257 | 11444593 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 11/01/52 |  | 1775 | 1833461 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 |  | 1026 | 1059611 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 12/01/50 |  | 2656 | 2115428 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 01/01/51 |  | 2355 | 1875065 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 03/01/51 |  | 2558 | 2035964 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 07/01/51 |  | 3261 | 2591453 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/50 |  | 1096 | 917928 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 10/01/50 |  | 5986 | 5008800 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/50 |  | 2548 | 2131984 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 |  | 4559 | 3812311 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/51 |  | 2630 | 2187971 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/50 |  | 2466 | 2161492 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/50 |  | 520 | 455351 |

---

See Notes to Financial Statements.

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500% | 02/01/51 | 1595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402195 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 2570 | 2249782 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 937 | 818924 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 1948 | 1703082 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 | 2158 | 1885723 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/51 | 10242 | 9031395 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/51 | 868 | 758665 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 894 | 812244 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/51 | 837 | 761035 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 9216 | 8394605 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 3540 | 3209797 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 4770 | 4352052 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/52 | 2261 | 2049289 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/51 | 873 | 829005 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/52 | 1215 | 1152424 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/52 | 2976 | 2825142 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 14500 | 14565039 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 24500 | 24585968 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 11/01/44 | 464 | 477443 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 1211 | 1222713 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 986 | 997707 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 3514 | 3548401 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 12/01/54 | 4673 | 4699038 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 01/01/55 | 1325 | 1332128 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | TBA | 9500 | 9652311 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 682 | 695986 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 5065 | 5181159 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 12/01/54 | 1364 | 1386511 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | TBA | 3500 | 3589635 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | TBA | 4000 | 4102753 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 2028 | 2094863 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 3203 | 3315039 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 08/01/53 | 182 | 187847 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 01/01/53 | 698 | 724199 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/50 | 4830 | 4096592 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 12/20/50 | 641 | 543932 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 01/20/51 | 1757 | 1489084 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 08/20/50 | 857 | 756822 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 09/20/50 | 1502 | 1327671 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 01/20/51 | 559 | 493854 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 03/20/51 | 2205 | 1946797 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/47 | 642 | 617309 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/48 | 763 | 731094 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/51 | 4752 | 4503959 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/52 | 2967 | 2818763 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/52 | 1348 | 1281626 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 1512 | 1432235 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/51 | 586 | 571335 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 01/20/52 | 610 | 592705 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 04/20/52 | 1396 | 1355003 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/52 | 1074 | 1070410 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 7938 | 7908458 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | TBA | 2000 | 2004051 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 11/20/54 | 3555 | 3572508 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 04/20/55 | 921 | 933537 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 09/20/52 | 193 | 198458 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 10/20/52 | 607 | 624814 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 02/20/53 | 606 | 623188 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 06/20/53 | 791 | 811457 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 09/20/54 | 685 | 699712 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 21

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** | &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500% | 03/20/54 | 394 | $410162 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $266,590,096) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270916298 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 21.1%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 11/15/49 | 9600 | 6417000 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.125 | 02/15/43 | 4825 | 4029629 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.375 | 11/15/48 | 3825 | 3135902 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.625 | 02/15/44 | 885 | 784746 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.875 | 02/15/43 | 7420 | 6875094 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.000 | 11/15/42 | 8410 | 7934309 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h) | 4.125 | 08/15/44 | 26045 | 24665429 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h) | 4.375 | 08/15/43 | 23840 | 23452600 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.500 | 02/15/44 | 1640 | 1635131 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.500 | 11/15/54 | 2895 | 2828505 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 05/15/44 | 6785 | 6863452 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 11/15/44 | 570 | 575433 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/43 | 11790 | 12138173 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 02/15/45 | 2560 | 2624400 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 05/15/55 | 195 | 198473 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.875 | 08/15/45 | 2390 | 2486347 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 5.000 | 05/15/45 | 16000 | 16915000 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.750 | 01/31/28 | 26265 | 24989711 |
| &nbsp;&nbsp; U.S. Treasury Notes(h) | 1.250 | 11/30/26 | 19940 | 19598060 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.875 | 02/15/32 | 4745 | 4299415 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 3.375 | 11/30/27 | 8300 | 8295137 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 09/30/27 | 5545 | 5551065 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 08/31/27 | 11520 | 11550600 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 09/30/32 | 5235 | 5290622 |
| &nbsp;&nbsp; U.S. Treasury Notes(h) | 3.875 | 08/15/33 | 34500 | 34747969 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 10/31/31 | 1225 | 1257635 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 11/15/32 | 16220 | 16625500 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.500 | 12/31/31 | 7385 | 7726556 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.450(s) | 08/15/42 | 305 | 141049 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 1.939(s) | 08/15/40 | 11065 | 5740360 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.056(s) | 11/15/38 | 110 | 63176 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.208(s) | 05/15/39 | 830 | 463249 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h)(k) | 2.340(s) | 02/15/43 | 5160 | 2317325 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.341(s) | 02/15/40 | 5135 | 2741775 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.423(s) | 11/15/40 | 580 | 296646 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.081(s) | 08/15/41 | 1295 | 634152 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.407(s) | 11/15/41 | 3285 | 1586519 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.568(s) | 11/15/42 | 320 | 145866 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.608(s) | 11/15/48 | 170 | 56601 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.685(s) | 08/15/46 | 230 | 85500 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.727(s) | 05/15/50 | 250 | 77233 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.760(s) | 05/15/43 | 1835 | 812489 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.809(s) | 02/15/42 | 75 | 35689 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.924(s) | 02/15/49 | 480 | 157600 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 4.928(s) | 11/15/45 | 155 | 59896 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.020(s) | 05/15/44 | 125 | 52339 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 5.038(s) | 11/15/43 | 2245 | 966366 |
| &nbsp;&nbsp; U.S. Treasury Strips Principal | 2.060(s) | 11/15/44 | 1145 | 477081 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $285,303,354) |  |  |  | 280402804 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 1.0%** |  |  |  |  |
| &nbsp;&nbsp; **Fixed Income** |  |  |  |  |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF |  |  | 125000 | 6329375 |

---

See Notes to Financial Statements.

------

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS (Continued)** |  |  |
| &nbsp;&nbsp; **Fixed Income (cont'd.)** |  |  |
| &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | 75000 | $3849682 |
| &nbsp;&nbsp; PGIM Floating Rate Income ETF | 50000 | 2447585 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $12,667,204)(wa) |  | 12626642 |
| &nbsp;&nbsp; **COMMON STOCKS 0.4%** |  |  |
| &nbsp;&nbsp; **Chemicals 0.1%** |  |  |
| &nbsp;&nbsp; TPC Group, Inc.\* | 70274 | 1288333 |
| &nbsp;&nbsp; **Electric Utilities 0.0%** |  |  |
| &nbsp;&nbsp; GenOn Energy Holdings, Inc. (Class A Stock)\*^ | 677 | 20310 |
| &nbsp;&nbsp; **Gas Utilities 0.1%** |  |  |
| &nbsp;&nbsp; Ferrellgas Partners LP (Class B Stock)\* | 4838 | 888048 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 37739 | 7095 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.1%** |  |  |
| &nbsp;&nbsp; Expand Energy Corp. | 10284 | 1109850 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.1%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | 116510 | 2077781 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>(cost $1,000,754) |  | 5391417 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.3%** |  |  |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.3%** |  |  |
| &nbsp;&nbsp; Ferrellgas Escrow LLC, 8.956%, Maturing 03/30/31^ | 3925 | 4268438 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 7553 | 95679 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $3,833,780) |  | 4364117 |
| &nbsp;&nbsp; **OPTION PURCHASED\*~ 0.0%**<br> (cost $16,042) |  | 38868 |
|  | **Units** |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain), expiring 09/30/34^ | 15 | 53 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 70583 | 1 |
| &nbsp;&nbsp; **TOTAL WARRANTS**<br> (cost $582) |  | 54 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN 101.8%**<br> (cost $1,360,671,590) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353773988 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 23

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Units** | **Value** |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $0) |  | $(15442) |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN 101.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,360,671,590) |  | 1353758546 |
|  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 2.3%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 2.3%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | 20931701 | 20931701 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.836%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $9,044,778; includes $9,024,286 of cash collateral for securities on loan)(b)(wa) | 9051531 | 9045195 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $29,976,479) |  | 29976896 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $799,441) |  | 717999 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $30,775,920) |  | 30694895 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN 104.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,391,447,510) |  | 1384453441 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.1)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $1,362,579) |  | (1132619) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN 104.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,390,084,931) |  | 1383320822 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (4.0)% |  | (53813273) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329507549 |

---

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

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

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

BARC—Barclays Bank PLC

BBR—New Zealand Bank Bill Rate

BMO—BMO Capital Markets

BNP—BNP Paribas S.A.

See Notes to Financial Statements.

------

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

BNY—Bank of New York Mellon

BOA—Bank of America, N.A.

CDX—Credit Derivative Index

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CME—Chicago Mercantile Exchange

CMS—Constant Maturity Swap

CORRA—Canadian Overnight Repo Rate Average

DAC—Designated Activity Company

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GS—Goldman Sachs & Co. LLC

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

LP—Limited Partnership

M—Monthly payment frequency for swaps

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

OJSC—Open Joint-Stock Company

OTC—Over-the-counter

PIK—Payment-in-Kind

Q—Quarterly payment frequency for swaps

RBC—Royal Bank of Canada

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

S—Semiannual payment frequency for swaps

SARON—Swiss Average Rate Overnight

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

TONAR—Tokyo Overnight Average Rate

UAG—UBS AG

USOIS—United States Overnight Index Swap

\* Non-income producing security.

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

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $18,435,981 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 $8,767,148; cash collateral of $9,024,286 (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 February 28, 2026.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of February 28, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

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

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

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

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

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

(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 Strategic Bond Fund 25

------

Schedule of Investments (continued)

as of February 28, 2026

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Acquisition**<br>**Date** |<br>**Original**<br>**Cost** |<br>**Market**<br>**Value** | **Percentage**<br>**of**<br>**Net Assets** |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A, 3.100%(cc), 05/15/35 | 05/09/18 | $88505 | $84500 | 0.0% |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A, 3.100%(cc), 05/15/35 | 05/09/18-08/26/20 | 4424349 | 4350000 | 0.3 |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class F, 144A, 3.100%(cc), 05/15/35 | 08/26/20 | 4480438 | 4410000 | 0.3 |
|  Diamond Sports Group LLC\* | 01/02/25 | 98813 | 7095 | 0.0 |
|  Diamond Sports Group LLC, expiring 06/30/26 | 01/02/25 |  | 1 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica) Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | 13 | 13 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica) Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 8 |  | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 26530 | 95679 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-01/30/24 | 140548 | 2077781 | 0.2 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25 | 1120000 | 1165660 | 0.1 |
|  DISH DBS Corp., Gtd. Notes, 5.125%, 06/01/29 | 04/19/24 | 78000 | 178040 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.375%, 07/01/28 | 06/24/20 | 250000 | 241759 | 0.0 |
|  DISH DBS Corp., Gtd. Notes, 7.750%, 07/01/26 | 04/18/18-01/29/21 | 4627600 | 4520824 | 0.4 |
|  DISH Network Corp., Sr. Sec'd. Notes, 144A, 11.750%, 11/15/27 | 04/19/24 | 528938 | 542262 | 0.1 |
|  Greystone Commercial Capital Trust, Sr. Unsec'd. Notes, Series A, 144A, 1 Month SOFR + 3.150%,<br>7.230%(c), 05/31/26^(d) | 05/18/21 | 6293306 | 5601043 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $22157048 | $23274657 | 1.8% |

---

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

#### Unfunded loan commitments outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Borrower** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Current**<br>**Value** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** |
|  CloudHQ VA B1, Delayed Draw Term Loan, —%(p), Maturity Date 01/29/30 (cost $198,454) | 198 | $198454 | $— | $— |
|  CloudHQ VA B1, Quick Draw, —%(p), Maturity Date 01/29/30 (cost $849,292) | 849 | 849292 |  |  |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32 (cost $22,380)^ | 23 | 22463 | 83 |  |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/10/31 (cost $37,300)^ | 38 | 37438 | 138 |  |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, 1.500%, Maturity Date 04/01/30 (cost $270,000)^ | 270 | 271574 | 1574 |  |
|  HPS Speciality Loan Fund VI GP, Delayed Draw Term Loan, —%(p), Maturity Date 09/30/34 (cost $257,160) | 257 | 257160 |  |  |
|  HPS Speciality Loan Fund VI GP, Delayed Draw Term Loan, —%(p), Maturity Date 09/30/34 (cost $621,820) | 622 | 621820 |  |  |
|  HPS Speciality Loan Fund VI IM, Delayed Draw Term Loan, —%(p), Maturity Date 09/30/34 (cost $385,741) | 386 | 385741 |  |  |
|  HPS Speciality Loan Fund VI IM, Delayed Draw Term Loan, —%(p), Maturity Date 09/30/34 (cost $932,730) | 933 | 932730 |  |  |
|  |  | $3576672 | $1795 | $— |

---

#### Unfunded preferred stock commitment outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Issuer** |<br>**Shares** | **Current**<br>**Value** | **Unrealized**<br>**Appreciation** | **Unrealized**<br>**Depreciation** |
|  QXO, Inc., 4.750%, Maturity Date 12/31/79 (cost $1,810,000)^ | 181 | $1810000 | $— | $— |

---

#### Forward Commitment Contract:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**U.S. Government Agency Obligation** | <br> **Interest** <br>**Rate** |<br>**Maturity**<br>**Date** |<br>**Settlement**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** |<br>**Value** |
|  Federal National Mortgage Assoc.<br>(proceeds receivable $897,715) | 3.000% | TBA | 04/13/26 | $(1000) | $(903837) |

---

See Notes to Financial Statements.

------

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

#### Options Purchased:

#### Exchange Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  3 Month SOFR<br> Call | 03/13/26 | $96.38 | 124 | 310 | $5425 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $14,036) |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount**<br>**(000)#** | **Notional<br>Amount**<br>**(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  |  | 6513 | $— |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 13025 |  |
|  Currency Option EUR vs CZK | Call | CITI | 03/04/26 | 27.00 |  | EUR | 1689 |  |
|  Currency Option EUR vs HUF | Call | MSI | 03/03/26 | 430.00 |  | EUR | 1686 |  |
|  Currency Option EUR vs HUF | Call | CITI | 03/13/26 | 450.00 |  | EUR | 1699 |  |
|  Currency Option EUR vs TRY | Call | BOA | 03/03/26 | 99.00 |  | EUR | 6742 | 1 |
|  Currency Option EUR vs TRY | Call | BOA | 03/24/26 | 99.00 |  | EUR | 6799 | 4652 |
|  Currency Option USD vs BRL | Call | MSI | 03/11/26 | 6.00 |  |  | 2003 | 29 |
|  Currency Option USD vs CLP | Call | CITI | 03/27/26 | 1000.00 |  |  | 2007 | 121 |
|  Currency Option USD vs COP | Call | CITI | 03/03/26 | 4800.00 |  |  | 1989 |  |
|  Currency Option USD vs COP | Call | CITI | 03/13/26 | 4800.00 |  |  | 2004 | 4 |
|  Currency Option USD vs COP | Call | MSI | 03/24/26 | 4500.00 |  |  | 1203 | 104 |
|  Currency Option USD vs KRW | Call | DB | 03/11/26 | 1600.00 |  |  | 4007 |  |
|  Currency Option USD vs KRW | Call | CITI | 04/21/26 | 1750.00 |  |  | 6560 | 6 |
|  Currency Option USD vs TRY | Call | JPM | 03/04/26 | 99.00 |  |  | 2989 | 9 |
|  Currency Option USD vs TRY | Call | BOA | 03/12/26 | 99.00 |  |  | 7015 | 1337 |
|  Currency Option USD vs TRY | Call | JPM | 03/25/26 | 99.00 |  |  | 2007 | 1605 |
|  Currency Option USD vs ZAR | Call | CITI | 03/03/26 | 16.10 |  |  | 2984 | 4692 |
|  Currency Option USD vs ZAR | Call | HSBC | 03/03/26 | 19.00 |  |  | 2984 |  |
|  Currency Option USD vs ZAR | Call | DB | 03/13/26 | 19.00 |  |  | 2004 | 50 |
|  Currency Option EUR vs HUF | Put | MSI | 08/31/26 | 360.00 |  | EUR | 10200 | 56806 |
|  Currency Option USD vs BRL | Put | MSI | 03/18/26 | 4.80 |  |  | 1994 | 43 |
|  Currency Option USD vs COP | Put | CITI | 03/04/26 | 3000.00 |  |  | 1992 |  |
|  Currency Option USD vs COP | Put | MSI | 03/24/26 | 3300.00 |  |  | 2006 | 33 |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3300.00 |  |  | 2006 | 55 |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3300.00 |  |  | 2006 | 55 |
|  Currency Option USD vs INR | Put | CITI | 03/04/26 | 81.00 |  |  | 1989 |  |
|  Currency Option USD vs INR | Put | CITI | 03/05/26 | 81.00 |  |  | 1993 |  |
|  Currency Option USD vs INR | Put | MSI | 03/18/26 | 85.00 |  |  | 1994 | 4 |
|  Currency Option USD vs KRW | Put | CITI | 04/21/26 | 1455.00 |  |  | 6560 | 130117 |
|  Currency Option USD vs THB | Put | CITI | 03/17/26 | 28.00 |  |  | 1993 | 1 |
|  Currency Option USD vs TRY | Put | BOA | 10/22/26 | 53.50 |  |  | 2953 | 193127 |
|  Currency Option USD vs TRY | Put | CITI | 10/22/26 | 53.50 |  |  | 2953 | 193127 |
|  Currency Option USD vs ZAR | Put | MSI | 03/05/26 | 14.00 |  |  | 1993 |  |
|  **Total OTC Traded** (cost $654,331) | **Total OTC Traded** (cost $654,331) |  |  |  |  |  |  | $585978 |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive**  | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  1-Year Interest Rate Swap, 08/31/27 | Call | BNP | 08/27/26 | 0.65% | 0.65%(T) | 1 Day SOFR(T)/ 3.680% | 13135 | $534 |
|  1-Year Interest Rate Swap, 02/07/29 | Call | JPM | 02/03/28 | 2.24% | 2.24%(A) | 3 Month EURIBOR(Q)/ 2.013% | EUR 12,125 | 38868 |
|  5-Year Interest Rate Swap, 08/13/31 | Call | CITI | 08/11/26 | 3.29% | 3.29%(A) | 1 Day SOFR(A)/ 3.680% | 3572 | 39960 |
|  1-Year Interest Rate Swap, 08/31/27 | Put | BNP | 08/27/26 | 3.40% | 1 Day SOFR(T)/ 3.680% | 3.40%(T) | 13135 | 10237 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.21% | 1 Day SOFR(A)/ 3.680% | 3.21%(A) | 19205 | 66095 |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 8.19% | 1 Day SOFR(A)/ 3.680% | 8.19%(A) | 19205 | 1 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 27

------

Schedule of Investments (continued)

as of February 28, 2026

#### 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, 08/13/31 | Put | CITI | 08/11/26 | 3.89% | 1 Day SOFR(A)/ 3.680% | 3.89%(A) | 3572 | $4437 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 03/18/26 | 0.85% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 38655 | 5332 |
|  **Total OTC Swaptions** (cost $147,116) | **Total OTC Swaptions** (cost $147,116) | **Total OTC Swaptions** (cost $147,116) | **Total OTC Swaptions** (cost $147,116) | **Total OTC Swaptions** (cost $147,116) |  |  |  | $165464 |
|  **Total Options Purchased** (cost $815,483) | **Total Options Purchased** (cost $815,483) | **Total Options Purchased** (cost $815,483) | **Total Options Purchased** (cost $815,483) | **Total Options Purchased** (cost $815,483) |  |  |  | $756867 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration**<br>**Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  3 Month SOFR<br> Call | 03/13/26 | $96.50 | 124 | 310 | $(2325) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(premiums received $6,664) |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | CITI | 03/04/26 | 24.35 |  | EUR 1,689 | $(88) |
|  Currency Option EUR vs HUF | Call | CITI | 03/13/26 | 382.00 |  | EUR 1,699 | (3555) |
|  Currency Option EUR vs TRY | Call | BOA | 03/24/26 | 53.75 |  | EUR 6,799 | (69195) |
|  Currency Option USD vs BRL | Call | MSI | 03/11/26 | 5.23 |  | 2003 | (6750) |
|  Currency Option USD vs CLP | Call | CITI | 03/27/26 | 870.00 |  | 2007 | (27328) |
|  Currency Option USD vs COP | Call | CITI | 03/03/26 | 3700.00 |  | 1989 | (30891) |
|  Currency Option USD vs COP | Call | CITI | 03/13/26 | 3800.00 |  | 2004 | (17579) |
|  Currency Option USD vs COP | Call | MSI | 03/24/26 | 3750.00 |  | 1203 | (22194) |
|  Currency Option USD vs KRW | Call | DB | 03/11/26 | 1470.00 |  | 4007 | (3876) |
|  Currency Option USD vs KRW | Call | CITI | 04/21/26 | 1470.00 |  | 6560 | (36846) |
|  Currency Option USD vs TRY | Call | JPM | 03/04/26 | 44.50 |  | 2989 | (4011) |
|  Currency Option USD vs TRY | Call | BOA | 03/12/26 | 44.50 |  | 7015 | (31630) |
|  Currency Option USD vs TRY | Call | JPM | 03/25/26 | 44.80 |  | 2007 | (17584) |
|  Currency Option USD vs ZAR | Call | HSBC | 03/03/26 | 16.10 |  | 2984 | (4692) |
|  Currency Option USD vs ZAR | Call | DB | 03/13/26 | 16.00 |  | 2004 | (14238) |
|  Currency Option EUR vs HUF | Put | MSI | 08/31/26 | 350.00 |  | EUR 10,200 | (24352) |
|  Currency Option USD vs BRL | Put | MSI | 03/18/26 | 5.20 |  | 1994 | (31514) |
|  Currency Option USD vs COP | Put | CITI | 03/04/26 | 3800.00 |  | 1992 | (29446) |
|  Currency Option USD vs COP | Put | MSI | 03/24/26 | 3800.00 |  | 2006 | (39585) |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3675.00 |  | 2006 | (11770) |
|  Currency Option USD vs COP | Put | CITI | 03/31/26 | 3750.00 |  | 2006 | (25936) |
|  Currency Option USD vs INR | Put | CITI | 03/04/26 | 90.00 |  | 1989 | (88) |
|  Currency Option USD vs INR | Put | CITI | 03/05/26 | 90.00 |  | 1993 | (149) |
|  Currency Option USD vs INR | Put | MSI | 03/18/26 | 90.60 |  | 1994 | (3089) |
|  Currency Option USD vs THB | Put | CITI | 03/17/26 | 31.00 |  | 1993 | (12649) |
|  Currency Option USD vs TRY | Put | BOA | 10/22/26 | 48.00 |  | 2953 | (18790) |
|  Currency Option USD vs TRY | Put | CITI | 10/22/26 | 48.00 |  | 2953 | (18790) |
|  Currency Option USD vs ZAR | Put | MSI | 03/05/26 | 16.00 |  | 1993 | (18676) |
|  **Total OTC Traded** (premiums received $718,714) | **Total OTC Traded** (premiums received $718,714) | **Total OTC Traded** (premiums received $718,714) | **Total OTC Traded** (premiums received $718,714) |  |  |  | $(525291) |

---

#### OTC Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Expiration**<br>**Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  1-Year Interest Rate Swap, 08/31/27<br> Call | BNP | 08/27/26 | 2.65% | 1 Day SOFR(T)/ 3.680% | 2.65%(T) | 13135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11139) |
|  1-Year Interest Rate Swap, 02/07/29<br> Call | JPM | 02/03/28 | 1.74% | 3 Month EURIBOR(Q)/ 2.013% | 1.74%(A) | EUR 12,125 | (15442) |

---

See Notes to Financial Statements.

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&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, 08/13/31 | Call | CITI | 08/11/26 | 3.09% | 1 Day SOFR(A)/ 3.680% | 3.09%(A) | 3572 | $(25332) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.49% | 3.49%(A) | 1 Day SOFR(A)/ 3.680% | 19205 | (31302) |
|  2-Year Interest Rate Swap, 11/06/28 | Put | BNP | 11/04/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% | 19205 | (17495) |
|  5-Year Interest Rate Swap, 08/13/31 | Put | CITI | 08/11/26 | 3.69% | 3.69%(A) | 1 Day SOFR(A)/ 3.680% | 3572 | (8695) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $102.00 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 4330 | (5405) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $102.00 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 6010 | (7503) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | BARC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 4500 | (9824) |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | RBC | 03/18/26 | $103.50 | 5.00%(Q) | CDX.NA.HY.45.V1(Q) | 7350 | (16046) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | RBC | 04/15/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 35330 | (29826) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BARC | 04/15/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 100740 | (66995) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 05/20/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 77310 | (109639) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 05/20/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 187425 | (265802) |
|  **Total OTC Swaptions** (premiums received $637,201) | **Total OTC Swaptions** (premiums received $637,201) | **Total OTC Swaptions** (premiums received $637,201) | **Total OTC Swaptions** (premiums received $637,201) |  |  |  |  | $(620445) |
|  **Total Options Written** (premiums received $1,362,579) | **Total Options Written** (premiums received $1,362,579) | **Total Options Written** (premiums received $1,362,579) | **Total Options Written** (premiums received $1,362,579) |  |  |  |  | $(1148061) |

---

#### Futures contracts outstanding at February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br> of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** | **Long Positions:** |  |  |
| 317 | 3 Month CME SOFR | Mar. 2026 | $76327656 | $31120 |
| 2094 | 5 Year U.S. Treasury Notes | Jun. 2026 | 230634479 | 1018152 |
| 109 | 10 Year Australian Treasury Bonds | Mar. 2026 | 8577078 | 50696 |
| 55 | 10 Year Euro-Bund | Jun. 2026 | 8396450 | 20096 |
| 924 | 10 Year U.S. Treasury Notes | Jun. 2026 | 105162750 | 643809 |
| 690 | 10 Year U.S. Ultra Treasury Notes | Jun. 2026 | 80546722 | 430298 |
|  |  |  |  | 2194171 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 118 | 2 Year U.S. Treasury Notes | Jun. 2026 | 24694266 | (38490) |
| 199 | 5 Year Euro-Bobl | Jun. 2026 | 27754335 | (50221) |
| 25 | 20 Year U.S. Treasury Bonds | Jun. 2026 | 2961719 | (21568) |
| 431 | 30 Year U.S. Ultra Treasury Bonds | Jun. 2026 | 52406906 | (506212) |
| 71 | Euro Schatz Index | Jun. 2026 | 8975776 | (4260) |
|  |  |  |  | (620751) |
|  |  |  |  | $1573420 |

---

#### Bond forward contracts outstanding at February 28, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Bond** <br> **Forwards** | **Counterparty** | **Settlement<br>Date** | **Notional**<br>**Amount<br> (000)#** | **Strike<br>Price** | **Value at<br>Settlement<br>Date** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  **OTC Bond Forward Contracts:** | **OTC Bond Forward Contracts:** | **OTC Bond Forward Contracts:** | **OTC Bond Forward Contracts:** |  |  |  |  |  |
|  U.S. Treasury Bond 3.375%, 11/15/48 | BOA | 08/21/26 | 17370 | $80.46 | $13975680 | $14218075 | $242395 | $— |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 29

------

Schedule of Investments (continued)

as of February 28, 2026

#### Forward foreign currency exchange contracts outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty**  | Notional<br>Amount<br>(000) | Notional<br>Amount<br>(000) | Value at<br>Settlement<br>Date | Current<br>Value | Unrealized<br> Appreciation | Unrealized<br>Depreciation |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | CITI | BRL | 35036 | $6685690 | $6826661 | $140971 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | CITI | BRL | 6289 | 1186000 | 1225351 | 39351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | DB | BRL | 10507 | 1969000 | 2047195 | 78195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | GSI | BRL | 10334 | 1982000 | 2013635 | 31635 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/02/26 | GSI | BRL | 62165 | 11970137 | 12012793 | 42656 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | CLP | 954131 | 1047000 | 1093202 | 46202 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 1404086 | 1565095 | 1608741 | 43646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP | 830458 | 925905 | 951503 | 25598 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | CLP | 1368767 | 1544000 | 1568274 | 24274 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | COP | 18757471 | 4795467 | 4971756 | 176289 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BNP | CZK | 44673 | 2173000 | 2179591 | 6591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BOA | CZK | 32121 | 1538000 | 1567188 | 29188 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | GSI | CZK | 30088 | 1463000 | 1467980 | 4980 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | JPM | CZK | 44548 | 2170000 | 2173470 | 3470 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | MSI | EUR | 5257 | 6199268 | 6229308 | 30040 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 483109 | 5331000 | 5298612 |  | (32388) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR | 291047 | 3211000 | 3192126 |  | (18874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 240640 | 2646000 | 2639284 |  | (6716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 1138250 | 12518557 | 12484036 |  | (34521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | UAG | INR | 1138250 | 12552241 | 12484035 |  | (68206) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | BOA | IDR | 41189279 | 2438000 | 2452594 | 14594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | CITI | IDR | 88513652 | 5287870 | 5270500 |  | (17370) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | SCB | IDR | 45850361 | 2735000 | 2730136 |  | (4864) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | MXN | 157805 | 8783000 | 9145135 | 362135 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | MXN | 56472 | 3227000 | 3272644 | 45644 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | MXN | 39842 | 2202000 | 2308937 | 106937 |  |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | TWD | 40107 | 1267000 | 1279974 | 12974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | TWD | 60834 | 1944000 | 1941447 |  | (2553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 76948 | 2470311 | 2455723 |  | (14588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 62610 | 1981000 | 1998124 | 17124 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 58316 | 1875000 | 1861109 |  | (13891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 57667 | 1851000 | 1840388 |  | (10612) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SCB | TWD | 56046 | 1795000 | 1788662 |  | (6338) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 8955 | 2654249 | 2668043 | 13794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 3903 | 1160000 | 1163022 | 3022 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | PHP | 101451 | 1705000 | 1757552 | 52552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 94194 | 1603000 | 1631830 | 28830 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | SCB | PHP | 113593 | 1920000 | 1967903 | 47903 |  |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BARC | PLN | 9497 | 2675400 | 2657598 |  | (17802) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | TD | PLN | 4088 | 1146600 | 1143986 |  | (2614) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | SGD | 4717 | 3698000 | 3735244 | 37244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | SGD | 4959 | 3874000 | 3926795 | 52795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | SGD | 2190 | 1711000 | 1733943 | 22943 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | SGD | 3310 | 2605600 | 2620872 | 15272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | SGD | 1362 | 1062000 | 1078502 | 16502 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | SGD | 4946 | 3908400 | 3916425 | 8025 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | SGD | 4907 | 3853000 | 3885578 | 32578 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 3567 | 2790000 | 2824330 | 34330 |  |

---

See Notes to Financial Statements.

------

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

#### Forward foreign currency exchange contracts outstanding at February 28, 2026 (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
| **Purchase**<br> **Contracts**  | **Counterparty** | **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.):** |  |  |  |  |
|  Singapore Dollar (cont'd.), | Singapore Dollar (cont'd.), | Singapore Dollar (cont'd.), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD 3,237 | $2527000 | $2563190 | $36190 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD 1,293 | 1008000 | 1023721 | 15721 |  |
|  South African Rand, | South African Rand, | South African Rand, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR 18,923 | 1182000 | 1186431 | 4431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | ZAR 16,444 | 957000 | 1030966 | 73966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | ZAR 13,576 | 796909 | 851187 | 54278 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | ZAR 20,046 | 1218000 | 1256800 | 38800 |  |
|  South Korean Won, | South Korean Won, | South Korean Won, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW 2,870,267 | 1998000 | 1994052 |  | (3948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW 1,671,457 | 1158000 | 1161206 | 3206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | KRW 6,974,389 | 4761000 | 4845296 | 84296 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW 2,964,382 | 2056000 | 2059436 | 3436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | KRW 1,087,535 | 740500 | 755540 | 15040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | UAG | KRW 2,041,957 | 1414000 | 1418603 | 4603 |  |
|  Turkish Lira, | Turkish Lira, | Turkish Lira, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/12/26 | BOA | TRY 146,960 | 3296464 | 3307673 | 11209 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/12/26 | UAG | TRY 146,960 | 3296871 | 3307673 | 10802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/23/26 | BARC | TRY 136,068 | 3035475 | 3031151 |  | (4324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/30/26 | HSBC | TRY 68,034 | 1511735 | 1506271 |  | (5464) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/30/26 | HSBC | TRY 68,034 | 1512104 | 1506271 |  | (5833) |
|  |  |  | $190163848 | $191897204 | 2004262 | (270906) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **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:** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/03/26 | GSI | BRL 62,165 | $12066255 | $12112840 | $— | $(46585) |
|  British Pound, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BNY | GBP 20,861 | 28066494 | 28118646 |  | (52152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | SCB | GBP 2,647 | 3579160 | 3567716 | 11444 |  |
|  Chilean Peso, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | CLP 6,258,025 | 6802792 | 7170173 |  | (367381) |
|  Chinese Renminbi, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNP | CNH 39,892 | 5754000 | 5823130 |  | (69130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH 22,774 | 3271000 | 3324411 |  | (53411) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH 22,404 | 3218000 | 3270328 |  | (52328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | CNH 3,890 | 553536 | 567785 |  | (14249) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | CNH 26,607 | 3836000 | 3883938 |  | (47938) |
|  Colombian Peso, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | COP 4,548,850 | 1158000 | 1205694 |  | (47694) |
|  Czech Koruna, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | CZK 22,001 | 1076000 | 1073442 | 2558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | TD | CZK 244,285 | 11761434 | 11918591 |  | (157157) |
|  Euro, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | EUR 10,129 | 12020000 | 12001633 | 18367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | DB | EUR 28,273 | 33105963 | 33498954 |  | (392991) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | GSI | EUR 794 | 939228 | 940936 |  | (1708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | MSI | EUR 666 | 789000 | 789484 |  | (484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | SSB | EUR 32,985 | 38509575 | 39082112 |  | (572537) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | UAG | EUR 32,985 | 38493578 | 39082112 |  | (588534) |
|  Indian Rupee, |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BARC | INR 29,656 | 327000 | 325255 | 1745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR 342,187 | 3785000 | 3753017 | 31983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | INR 314,312 | 3462000 | 3447289 | 14711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR 191,157 | 2112000 | 2096563 | 15437 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR 142,417 | 1567000 | 1561991 | 5009 |  |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 31

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.):** |  |  |  |  |  |
|  Indian Rupee (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | INR | 35635 | $394000 | $390839 | $3161 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | DB | INR | 234822 | 2546880 | 2575472 |  | (28592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | INR | 88474 | 970000 | 970357 |  | (357) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | INR | 456185 | 5028000 | 5003326 | 24674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | INR | 165629 | 1799530 | 1816574 |  | (17044) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | UAG | INR | 332485 | 3612590 | 3646608 |  | (34018) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 99613614 | 5854992 | 5931441 |  | (76449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 27996155 | 1651408 | 1667017 |  | (15609) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 27175583 | 1605600 | 1618156 |  | (12556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/13/26 | HSBC | IDR | 23000284 | 1363000 | 1369540 |  | (6540) |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNY | MXN | 20804 | 1133440 | 1205620 |  | (72180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | MXN | 137386 | 7589863 | 7961812 |  | (371949) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | TWD | 54079 | 1722000 | 1725894 |  | (3894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | TWD | 46204 | 1473000 | 1474568 |  | (1568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 105351 | 3336000 | 3362175 |  | (26175) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | TWD | 70282 | 2222000 | 2242980 |  | (20980) |
|  New Zealand Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | CITI | NZD | 744 | 428738 | 447189 |  | (18451) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 3950 | 1168000 | 1176959 |  | (8959) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 3639 | 1078350 | 1084241 |  | (5891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 2652 | 788000 | 790170 |  | (2170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PEN | 2588 | 765000 | 771068 |  | (6068) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 127450 | 2147000 | 2207968 |  | (60968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | PHP | 15750 | 266142 | 272860 |  | (6718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | PHP | 72781 | 1223000 | 1260865 |  | (37865) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | PHP | 51301 | 866858 | 888741 |  | (21883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | PHP | 38132 | 657000 | 660610 |  | (3610) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 04/22/26 | BARC | PLN | 13551 | 3750127 | 3792141 |  | (42014) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BNP | SGD | 2889 | 2253000 | 2287728 |  | (34728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | SGD | 1401 | 1096000 | 1109203 |  | (13203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | SGD | 1325 | 1033000 | 1049237 |  | (16237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | SGD | 40572 | 31532747 | 32126105 |  | (593358) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 64026 | 3856664 | 4014209 |  | (157545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 38698 | 2337000 | 2426269 |  | (89269) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | ZAR | 32102 | 1910439 | 2012712 |  | (102273) |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | BOA | KRW | 1455614 | 994000 | 1011254 |  | (17254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | CITI | KRW | 12789995 | 8733591 | 8885555 |  | (151964) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | GSI | THB | 31176 | 983163 | 1004718 |  | (21555) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 107637 | 3416603 | 3468825 |  | (52222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 45018 | 1434000 | 1450789 |  | (16789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | HSBC | THB | 31905 | 1005837 | 1028213 |  | (22376) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | JPM | THB | 48495 | 1544000 | 1562868 |  | (18868) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | MSI | THB | 37101 | 1184000 | 1195649 |  | (11649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 03/18/26 | UAG | THB | 74578 | 2383000 | 2403433 |  | (20433) |
|  |  |  |  | $337390577 | $341967998 | 129089 | (4706510) |
|  |  |  |  |  |  | $2133351 | $(4977416) |

---

See Notes to Financial Statements.

------

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

#### Cross currency exchange contract outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Settlement** | **Type** | **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:** | **OTC Cross Currency Exchange Contracts:** | **OTC Cross Currency Exchange Contracts:** |
|  04/22/26 | Buy | CZK 45,881 | EUR | 1880 | $10995 | $— | BOA |

---

#### Credit default swap agreements outstanding at February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed<br>Rate** | **Notional**<br> **Amount**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(000)#(3)**  | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **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 | 12/20/30 | 1.000%(Q) | 2000 | $181087 | $1552 | $179535 DB |
|  Dominican Republic | 12/20/30 | 1.000%(Q) | 2000 | 35961 | 1552 | 34409 DB |
|  Emirate of Abu Dhabi | 12/20/30 | 1.000%(Q) | 2000 | (62258) | 1552 | (63810) DB |
|  Federal Republic of Nigeria | 12/20/30 | 1.000%(Q) | 2000 | 169229 | 1552 | 167677 DB |
|  Federation of Malaysia | 12/20/30 | 1.000%(Q) | 2000 | (55893) | 1552 | (57445) DB |
|  Federative Republic of Brazil | 12/20/30 | 1.000%(Q) | 9000 | 106896 | 6983 | 99913 DB |
|  Kingdom of Bahrain | 12/20/30 | 1.000%(Q) | 2000 | 92210 | 1552 | 90658 DB |
|  Kingdom of Morocco | 12/20/30 | 1.000%(Q) | 2000 | (23026) | 1552 | (24578) DB |
|  Kingdom of Saudi Arabia | 12/20/30 | 1.000%(Q) | 9000 | (89236) | 6983 | (96219) DB |
|  People's Republic of China | 12/20/30 | 1.000%(Q) | 9000 | (239959) | 6983 | (246942) DB |
|  Republic of Argentina | 12/20/30 | 1.000%(Q) | 2000 | 348935 | 1552 | 347383 DB |
|  Republic of Chile | 12/20/30 | 1.000%(Q) | 4000 | (102303) | 3103 | (105406) DB |
|  Republic of Colombia | 12/20/30 | 1.000%(Q) | 6000 | 317408 | 4655 | 312753 DB |
|  Republic of Indonesia | 12/20/30 | 1.000%(Q) | 7000 | (64357) | 5431 | (69788) DB |
|  Republic of Ivory Coast | 12/20/30 | 1.000%(Q) | 2000 | 130972 | 1552 | 129420 DB |
|  Republic of Panama | 12/20/30 | 1.000%(Q) | 3000 | 8983 | 2328 | 6655 DB |
|  Republic of Peru | 12/20/30 | 1.000%(Q) | 3000 | (46021) | 2328 | (48349) DB |
|  Republic of Philippines | 12/20/30 | 1.000%(Q) | 3000 | (55269) | 2328 | (57597) DB |
|  Republic of South Africa | 12/20/30 | 1.000%(Q) | 9000 | 143320 | 6983 | 136337 DB |
|  Republic of Turkey | 12/20/30 | 1.000%(Q) | 9000 | 492328 | 6983 | 485345 DB |
|  Sultanate of Oman | 12/20/30 | 1.000%(Q) | 2000 | (16819) | 1552 | (18371) DB |
|  United Mexican States | 12/20/30 | 1.000%(Q) | 9000 | (59277) | 6983 | (66260) DB |
|  |  |  |  | $1212911 | $77591 | $1135320 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed<br>Rate** | **Notional**<br> **Amount<br> (000)#(3)**  | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** |  |
|  CDX.EM.44.V1 | 12/20/30 | 1.000%(Q) | 100000 | 1.350% | $(1319501) | $(86897) | $(1232604) | DB |

---

\*\* 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). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br> **Amount<br> (000)#(3)**  | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(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) | 5170 | \* | $6398 | $(1002) | $7400 | GSI |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 33

------

Schedule of Investments (continued)

as of February 28, 2026

#### Credit default swap agreements outstanding at February 28, 2026 (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 Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |  |  |
|  ADT Security Corp. | 06/20/29 | 5.000%(Q) | 920 | $(126972) | $(96341) | $(30631) | GSI |
|  Antero Resources Corp. | 06/20/29 | 5.000%(Q) | 920 | (138556) | (106355) | (32201) | GSI |
|  Bombardier, Inc. | 06/20/29 | 5.000%(Q) | 920 | (130668) | (69187) | (61481) | GSI |
|  Caesars Entertainment, Inc. | 06/20/29 | 5.000%(Q) | 920 | (90800) | (77353) | (13447) | GSI |
|  Chesapeake Energy Corp. | 06/20/29 | 5.000%(Q) | 920 | (138097) | (115057) | (23040) | GSI |
|  Cleveland-Cliffs, Inc. | 06/20/29 | 5.000%(Q) | 920 | (98020) | (80212) | (17808) | GSI |
|  EQM Midstream Partners LP | 06/20/29 | 5.000%(Q) | 920 | (138434) | (110372) | (28062) | GSI |
|  Frontier Communications Holdings LLC | 06/20/29 | 5.000%(Q) | 920 | (150434) | (25820) | (124614) | GSI |
|  Genworth Holdings, Inc. | 06/20/29 | 5.000%(Q) | 920 | (128681) | (100255) | (28426) | GSI |
|  GFL Environmental, Inc. | 06/20/29 | 5.000%(Q) | 920 | (139136) | (101468) | (37668) | GSI |
|  Hilton Domestic Operating Co., Inc. | 06/20/29 | 5.000%(Q) | 920 | (135517) | (107587) | (27930) | GSI |
|  HUB International Ltd. | 06/20/29 | 5.000%(Q) | 920 | (119294) | (86873) | (32421) | GSI |
|  Louisiana-Pacific Corp. | 06/20/29 | 5.000%(Q) | 920 | (138789) | (112552) | (26237) | GSI |
|  Medline Borrower LP | 06/20/29 | 5.000%(Q) | 920 | (145598) | (90986) | (54612) | GSI |
|  Murphy Oil Corp. | 06/20/29 | 1.000%(Q) | 920 | 2829 | 2625 | 204 | GSI |
|  Organon & Co. | 06/20/29 | 5.000%(Q) | 920 | (75177) | (77353) | 2176 | GSI |
|  PG&E Corp. | 06/20/29 | 5.000%(Q) | 920 | (125642) | (93654) | (31988) | GSI |
|  Post Holdings, Inc. | 06/20/29 | 5.000%(Q) | 920 | (126665) | (97240) | (29425) | GSI |
|  Republic of France | 12/20/30 | 0.250%(Q) | 1005 | (6679) | (2887) | (3792) | BARC |
|  Republic of Panama | 06/20/28 | 1.000%(Q) | 1740 | (18231) | (7632) | (10599) | DB |
|  Safeway, Inc. | 06/20/29 | 5.000%(Q) | 920 | (135732) | (115057) | (20675) | GSI |
|  Standard Building Solutions, Inc. | 06/20/29 | 5.000%(Q) | 920 | (137106) | (107587) | (29519) | GSI |
|  Tenet Healthcare Corp. | 06/20/29 | 5.000%(Q) | 920 | (132870) | (98444) | (34426) | GSI |
|  Uber Technologies, Inc. | 06/20/29 | 5.000%(Q) | 920 | (144586) | (109751) | (34835) | GSI |
|  United Rentals North America, Inc. | 06/20/29 | 5.000%(Q) | 920 | (136285) | (106971) | (29314) | GSI |
|  Venture Global LNG, Inc. | 06/20/29 | 5.000%(Q) | 920 | (74003) | (75365) | 1362 | GSI |
|  Weatherford International Ltd. | 06/20/29 | 5.000%(Q) | 920 | (127929) | (104821) | (23108) | GSI |
|  |  |  |  | $(3057072) | $(2274555) | $(782517) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |
| **Reference**<br> **Entity/**<br> **Obligation** | Termination<br>Date | Fixed<br>Rate | Notional<br>Amount<br>(000)#(3) | Notional<br>Amount<br>(000)#(3) | Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4) | Fair<br>Value | Upfront<br>Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) | Counterparty |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |  |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | 0.417% | $&nbsp;&nbsp;&nbsp;&nbsp;33737 | $&nbsp;&nbsp;&nbsp;&nbsp;31577 | $&nbsp;&nbsp;&nbsp;&nbsp;2160 | GSI |
|  Bank of Montreal^ | 11/20/29 | 1.250%(Q) |  | 335 | \* | 3943 |  | 3943 | GSI |
|  Bank of Nova Scotia | 12/20/26 | 1.000%(Q) |  | 733 | 0.177% | 6267 | 4249 | 2018 | CITI |
|  Barclays Bank PLC | 06/20/26 | 1.000%(Q) | EUR | 105 | 0.264% | 523 | 257 | 266 | GSI |
|  Barclays Bank PLC | 12/20/26 | 1.000%(Q) |  | 4110 | 0.326% | 30180 | 22427 | 7753 | GSI |
|  Barclays Bank PLC | 12/20/26 | 1.000%(Q) | EUR | 3311 | 0.317% | 29188 | 24527 | 4661 | JPM |
|  Barclays Bank PLC | 12/20/26 | 1.000%(Q) | EUR | 1487 | 0.317% | 13109 | 9960 | 3149 | GSI |
|  Canadian Imperial Bank of Commerce^ | 06/20/28 | 1.100%(Q) |  | 265 | \* | 2625 |  | 2625 | GSI |
|  Canadian Imperial Bank of Commerce | 12/20/34 | 1.200%(Q) |  | 300 | 0.991% | 4786 |  | 4786 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) |  | 3215 | 0.302% | 24236 | 17900 | 6336 | GSI |
|  Colombia Telecomunicaciones SA ESP | 03/20/26 | 1.000%(T) |  | 300 | 0.785% | 612 | (48) | 660 | BARC |
|  Deutsche Telekom AG | 06/20/26 | 1.000%(Q) | EUR | 807 | 0.107% | 4483 | 2719 | 1764 | JPM |
|  European Investment Bank | 12/20/26 | —%(Q) |  | 4076 | 0.037% | (1206) | (1638) | 432 | BARC |
|  Federative Republic of Brazil | 06/20/26 | 1.000%(Q) |  | 540 | 0.467% | 1928 | 987 | 941 | BARC |
|  General Motors Co. | 06/20/26 | 5.000%(Q) |  | 2390 | 0.228% | 58950 | 28350 | 30600 | GSI |
|  Halliburton Co. | 12/20/26 | 1.000%(Q) |  | 2770 | 0.166% | 24070 | 4278 | 19792 | GSI |
|  Hellenic Republic | 12/20/26 | 1.000%(Q) |  | 1161 | 0.056% | 11063 | 8519 | 2544 | BARC |

---

See Notes to Financial Statements.

------

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

#### Credit default swap agreements outstanding at February 28, 2026 (continued):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br> (000)#(3)** | **Notional<br>Amount<br> (000)#(3)** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** |  |  |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) |  | 280 | 0.087% | $3837 | $2549 | $1288 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) |  | 210 | 0.101% | 3746 | 2399 | 1347 | BARC |
|  HSBC Bank PLC | 12/20/26 | 1.000%(Q) |  | 1030 | 0.172% | 8843 | 6986 | 1857 | MSI |
|  Kingdom of Norway | 12/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%(Q) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810 | 0.030% | (680) | (1130) | 450 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) |  | 465 | 0.324% | 1073 | 187 | 886 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) |  | 465 | 0.314% | 1880 | 1053 | 827 | CITI |
|  Kingdom of Spain | 06/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%(Q) | EUR | 1000 | 0.036% | (134) | (72) | (62) | BARC |
|  Kingdom of Spain | 06/20/26 | 1.000%(Q) | EUR | 852 | 0.022% | 5002 | 2936 | 2066 | BARC |
|  Lincoln National Corp. | 12/20/29 | 1.000%(Q) |  | 2260 | 1.347% | (23238) | (34231) | 10993 | BARC |
|  Morgan Stanley | 06/20/26 | 1.000%(Q) |  | 1741 | 0.270% | 7277 | 4340 | 2937 | JPM |
|  Nomura Holdings, Inc. | 06/20/26 | 1.000%(Q) |  | 2202 | 0.229% | 9485 | 5081 | 4404 | BARC |
|  Pacific Life | 08/20/35 | 2.500%(Q) |  | 400 | 2.873% | (9153) | (1) | (9152) | GSI |
|  Petroleos Mexicanos | 03/20/26 | 1.000%(T) |  | 2060 | 1.664% | 3155 | (329) | 3484 | BARC |
|  Petroleos Mexicanos | 03/20/26 | 1.000%(T) |  | 1385 | 1.664% | 2121 | (220) | 2341 | BARC |
|  Petroleos Mexicanos | 03/20/26 | 1.000%(T) |  | 745 | 1.664% | 1141 | (100) | 1241 | BARC |
|  Petroleos Mexicanos | 03/20/26 | 1.000%(T) |  | 535 | 1.664% | 819 | (86) | 905 | BARC |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(M) |  | 552 | \* | 556 |  | 556 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) |  | 799 | \* | 6744 |  | 6744 | GSI |
|  Republic of Argentina | 06/20/26 | 5.000%(Q) |  | 3610 | 1.817% | 70123 | (15165) | 85288 | MSI |
|  Republic of Argentina | 06/20/26 | 5.000%(Q) |  | 920 | 1.817% | 17870 | (4387) | 22257 | MSI |
|  Republic of Columbia | 12/20/26 | 1.000%(Q) |  | 1814 | 0.969% | 3928 | 2825 | 1103 | BARC |
|  Republic of Ecuador | 12/20/27 | 5.000%(Q) |  | 4500 | 3.086% | 191570 | (27892) | 219462 | GSI |
|  Republic of Ecuador | 12/20/28 | 5.000%(Q) |  | 800 | 3.582% | 36808 | (10131) | 46939 | GSI |
|  Republic of France | 06/20/26 | 5.000%(Q) | EUR | 230 | 1.379% | 5664 | 2055 | 3609 | GSI |
|  Republic of France | 06/20/27 | 0.250%(Q) |  | 545 | 0.083% | 1438 | 870 | 568 | BARC |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 1005 | 0.231% | 1326 | (5945) | 7271 | BARC |
|  Republic of Italy | 06/20/26 | 1.000%(Q) |  | 1622 | 0.034% | 7970 | 4791 | 3179 | BARC |
|  Republic of Italy | 09/20/26 | 1.000%(Q) |  | 5472 | 0.043% | 39863 | 28981 | 10882 | BARC |
|  Republic of Ivory Coast | 06/20/27 | 1.000%(Q) |  | 200 | 1.430% | (716) | (392) | (324) | BARC |
|  Republic of Panama | 03/20/26 | 1.000%(T) |  | 1345 | 0.412% | 3034 | 372 | 2662 | CITI |
|  Republic of Panama | 06/20/26 | 1.000%(Q) |  | 667 | 0.410% | 2498 | 1023 | 1475 | CITI |
|  Republic of Panama | 06/20/27 | 1.000%(Q) |  | 659 | 0.490% | 5587 | 4827 | 760 | BARC |
|  Republic of Panama^ | 06/20/28 | 1.000%(Q) |  | 1740 | \* | 9052 | (11346) | 20398 | DB |
|  Republic of Romania | 12/20/26 | 1.000%(Q) |  | 111 | 0.298% | 840 | 441 | 399 | BOA |
|  Republic of Serbia | 12/20/30 | 1.000%(Q) |  | 537 | 1.311% | (6279) | (5832) | (447) | BARC |
|  Republic of Slovakia | 12/20/27 | 1.000%(Q) |  | 405 | 0.158% | 6814 | 5907 | 907 | BARC |
|  Siemens AG | 06/20/26 | 1.000%(Q) | EUR | 1271 | 0.084% | 7170 | 4068 | 3102 | GSI |
|  Siemens AG | 06/20/26 | 1.000%(Q) | EUR | 1026 | 0.084% | 5788 | 3571 | 2217 | JPM |
|  Simon Property Group LP | 06/20/26 | 1.000%(Q) |  | 3820 | 0.119% | 17979 | 2699 | 15280 | GSI |
|  Skandinaviska Enskilda Banken AB | 12/20/26 | 1.000%(Q) |  | 892 | 0.123% | 8015 | 6337 | 1678 | MSI |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) |  | 990 | 1.825% | (628) | (1503) | 875 | GSI |
|  Standard Chartered PLC | 12/20/26 | 1.000%(Q) |  | 561 | 0.191% | 4732 | 3715 | 1017 | MSI |
|  State of Qatar | 12/20/26 | 1.000%(Q) |  | 580 | 0.108% | 5280 | 4077 | 1203 | BARC |
|  Stellantis NV | 06/20/26 | 1.000%(Q) | EUR | 1413 | 0.239% | 7161 | 4032 | 3129 | BARC |
|  TotalEnergies Capital SA | 03/20/26 | 1.000%(T) | EUR | 1790 | 0.081% | 5181 | 1073 | 4108 | JPM |
|  TotalEnergies Capital SA | 12/20/26 | 1.000%(Q) | EUR | 1436 | 0.113% | 15495 | 12514 | 2981 | JPM |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | 1470 | 0.103% | 1628 | 700 | 928 | BARC |
|  U.S. Treasury Notes | 06/20/27 | 0.250%(Q) | EUR | 600 | 0.204% | 767 | (89) | 856 | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) |  | 580 | 0.163% | 2617 | 1287 | 1330 | GSI |
|  Verizon Communications, Inc. | 06/20/26 | 1.000%(Q) |  | 5130 | 0.223% | 22487 | 6546 | 15941 | GSI |
|  Wells Fargo & Co. | 06/20/26 | 1.000%(Q) |  | 3376 | 0.213% | 14714 | 8728 | 5986 | JPM |
|  Wells Fargo & Co. | 06/20/26 | 1.000%(Q) |  | 3019 | 0.213% | 13158 | 7805 | 5353 | JPM |
|  |  |  |  |  |  | $799902 | $179988 | $619914 |  |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 35

------

Schedule of Investments (continued)

as of February 28, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br> **Amount<br> (000)#(3)**  | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026(4)** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **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):** |  |  |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 352790 | 0.558% | $7446335 | $7538641 | $92306 |

---

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. 

#### Interest rate swap agreements outstanding at February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>February 28,**<br>**2026** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |  |
|  CAD | 10425 | 05/20/36 | 3.010%(S) | 1 Day CORRA(2)(S)/ 2.290% | $— | $59097 | $59097 |
|  CHF | 2700 | 02/23/36 | 0.480%(A) | 3 Month SARON(2)(A)/ (0.080)% |  | 22846 | 22846 |
|  GBP | 8995 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.727% | (43376) | 361040 | 404416 |
|  GBP | 2715 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 3.727% | 140149 | 190909 | 50760 |
|  GBP | 2730 | 05/08/29 | 1.100%(A) | 1 Day SONIA(1)(A)/ 3.727% | (52094) | 340577 | 392671 |
|  GBP | 185 | 05/08/30 | 3.950%(A) | 1 Day SONIA(1)(A)/ 3.727% | (2602) | (4422) | (1820) |
|  GBP | 422 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.727% | (18372) | 76866 | 95238 |
|  GBP | 340 | 05/08/32 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.727% | (18242) | 72997 | 91239 |
|  GBP | 155 | 05/08/34 | 1.200%(A) | 1 Day SONIA(1)(A)/ 3.727% | (3364) | 42164 | 45528 |
|  GBP | 3840 | 02/19/46 | 4.423%(A) | 1 Day SONIA(2)(A)/ 3.727% | (98) | 75910 | 76008 |
|  JPY | 900000 | 02/24/46 | 2.530%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | 7876 | 7876 |
|  JPY | 540000 | 03/02/46 | 2.569%(A) | 1 Day TONAR(2)(A)/ 0.727% |  | 24665 | 24665 |
|  NZD | 12895 | 02/23/36 | 4.014%(S) | 3 Month BBR(2)(Q)/ 2.485% |  | 53751 | 53751 |
|  | 37000 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 3.680% | 35339 | 206522 | 171183 |

---

See Notes to Financial Statements.

------

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

#### Interest rate swap agreements outstanding at February 28, 2026 (continued):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Notional<br>Amount<br>(000)#** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>February 28,<br>2026** | **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.):** |  |  |
| 67775 | 05/17/26 | 4.669%(A) | 1 Day SOFR(1)(A)/ 3.680% | $— | $(332434) | $(332434) |
| 11000 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 3.680% | 2035 | (96433) | (98468) |
| 28000 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 3.680% | (8467) | 417488 | 425955 |
| 15700 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 3.680% | 10037 | (511865) | (521902) |
| 10718 | 05/26/36 | 3.672%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (118033) | (118033) |
| 20855 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 3.680% |  | 374559 | 374559 |
| 11048 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | (27635) | (27635) |
| 1640 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 3.680% | 748606 | 762557 | 13951 |
| 23220 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 3.680% | 339586 | 815720 | 476134 |
| 15895 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 3.680% |  | 218046 | 218046 |
| 21200 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 3.680% | (399319) | (844623) | (445304) |
|  |  |  |  | $729818 | $2188145 | $1458327 |

---

(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 February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br> **Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** | **OTC Total Return Swap Agreement:** |  |  |  |
|  Total Return Benchmark Bond Index(T)†† | 1 Day USOIS -30bps(T)/ 3.340% | GSI | 04/20/26 | (47038) | $779975 | $— | $779975 |

---

(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 the table below for the swap constituents. To the extent that any swap is composed of greater than 50 constituents, the Fund is only required to disclose the top 50.

The following table represents the individual positions and related values of underlying securities of Total Return Benchmark Bond Index total return swap with GSI, as of February 28, 2026, termination date 04/20/2026:

#### Corporate Bond:

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market**<br>**Value** | **% of Total<br>Index Value** |
|  J M Smucker Co. (The) | 12160000 | $13370820 | 1.25% |
|  Barclays PLC | 12160000 | 13184923 | 1.24% |
|  QUALCOMM, Inc. | 12160000 | 12940954 | 1.21% |
|  Brookfield Asset Management Ltd. | 12160000 | 12858012 | 1.21% |
|  Siemens Funding BV | 12160000 | 12834789 | 1.20% |
|  Burlington Northern Santa Fe LLC | 12160000 | 12778921 | 1.20% |
|  BHP Billiton Finance USA Ltd. | 12160000 | 12775804 | 1.20% |
|  United Parcel Service, Inc. | 12160000 | 12755141 | 1.20% |
|  JBS USA Holding Lux Sarl/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. | 12160000 | 12752415 | 1.20% |
|  HCA, Inc. | 12160000 | 12739589 | 1.20% |
|  Brown & Brown, Inc. | 12160000 | 12711543 | 1.19% |
|  Rio Tinto Finance USA PLC | 12160000 | 12705508 | 1.19% |
|  CVS Health Corp. | 12160000 | 12676503 | 1.19% |
|  Athene Holding Ltd. | 12160000 | 12667015 | 1.19% |
|  NextEra Energy Capital Holdings, Inc. | 12160000 | 12555425 | 1.18% |
|  Eli Lilly & Co. | 12160000 | 12545805 | 1.18% |
|  Caterpillar, Inc. | 12160000 | 12535989 | 1.18% |
|  Merck & Co., Inc. | 12160000 | 12529993 | 1.18% |
|  American Water Capital Corp. | 12160000 | 12502293 | 1.17% |
|  Cigna Group (The) | 12160000 | 12474372 | 1.17% |
|  Travelers Cos., Inc. (The) | 12160000 | 12426231 | 1.17% |
|  Citigroup, Inc. | 12160000 | 12396528 | 1.16% |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 37

------

Schedule of Investments (continued)

as of February 28, 2026

#### Corporate Bond (continued):

---

| | | | |
|:---|:---|:---|:---|
| **Reference Entity** | **Shares** | **Market<br>Value** | **% of Total<br>Index Value** |
|  NiSource, Inc. | 12160000 | $12387532 | 1.16% |
|  Targa Resources Corp. | 12160000 | 12376767 | 1.16% |
|  HCA, Inc. | 12160000 | 12349211 | 1.16% |
|  Energy Transfer LP | 12160000 | 12319019 | 1.16% |
|  Wynnton Funding Trust II | 12160000 | 12315805 | 1.16% |
|  Constellation Energy Generation LLC | 12160000 | 12296612 | 1.15% |
|  Amgen, Inc. | 12160000 | 12290103 | 1.15% |
|  T-Mobile USA, Inc. | 12160000 | 12276419 | 1.15% |
|  Comcast Corp. | 12160000 | 12273147 | 1.15% |
|  Union Pacific Corp. | 12160000 | 12270725 | 1.15% |
|  Kinder Morgan, Inc. | 12160000 | 12265961 | 1.15% |
|  Synopsys, Inc. | 12160000 | 12265105 | 1.15% |
|  Rwe Finance US LLC. | 12160000 | 12261894 | 1.15% |
|  AEP Texas, Inc. | 12160000 | 12248854 | 1.15% |
|  Raymond James Financial, Inc. | 12160000 | 12210333 | 1.15% |
|  AT&T, Inc. | 12160000 | 12193403 | 1.14% |
|  Steel Dynamics, Inc. | 12160000 | 12186619 | 1.14% |
|  Morgan Stanley | 12160000 | 12167987 | 1.14% |
|  Gilead Sciences, Inc. | 12160000 | 12167163 | 1.14% |
|  Virginia Electric and Power Co. | 12160000 | 12146217 | 1.14% |
|  Duke Energy Corp. | 12160000 | 12140041 | 1.14% |
|  Enel Finance International NV | 12160000 | 12110571 | 1.14% |
|  TotalEnergies Capital SA | 12160000 | 12093865 | 1.13% |
|  Lowe's Cos., Inc. | 12160000 | 12089457 | 1.13% |
|  AbbVie, Inc. | 12160000 | 12073237 | 1.13% |
|  Waste Management, Inc. | 12160000 | 12058650 | 1.13% |
|  Takeda Pharmaceutical Co. Ltd. | 12160000 | 12053546 | 1.13% |
|  IBM Corp. | 12160000 | 11996567 | 1.13% |
|  |  | $621603383 |  |

---

#### 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 | $380741 | $(2485616) | $3411101 | $(2883613) |

---

#### 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 | $— | $12873384 |
|  JPS |  | &nbsp;&nbsp;&nbsp;&nbsp;5551276 |
|  **Total** | $— | $18424660 |

---

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

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

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

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

See Notes to Financial Statements.

------

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

The following is a summary of the inputs used as of February 28, 2026 in valuing such portfolio securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  |
|  **Investments in Securities** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1976754 | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 111176927 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 8746213 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 4004328 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 4860688 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | 5964924 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 6923502 | 144882 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Loan |  | 167363 |  |  |
|  Commercial Mortgage-Backed Securities |  | 96357386 |  |  |
|  Corporate Bonds |  | 405308167 | 7358265 |  |
|  Floating Rate and Other Loans |  | 10135957 | 4517240 |  |
|  Municipal Bond |  | 1092784 |  |  |
|  Residential Mortgage-Backed Securities |  | 46092309 | 2000001 |  |
|  Sovereign Bonds |  | 63206098 |  |  |
|  U.S. Government Agency Obligations |  | 270916298 |  |  |
|  U.S. Treasury Obligations |  | 280402804 |  |  |
|  Affiliated Exchange-Traded Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 12626642 |  |  |  |
|  Common Stocks | 1109850 | 4261257 | 20310 |  |
|  Preferred Stocks |  |  | 4364117 |  |
|  Option Purchased |  | 38868 |  |  |
|  Warrants |  | 1 | 53 |  |
|  **Short-Term Investments** |  |  |  |  |
|  Affiliated Mutual Funds | 29976896 |  |  |  |
|  Options Purchased | 5425 | 712574 |  |  |
|  **Total** | $**43718813** | $**1322345202** | $**18404868** |  |
|  **Liabilities** |  |  |  |  |
|  **Long-Term Investments** |  |  |  |  |
|  Options Written | $— | $(15442) | $— |  |
|  **Short-Term Investments** |  |  |  |  |
|  Options Written | $(2325) | $(1130294) | $— |  |
|  **Total** | $**(2325)** | $**(1145736)** | $**—** |  |
|  **Other Financial Instruments\*** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Unfunded Loan Commitments | $— | $— | $1795 |  |
|  Unfunded Preferred Stock Commitment |  |  |  | \*\* |
|  Futures Contracts | 2194171 |  |  |  |
|  OTC Bond Forward Contract |  | 242395 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 2133351 |  |  |
|  OTC Cross Currency Exchange Contracts |  | 10995 |  |  |
|  OTC Packaged Credit Default Swap Agreements |  | 2027329 |  |  |
|  Centrally Cleared Credit Default Swap Agreement |  | 92306 |  |  |
|  OTC Credit Default Swap Agreements |  | 821845 | 29318 |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | 3003923 |  |  |
|  OTC Total Return Swap Agreement |  | 779975 |  |  |
|  **Total** | $**2194171** | $**9112119** | $**31113** |  |
|  **Liabilities** |  |  |  |  |
|  Forward Commitment Contract | $— | $(903837) | $— |  |
|  Futures Contracts | (620751) |  |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (4977416) |  |  |
|  OTC Packaged Credit Default Swap Agreements |  | (2133919) |  |  |
|  OTC Credit Default Swap Agreements |  | (3101935) |  |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (1545596) |  |  |
|  **Total** | $**(620751)** | $**(12662703)** | $**—** |  |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 39

------

Schedule of Investments (continued)

as of February 28, 2026

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset-Backed<br>Securities-<br>Residential<br>Mortgage-Backed<br>Securities** | **Corporate**<br>**Bonds** | **Floating Rate**<br>**and**<br>**Other Loans** | **Residential<br>Mortgage-Backed<br>Securities** |
|  **Balance as of 02/28/25** | $174011 | $7164887 | $8057536 | $1739918 |
|  Realized gain (loss) | 1260 |  | (107061) |  |
|  Change in unrealized appreciation (depreciation) | 41012 | (1151373) | 502599 | (1214) |
|  Purchase/Exchange/Issuances |  | 472685 | 1457636 | 5074862 |
|  Sales/Paydowns | (71401) |  | (5403296) | (4073000) |
|  Accrued discount/premium |  | 203525 | 9826 | (648) |
|  Transfer into Level 3\* |  | 668541 |  |  |
|  Transfer out of Level 3\* |  |  |  | (739917) |
|  **Balance as of 02/28/26** | $144882 | $7358265 | $4517240 | $2000001 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $41012 | $(1151373) | $184519 | $(1214) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stocks** | **Preferred Stocks** | **Warrants** | **Unfunded<br>Corporate Bond**<br>**Commitment** |
|  **Balance as of 02/28/25** | $1685554 | $4010363 | $148 | $— |
|  Realized gain (loss) | 14071 |  |  |  |
|  Change in unrealized appreciation (depreciation) | (26627) | 353754 | (95) |  |
|  Purchase/Exchange/Issuances |  |  |  |  |
|  Sales/Paydowns | (71523) |  |  |  |
|  Accrued discount/premium |  |  |  |  |
|  Transfer into Level 3\* |  |  |  |  |
|  Transfer out of Level 3\* | (1581165) |  |  |  |
|  **Balance as of 02/28/26** | $20310 | $4364117 | $53 | $— |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $— | $353754 | $(95) | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Unfunded Loan<br>Commitments** | **Unfunded Preferred**<br>**Stock Commitment** | **OTC Credit Default<br>Swap Agreements** |
|  **Balance as of 02/28/25** | $1 | $– | $33139 |
|  Realized gain (loss) |  | – | 959665 |
|  Change in unrealized appreciation (depreciation) | 1794 | – | (990254) |
|  Purchase/Exchange/Issuances |  | – |  |
|  Sales/Paydowns |  | – |  |
|  Accrued discount/premium |  | – |  |
|  Transfer into Level 3\* |  | – | 26768 |
|  Transfer out of Level 3\* |  | – |  |
|  **Balance as of 02/28/26** | $1795 | $– | $29318 |
|  Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end | $1795 | $– | $(990254) |

---

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

See Notes to Financial Statements.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3 Securities\*\*** | **Fair Value as of**<br> **February 28, 2026** | **Valuation<br> Methodology** | **Unobservable**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inputs**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inputs (Range)**  | **Directional<br>Impact on**<br>**Fair Value**<br>**from Input<br> Increase** |
|  Asset-Backed Securities-Residential<br>Mortgage-Backed Securities | $144882 | Market/Yield and Spread | Adjusted Spread | 400 bps | Decrease |
|  Corporate Bonds | 3 | Market/Recovery Value | Recovery Rate | 0.00% | Increase |
|  Corporate Bonds | 512464 | Market/Transaction Based | Discount/Premium Factor | 0.00% | NA |
|  Floating Rate and Other Loans | 1545629 | Market/Enterprise Value | EBITDA Multiple | 10.00x - 11.00x | Increase |
|  Floating Rate and Other Loans | 938992 | Market/Transaction Based | Discount/Premium Factor | 0.00% | NA |
|  Residential Mortgage-Backed Securities | 1 | Market/Recovery Value | Recovery Rate | 100.00% | Increase |
|  Preferred Stocks | 95679 | Market/Recovery Value | Recovery Rate | 12.67% | Increase |
|  Preferred Stocks | 4268438 | Market/Transaction Based | Discount/Premium Factor | 0.00% | NA |
|  Unfunded Loan Commitments | 221 | Market/Enterprise Value | EBITDA Multiple | 11.00x | Increase |
|  Unfunded Preferred Stock Commitment |  | Market/Transaction Based | Discount/Premium Factor | 0.00% | NA |
|  | $7506309 |  |  |  |  |

---

\*\* The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers. As of February 28, 2026, the aggregate value of these securities and/or derivatives was $10,929,672. 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 February 28, 2026 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 21.1 |
|  U.S. Government Agency Obligations | 20.4 |
|  Collateralized Loan Obligations | 8.4 |
|  Commercial Mortgage-Backed Securities | 7.2 |
|  Banks | 5.5 |
|  Sovereign Bonds | 4.8 |
|  Residential Mortgage-Backed Securities | 4.1 |
|  Electric | 2.7 |
|  Telecommunications | 2.5 |
|  Affiliated Mutual Funds (0.7% represents investments purchased with collateral from securities on loan) | 2.3 |
|  Diversified Financial Services | 2.1 |
|  Retail | 1.4 |
|  Oil & Gas | 1.4 |
|  Mining | 1.3 |
|  Home Builders | 1.2 |
|  Media | 1.1 |
|  Affiliated Exchange-Traded Funds | 1 |
|  Healthcare-Services | 0.9 |
|  Pipelines | 0.9 |
|  Pharmaceuticals | 0.8 |
|  Real Estate Investment Trusts (REITs) | 0.7 |
|  Chemicals | 0.7 |
|  Engineering & Construction | 0.7 |
|  Entertainment | 0.7 |
|  Foods | 0.7 |
|  Consumer Loans | 0.7 |
|  Commercial Services | 0.6 |
|  Internet | 0.6 |
|  Auto Manufacturers | 0.5 |
|  Real Estate | 0.5 |
|  Airlines | 0.5 |
|  Other | 0.4 |
|  Leisure Time | 0.4 |
|  Lodging | 0.4 |

---

---

| | |
|:---|:---|
|  Home Equity Loans | 0.4% |
|  Electronic Equipment, Instruments & Components | 0.3 |
|  Building Materials | 0.3 |
|  Equipment | 0.3 |
|  Iron/Steel | 0.3 |
|  Aerospace & Defense | 0.3 |
|  Healthcare-Products | 0.3 |
|  Auto Parts & Equipment | 0.2 |
|  Software | 0.2 |
|  Holding Companies-Diversified | 0.2 |
|  Metal Fabricate/Hardware | 0.2 |
|  Packaging & Containers | 0.2 |
|  Wireless Telecommunication Services | 0.1 |
|  Automobiles | 0.1 |
|  Insurance | 0.1 |
|  Forest Products & Paper | 0.1 |
|  Transportation | 0.1 |
|  Electrical Components & Equipment | 0.1 |
|  Household Products/Wares | 0.1 |
|  Apparel | 0.1 |
|  Semiconductors | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Municipal Bond | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Computers | 0.1 |
|  Education | 0.1 |
|  Gas Utilities | 0.1 |
|  Environmental Control | 0.1 |
|  Electronics | 0.1 |
|  Options Purchased | 0.0 \* |
|  Home Furnishings | 0.0 \* |
|  Gas | 0.0 \* |
|  Housewares | 0.0 \* |
|  Student Loan | 0.0 \* |
|  Agriculture | 0.0 \* |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 41

------

Schedule of Investments (continued)

as of February 28, 2026

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Electric Utilities | 0.0 |
|  Interactive Media & Services | 0.0 \* |
|  Hotels, Restaurants & Leisure | 0.0 \* |
|  | 104.1 |
|  Options Written | (0.1) |
|  Liabilities in excess of other assets | (4.0) |
|  | 100.0% |
|  <br> \* Less than 0.05% |  |

---

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

#### 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 February 28, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** | **Statement of<br>Assets and<br>Liabilities Location** | **Fair<br>Value** |
|  Credit contracts | Due from/to broker-variation margin swaps | $92306 \* |  | $— |
|  Credit contracts | Premiums paid for OTC swap agreements | 380741 | Premiums received for OTC swap agreements | 2485616 |
|  Credit contracts | Unaffiliated investments | 5332 | Options written outstanding, at value | 511040 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 2631126 | Unrealized depreciation on OTC swap agreements | 2883613 |
|  Foreign exchange contracts | Unaffiliated investments | 585978 | Options written outstanding, at value | 525291 |
|  Foreign exchange contracts | Unrealized appreciation on OTC cross currency exchange contracts | 10995 |  |  |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 2133351 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 4977416 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 2194171 \* | Due from/to broker-variation margin futures | 620751 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 3003923 \* | Due from/to broker-variation margin swaps | 1545596 \* |
|  Interest rate contracts | Unaffiliated investments | 165557 | Options written outstanding, at value | 111730 |
|  Interest rate contracts | Unrealized appreciation on OTC bond forward contracts | 242395 |  |  |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 779975 |  |  |
|  |  | $12225850 |  | $13661053 |

---

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

See Notes to Financial Statements.

------

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

The effects of derivative instruments on the Statement of Operations for the year ended February 28, 2026 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward**<br>**& Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Credit contracts | $(466189) | $1099278 | $— | $— | $(1047161) |
|  Foreign exchange contracts | (765521) | 3550895 |  | (16420162) |  |
|  Interest rate contracts | (9512) | 52711 | 7413080 |  | 542243 |
|  **Total** | $(1241222) | $4702884 | $7413080 | $(16420162) | $(504918) |

---

(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** | **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** | **Bond<br>Forward<br>Contracts** | **Forward**<br>**& Cross**<br>**Currency**<br>**Exchange**<br>**Contracts** | **Swaps** |
|  Credit contracts | $36544 | $(49488) | $— | $— | $— | $244096 |
|  Foreign exchange contracts | (73625) | 5461 |  |  | (579214) |  |
|  Interest rate contracts | (66957) | 90514 | (2674370) | 242395 |  | 680361 |
|  **Total** | $(104038) | $46487 | $(2674370) | $242395 | $(579214) | $924457 |

---

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

For the year ended February 28, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  Options Purchased (1) | $339715 |
|  Options Written (2) | 397567559 |
|  Futures Contracts - Long Positions (2) | 523813204 |
|  Futures Contracts - Short Positions (2) | 109576812 |
|  Bond Forward Contracts - Purchased (3) | 2795136 |
|  Forward Foreign Currency Exchange Contracts - Purchased (3) | 177656548 |
|  Forward Foreign Currency Exchange Contracts - Sold (3) | 320346096 |
|  Cross Currency Exchange Contracts (4) | 1711438 |
|  Credit Default Swap Agreements - Buy Protection (2) | 133333504 |
|  Credit Default Swap Agreements - Sell Protection (2) | 274402247 |
|  Interest Rate Swap Agreements (2) | 383234707 |
|  Total Return Swap Agreements (2) | 42947625 |

---

\* Average volume is based on average quarter end balances for the year ended February 28, 2026.

(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 | $8767148 | $(8767148) | $— |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 43

------

Schedule of Investments (continued)

as of February 28, 2026

#### 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 | $145108 | $(203988) | $(58880) | $— | $(58880) |
|  BNP | 83458 | (163794) | (80336) |  | (80336) |
|  BNY |  | (124332) | (124332) | 124332 |  |
|  BOA | 1053165 | (205282) | 847883 | (847883) |  |
|  CITI | 1017979 | (918035) | 99944 |  | 99944 |
|  DB | 2398870 | (2643540) | (244670) | 167476 | (77194) |
|  GSI | 1474547 | (3533856) | (2059309) | 2059309 |  |
|  HSBC | 41176 | (407338) | (366162) | 315010 | (51152) |
|  JPM | 302935 | (157961) | 144974 |  | 144974 |
|  MSI | 338035 | (1626179) | (1288144) | 1232284 | (55860) |
|  RBC |  | (53375) | (53375) |  | (53375) |
|  SCB | 59347 | (11202) | 48145 |  | 48145 |
|  SSB |  | (572537) | (572537) | 426317 | (146220) |
|  TD |  | (159771) | (159771) | 159771 |  |
|  UAG | 15405 | (711191) | (695786) | 695786 |  |
|  | $6930025 | $(11492381) | $(4562356) | $4332402 | $(229954) |

---

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

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

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

as of February 28, 2026

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

---

| | |
|:---|:---|
|  Assets |  |
|  Investments at value, including securities on loan of $8,767,148: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $1,348,803,827) | $1341865345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $42,643,683) | 42603538 |
|  Foreign currency, at value (cost $29,857) | 29868 |
|  Receivable for investments sold | 22060877 |
|  Dividends and interest receivable | 9989052 |
|  Unrealized appreciation on OTC swap agreements | 3411101 |
|  Unrealized appreciation on OTC forward foreign currency exchange contracts | 2133351 |
|  Receivable for Fund shares sold | 1535514 |
|  Due from broker—variation margin futures | 1053322 |
|  Premiums paid for OTC swap agreements | 380741 |
|  Unrealized appreciation on OTC bond forward contracts | 242395 |
|  Unrealized appreciation on OTC cross currency exchange contracts | 10995 |
|  Unrealized appreciation on unfunded loan commitments | 1795 |
|  Prepaid expenses | 4958 |
|  Total Assets | 1425322852 |
|  Liabilities |  |
|  Payable for investments purchased | 68763659 |
|  Payable to broker for collateral for securities on loan | 9024286 |
|  Unrealized depreciation on OTC forward foreign currency exchange contracts | 4977416 |
|  Payable for Fund shares purchased | 4146195 |
|  Unrealized depreciation on OTC swap agreements | 2883613 |
|  Premiums received for OTC swap agreements | 2485616 |
|  Options written outstanding, at value (premiums received $1,362,579) | 1148061 |
|  Forward commitment contracts, at value (proceeds receivable $897,715) | 903837 |
|  Due to broker—variation margin swaps | 564617 |
|  Management fee payable | 455646 |
|  Accrued expenses and other liabilities | 403631 |
|  Distribution fee payable | 53360 |
|  Trustees' fees payable | 3460 |
|  Affiliated transfer agent fee payable | 1256 |
|  Dividends and Distributions payable | 650 |
|  Total Liabilities | 95815303 |
|  Net Assets | $1329507549 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $153042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 1612018651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (282664144) |
|  Net assets, February 28, 2026 | $1329507549 |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 45

------

Statement of Assets and Liabilities

as of February 28, 2026

---

| | |
|:---|:---|
| Class A |  |
|  Net asset value and redemption price per share, |  |
|  ($102,828,465 ÷ 11,832,078 shares of beneficial interest issued and outstanding) | $8.69 |
|  Maximum sales charge (3.25% of offering price) | 0.29 |
|  Maximum offering price to public | $8.98 |
| Class C |  |
|  Net asset value, offering price and redemption price per share, |  |
|  ($44,326,471 ÷ 5,108,425 shares of beneficial interest issued and outstanding) | $8.68 |
| Class Z |  |
|  Net asset value, offering price and redemption price per share, |  |
|  ($1,053,472,664 ÷ 121,273,932 shares of beneficial interest issued and outstanding) | $8.69 |
| Class R6 |  |
|  Net asset value, offering price and redemption price per share, |  |
|  ($128,879,949 ÷ 14,827,855 shares of beneficial interest issued and outstanding) | $8.69 |

---

See Notes to Financial Statements.

------

Statement of Operations

Year Ended February 28, 2026

---

| | |
|:---|:---|
| Net Investment Income (Loss) |  |
|  Income |  |
|  Interest income (net of $11,425 foreign withholding tax) | $63420878 |
|  Affiliated dividend income | 1787355 |
|  Income from securities lending, net (including affiliated income of $34,295) | 34354 |
|  Unaffiliated dividend income | 33276 |
|  Total income | 65275863 |
|  Expenses |  |
|  Management fee | 7007863 |
|  Distribution fee(a) | 671735 |
|  Transfer agent's fees and expenses (including affiliated expense of $7,449)(a) | 1220068 |
|  Custodian and accounting fees | 155244 |
|  Registration fees(a) | 116822 |
|  Audit fee | 69971 |
|  Shareholders' reports | 58410 |
|  Professional fees | 54651 |
|  Trustees' fees | 24493 |
|  Miscellaneous | 52027 |
|  **Total expenses** | 9431284 |
|  Less: Fee waiver and/or expense reimbursement(a) | (1321617) |
|  Net expenses | 8109667 |
|  Net investment income (loss) | 57166196 |
|  Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(3738)) | (15533676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 7194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 7413080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (16420162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 4702884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (504918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 58609 |
|  | (20276989) |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(25642)) | 48918257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (2674370) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts | 242395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | (579214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 46487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 924457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 330172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | 1794 |
|  | 47209978 |
|  Net gain (loss) on investment and foreign currency transactions | 26932989 |
|  Net Increase (Decrease) In Net Assets Resulting From Operations | $84099185 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class Z | Class R6 |
|  Distribution fee | 228506 | 443229 |  |  |
|  Transfer agent's fees and expenses | 61576 | 43483 | 1112430 | 2579 |
|  Registration fees | 19387 | 15986 | 60070 | 21379 |
|  Fee waiver and/or expense reimbursement | (30996) | (15017) | (1210434) | (65170) |

---

See Notes to Financial Statements.

PGIM Strategic Bond Fund 47

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**February 28,** | **Year Ended**<br>**February 28,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp; Increase (Decrease) in Net Assets |  |  |
| &nbsp;&nbsp; Operations |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $57166196 | $57348074 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (20276989) | (19673493) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 47209978 | 49666735 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 84099185 | 87341316 |
| &nbsp;&nbsp; Dividends and Distributions |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (4402143) | (4685089) |
| &nbsp;&nbsp; Class C | (1781507) | (2192288) |
| &nbsp;&nbsp; Class Z | (47692578) | (51588223) |
| &nbsp;&nbsp; Class R6 | (6270212) | (5888257) |
|  | (60146440) | (64353857) |
| &nbsp;&nbsp; Fund share transactions (Net of share conversions) |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 563602010 | 455517098 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 60134440 | 64336645 |
| &nbsp;&nbsp; Cost of shares purchased | (449286795) | (407081466) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 174449655 | 112772277 |
| &nbsp;&nbsp; Total increase (decrease) | 198402400 | 135759736 |
| &nbsp;&nbsp; Net Assets: |  |  |
| &nbsp;&nbsp; Beginning of year | 1131105149 | 995345413 |
| &nbsp;&nbsp; End of year | $1329507549 | $1131105149 |

---

See Notes to Financial Statements.

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.52 | $8.33 | $8.34 | $9.69 | $10.32 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.39 | 0.43 | 0.44 | 0.38 | 0.29 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.19 | 0.25 | 0.16 | (1.23) | (0.54) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.58 | 0.68 | 0.60 | (0.85) | (0.25) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.41) | (0.49) | (0.61) | (0.50) | (0.38) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.69 | $8.52 | $8.33 | $8.34 | $9.69 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.01% | 8.37% | 7.49% | (8.81)% | (2.59)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $102828 | $86919 | $70540 | $57693 | $78154 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $91402 | $80682 | $60671 | $61543 | $85794 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.93% | 0.96% | 0.95% | 0.94% | 0.95% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96% | 0.99% | 0.98% | 0.97% | 0.98% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.57% | 5.14% | 5.34% | 4.32% | 2.81% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup> | 122% | 233% | 310% | 301% | 54% |

---

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

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

See Notes to Financial Statements.

PGIM Strategic Bond Fund 49

------

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Class C Shares |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
| &nbsp;&nbsp;&nbsp; Per Share Operating Performance<sup>(a)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $8.51 | $8.32 | $8.33 | $9.68 | $10.30 |
| &nbsp;&nbsp;&nbsp; Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.37 | 0.37 | 0.31 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.19 | 0.24 | 0.16 | (1.23) | (0.53) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.51 | 0.61 | 0.53 | (0.92) | (0.32) |
| &nbsp;&nbsp;&nbsp; Less Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.34) | (0.42) | (0.54) | (0.43) | (0.30) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.68 | $8.51 | $8.32 | $8.33 | $9.68 |
| &nbsp;&nbsp;&nbsp; Total Return<sup>(b)</sup>: | 6.16% | 7.53% | 6.66% | (9.55)% | (3.25)% |
| &nbsp;&nbsp;&nbsp; Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $44326 | $45546 | $41442 | $41835 | $56099 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $44323 | $43670 | $40959 | $45944 | $60789 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.73% | 1.74% | 1.74% | 1.74% | 1.72% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.76% | 1.77% | 1.77% | 1.77% | 1.75% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.78% | 4.36% | 4.54% | 3.52% | 2.04% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup> | 122% | 233% | 310% | 301% | 54% |

---

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

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

See Notes to Financial Statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Class Z Shares |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
| &nbsp;&nbsp;&nbsp; Per Share Operating Performance<sup>(a)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $8.52 | $8.33 | $8.34 | $9.69 | $10.31 |
| &nbsp;&nbsp;&nbsp; Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.42 | 0.46 | 0.47 | 0.41 | 0.32 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.19 | 0.25 | 0.15 | (1.23) | (0.53) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.61 | 0.71 | 0.62 | (0.82) | (0.21) |
| &nbsp;&nbsp;&nbsp; Less Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.52) | (0.63) | (0.53) | (0.41) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.69 | $8.52 | $8.33 | $8.34 | $9.69 |
| &nbsp;&nbsp;&nbsp; Total Return<sup>(b)</sup>: | 7.34% | 8.73% | 7.85% | (8.52)% | (2.17)% |
| &nbsp;&nbsp;&nbsp; Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $1053473 | $884568 | $808001 | $892700 | $1445527 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $930494 | $839957 | $853582 | $1006914 | $1717073 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.62% | 0.62% | 0.62% | 0.62% | 0.62% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.75% | 0.75% | 0.76% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.87% | 5.48% | 5.66% | 4.63% | 3.14% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup> | 122% | 233% | 310% | 301% | 54% |

---

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

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

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

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

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

See Notes to Financial Statements.

PGIM Strategic Bond Fund 51

------

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Class R6 Shares |  |  |  |  |  |
|  | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** | **Year Ended February 28/29,** |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
| &nbsp;&nbsp;&nbsp; Per Share Operating Performance<sup>(a)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Beginning of Year | $8.53 | $8.33 | $8.34 | $9.70 | $10.32 |
| &nbsp;&nbsp;&nbsp; Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.42 | 0.46 | 0.47 | 0.41 | 0.33 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.18 | 0.26 | 0.16 | (1.24) | (0.54) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.60 | 0.72 | 0.63 | (0.83) | (0.21) |
| &nbsp;&nbsp;&nbsp; Less Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.44) | (0.52) | (0.64) | (0.53) | (0.41) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.69 | $8.53 | $8.33 | $8.34 | $9.70 |
| &nbsp;&nbsp;&nbsp; Total Return<sup>(b)</sup>: | 7.25% | 8.89% | 7.88% | (8.49)% | (2.24)% |
| &nbsp;&nbsp;&nbsp; Ratios/Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $128880 | $114073 | $75363 | $59220 | $37135 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $121555 | $95502 | $65842 | $51264 | $37326 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.64% | 0.65% | 0.66% | 0.66% | 0.67% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.91% | 5.49% | 5.71% | 4.75% | 3.17% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup> | 122% | 233% | 310% | 301% | 54% |

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

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

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

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

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

See Notes to Financial Statements.

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Notes to Financial Statements

**1.** **Organization** 

Prudential Investment Portfolios 3 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Strategic Bond Fund (the "Fund"), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

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

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

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

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

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

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

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

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

PGIM Strategic Bond Fund 53

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Notes to Financial Statements (continued)

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

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

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

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

Private debt/loans are generally valued at prices obtained by independent valuation providers. Such valuation providers typically utilize the income approach as the primary methodology, but may use other fair value approaches based on facts and circumstances. Valuations received from the independent valuation providers are reviewed by the Valuation Designee to ensure the valuations are in accordance with the Fund's valuation policies and procedures as well as all relevant valuation and accounting standards. Private debt/loans are generally classified as Level 3 in the fair value hierarchy.

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

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

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

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

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

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

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

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

*Bond Forward Contracts:* The Fund invested in bond forward contracts which are primarily used to hedge its exposure to interest rate fluctuations. These transactions involve a commitment by the Fund to purchase or sell a specific bond at a future date for a predetermined fixed price and with no upfront payments. Bond forward contracts are valued daily at the current underlying bond forward price and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on bond forward contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference of the agreed upon forward price and the actual price of the security at settlement. This gain (loss), if any, is included in net realized gain (loss) on bond forward transactions.

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

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

PGIM Strategic Bond Fund 55

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Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

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

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

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

PGIM Strategic Bond Fund 57

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Notes to Financial Statements (continued)

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

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

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

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

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

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

*Delayed-Delivery Transactions:* The Fund purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining

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its net asset value ("NAV"). The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeits its eligibility to realize future gains (losses) with respect to the security.

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

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

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

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

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

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

---

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

---

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

PGIM Strategic Bond Fund 59

------

Notes to Financial Statements (continued)

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

**3.** **Agreements** 

The RIC, on behalf of the Fund, has entered into a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadvisers' performance of such services, and for rendering administrative services.

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its investment group PGIM Fixed Income, and PGIM, Inc. has entered into a sub-subadvisory agreement with PGIM Limited (collectively the "subadviser"). Effective April 8, 2026, PGIM Fixed Income was renamed PGIM Credit. PGIM Credit continues to be an investment group of PGIM, Inc. 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 February 28, 2026, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers and/or expense**<br> **reimbursements** |
| &nbsp;&nbsp; 0.590% on average daily net assets up to $2.5 billion; | 0.59% |
| &nbsp;&nbsp; 0.565% on average daily net assets from $2.5 billion to $5 billion; |  |
| &nbsp;&nbsp; 0.540% on average daily net assets over $5 billion. |  |

---

The Manager has contractually agreed, through June 30, 2027, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. The expense limitations attributable to each class are as follows:

---

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

---

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

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

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

---

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

---

------

---

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

---

For the year ended February 28, 2026, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
| &nbsp;&nbsp; A | $127700 | $6170 |
| &nbsp;&nbsp; C |  | 5014 |

---

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

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

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

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended February 28, 2026, no Rule 17a-7 transactions were entered into by the Fund.

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

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended February 28, 2026, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| &nbsp;&nbsp; $1473010786 | $1411829265 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended February 28, 2026, is presented as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** | **Change in**<br> **Unrealized**<br> **Gain**<br> (Loss) | **Realized**<br> **Gain**<br> (Loss) | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |
| PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF | PGIM Corporate Bond 0-5 Year ETF |  |  |  |
| $— | $6296552 | $— | $32823 | $— | $6329375 |  | 125000 | $94186 | $2619 |
| PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF | PGIM Corporate Bond 5-10 Year ETF |  |  |  |
|  | 3830593 |  | 19089 |  | 3849682 |  | 75000 | 78608 | 4575 |
| PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF | PGIM Floating Rate Income ETF |  |  |  |  |  |  |
| 2526500 |  |  | (78915) |  | 2447585 |  | 50000 | 179723 |  |
| $2526500 | $10127145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(27003) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $12626642 |  |  | $352517 | $7194 |

---

PGIM Strategic Bond Fund 61

------

Notes to Financial Statements (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value, End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |  |  |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) | PGIM Core Government Money Market Fund (7-day effective yield 3.787%)(wa) |  |  |  |
| $25948797 | $536333475 | $541350571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $20931701 |  | 20931701 | $1434838 | $— |
| PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)(wa) | PGIM Institutional Money Market Fund (7-day effective yield 3.836%)(b)(wa) |  |  |  |
| 11953051 | 110573946 | 113479425 | 1361 | (3738) | 9045195 |  | 9051531 | 34295<sup>(1)</sup> |  |
| $37901848 | $646907421 | $654829996 | $1361 | $(3738) | $29976896 |  |  | $1469133 | $— |
| $40428348 | $657034566 | $654829996 | $(25642) | $(3738) | $42603538 |  |  | $1821650 | $7194 |

---

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

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

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

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

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

For the year ended February 28, 2026, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | **Total Dividends**<br> **and Distributions** |
| $60146440 | $— | $— | $60146440 |

---

For the year ended February 28, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary**<br> **Income** | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | **Total Dividends**<br> **and Distributions** |
| $64353857 | $— | $— | $64353857 |

---

For the year ended February 28, 2026, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | |
|:---|:---|
| **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Long-Term**<br> **Capital Gains** |
| $5375442 | $— |

---

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of February 28, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Depreciation** |
| $1395568977 | $39696573 | $(53890779) | $(14194206) |

---

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of February 28, 2026 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | |
|:---|:---|
| **Capital Loss**<br> **Carryforward** | **Capital Loss**<br> **Carryforward Utilized** |
| $271645000 | $— |

---

------

The Manager has analyzed the Fund's tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended February 28, 2026 are subject to such review.

7. Capital and Ownership

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

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

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

As of February 28, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
|  Z | 8329 | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of Shareholders** | **Percentage of Outstanding Shares** |
|  Affiliated |  | —% |
|  Unaffiliated | 7 | 92.8 |

---

PGIM Strategic Bond Fund 63

------

Notes to Financial Statements (continued)

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 3862074 | $33045205 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 514602 | 4401219 |
| &nbsp;&nbsp; Shares purchased | (2744325) | (23330054) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1632351 | 14116370 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 148651 | 1268385 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (146111) | (1246084) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1634891 | $14138671 |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 4135409 | $34930365 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 555943 | 4683565 |
| &nbsp;&nbsp; Shares purchased | (2882353) | (24331958) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1808999 | 15281972 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 148087 | 1242150 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (229207) | (1944754) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1727879 | $14579368 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 768108 | $6544421 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 208661 | 1781414 |
| &nbsp;&nbsp; Shares purchased | (1005345) | (8556352) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (28576) | (230517) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (214759) | (1829766) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (243335) | $(2060283) |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1338997 | $11284815 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 260597 | 2191949 |
| &nbsp;&nbsp; Shares purchased | (1022648) | (8594023) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 576946 | 4882741 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (208499) | (1752532) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 368447 | $3130209 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 55924848 | $477740987 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5576218 | 47682219 |
| &nbsp;&nbsp; Shares purchased | (44193948) | (376725224) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 17307118 | 148697982 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 257053 | 2194388 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (103568) | (881770) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 17460603 | $150010600 |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 41964373 | $354407512 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 6123822 | 51574429 |
| &nbsp;&nbsp; Shares purchased | (41248003) | (346845777) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 6840192 | 59136164 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 250290 | 2110976 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (329466) | (2806816) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 6761016 | $58440324 |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended February 28, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 5424452 | $46271397 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 733138 | 6269588 |
| &nbsp;&nbsp; Shares purchased | (4768755) | (40675165) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1388835 | 11865820 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 85372 | 721227 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (26904) | (226380) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1447303 | $12360667 |
| &nbsp;&nbsp; **Year ended February 28, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 6514108 | $54894406 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 698462 | 5886702 |
| &nbsp;&nbsp; Shares purchased | (3247399) | (27309708) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 3965171 | 33471400 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 382224 | 3269302 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (13951) | (118326) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4333444 | $36622376 |

---

**8.** **Borrowings** 

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

---

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

---

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

The Fund did not utilize the SCA during the year ended February 28, 2026.

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

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

*"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.

PGIM Strategic Bond Fund 65

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Notes to Financial Statements (continued)

*Credit Risk/Counterparty Risk:* The ability, or perceived ability, of the issuer or guarantor of a debt security, or the counterparty (the party on the other side of the transaction) to a derivatives contract or other financial contract to meet its financial obligations will affect the value of the security or derivative. Counterparty and credit risk are especially important in the context of privately negotiated instruments. The Fund expects to enter into certain privately negotiated agreements where the counterparty assumes the physical settlement obligations of the Fund under such transactions. Under this type of arrangement, there is a risk that the relevant counterparty or intermediary would, due to insolvency or other reasons, be unable to or fail to assume the physical settlement obligations of the Fund, in which case the Fund could be required to sell portfolio instruments at unfavorable times or prices or could have insufficient assets to satisfy its physical settlement obligations.

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

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

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

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

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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 over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund's ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser's credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be "securities" and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material non-public information about a borrower as a result of its investment in such borrower's loan, the Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

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

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

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

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium

PGIM Strategic Bond Fund 67

------

Notes to Financial Statements (continued)

paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

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

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

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

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

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

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

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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 Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's portfolio turnover rate may be higher than that of other 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.

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

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

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

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

The Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of February 28, 2026.

PGIM Strategic Bond Fund 69

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 3 and Shareholders of PGIM Strategic Bond Fund

*Opinion on the Financial Statements* 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Strategic Bond Fund (one of the funds constituting Prudential Investment Portfolios 3, referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion* 

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, transfer agents, brokers, issuers of privately held securities and agent banks; when replies were not received from issuers of privately held securities, agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

April 17, 2026

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

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

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

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

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

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

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

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

---

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

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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 – Attached hereto as Exhibit EX-99.CODE-ETH.](d144212dex99codeeth.htm)

(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.](d144212dex99cert.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.](d144212dex99906cert.htm)

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

Registrant: <u>Prudential Investment Portfolios 3</u>

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| | |
|:---|:---|
|  By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French<br> Secretary |
|  Date: | April 17, 2026 |

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

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| | |
|:---|:---|
|  By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  Date: | April 17, 2026 |

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| | |
|:---|:---|
|  By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (Principal Financial Officer) |
|  Date: | April 17, 2026 |

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## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the funds listed on Attachment A hereto (each a Fund" and together the "Funds") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds' Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of a Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to the Fund's Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board of Directors/Trustees that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

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The Funds will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported
to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by a Fund's Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund's Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, a Fund's Board or Board Committee comprised of
Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund's Board or Board Committee
comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment
adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**IX. Recordkeeping** 

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

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**EXHIBIT A** 

**<u>Funds Covered by this Code of Ethics</u>**

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

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**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer of the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Kenneth Allen** – President and Principal Executive Officer of Advanced Series Trust, Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund.

**Christian J. Kelly** – Chief Financial Officer and Principal Financial Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

**Russ Shupak**- Treasurer and Principal Accounting Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Elyse McLaughlin**- Treasurer and Principal Accounting Officer for the Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 3** 

Annual period ending 2/28/26

File No. 811-09805

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

I, Stuart S. Parker, certify that:

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

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

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

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

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

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

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

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

------

&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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |

---

------

Item 19

**Prudential Investment Portfolios 3** 

Annual period ending 2/28/26

File No. 811-09805

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

I, Christian J. Kelly, certify that:

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

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

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

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

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

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

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

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

------

&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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;April 17, 2026 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

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

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
|  April 17, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  April 17, 2026 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer<br> (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.*