# EDGAR Filing Document

**Accession Number:** 0000929523
**File Stem:** 0001193125-25-335505
**Filing Date:** 2025-12
**Character Count:** 1216231
**Document Hash:** 51b729c1b100de9ded2513e7eb30c626
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-335505.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-335505

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07215
- **FILM NUMBER:** 251610037

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

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

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-07215 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios, Inc. 17 |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup>Floor |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup>Floor |
|  | Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 10/31/2025 |
| Date of reporting period: | 10/31/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g19277g1tsrbanner.jpg)

PGIM Short Duration Multi-Sector Bond Fund

Class A:

SDMAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Short Duration Multi-Sector Bond Fund—Class A | $64 | 0.62% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Government/Credit 1-3 Year Index (the "Index") during

the reporting period: positioning in AAA collateralized loan obligations (CLOs) and mortgage-backed securities (MBS); yield curve positioning;

security selection in US high yield corporates, US investment-grade corporates, non-agency MBS, European bank loans, and US Treasuries;

overweights to the AAA non-agency commercial mortgage-backed securities (CMBS), emerging-markets high yield, AA and below non-agency

CMBS, and AA CLO sectors; duration positioning; and credit positioning in the cable & satellite, media & entertainment, telecom, health care &

pharmaceuticals, and banking sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield bonds, GBP high yield corporates, non-agency CMBS AA and below; and overweights to the US investment-grade

corporate and US high yield corporate sectors.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. In aggregate, these positions had a

negative impact on results.

MF219EA

![](g19277g1pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US 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: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g1sdmsb_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 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 3.52% | 2.24% | 2.56% |
| Class A without sales charges | 5.90% | 2.70% | 2.79% |
| Bloomberg US Aggregate Bond Index\* | 6.16% | -0.24% | 1.90% |
| Bloomberg US Government/Credit 1-3 Year Index | 5.07% | 1.84% | 1.97% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $7251940339<br>|
| Number of fund holdings | 1612 |
| Total advisory fees paid for the year | $17395920<br>|
| Portfolio turnover rate for the year | 104% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 43.6 |
| AA | 23.6 |
| A | 5.6 |
| BBB | 9.7 |
| BB | 5.4 |
| B | 1.7 |
| CCC | 0.4 |
| Not Rated | 6.9 |
| Cash/Cash Equivalents | 3.3 |
| 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/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

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

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

![](g19277g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration Multi-Sector Bond Fund

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

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

MF219EA

![](g19277g1pgim_investments.jpg)

------

![](g19277g2tsrbanner.jpg)

PGIM Short Duration Multi-Sector Bond Fund

Class C:

SDMCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

"Fund") for the period of November 1, 2024 to October 31, 2025.

Y

ou can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Short Duration Multi-Sector Bond Fund—Class C | $148 | 1.44% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Government/Credit 1-3 Year Index (the "Index") during

the reporting period: positioning in AAA collateralized loan obligations (CLOs) and mortgage-backed securities (MBS); yield curve positioning;

security selection in US high yield corporates, US investment-grade corporates, non-agency MBS, European bank loans, and US Treasuries;

overweights to the AAA non-agency commercial mortgage-backed securities (CMBS), emerging-markets high yield, AA and below non-agency

CMBS, and AA CLO sectors; duration positioning; and credit positioning in the cable & satellite, media & entertainment, telecom, health care &

pharmaceuticals, and banking sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield bonds, GBP high yield corporates, non-agency CMBS AA and below; and overweights to the US investment-grade

corporate and US high yield corporate sectors.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. In aggregate, these positions had a

negative impact on results.

MF219EC

![](g19277g2pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US 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: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g2sdmsb_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 3.92% | 1.82% | 1.95% |
| Class C without sales charges | 4.92% | 1.82% | 1.95% |
| Bloomberg US Aggregate Bond Index\* | 6.16% | -0.24% | 1.90% |
| Bloomberg US Government/Credit 1-3 Year Index | 5.07% | 1.84% | 1.97% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $7251940339<br>|
| Number of fund holdings | 1612 |
| Total advisory fees paid for the year | $17395920<br>|
| Portfolio turnover rate for the year | 104% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 43.6 |
| AA | 23.6 |
| A | 5.6 |
| BBB | 9.7 |
| BB | 5.4 |
| B | 1.7 |
| CCC | 0.4 |
| Not Rated | 6.9 |
| Cash/Cash Equivalents | 3.3 |
| 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/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

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

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

![](g19277g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration Multi-Sector Bond Fund

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

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

MF219EC

![](g19277g2pgim_investments.jpg)

------

![](g19277g3tsrbanner.jpg)

PGIM Short Duration Multi-Sector Bond Fund

Class Z:

SDMZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Short Duration Multi-Sector Bond Fund—Class Z | $40 | 0.39% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Government/Credit 1-3 Year Index (the "Index") during

the reporting period: positioning in AAA collateralized loan obligations (CLOs) and mortgage-backed securities (MBS); yield curve positioning;

security selection in US high yield corporates, US investment-grade corporates, non-agency MBS, European bank loans, and US Treasuries;

overweights to the AAA non-agency commercial mortgage-backed securities (CMBS), emerging-markets high yield, AA and below non-agency

CMBS, and AA CLO sectors; duration positioning; and credit positioning in the cable & satellite, media & entertainment, telecom, health care &

pharmaceuticals, and banking sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield bonds, GBP high yield corporates, non-agency CMBS AA and below; and overweights to the US investment-grade

corporate and US high yield corporate sectors.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. In aggregate, these positions had a

negative impact on results.

MF219EZ

![](g19277g3pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US 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: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g3sdmsb_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 6.02% | 2.94% | 3.09% |
| Bloomberg US Aggregate Bond Index\* | 6.16% | -0.24% | 1.90% |
| Bloomberg US Government/Credit 1-3 Year Index | 5.07% | 1.84% | 1.97% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $7251940339<br>|
| Number of fund holdings | 1612 |
| Total advisory fees paid for the year | $17395920<br>|
| Portfolio turnover rate for the year | 104% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 43.6 |
| AA | 23.6 |
| A | 5.6 |
| BBB | 9.7 |
| BB | 5.4 |
| B | 1.7 |
| CCC | 0.4 |
| Not Rated | 6.9 |
| Cash/Cash Equivalents | 3.3 |
| 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/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

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

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

![](g19277g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration Multi-Sector Bond Fund

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

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

MF219EZ

![](g19277g3pgim_investments.jpg)

------

![](g19277g4tsrbanner.jpg)

PGIM Short Duration Multi-Sector Bond Fund

Class R6:

SDMQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

"Fund") for the period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Short Duration Multi-Sector Bond Fund—Class R6 | $33 | 0.32% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Government/Credit 1-3 Year Index (the "Index") during

the reporting period: positioning in AAA collateralized loan obligations (CLOs) and mortgage-backed securities (MBS); yield curve positioning;

security selection in US high yield corporates, US investment-grade corporates, non-agency MBS, European bank loans, and US Treasuries;

overweights to the AAA non-agency commercial mortgage-backed securities (CMBS), emerging-markets high yield, AA and below non-agency

CMBS, and AA CLO sectors; duration positioning; and credit positioning in the cable & satellite, media & entertainment, telecom, health care &

pharmaceuticals, and banking sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield bonds, GBP high yield corporates, non-agency CMBS AA and below; and overweights to the US investment-grade

corporate and US high yield corporate sectors.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. In aggregate, these positions had a

negative impact on results.

MF219ER6

![](g19277g4pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US 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: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g4sdmsb_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 6.10% | 3.01% | 3.12% |
| Bloomberg US Aggregate Bond Index\* | 6.16% | -0.24% | 1.90% |
| Bloomberg US Government/Credit 1-3 Year Index | 5.07% | 1.84% | 1.97% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $7251940339<br>|
| Number of fund holdings | 1612 |
| Total advisory fees paid for the year | $17395920<br>|
| Portfolio turnover rate for the year | 104% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 43.6 |
| AA | 23.6 |
| A | 5.6 |
| BBB | 9.7 |
| BB | 5.4 |
| B | 1.7 |
| CCC | 0.4 |
| Not Rated | 6.9 |
| Cash/Cash Equivalents | 3.3 |
| 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/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

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

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

![](g19277g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Short Duration Multi-Sector Bond Fund

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

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

MF219ER6

![](g19277g4pgim_investments.jpg)

------

![](g19277g5tsrbanner.jpg)

PGIM Total Return Bond Fund

Class A:

PDBAX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Total Return Bond Fund—Class A | $77 | 0.75% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate Bond Index (the "Index"): positioning in

collateralized loan obligations (CLOs) AAA and US investment-grade corporates; overweights to the non-agency commercial mortgage-backed

securities (CMBS) AAA, emerging-markets high yield, non-agency CMBS AA and below, European sovereign credit, CLO AAA, and

asset-backed securities (ABS) sectors; security selection in agency and non-agency mortgage-backed securities, US Treasuries, US high yield

corporates, non-agency CMBS AAA, European bank loans, UK bank loans, US sovereign credits, and US bank loans; yield curve positioning;

duration positioning; and credit positioning in the cable & satellite, media & entertainment, banking, retailers & restaurants, aerospace &

defense, technology, health care & pharmaceuticals, automotives, and consumer non-cyclicals sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield and British pound sterling-denominated high yield corporates; an overweight in the US high yield corporate sector;

and credit positioning in midstream energy.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. These positions had a negative

impact on performance.

MF166EA

![](g19277g5pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US 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: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g5trb_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 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 2.99% | -0.37% | 2.15% |
| Class A without sales charges | 6.45% | 0.29% | 2.49% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $52121760874<br>|
| Number of fund holdings | 3403 |
| Total advisory fees paid for the year | $186359424<br>|
| Portfolio turnover rate for the year | 91% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 34.4 |
| AA | 32.8 |
| A | 8.0 |
| BBB | 12.4 |
| BB | 5.1 |
| B | 2.6 |
| CCC | 0.7 |
| Not Rated | 2.6 |
| Cash/Cash Equivalents | 1.4 |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g19277g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

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

MF166EA

![](g19277g5pgim_investments.jpg)

------

![](g19277g6tsrbanner.jpg)

PGIM Total Return Bond Fund

Class C:

PDBCX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Total Return Bond Fund—Class C | $153 | 1.49% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate Bond Index (the "Index"): positioning in

collateralized loan obligations (CLOs) AAA and US investment-grade corporates; overweights to the non-agency commercial mortgage-backed

securities (CMBS) AAA, emerging-markets high yield, non-agency CMBS AA and below, European sovereign credit, CLO AAA, and

asset-backed securities (ABS) sectors; security selection in agency and non-agency mortgage-backed securities, US Treasuries, US high yield

corporates, non-agency CMBS AAA, European bank loans, UK bank loans, US sovereign credits, and US bank loans; yield curve positioning;

duration positioning; and credit positioning in the cable & satellite, media & entertainment, banking, retailers & restaurants, aerospace &

defense, technology, health care & pharmaceuticals, automotives, and consumer non-cyclicals sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield and British pound sterling-denominated high yield corporates; an overweight in the US high yield corporate sector;

and credit positioning in midstream energy.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. These positions had a negative

impact on performance.

MF166EC

![](g19277g6pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US 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: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g6trb_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 4.76% | -0.42% | 1.74% |
| Class C without sales charges | 5.76% | -0.42% | 1.74% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $52121760874<br>|
| Number of fund holdings | 3403 |
| Total advisory fees paid for the year | $186359424<br>|
| Portfolio turnover rate for the year | 91% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 34.4 |
| AA | 32.8 |
| A | 8.0 |
| BBB | 12.4 |
| BB | 5.1 |
| B | 2.6 |
| CCC | 0.7 |
| Not Rated | 2.6 |
| Cash/Cash Equivalents | 1.4 |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g19277g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

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

MF166EC

![](g19277g6pgim_investments.jpg)

------

![](g19277g7tsrbanner.jpg)

PGIM Total Return Bond Fund

Class R:

DTBRX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Total Return Bond Fund—Class R | $104 | 1.01% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate Bond Index (the "Index"): positioning in

collateralized loan obligations (CLOs) AAA and US investment-grade corporates; overweights to the non-agency commercial mortgage-backed

securities (CMBS) AAA, emerging-markets high yield, non-agency CMBS AA and below, European sovereign credit, CLO AAA, and

asset-backed securities (ABS) sectors; security selection in agency and non-agency mortgage-backed securities, US Treasuries, US high yield

corporates, non-agency CMBS AAA, European bank loans, UK bank loans, US sovereign credits, and US bank loans; yield curve positioning;

duration positioning; and credit positioning in the cable & satellite, media & entertainment, banking, retailers & restaurants, aerospace &

defense, technology, health care & pharmaceuticals, automotives, and consumer non-cyclicals sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield and British pound sterling-denominated high yield corporates; an overweight in the US high yield corporate sector;

and credit positioning in midstream energy.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. These positions had a negative

impact on performance.

MF166ER

![](g19277g7pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US 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: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g7trb_r.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R | 6.17% | 0.03% | 2.22% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $52121760874<br>|
| Number of fund holdings | 3403 |
| Total advisory fees paid for the year | $186359424<br>|
| Portfolio turnover rate for the year | 91% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 34.4 |
| AA | 32.8 |
| A | 8.0 |
| BBB | 12.4 |
| BB | 5.1 |
| B | 2.6 |
| CCC | 0.7 |
| Not Rated | 2.6 |
| Cash/Cash Equivalents | 1.4 |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g19277g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

SHARE CLASS R <br> NASDAQ DTBRX <br> CUSIP 74440B801

MF166ER

![](g19277g7pgim_investments.jpg)

------

![](g19277g8tsrbanner.jpg)

PGIM Total Return Bond Fund

Class Z:

PDBZX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Total Return Bond Fund—Class Z | $51 | 0.49% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate Bond Index (the "Index"): positioning in

collateralized loan obligations (CLOs) AAA and US investment-grade corporates; overweights to the non-agency commercial mortgage-backed

securities (CMBS) AAA, emerging-markets high yield, non-agency CMBS AA and below, European sovereign credit, CLO AAA, and

asset-backed securities (ABS) sectors; security selection in agency and non-agency mortgage-backed securities, US Treasuries, US high yield

corporates, non-agency CMBS AAA, European bank loans, UK bank loans, US sovereign credits, and US bank loans; yield curve positioning;

duration positioning; and credit positioning in the cable & satellite, media & entertainment, banking, retailers & restaurants, aerospace &

defense, technology, health care & pharmaceuticals, automotives, and consumer non-cyclicals sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield and British pound sterling-denominated high yield corporates; an overweight in the US high yield corporate sector;

and credit positioning in midstream energy.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. These positions had a negative

impact on performance.

MF166EZ

![](g19277g8pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US 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: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g8trb_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 6.82% | 0.56% | 2.76% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $52121760874<br>|
| Number of fund holdings | 3403 |
| Total advisory fees paid for the year | $186359424<br>|
| Portfolio turnover rate for the year | 91% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 34.4 |
| AA | 32.8 |
| A | 8.0 |
| BBB | 12.4 |
| BB | 5.1 |
| B | 2.6 |
| CCC | 0.7 |
| Not Rated | 2.6 |
| Cash/Cash Equivalents | 1.4 |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g19277g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

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

MF166EZ

![](g19277g8pgim_investments.jpg)

------

![](g19277g9tsrbanner.jpg)

PGIM Total Return Bond Fund

Class R2:

PDBRX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Total Return Bond Fund—Class R2 | $92 | 0.89% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate Bond Index (the "Index"): positioning in

collateralized loan obligations (CLOs) AAA and US investment-grade corporates; overweights to the non-agency commercial mortgage-backed

securities (CMBS) AAA, emerging-markets high yield, non-agency CMBS AA and below, European sovereign credit, CLO AAA, and

asset-backed securities (ABS) sectors; security selection in agency and non-agency mortgage-backed securities, US Treasuries, US high yield

corporates, non-agency CMBS AAA, European bank loans, UK bank loans, US sovereign credits, and US bank loans; yield curve positioning;

duration positioning; and credit positioning in the cable & satellite, media & entertainment, banking, retailers & restaurants, aerospace &

defense, technology, health care & pharmaceuticals, automotives, and consumer non-cyclicals sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield and British pound sterling-denominated high yield corporates; an overweight in the US high yield corporate sector;

and credit positioning in midstream energy.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. These positions had a negative

impact on performance.

MF166ER2

![](g19277g9pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

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

The line graph reflects a hypothetical $10,000 investment in Class R2 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: December 27, 2017 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g9trb_r2.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R2 | 6.31% | 0.17% | 1.83% (12/27/2017) |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.71% |

---

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

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $52121760874<br>|
| Number of fund holdings | 3403 |
| Total advisory fees paid for the year | $186359424<br>|
| Portfolio turnover rate for the year | 91% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 34.4 |
| AA | 32.8 |
| A | 8.0 |
| BBB | 12.4 |
| BB | 5.1 |
| B | 2.6 |
| CCC | 0.7 |
| Not Rated | 2.6 |
| Cash/Cash Equivalents | 1.4 |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g19277g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

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

MF166ER2

![](g19277g9pgim_investments.jpg)

------

![](g19277g10tsrbanner.jpg)

PGIM Total Return Bond Fund

Class R4:

PDBSX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Total Return Bond Fund—Class R4 | $66 | 0.64% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate Bond Index (the "Index"): positioning in

collateralized loan obligations (CLOs) AAA and US investment-grade corporates; overweights to the non-agency commercial mortgage-backed

securities (CMBS) AAA, emerging-markets high yield, non-agency CMBS AA and below, European sovereign credit, CLO AAA, and

asset-backed securities (ABS) sectors; security selection in agency and non-agency mortgage-backed securities, US Treasuries, US high yield

corporates, non-agency CMBS AAA, European bank loans, UK bank loans, US sovereign credits, and US bank loans; yield curve positioning;

duration positioning; and credit positioning in the cable & satellite, media & entertainment, banking, retailers & restaurants, aerospace &

defense, technology, health care & pharmaceuticals, automotives, and consumer non-cyclicals sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield and British pound sterling-denominated high yield corporates; an overweight in the US high yield corporate sector;

and credit positioning in midstream energy.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. These positions had a negative

impact on performance.

MF166ER4

![](g19277g10pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

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

The line graph reflects a hypothetical $10,000 investment in Class R4 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: December 27, 2017 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g10trb_r4.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R4 | 6.57% | 0.40% | 2.08% (12/27/2017) |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.71% |

---

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

closest month-end to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $52121760874<br>|
| Number of fund holdings | 3403 |
| Total advisory fees paid for the year | $186359424<br>|
| Portfolio turnover rate for the year | 91% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 34.4 |
| AA | 32.8 |
| A | 8.0 |
| BBB | 12.4 |
| BB | 5.1 |
| B | 2.6 |
| CCC | 0.7 |
| Not Rated | 2.6 |
| Cash/Cash Equivalents | 1.4 |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g19277g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

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

MF166ER4

![](g19277g10pgim_investments.jpg)

------

![](g19277g11tsrbanner.jpg)

PGIM Total Return Bond Fund

Class R6:

PTRQX

ANNUAL SHAREHOLDER REPORT – October 31, 2025

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

period of November 1, 2024 to October 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST 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 Total Return Bond Fund—Class R6 | $40 | 0.39% |

---

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened as demand for yield

remained robust. The US Federal Reserve's easing cycle, which was paused in the first half of 2025, resumed with a 25-basis point interest

rate cut in September and October, as Federal Open Market Committee members continued to assess the balance of risks to its dual mandate

of promoting maximum employment and stable prices.

■

The following contributed most to the Fund's performance relative to the Bloomberg US Aggregate Bond Index (the "Index"): positioning in

collateralized loan obligations (CLOs) AAA and US investment-grade corporates; overweights to the non-agency commercial mortgage-backed

securities (CMBS) AAA, emerging-markets high yield, non-agency CMBS AA and below, European sovereign credit, CLO AAA, and

asset-backed securities (ABS) sectors; security selection in agency and non-agency mortgage-backed securities, US Treasuries, US high yield

corporates, non-agency CMBS AAA, European bank loans, UK bank loans, US sovereign credits, and US bank loans; yield curve positioning;

duration positioning; and credit positioning in the cable & satellite, media & entertainment, banking, retailers & restaurants, aerospace &

defense, technology, health care & pharmaceuticals, automotives, and consumer non-cyclicals sectors.

■

The following detracted most from the Fund's performance relative to the Index during the reporting period: security selection in

emerging-markets high yield and British pound sterling-denominated high yield corporates; an overweight in the US high yield corporate sector;

and credit positioning in midstream energy.

■

The Fund used futures, swaps, and options, as well as forward currency exchange contracts during the reporting period, to help manage

duration positioning, yield curve exposure, and/or to hedge against non-US dollar-denominated positions. These positions had a negative

impact on performance.

MF166ER6

![](g19277g11pgim_investments.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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US 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: October 31, 2015 to October 31, 2025<br>Initial Investment of $10,000<br>

![](g19277g11trb_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 | Average Annual Total Returns as of 10/31/2025 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class R6 | 6.84% | 0.65% | 2.85% |
| Bloomberg US Aggregate Bond Index | 6.16% | -0.24% | 1.90% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $52121760874<br>|
| Number of fund holdings | 3403 |
| Total advisory fees paid for the year | $186359424<br>|
| Portfolio turnover rate for the year | 91% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 10/31/2025?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 10/31/2025 (%) |
| AAA | 34.4 |
| AA | 32.8 |
| A | 8.0 |
| BBB | 12.4 |
| BB | 5.1 |
| B | 2.6 |
| CCC | 0.7 |
| Not Rated | 2.6 |
| Cash/Cash Equivalents | 1.4 |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g19277g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Total Return Bond Fund

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

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

MF166ER6

![](g19277g11pgim_investments.jpg)

------

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

Item 2 – Code of Ethics – 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 October 31, 2025 and October 31, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $150,215 and $283,059, 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 October 31, 2025 and October 31, 2024: none.

(c) Tax Fees

For the fiscal years ended October 31, 2025 and October 31, 2024: none.

(d) All Other Fees

For the fiscal years ended October 31, 2025 and October 31, 2024: none.

(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).

#### 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.

#### 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.

#### 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>October 31, 2025</u> | <u>Fiscal Year Ended</u><br> <u>October 31, 2024</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 October 31, 2025 and October 31, 2024 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](g19277gra01.jpg)

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

PGIM Total Return Bond Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### OCTOBER 31, 2025
![LOGO](g19277gra001.jpg)

------

<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> October 31, 2025 </u>

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

---

| | |
|:---|:---|
| [Glossary](#edgar19277_1) | 1 |
| [PGIM Short Duration Multi-Sector Bond Fund](#edgar19277_2) | 3 |
| [PGIM Total Return Bond Fund](#edgar19277_3) | 66 |
| [Notes to Financial Statements](#edgar19277_4) | 184 |

---

**[Other Information -](#edgar19277_7)**[Form N-CSR Items 8-11](#edgar19277_7)

------

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

BRL—Brazilian Real

CLP—Chilean Peso

CNH—Chinese Renminbi

COP—Colombian Peso

CZK—Czech Koruna

EUR—Euro

GBP—British Pound

HUF—Hungarian Forint

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

PEN—Peruvian Nuevo Sol

PHP—Philippine Peso

PLN—Polish Zloty

SGD—Singapore Dollar

THB—Thai Baht

TRY—Turkish Lira

TWD—New Taiwanese Dollar

USD—US Dollar

ZAR—South African Rand

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

A—Annual payment frequency for swaps

ABS—Asset-Backed Security

ACE—Adjusted Current Earnings

AID—Agency for International Development

BABs—Build America Bonds

BARC—Barclays Bank PLC

BNP—BNP Paribas S.A.

BNY—Bank of New York Mellon

BOA—Bank of America, N.A.

BROIS—Brazil Overnight Index Swap

CACI—Credit Agricole Corporate and Investment Bank SA

CBOE—Chicago Board Options Exchange

CDX—Credit Derivative Index

CF—CF Secured, LLC

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CME—Chicago Mercantile Exchange

CMS—Constant Maturity Swap

CMT—Constant Maturity Treasury

COFI—Cost of Funds Index

COP—Certificates of Participation

CPI—Consumer Price Index

DAC—Designated Activity Company

DB—Deutsche Bank AG

EMTN—Euro Medium Term Note

------

ETF—Exchange-Traded Fund

EURIBOR—Euro Interbank Offered Rate

EuroSTR—Euro Short-Term Rate

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GS—Goldman Sachs & Co. LLC

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

iBoxx—Bond Market Indices

IG—Investment Grade

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LP—Limited Partnership

M—Monthly payment frequency for swaps

MSC—Morgan Stanley & Co. LLC

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

OBX—Oslo Stock Exchange

OTC—Over-the-counter

PIK—Payment-in-Kind

PJSC—Public Joint-Stock Company

PO—Principal Only

Q—Quarterly payment frequency for swaps

RBC—Royal Bank of Canada

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

SCB—Standard Chartered Bank

SG—Societe Generale

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

T—Swap payment upon termination

TBA—To Be Announced

TD—The Toronto-Dominion Bank

UAG—UBS AG

UMBS—Uniform Mortgage-Backed Securities

USOIS—United States Overnight Index Swap

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.5%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 23.3%** |  |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 2.020% | 02/20/27 |  | 667 | $663923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | 5.490 | 06/20/29 |  | 16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17254747 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | 6.971 | 07/29/32 |  | 673 | 674270 |
| &nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class C, 144A | 1.910 | 10/17/33 |  | 1400 | 1381859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class C, 144A | 5.580 | 08/15/35 |  | 4412 | 4503857 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | 3.630 | 09/14/27 |  | 166 | 166351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | 3.950 | 11/14/28 |  | 900 | 897523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class B, 144A | 5.810 | 02/14/31 |  | 7700 | 7840255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class C, 144A | 6.140 | 02/14/31 |  | 3400 | 3474195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.360 | 04/16/35 |  | 9700 | 9978335 |
| &nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A | 5.818 | 06/15/32 |  | 2313 | 2339059 |
|  |  |  |  |  | 49174374 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 18.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.335(c) | 07/15/37 |  | 15000 | 15038131 |
| &nbsp;&nbsp; Anchorage Capital Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class ARR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.387(c) | 10/22/38 | EUR | 13000 | 14975429 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class A, 144A, 3 Month SOFR + 1.532% (Cap N/A, Floor 1.270%) | 5.416(c) | 01/20/34 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 5002124 |
| &nbsp;&nbsp; Aurium CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class AR, 144A, 3 Month EURIBOR + 1.320% (Cap N/A, Floor 1.320%) | 3.333(c) | 10/16/38 | EUR | 13000 | 15000578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 3.863(c) | 10/16/38 | EUR | 18218 | 20953893 |
| &nbsp;&nbsp; Avoca Capital CLO Ltd. (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.376(c) | 04/15/35 | EUR | 8500 | 9738936 |
| &nbsp;&nbsp; Avoca CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class ARRR, 144A, 3 Month EURIBOR + 1.290% (Cap N/A, Floor 1.290%) | 3.316(c) | 10/15/38 | EUR | 25000 | 28816250 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.274(c) | 10/16/37 |  | 15000 | 15041250 |
| &nbsp;&nbsp; Bain Capital Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A, 144A, 3 Month EURIBOR + 1.100% (Cap N/A, Floor 1.100%) | 3.115(c) | 01/24/33 | EUR | 3238 | 3735886 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.184(c) | 03/09/34 |  | 15000 | 15010136 |
| &nbsp;&nbsp; Birch Grove CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-07A, Class A1R, 144A, 3 Month SOFR + 1.260% (Cap N/A, Floor 1.260%) | 5.144(c) | 10/20/38 |  | 7500 | 7511205 |
| &nbsp;&nbsp; BlueMountain CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-30A, Class AR2, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 5.055(c) | 04/15/35 |  | 9500 | 9502375 |
| &nbsp;&nbsp; BNPP AM Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | 2.626(c) | 04/15/31 | EUR | 7364 | 8438155 |
| &nbsp;&nbsp; Carlyle Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A2RA, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 3.664(c) | 03/15/32 | EUR | 17450 | 20119929 |
| &nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.270(c) | 10/21/37 |  | 8000 | 8016978 |
| &nbsp;&nbsp; CarVal CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | 5.324(c) | 07/20/37 |  | 22000 | 22061600 |
| &nbsp;&nbsp; Cathedral Lake Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-08A, Class A1, 144A, 3 Month SOFR + 1.482% (Cap N/A, Floor 1.220%) | 5.366(c) | 01/20/35 |  | 9500 | 9505844 |
| &nbsp;&nbsp; CBAM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.812(c) | 10/17/38 |  | 17500 | 17507693 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class ARR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.420(c) | 04/21/37 |  | 8670 | 8696346 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 3

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.145%(c) | 10/15/38 |  | 7500 | $7507478 |
| &nbsp;&nbsp; Contego CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | 3.226(c) | 10/15/37 | EUR | 15200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17540563 |
| &nbsp;&nbsp; Crown City CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A1AR, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.224(c) | 04/20/35 |  | 8750 | 8757536 |
| &nbsp;&nbsp; CVC Cordatus Loan Fund DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1RR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | 2.859(c) | 07/15/34 | EUR | 6500 | 7474692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | 2.884(c) | 05/22/32 | EUR | 3009 | 3467321 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-13A, Class BR, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.505(c) | 07/15/34 |  | 14000 | 13962333 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class BRR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.584(c) | 10/20/37 |  | 10000 | 10020840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.122(c) | 03/22/38 |  | 35000 | 35058257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.634(c) | 03/31/38 |  | 17500 | 17542595 |
| &nbsp;&nbsp; Elmwood CLO Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-03A, Class ARR, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.264(c) | 07/18/37 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20250 | 20294068 |
| &nbsp;&nbsp; Gallatin CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.364(c) | 10/20/37 |  | 11500 | 11538079 |
| &nbsp;&nbsp; Generate CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class BR2, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.634(c) | 01/20/38 |  | 20000 | 20007520 |
| &nbsp;&nbsp; Golub Capital Partners CLO 69M, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70A, Class A1R, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | 0.010(c) | 10/25/37 |  | 20000 | 20005460 |
| &nbsp;&nbsp; Greywolf CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1, 144A, 3 Month SOFR + 1.440% (Cap N/A, Floor 1.440%) | 5.324(c) | 10/20/31 |  | 831 | 830802 |
| &nbsp;&nbsp; Harvest CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | 3.515(c) | 07/25/37 | EUR | 36250 | 41896161 |
| &nbsp;&nbsp; Henley CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class AR, 144A, 3 Month EURIBOR + 0.970% (Cap N/A, Floor 0.970%) | 3.035(c) | 12/25/35 | EUR | 3250 | 3747515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | 3.265(c) | 04/25/39 | EUR | 12000 | 13878542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A, 144A, 3 Month EURIBOR + 1.330% (Cap N/A, Floor 1.330%) | 3.255(c) | 03/25/38 | EUR | 21500 | 24752212 |
| &nbsp;&nbsp; HPS Loan Management Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-26A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 5.599(c) | 07/20/38 |  | 20000 | 20046940 |
| &nbsp;&nbsp; ICG Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class AR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.254(c) | 10/19/38 | EUR | 31000 | 35650277 |
| &nbsp;&nbsp; Invesco Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.650% (Cap N/A, Floor 0.650%) | 2.659(c) | 07/15/31 | EUR | 5760 | 6626496 |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 5.346(c) | 01/15/31 |  | 200 | 200171 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.605(c) | 01/15/38 |  | 25000 | 25024652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.384(c) | 04/18/37 |  | 40250 | 40398828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-57A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 5.138(c) | 07/27/34 |  | 18000 | 18012488 |
| &nbsp;&nbsp; Magnetite Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 5.168(c) | 01/25/38 |  | 15000 | 15030165 |
| &nbsp;&nbsp; Marble Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1RR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 5.074(c) | 10/20/36 |  | 10000 | 10014130 |
| &nbsp;&nbsp; Market Street CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 0.010(c) | 03/20/38 |  | 13500 | 13503686 |
| &nbsp;&nbsp; Monument CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | 3.626(c) | 05/15/37 | EUR | 35000 | 40463391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | 3.369(c) | 04/15/38 | EUR | 22000 | 25364310 |
| &nbsp;&nbsp; Mountain View CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 5.173(c) | 10/12/30 |  | 1200 | 1200454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%) | 5.286(c) | 07/15/31 |  | 178 | 178417 |
| &nbsp;&nbsp; Nassau Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class A1, 144A, 3 Month EURIBOR + 1.490% (Cap N/A, Floor 1.490%) | 3.494(c) | 07/20/38 | EUR | 23800 | 27457079 |
| &nbsp;&nbsp; NGC Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | 3.229(c) | 01/15/39 | EUR | 10000 | 11480429 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Northwoods Capital Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-15A, Class BRR, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.553%(c) | 06/20/34 |  | 14000 | $13965878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.334(c) | 07/19/37 |  | 15000 | 15043014 |
| &nbsp;&nbsp; Obra CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.364(c) | 01/20/38 |  | 16000 | 16052123 |
| &nbsp;&nbsp; Octagon Alto Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 5.024(c) | 10/20/36 |  | 14250 | 14264036 |
| &nbsp;&nbsp; OFSI BSL CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-15A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.124(c) | 03/31/38 |  | 23450 | 23480361 |
| &nbsp;&nbsp; OFSI BSL Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 5.095(c) | 07/15/31 |  | 2277 | 2276911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class A1R, 144A, 3 Month SOFR + 2.050% (Cap N/A, Floor 2.050%) | 5.934(c) | 10/18/35 |  | 8500 | 8512821 |
| &nbsp;&nbsp; Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | 5.346(c) | 10/15/34 |  | 15000 | 15008484 |
| &nbsp;&nbsp; Pikes Peak CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 5.104(c) | 04/20/38 |  | 6500 | 6508165 |
| &nbsp;&nbsp; Ravensdale Park CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | 3.235(c) | 04/25/38 | EUR | 16500 | 19026378 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.432(c) | 04/17/37 |  | 29000 | 29087000 |
| &nbsp;&nbsp; Rockford Tower Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | 3.309(c) | 07/15/38 | EUR | 16000 | 18435152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | 3.285(c) | 10/25/37 | EUR | 25260 | 29057736 |
| &nbsp;&nbsp; Shackleton CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | 5.603(c) | 05/07/31 |  | 383 | 383585 |
| &nbsp;&nbsp; Signal Harmonic CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.370% (Cap N/A, Floor 1.370%) | 3.406(c) | 11/15/38 | EUR | 9000 | 10404691 |
| &nbsp;&nbsp; Signal Peak CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.274(c) | 10/20/37 |  | 8000 | 8020000 |
| &nbsp;&nbsp; Silver Rock CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.304(c) | 10/20/37 |  | 10000 | 10027990 |
| &nbsp;&nbsp; Sona Fios CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | 3.586(c) | 02/15/37 | EUR | 9400 | 10857436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class A, 144A, 3 Month EURIBOR + 1.340% (Cap N/A, Floor 1.340%) | 3.372(c) | 08/25/38 | EUR | 9000 | 10378788 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%) | 5.190(c) | 01/26/31 |  | 322 | 322580 |
| &nbsp;&nbsp; Sound Point Euro CLO Funding DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class AR, 144A, 3 Month EURIBOR + 1.180% (Cap N/A, Floor 1.180%) | 3.189(c) | 04/15/39 | EUR | 19600 | 22548231 |
| &nbsp;&nbsp; St. Pauls CLO (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A1R, 144A, 3 Month EURIBOR + 0.940% (Cap N/A, Floor 0.940%) | 2.944(c) | 07/20/35 | EUR | 14000 | 16087282 |
| &nbsp;&nbsp; St. Paul's CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | 2.895(c) | 04/25/30 | EUR | 5462 | 6273440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | 2.738(c) | 02/20/30 | EUR | 19117 | 21969339 |
| &nbsp;&nbsp; TCW CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | 4.934(c) | 04/20/34 |  | 25000 | 24984525 |
| &nbsp;&nbsp; Tikehau CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 1.390% (Cap N/A, Floor 1.390%) | 3.399(c) | 01/15/38 | EUR | 15000 | 17296700 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | 5.754(c) | 01/20/36 |  | 25000 | 25059200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.855(c) | 01/15/36 |  | 14000 | 14037642 |
| &nbsp;&nbsp; Toro European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | 3.055(c) | 07/25/34 | EUR | 13500 | 15536891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.276(c) | 04/15/38 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500 | 31637237 |
| &nbsp;&nbsp; Trinitas Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class BR, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%) | 0.010(c) | 01/15/39 | EUR | 7500 | 8644875 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 5

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Venture CLO Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | 5.426%(c) | 01/15/32 | 1140 | $1141008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-28AA, Class A1RR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 4.994(c) | 10/20/34 | 25000 | 24990977 |
|  |  |  |  | 1314927101 |
| &nbsp;&nbsp; **Consumer Loans 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Affirm Asset Securitization Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A | 6.160 | 02/15/29 | 500 | 501154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class B, 144A | 4.880 | 09/15/29 | 2000 | 2003069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class C, 144A | 5.060 | 09/15/29 | 1500 | 1499574 |
| &nbsp;&nbsp; Affirm Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 4.990 | 02/15/33 | 14100 | 14198247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class B, 144A | 5.130 | 02/15/33 | 3900 | 3909104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | 5.280 | 02/15/33 | 6400 | 6405170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | 4.450 | 10/16/34 | 9600 | 9574035 |
| &nbsp;&nbsp; GreenSky Home Improvement Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | 5.550 | 06/25/59 | 500 | 512987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | 5.670 | 06/25/59 | 738 | 755326 |
| &nbsp;&nbsp; Island Finance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 6.540 | 03/19/35 | 5250 | 5309094 |
| &nbsp;&nbsp; Lending Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 2.320 | 04/21/31 | 584 | 573530 |
| &nbsp;&nbsp; Lendmark Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A | 1.900 | 11/20/31 | 5000 | 4845331 |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 1.750 | 09/14/35 | 2141 | 2102824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class D, 144A | 6.550 | 10/14/34 | 6870 | 6880936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A, 144A | 5.500 | 06/14/38 | 12200 | 12500635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | 7.490 | 06/14/38 | 100 | 104383 |
| &nbsp;&nbsp; Regional Management Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class A, 144A | 3.070 | 03/15/32 | 786 | 783782 |
| &nbsp;&nbsp; Stream Innovations Issuer Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A, 144A | 5.210 | 02/15/45 | 5473 | 5533789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.050 | 09/15/45 | 7350 | 7405602 |
|  |  |  |  | 85398572 |
| &nbsp;&nbsp; **Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A | 5.400 | 08/20/55 | 10700 | 10826701 |
| &nbsp;&nbsp; **Home Equity Loans 2.1%** |  |  |  |  |
| &nbsp;&nbsp; Bear Stearns Asset-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-02, Class A3, 1 Month SOFR + 1.614% (Cap 11.000%, Floor 1.500%) | 5.606(c) | 03/25/43 | 104 | 104857 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 6.377(cc) | 04/25/54 | 337 | 341414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 4.960(cc) | 07/26/55 | 7353 | 7349130 |
| &nbsp;&nbsp; COOPR Residential Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 4.840(cc) | 09/25/60 | 12389 | 12358811 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1, 144A | 5.431(cc) | 06/25/60 | 8874 | 8929512 |
| &nbsp;&nbsp; GS Mortgage Backed Securities Trust CES1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.568(cc) | 05/25/55 | 6822 | 6868710 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.683(c) | 01/25/55 | 4896 | 4909398 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 5.884(c) | 03/20/54 | 240 | 240816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | 5.784(c) | 05/20/54 | 231 | 231837 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Equity Loans (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | 5.384%(c) | 10/20/54 | 499 | $498875 |
| &nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-HE03, Class A3, 1 Month SOFR + 1.154% (Cap N/A, Floor 1.040%) | 5.146(c) | 10/25/33 | 1054 | 1056926 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 6.025(cc) | 02/25/44 | 1095 | 1102337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | 5.846(cc) | 08/25/44 | 1421 | 1433874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1A, 144A | 5.344(cc) | 09/25/44 | 6967 | 6984656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES07, Class A1A, 144A | 5.158(cc) | 10/25/44 | 4126 | 4126790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | 5.582(cc) | 12/25/44 | 5210 | 5253103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.653(cc) | 01/25/45 | 6297 | 6358526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 5.553(cc) | 03/25/55 | 8524 | 8606023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES06, Class A1A, 144A | 5.472(cc) | 06/25/55 | 14669 | 14799157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES07, Class A1A, 144A | 5.377(cc) | 07/25/55 | 8658 | 8724270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES09, Class A1A, 144A | 4.795(cc) | 09/25/55 | 6727 | 6703430 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | 7.294(cc) | 10/25/63 | 1388 | 1405001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 5.848(cc) | 01/25/64 | 670 | 674064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | 6.125(cc) | 02/25/64 | 595 | 600143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | 6.290(cc) | 05/25/64 | 2174 | 2198441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | 5.167(cc) | 09/25/64 | 8053 | 8058441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A2, 144A | 5.202(cc) | 09/25/64 | 4350 | 4348832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.705(cc) | 02/25/55 | 7142 | 7206244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES02, Class A1, 144A | 5.348(cc) | 07/25/65 | 7554 | 7587283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | 5.799(cc) | 01/25/65 | 6583 | 6647807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FIX01, Class A1, 144A | 4.968(cc) | 09/25/65 | 9755 | 9737549 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155446257 |
| &nbsp;&nbsp; **Other 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Capital Street Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.549(c) | 10/16/28 | 7200 | 7232514 |
| &nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.380 | 02/20/49 | 10559 | 10693159 |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | 6.250 | 06/20/57 | 2464 | 2420113 |
| &nbsp;&nbsp; Invitation Homes Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-SFR01, Class C, 144A | 4.250 | 09/17/41 | 5700 | 5549039 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE01, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | 5.783(c) | 02/25/55 | 9712 | 9755885 |
| &nbsp;&nbsp; PK Alift Loan Funding 7 LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | 4.750 | 03/15/43 | 7000 | 7012886 |
| &nbsp;&nbsp; PMT Issuer Trust - FMSR, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 7.069(c) | 12/25/27 | 6000 | 6038825 |
| &nbsp;&nbsp; Sunrun Bacchus Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A | 5.990 | 04/30/60 | 4750 | 4746970 |
| &nbsp;&nbsp; Sunrun Vesta Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A | 5.490 | 10/30/59 | 1531 | 1503620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A2, 144A | 5.880 | 10/30/59 | 6419 | 6226589 |
| &nbsp;&nbsp; Tesla Sustainable Energy Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A2, 144A | 5.080 | 06/21/50 | 8702 | 8717907 |
|  |  |  |  | 69897507 |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Countrywide Asset-Backed Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-BC02, Class 2A1, 1 Month SOFR + 0.714% (Cap 13.875%, Floor 0.600%) | 4.706(c) | 06/25/33 | 27 | 27152 |
| &nbsp;&nbsp; Countrywide Asset-Backed Certificates Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-04, Class 1A, 1 Month SOFR + 0.534% (Cap N/A, Floor 0.420%) | 4.526(c) | 08/25/34 | 1045 | 1035117 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 7

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; LSF11 Boson Investments Sarl Compartment 2 (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.026%(c) | 11/25/60 | EUR | 206 | $238475 |
| &nbsp;&nbsp; TFS (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03^ | 0.000(s) | 04/16/40 | EUR | — (r) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%^ | 5.127(c) | 03/15/26 | EUR | 719 | 626134 |
|  |  |  |  |  | 1926879 |
| &nbsp;&nbsp; **Student Loans 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Laurel Road Prime Student Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, 144A | 0.000 | 02/25/43 |  | 1440 | 196781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | 0.000(cc) | 08/25/43 |  | 324 | 315465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D, Class A, 144A | 0.000(cc) | 11/25/43 |  | 589 | 562464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class R, 144A | 0.000 | 10/25/48 |  | 777 | 315578 |
|  |  |  |  |  | 1390288 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,661,579,623) |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688987679 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 7.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Arbor Multifamily Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MF02, Class A4, 144A | 2.252 | 06/15/54 |  | 9000 | 8045697 |
| &nbsp;&nbsp; BANK, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK06, Class A4 | 3.254 | 07/15/60 |  | 209 | 205496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN10, Class A4 | 3.428 | 02/15/61 |  | 4532 | 4454566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN17, Class A3 | 3.456 | 04/15/52 |  | 4106 | 4007094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN18, Class A3 | 3.325 | 05/15/62 |  | 1800 | 1737453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class A2 | 2.707 | 11/15/62 |  | 3465 | 3254886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN25, Class A3 | 2.391 | 01/15/63 |  | 2883 | 2816682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | 1.742 | 11/15/53 |  | 1970 | 1741833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN33, Class A4 | 2.270 | 05/15/64 |  | 10400 | 9387895 |
| &nbsp;&nbsp; BANK5, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 | 6.656(cc) | 07/15/56 |  | 10000 | 10525949 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C05, Class A3 | 2.805 | 11/15/52 |  | 6100 | 5818045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C20, Class A2 | 6.383(cc) | 07/15/56 |  | 3479 | 3599800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C21, Class A2 | 6.296(cc) | 09/15/56 |  | 6165 | 6467970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class XA, IO | 1.599(cc) | 09/15/57 |  | 106950 | 5707490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C36, Class A3 | 5.517 | 08/15/58 |  | 9350 | 9761416 |
| &nbsp;&nbsp; BBCCRE Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GTP, Class A, 144A | 3.966 | 08/10/33 |  | 6465 | 5953936 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B08, Class A4 | 3.963 | 01/15/52 |  | 780 | 771662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | 3.455 | 03/15/62 |  | 3055 | 2969137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | 2.042 | 03/15/53 |  | 3400 | 3094422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 | 1.945 | 10/15/53 |  | 10000 | 9342802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | 1.704 | 12/17/53 |  | 2000 | 1766694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class XB, IO, 144A | 0.993(cc) | 01/15/54 |  | 62848 | 2606552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B26, Class A4 | 2.295 | 06/15/54 |  | 10600 | 9586303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V02, Class A3 | 5.812(cc) | 05/15/55 |  | 15500 | 16001062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class A3 | 6.363(cc) | 07/15/56 |  | 15000 | 15696205 |
| &nbsp;&nbsp; BFLD Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | 5.922(c) | 07/15/41 |  | 3500 | 3512031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.524(c) | 08/15/26 |  | 2596 | 2595592 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05C1, Class A3 | 6.534(cc) | 08/15/56 |  | 13000 | 13622623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C05, Class A2 | 6.518 | 06/15/56 |  | 10792 | 11083578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C06, Class A2 | 6.644(cc) | 09/15/56 |  | 11792 | 12394295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C08, Class XB, IO | 0.794(cc) | 03/15/57 |  | 50000 | 2793635 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; BPR Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PARK, Class A, 144A | 5.218%(cc) | 11/05/39 | 3500 | $3556008 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) | 5.723(c) | 08/15/39 | 8145 | 8155079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class A, 144A, 1 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.412(c) | 08/15/42 | 13033 | 13040796 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LGCY, Class F, 144A, 1 Month SOFR + 2.063% (Cap N/A, Floor 1.949%) | 6.095(c) | 10/15/36 | 11000 | 10945000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-VAMF, Class E, 144A, 1 Month SOFR + 2.700% (Cap N/A, Floor 2.700%) | 6.732(c) | 01/15/39 | 5700 | 5679202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DIME, Class C, 144A, 1 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.782(c) | 02/15/35 | 10550 | 10536872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 144A, 1 Month SOFR + 1.144% (Cap N/A, Floor 1.144%) | 5.176(c) | 03/15/30 | 17492 | 17453516 |
| &nbsp;&nbsp; BXMT Ltd. (Cayman Islands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) | 5.670(c) | 10/18/42 | 6515 | 6486247 |
| &nbsp;&nbsp; CD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | 3.248 | 05/10/50 | 542 | 535341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD05, Class A3 | 3.171 | 08/15/50 | 800 | 783911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | 3.190 | 11/13/50 | 1650 | 1620126 |
| &nbsp;&nbsp; CFCRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A2 | 3.585 | 12/10/54 | 1584 | 1565604 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class A3 | 2.575 | 08/10/49 | 2709 | 2680905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | 3.209 | 10/12/50 | 957 | 936538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class XC, IO | 0.326(cc) | 04/14/50 | 16000 | 57896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C06, Class A3 | 4.145 | 11/10/51 | 4866 | 4805890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC43, Class A3 | 2.782 | 11/10/52 | 9999 | 9313142 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR15, Class XB, IO, 144A | 0.015(cc) | 02/10/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120165 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A3 | 2.826 | 10/10/49 | 678 | 670977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | 3.239 | 09/10/50 | 9978 | 9817570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | 6.338 | 08/10/44 | 2800 | 2949250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.661(cc) | 08/10/44 | 9200 | 227983 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXSR, Class A4 | 3.795(cc) | 12/15/49 | 3407 | 3380538 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX12, Class A3 | 3.959 | 08/15/51 | 14324 | 14203528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C15, Class A3 | 3.779 | 03/15/52 | 5973 | 5865704 |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class A4 | 2.632 | 08/10/49 | 284 | 281173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | 3.071 | 06/10/50 | 528 | 517270 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0069, Class X1, IO | 0.340(cc) | 09/25/27 | 6141 | 34020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0090, Class X1, IO | 0.705(cc) | 02/25/29 | 97348 | 2073295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0093, Class X1, IO | 0.937(cc) | 05/25/29 | 12065 | 335152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0097, Class X1, IO | 1.083(cc) | 07/25/29 | 17416 | 590571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0101, Class X1, IO | 0.828(cc) | 10/25/29 | 18487 | 529098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0122, Class X1, IO | 0.869(cc) | 11/25/30 | 36872 | 1332392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0735, Class X1, IO | 0.964(cc) | 05/25/26 | 6493 | 22976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K1513, Class X1, IO | 0.851(cc) | 08/25/34 | 30393 | 1555289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | 2.078(cc) | 02/25/32 | 12017 | 718131 |
| &nbsp;&nbsp; GS Mortgage Securities Corp. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RVR, Class A, 144A | 5.198(cc) | 08/10/41 | 12200 | 12383758 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | 3.164 | 05/10/50 | 762 | 748600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS07, Class A3 | 3.167 | 08/10/50 | 1180 | 1160414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS08, Class A3 | 3.205 | 11/10/50 | 1400 | 1374951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class A3 | 3.703 | 02/10/52 | 6950 | 6860111 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.414 | 03/15/50 | 2458 | 2424023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | 3.147 | 10/15/50 | 1064 | 1043532 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class E, 144A | 4.613(cc) | 07/05/31 | 5035 | 972774 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 9

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; MHP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-MHIL, Class E, 144A, 1 Month SOFR + 2.611% (Cap N/A, Floor 2.611%) | 6.643%(c) | 01/15/39 |  | 2560 | $2557600 |
| &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A3 | 3.058 | 05/15/49 |  | 1274 | 1269299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C30, Class A4 | 2.600 | 09/15/49 |  | 4524 | 4498597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C33, Class A4 | 3.337 | 05/15/50 |  | 1200 | 1183813 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | 3.259 | 06/15/50 |  | 1100 | 1084304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HR02, Class A3 | 3.330 | 12/15/50 |  | 1980 | 1939216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H04, Class A3 | 4.043 | 12/15/51 |  | 1324 | 1308145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class A3 | 3.158 | 06/15/52 |  | 1600 | 1548682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L07, Class A4 | 2.322 | 10/15/54 |  | 11000 | 9843418 |
| &nbsp;&nbsp; MSWF Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class A2 | 6.451 | 05/15/56 |  | 21000 | 21879812 |
| &nbsp;&nbsp; Natixis Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-LVL, Class A, 144A | 3.885 | 08/15/38 |  | 4750 | 4611040 |
| &nbsp;&nbsp; New York City Housing Development Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-08SPR, Class A | 5.458 | 12/15/43 |  | 15150 | 15487313 |
| &nbsp;&nbsp; NRTH Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK, Class A, 144A, 1 Month SOFR + 1.393% (Cap N/A, Floor 1.393%) | 5.543(c) | 10/15/40 |  | 14400 | 14404500 |
| &nbsp;&nbsp; ONE Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%) | 5.646(c) | 03/15/36 |  | 5000 | 4746497 |
| &nbsp;&nbsp; ROCK Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class C, 144A | 6.471 | 11/13/41 |  | 3400 | 3534584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNTR, Class D, 144A | 7.109 | 11/13/41 |  | 7820 | 8174947 |
| &nbsp;&nbsp; Salus European Loan Conduit DAC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, SONIA + 2.169% (Cap N/A, Floor 1.500%) | 6.158(c) | 01/23/32 | GBP | 7846 | 10339321 |
| &nbsp;&nbsp; TCO Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DPM, Class A, 144A, 1 Month SOFR + 1.243% (Cap N/A, Floor 1.243%) | 5.275(c) | 12/15/39 |  | 7960 | 7960000 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class A3 | 3.225 | 08/15/50 |  | 437 | 431168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A3 | 3.418 | 12/15/50 |  | 1477 | 1456647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | 3.720 | 02/15/51 |  | 2160 | 2135385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | 4.048 | 05/15/51 |  | 1196 | 1189552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class A3 | 4.180 | 12/15/51 |  | 2399 | 2396102 |
| &nbsp;&nbsp; WCORE Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CORE, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.524(c) | 11/15/41 |  | 17390 | 17390000 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class A3 | 2.684 | 10/15/49 |  | 1141 | 1130046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A4 | 3.157 | 09/15/50 |  | 1400 | 1373323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A3 | 3.317 | 10/15/50 |  | 350 | 344580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RB01, Class A4 | 3.374 | 03/15/50 |  | 632 | 619919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C43, Class XB, IO | 0.302(cc) | 03/15/51 |  | 51500 | 387754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C46, Class XB, IO | 0.353(cc) | 08/15/51 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104789 | 995663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A4 | 2.194 | 06/15/53 |  | 2876 | 2677306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%) | 8.647(c) | 05/15/31 |  | 7000 | 7012412 |
| &nbsp;&nbsp; WEST Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROSE, Class A, 144A | 5.275(cc) | 04/10/35 |  | 8080 | 8204390 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $534,494,661) |  |  |  |  | 525664491 |
| &nbsp;&nbsp; **CORPORATE BONDS 25.7%** |  |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.8%** |  |  |  |  |  |
| &nbsp;&nbsp; BAE Systems Holdings, Inc. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.850 | 12/15/25 |  | 30 | 29976 |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 |  | 40513 | 40285658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 06/15/26 |  | 80 | 78976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 02/01/26 |  | 90 | 89584 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250% | 02/01/28 | 9944 | $9736955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 02/01/31 | 3940 | 3779033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.298 | 05/01/29 | 2225 | 2360997 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/15/28 | 1959 | 1963701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 02/01/29 | 100 | 104123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.875 | 04/15/27 | 540 | 540270 |
| &nbsp;&nbsp; L3Harris Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 06/15/28 | 50 | 50268 |
| &nbsp;&nbsp; RTX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/04/27 | 20 | 19722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.200 | 08/15/27 | 30 | 31598 |
|  |  |  |  | 59070861 |
| &nbsp;&nbsp; **Agriculture 0.3%** |  |  |  |  |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.259 | 03/25/28 | 140 | 133853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.350 | 08/15/32 | 11635 | 12026560 |
| &nbsp;&nbsp; BAT International Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.448 | 03/16/28 | 70 | 70295 |
| &nbsp;&nbsp; Cargill, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 7.410 | 06/18/27 | 1773 | 1856500 |
| &nbsp;&nbsp; Imperial Brands Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 07/26/29 | 1655 | 1623336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.500 | 02/01/30 | 4515 | 4669712 |
|  |  |  |  | 20380256 |
| &nbsp;&nbsp; **Airlines 0.4%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/20/29 | 1400 | 1411851 |
| &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 10/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23783 | 23944249 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 3365 | 3400184 |
| &nbsp;&nbsp; United Airlines 2014-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 4.000 | 10/11/27 | 69 | 68559 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 04/15/26 | 2370 | 2365218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 749 | 741800 |
|  |  |  |  | 31931861 |
| &nbsp;&nbsp; **Apparel 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Gildan Activewear, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.700 | 10/07/30 | 1970 | 1960946 |
| &nbsp;&nbsp; Kontoor Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 11/15/29 | 1258 | 1196811 |
|  |  |  |  | 3157757 |
| &nbsp;&nbsp; **Auto Manufacturers 1.3%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 | 12800 | 12611299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/16/28 | 575 | 549703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 05/28/27 | 3000 | 3002702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.113 | 05/03/29 | 6800 | 6772393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/08/29 | 9230 | 9386651 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 11

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.800% | 05/12/28 | 3050 | $3170109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.950 | 03/06/26 | 1275 | 1281944 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 01/05/28 | 35 | 34679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 06/10/26 | 335 | 329360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 04/10/28 | 6635 | 6343860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 04/09/27 | 70 | 70671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/04/28 | 7036 | 7155106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.350 | 07/15/27 | 1177 | 1197317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 04/06/26 | 335 | 336474 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.100 | 09/15/28 | 6130 | 5759883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 10/15/27 | 55 | 53072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.500 | 11/02/26 | 105 | 104156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.550 | 09/26/29 | 4180 | 4188375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.600 | 03/30/28 | 30 | 30826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 1.500 | 06/15/26 | 25 | 24563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 1.800 | 01/10/28 | 15 | 14228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 2.000 | 06/15/28 | 30 | 28273 |
| &nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 5.300 | 09/13/27 | 7365 | 7341792 |
| &nbsp;&nbsp; Stellantis Finance US, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.691 | 09/15/31 | 2815 | 2451357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.750 | 03/18/30 | 1180 | 1209611 |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 1.250 | 11/24/25 | 200 | 199603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.950 | 08/15/29 | 5520 | 5587846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.050 | 03/27/28 | 15570 | 15785333 |
|  |  |  |  | 95021186 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.650 | 09/13/29 | 1795 | 1823470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.875(ff) | 12/15/54 | 440 | 448250 |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/30 | 500 | 517635 |
| &nbsp;&nbsp; Phinia, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/29 | 755 | 779975 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 | 1215 | 1235868 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 7100 | 7084163 |
|  |  |  |  | 11889361 |
| &nbsp;&nbsp; **Banks 6.1%** |  |  |  |  |
| &nbsp;&nbsp; Banco do Brasil SA (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.875 | 01/11/29 | 1250 | 1243131 |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.538(ff) | 03/14/30 | 2800 | 2892596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.552(ff) | 03/14/28 | 13600 | 13820242 |
| &nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | 3.750 | 03/30/26 | 17155 | 17017417 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 2780 | 2540751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.593(ff) | 07/21/28 | 530 | 525314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.898(ff) | 07/23/31 | 1665 | 1492119 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.496%(ff) | 02/13/31 | 7530 | $6988178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.194(ff) | 07/23/30 | 1350 | 1301880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.824(ff) | 01/20/28 | 675 | 672378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.271(ff) | 07/23/29 | 2325 | 2333806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | 2.651(ff) | 03/11/32 | 8620 | 7880839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 4.450 | 03/03/26 | 6500 | 6501274 |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series F | 4.625(ff) | 09/20/26(oo) | 125 | 124364 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.279(ff) | 11/24/27 | 335 | 328197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.476(ff) | 11/11/29 | 9645 | 9654424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.837(ff) | 09/10/28 | 11045 | 11151746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.086(ff) | 02/25/29 | 3155 | 3207765 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.871(ff) | 04/19/32 | 4415 | 3989698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 3.500 | 11/16/27 | 4255 | 4187145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 5.176(ff) | 01/09/30 | 5230 | 5355971 |
| &nbsp;&nbsp; BPCE SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.975(ff) | 01/18/27 | 10000 | 10023328 |
| &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 | 1800 | 1799230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/05/26 | 6201 | 6244360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/30/29 | 1200 | 1263689 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series EE | 6.750(ff) | 02/15/30(oo) | 4075 | 4140778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | 6.875(ff) | 08/15/30(oo) | 10441 | 10739033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | 3.875(ff) | 02/18/26(oo) | 6615 | 6572848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.561(ff) | 05/01/32 | 2685 | 2423197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 1415 | 1319057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 10/21/26 | 2495 | 2476236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.980(ff) | 03/20/30 | 1085 | 1072660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.542(ff) | 09/19/30 | 24120 | 24259878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.450 | 09/29/27 | 6500 | 6519616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.600 | 03/09/26 | 165 | 165110 |
| &nbsp;&nbsp; Credit Agricole SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 5.230(ff) | 01/09/29 | 12850 | 13076644 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 4.950(ff) | 08/04/31 | 23485 | 23677072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.297(ff) | 05/09/31 | 6625 | 6777725 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series V(a) | 4.125(ff) | 11/10/26(oo) | 3095 | 3044035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.383(ff) | 07/21/32 | 9335 | 8318990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.615(ff) | 04/22/32 | 2640 | 2397038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 275 | 272420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 01/26/27 | 800 | 797364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 1075 | 1075549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.369(ff) | 10/21/31 | 4140 | 4125231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.692(ff) | 10/23/30 | 7200 | 7287166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.484(ff) | 10/24/29 | 8600 | 9136563 |
| &nbsp;&nbsp; Hamburg Commercial Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN, SOFR + 0.667% | 4.808(c) | 03/21/31 | 5000 | 4854720 |
| &nbsp;&nbsp; ING Groep NV (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.858(ff) | 03/25/29 | 7285 | 7382044 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | 6.730(c) | 01/01/26(oo) | 4510 | 4511029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.069(ff) | 06/01/29 | 6015 | 5718270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.509(ff) | 01/23/29 | 375 | 370134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.782(ff) | 02/01/28 | 4500 | 4480497 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 13

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Chase & Co., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.005%(ff) | 04/23/29 |  | 1550 | $1545466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.452(ff) | 12/05/29 |  | 6920 | 6979034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.581(ff) | 04/22/30 |  | 5985 | 6246357 |
| &nbsp;&nbsp; KBC Group NV (Belgium), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.932(ff) | 10/16/30 |  | 5005 | 5083473 |
| &nbsp;&nbsp; KeyCorp, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.550 | 10/01/29 |  | 2460 | 2306365 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 01/11/27 |  | 800 | 796978 |
| &nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.309(ff) | 07/20/32 |  | 6285 | 5590902 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.654(ff) | 10/18/30 |  | 7910 | 8007060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 |  | 7920 | 7013081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 |  | 4280 | 4241503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 |  | 1150 | 1156578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.794(ff) | 02/13/32 |  | 3295 | 2878724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 |  | 3905 | 3416909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.511(ff) | 10/20/32 |  | 1680 | 1503120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.591(ff) | 07/22/28 |  | 640 | 633358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | 4.350 | 09/08/26 |  | 5505 | 5514495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 5.000 | 11/24/25 |  | 175 | 175017 |
| &nbsp;&nbsp; Morgan Stanley Private Bank NA, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.734(ff) | 07/18/31 |  | 15295 | 15531118 |
| &nbsp;&nbsp; PNC Bank NA, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.050 | 07/26/28 |  | 350 | 349415 |
| &nbsp;&nbsp; Rheinland-Pfalz Bank (Germany), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 6.875(cc) | 02/23/28 |  | 10000 | 10492724 |
| &nbsp;&nbsp; Santander UK Group Holdings PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.673(ff) | 06/14/27 |  | 335 | 329430 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.250 | 02/19/27 |  | 8055 | 8129986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 5.500(ff) | 04/13/29 |  | 11465 | 11731139 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 7.161(ff) | 10/30/29 |  | 3365 | 3638255 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.091(ff) | 05/14/32 |  | 3510 | 3253454 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.303(ff) | 10/23/29 |  | 11845 | 12526688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 |  | 2575 | 2398313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.707(ff) | 04/22/28 |  | 17850 | 18238360 |
|  |  |  |  |  | 439238048 |
| &nbsp;&nbsp; **Biotechnology 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 02/21/27 |  | 30 | 29290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/02/28 |  | 335 | 342464 |
|  |  |  |  |  | 371754 |
| &nbsp;&nbsp; **Building Materials 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.750 | 08/01/28 |  | 2775 | 2569530 |
| &nbsp;&nbsp; Cemex SAB de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.125 | 03/19/26 | EUR | 1000 | 1148616 |
| &nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.875 | 12/15/27 |  | 2239 | 2177433 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Building Materials (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Lennox International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.700% | 08/01/27 | 30 | $28700 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 | 2100 | 2179940 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 07/15/30 | 1377 | 1328477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.750 | 01/15/28 | 2000 | 1992295 |
| &nbsp;&nbsp; Vulcan Materials Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 12/01/29 | 7580 | 7774457 |
|  |  |  |  | 19199448 |
| &nbsp;&nbsp; **Chemicals 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 01/10/28 | 2000 | 897500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/10/28 | 900 | 403875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/31/30 | 1457 | 582800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/12/31 | 6121 | 2548784 |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850 | 11/15/28 | 1050 | 1085728 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 03/27/28 | 335 | 340752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 11/07/25 | 20 | 20003 |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 06/23/31 | 407 | 380545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 05/02/34 | 3296 | 3571216 |
| &nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 10/01/29 | 1000 | 973500 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 09/18/26 | 1020 | 1012972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 09/27/28 | 600 | 591366 |
| &nbsp;&nbsp; Sherwin-Williams Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 06/01/27 | 45 | 44579 |
| &nbsp;&nbsp; Syensqo Finance America LLC (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.650 | 06/04/29 | 5705 | 5905304 |
| &nbsp;&nbsp; Yara International ASA (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.800 | 06/06/26 | 335 | 333044 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18691968 |
| &nbsp;&nbsp; **Coal 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Coronado Finance Pty Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(x) | 9.250 | 10/01/29 | 2725 | 2467487 |
| &nbsp;&nbsp; **Commercial Services 0.5%** |  |  |  |  |
| &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 | 1400 | 1367694 |
| &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(a) | 4.625 | 06/01/28 | 4400 | 4298316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 | 1925 | 1884286 |
| &nbsp;&nbsp; Alta Equipment Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.000 | 06/01/29 | 1595 | 1448386 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.000 | 04/15/29 | 5275 | 5002590 |
| &nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/15/31 | 350 | 371014 |
| &nbsp;&nbsp; Brink's Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 10/15/27 | 2246 | 2231065 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 15

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Central Nippon Expressway Co. Ltd. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.894% | 12/10/25 |  | 3643 | $3629990 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 |  | 4434 | 4507107 |
| &nbsp;&nbsp; DP World Ltd. (United Arab Emirates), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 09/25/26 | EUR | 1614 | 1855149 |
| &nbsp;&nbsp; Equifax, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 06/01/28 |  | 330 | 336660 |
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.600 | 05/01/28 |  | 335 | 339166 |
| &nbsp;&nbsp; Georgetown University (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A | 5.215 | 10/01/2118 |  | 785 | 707975 |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.150 | 01/15/27 |  | 80 | 77947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 06/01/28 |  | 85 | 85069 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 06/15/30 |  | 2845 | 2978851 |
| &nbsp;&nbsp; Mavis Tire Express Services Topco Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 05/15/29 |  | 2347 | 2323281 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 05/15/27 |  | 320 | 320412 |
| &nbsp;&nbsp; Williams Scotsman, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 06/15/29 |  | 1700 | 1749581 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35514539 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Dell International LLC/EMC Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.020 | 06/15/26 |  | 25 | 25165 |
| &nbsp;&nbsp; Genpact Luxembourg Sarl/Genpact USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.750 | 04/10/26 |  | 170 | 167918 |
| &nbsp;&nbsp; Hewlett Packard Enterprise Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 09/25/26 |  | 8165 | 8190360 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 |  | 971 | 1048340 |
|  |  |  |  |  | 9431783 |
| &nbsp;&nbsp; **Diversified Financial Services 1.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes^ | 5.610 | 05/03/27 |  | 2925 | 2933377 |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.200 | 12/12/28 |  | 2880 | 3063348 |
| &nbsp;&nbsp; Capital One Financial Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.927(ff) | 05/10/28 |  | 35 | 35319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 7.149(ff) | 10/29/27 |  | 4450 | 4570919 |
| &nbsp;&nbsp; CPPIB Capital, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 2.750 | 11/02/27 |  | 250 | 245392 |
| &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) | 7.460(c) | 05/31/26(d) |  | 9290 | 8268206 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 08/15/28 |  | 750 | 710290 |
| &nbsp;&nbsp; LPL Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.700 | 05/20/27 |  | 3040 | 3098626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 11/17/28 |  | 1710 | 1821495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 11/15/27 |  | 110 | 109830 |
| &nbsp;&nbsp; OMERS Finance Trust (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.500 | 11/15/33 |  | 7850 | 8460277 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875% | 09/15/28 |  | 800 | $772162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 05/15/29 |  | 3075 | 3164918 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 |  | 6400 | 6216607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 12/15/29 |  | 5000 | 5312699 |
| &nbsp;&nbsp; Power Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 6.150 | 12/06/28 |  | 200 | 209530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 1.841 | 09/21/28 | EUR | 1460 | 1618146 |
| &nbsp;&nbsp; PRA Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 02/01/28 |  | 2165 | 2196845 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.875 | 10/15/26 |  | 6575 | 6457003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 03/01/31 |  | 6675 | 6273619 |
| &nbsp;&nbsp; Synchrony Financial, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.019(ff) | 07/29/29 |  | 2795 | 2813616 |
| &nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 11/15/25 |  | 2100 | 2100000 |
|  |  |  |  |  | 70452224 |
| &nbsp;&nbsp; **Electric 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp; AEP Texas, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 06/01/28 |  | 35 | 34802 |
| &nbsp;&nbsp; AES Corp. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.375 | 01/15/26 |  | 30 | 29800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 06/01/28 |  | 250 | 254302 |
| &nbsp;&nbsp; Algonquin Power & Utilities Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.365(cc) | 06/15/26 |  | 3220 | 3235353 |
| &nbsp;&nbsp; Alliant Energy Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.400 | 06/06/27 |  | 3965 | 4010794 |
| &nbsp;&nbsp; Ameren Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 02/15/26 |  | 170 | 169619 |
| &nbsp;&nbsp; Black Hills Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 03/15/28 |  | 25 | 25881 |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 |  | 2375 | 2359376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 |  | 1950 | 1952217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 |  | 1775 | 1774945 |
| &nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.450 | 06/01/26 |  | 25 | 24598 |
| &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.688 | 05/15/29 |  | 3011 | 2964330 |
| &nbsp;&nbsp; Duke Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 03/15/28 |  | 115 | 115377 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 06/26/29 |  | 12260 | 12564577 |
| &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 |  | 2389 | 2460371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | 6.350 | 08/10/28 |  | 5213 | 5368738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 |  | 4746 | 5071177 |
| &nbsp;&nbsp; Eversource Energy, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 03/01/27 |  | 125 | 122917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 05/15/26 |  | 160 | 160402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 03/01/28 |  | 150 | 153811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | 3.300 | 01/15/28 |  | 25 | 24523 |
| &nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.250 | 03/15/28 |  | 90 | 88051 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 17

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Hydro-Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series B, MTN | 6.270% | 01/03/26 | 85 | $85235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series FSA | 8.250 | 04/15/26 | 445 | 452382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series FSA | 8.625 | 06/15/29 | 108 | 124248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series GH | 8.250 | 04/15/26 | 314 | 319209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series GQ | 8.250 | 01/15/27 | 670 | 701317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HH | 8.500 | 12/01/29 | 1158 | 1345881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series MBIA | 8.250 | 01/15/27 | 395 | 413463 |
| &nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | 4.250 | 08/14/28 | 5320 | 5252649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | 7.750 | 12/15/27 | 2000 | 2119700 |
| &nbsp;&nbsp; MVM Energetika Zrt (Hungary), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 06/09/28 | 4980 | 5277256 |
| &nbsp;&nbsp; Narragansett Electric Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.395 | 04/09/30 | 1640 | 1579148 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 05/01/27 | 335 | 332460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 07/15/27 | 185 | 186739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.685 | 09/01/27 | 8330 | 8421314 |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 01/15/28 | 4350 | 4366573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 | 2449 | 2329975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 | 625 | 627739 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.150 | 01/01/26 | 75 | 74799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.300 | 12/01/27 | 175 | 171410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.000 | 06/04/28 | 15520 | 15740271 |
| &nbsp;&nbsp; Southern Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 07/01/26 | 220 | 218789 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) | 1425 | 1440191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) | 5125 | 5252502 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 | 1200 | 1178664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 07/31/27 | 5091 | 5092966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 | 6450 | 6451501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.700 | 01/30/27 | 30 | 29754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.600 | 10/15/30 | 3290 | 3271666 |
| &nbsp;&nbsp; VoltaGrid LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.375 | 11/01/30 | 1920 | 1952545 |
| &nbsp;&nbsp; WEC Energy Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/09/26 | 45 | 45011 |
| &nbsp;&nbsp; Xcel Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 06/15/28 | 60 | 59861 |
|  |  |  |  | 117881179 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.0%** |  |  |  |  |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/15/29 | 730 | 753109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 03/15/32 | 540 | 564353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/28 | 2425 | 2458326 |
|  |  |  |  | 3775788 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Electronics 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Amphenol Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750% | 03/30/26 |  | 45 | $45102 |
| &nbsp;&nbsp; TD SYNNEX Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 08/09/26 |  | 30 | 29402 |
|  |  |  |  |  | 74504 |
| &nbsp;&nbsp; **Engineering & Construction 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Cellnex Finance Co. SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.000 | 02/15/33 | EUR | 3800 | 3952838 |
| &nbsp;&nbsp; Cellnex Telecom SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 1.750 | 10/23/30 | EUR | 2400 | 2596865 |
| &nbsp;&nbsp; GMR Hyderabad International Airport Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/27/27 |  | 200 | 197312 |
| &nbsp;&nbsp; MasTec, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.900 | 06/15/29 |  | 920 | 961793 |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 10/31/26 |  | 3509 | 3496262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/30/28 |  | 1560 | 1524058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796 | 3782221 |
| &nbsp;&nbsp; TopBuild Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 03/15/29 |  | 2100 | 2025224 |
|  |  |  |  |  | 18536573 |
| &nbsp;&nbsp; **Entertainment 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625 | 10/15/29 |  | 8805 | 8286664 |
| &nbsp;&nbsp; Jacobs Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/15/29 |  | 1525 | 1477769 |
| &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 |  | 5350 | 5194423 |
| &nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 01/15/27 |  | 4250 | 4249720 |
|  |  |  |  |  | 19208576 |
| &nbsp;&nbsp; **Foods 1.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 01/15/27 |  | 7265 | 7247694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 02/15/28 |  | 1750 | 1782797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 03/31/31 |  | 525 | 529106 |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/15/27 |  | 4800 | 4618708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 09/15/28 |  | 3625 | 3410722 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.000 | 07/01/31 | EUR | 4374 | 5092108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.125 | 05/14/30 | GBP | 4340 | 5487653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 07/01/31 | EUR | 1750 | 2050901 |
| &nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 02/02/29 |  | 3680 | 3524026 |
| &nbsp;&nbsp; Kellanova, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 05/15/28 |  | 13929 | 14024297 |
| &nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 06/01/26 |  | 335 | 332405 |
| &nbsp;&nbsp; Kroger Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 10/15/26 |  | 335 | 330551 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 01/31/30 |  | 5025 | 4852033 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 19

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Foods (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.800% | 03/01/30 |  | 22515 | $23004409 |
| &nbsp;&nbsp; McCormick & Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.900 | 02/15/26 |  | 15 | 14845 |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 10/15/30 |  | 15130 | 13871183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/01/27 |  | 2800 | 2787745 |
| &nbsp;&nbsp; US Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 02/15/29 |  | 6000 | 5937681 |
|  |  |  |  |  | 98898864 |
| &nbsp;&nbsp; **Gas 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 05/20/27 |  | 1075 | 1078419 |
| &nbsp;&nbsp; Brooklyn Union Gas Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.407 | 03/10/26 |  | 25 | 24915 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 07/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4720 | 4872742 |
|  |  |  |  |  | 5976076 |
| &nbsp;&nbsp; **Healthcare-Products 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/01/29 |  | 7220 | 7014122 |
| &nbsp;&nbsp; Solventum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 03/01/29 |  | 2418 | 2496618 |
| &nbsp;&nbsp; Stryker Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 11/30/27 | EUR | 430 | 492854 |
|  |  |  |  |  | 10003594 |
| &nbsp;&nbsp; **Healthcare-Services 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Advocate Health & Hospitals Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.829 | 08/15/28 |  | 1175 | 1169155 |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 03/01/27 |  | 25 | 24780 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 |  | 3725 | 3594475 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.125 | 03/15/27 |  | 70 | 69083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.625 | 09/01/28 |  | 335 | 345461 |
| &nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.200 | 06/15/29 |  | 1450 | 1487319 |
| &nbsp;&nbsp; Indiana University Health, Inc. Obligated Group, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 3.970 | 11/01/48 |  | 800 | 653067 |
| &nbsp;&nbsp; IQVIA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.700 | 05/15/28 |  | 335 | 345242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.250 | 02/01/29 |  | 4005 | 4221644 |
| &nbsp;&nbsp; Laboratory Corp. of America Holdings, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.550 | 06/01/26 |  | 205 | 201811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.600 | 09/01/27 |  | 335 | 332495 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 06/01/29 |  | 25 | 24413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 |  | 3900 | 3806457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.625 | 06/15/28 |  | 225 | 224085 |
|  |  |  |  |  | 16499487 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Clue Opco LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500% | 10/15/31 | 4981 | $5068668 |
| &nbsp;&nbsp; **Home Builders 0.4%** |  |  |  |  |
| &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 | 4550 | 4315520 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 10/15/27 | 2050 | 2047865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 7.250 | 10/15/29 | 2200 | 2229329 |
| &nbsp;&nbsp; Empire Communities Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 9.750 | 05/01/29 | 2100 | 2150064 |
| &nbsp;&nbsp; Lennar Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 11/29/27 | 135 | 136032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 06/15/27 | 40 | 40303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/26 | 3145 | 3146863 |
| &nbsp;&nbsp; M/I Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 02/01/28 | 834 | 831237 |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250 | 12/15/27 | 3000 | 2985900 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 06/15/27 | 1325 | 1337960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.625 | 07/15/27 | 3725 | 3717454 |
| &nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/27 | 4895 | 4904214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 06/15/28 | 160 | 161572 |
|  |  |  |  | 28004313 |
| &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 | 3270 | 3240539 |
| &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 | 3925 | 3490552 |
| &nbsp;&nbsp; Reckitt Benckiser Treasury Services PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 06/26/27 | 6005 | 5903086 |
|  |  |  |  | 9393638 |
| &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 | 1390 | 1320500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/01/28 | 965 | 993048 |
|  |  |  |  | 2313548 |
| &nbsp;&nbsp; **Insurance 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Acrisure LLC/Acrisure Finance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 11/06/30 | 1325 | 1371773 |
| &nbsp;&nbsp; Arch Capital Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.011 | 12/15/26 | 135 | 134705 |
| &nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.850 | 12/15/29 | 2820 | 2878963 |
| &nbsp;&nbsp; Principal Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.111 | 02/15/28 | 335 | 333509 |
|  |  |  |  | 4718950 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 21

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Internet 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581% | 05/30/49 | 28545 | $30485545 |
| &nbsp;&nbsp; **Iron/Steel 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 01/31/29 | 2897 | 2901406 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 11/01/29 | 1890 | 1942026 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 04/01/31 | 750 | 773588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 9.250 | 10/01/28 | 1178 | 1234473 |
|  |  |  |  | 6851493 |
| &nbsp;&nbsp; **Leisure Time 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 05/01/29 | 1560 | 1579488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 08/01/28 | 1975 | 1940437 |
| &nbsp;&nbsp; Harley-Davidson Financial Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.050 | 02/14/27 | 4000 | 3940740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.950 | 06/11/29 | 14455 | 15083647 |
| &nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/27 | 4725 | 4754159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 09/15/30 | 600 | 611316 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.750 | 02/15/29 | 1750 | 1870243 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 04/01/28 | 3600 | 3661338 |
| &nbsp;&nbsp; VOC Escrow Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 02/15/28 | 1350 | 1344533 |
|  |  |  |  | 34785901 |
| &nbsp;&nbsp; **Lodging 0.2%** |  |  |  |  |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/01/26 | 935 | 933841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 09/15/29 | 6205 | 6317096 |
| &nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 05/15/27 | 4100 | 4107371 |
|  |  |  |  | 11358308 |
| &nbsp;&nbsp; **Machinery-Diversified 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 | 400 | 417029 |
| &nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.450 | 07/15/26 | 45 | 44127 |
| &nbsp;&nbsp; Dover Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.150 | 11/15/25 | 35 | 34977 |
| &nbsp;&nbsp; IDEX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 09/01/29 | 7190 | 7347530 |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 | 3400 | 3609433 |
| &nbsp;&nbsp; Weir Group, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.350 | 05/06/30 | 1570 | 1610771 |
|  |  |  |  | 13063867 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Media 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125% | 05/01/27 |  | 7625 | $7581545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 06/01/29 |  | 25 | 24711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 05/01/26 |  | 2750 | 2747585 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.375 | 05/01/47 |  | 85 | 72082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 |  | 95 | 91764 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.350 | 09/15/26 |  | 15 | 14886 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 |  | 600 | 362895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 |  | 750 | 462004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 |  | 975 | 807966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 |  | 9497 | 8832210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 |  | 1000 | 356208 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 |  | 725 | 626104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 |  | 350 | 326986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 |  | 14875 | 14722070 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750 | 11/15/27 |  | 4350 | 4577310 |
| &nbsp;&nbsp; Paramount Global, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 06/01/28 |  | 25 | 24466 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.125 | 08/15/30 | GBP | 2100 | 2479169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 01/15/30 | GBP | 3100 | 3716129 |
|  |  |  |  |  | 47826090 |
| &nbsp;&nbsp; **Mining 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; BHP Billiton Finance USA Ltd. (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 02/21/30 |  | 6215 | 6412601 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.375 | 03/01/29 |  | 7355 | 7766071 |
| &nbsp;&nbsp; Freeport Indonesia PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.315 | 04/14/32 |  | 1230 | 1253370 |
| &nbsp;&nbsp; Hecla Mining Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.250 | 02/15/28 |  | 775 | 780248 |
| &nbsp;&nbsp; Hudbay Minerals, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 04/01/26 |  | 3000 | 2989500 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/15/27 |  | 3842 | 3856653 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.750 | 01/30/30 |  | 2225 | 2147973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 01/30/30 |  | 1350 | 1401301 |
| &nbsp;&nbsp; Yamana Gold, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 12/15/27 |  | 3000 | 3010622 |
|  |  |  |  |  | 29618339 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Entegris, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 04/15/29 |  | 1832 | 1819363 |
| &nbsp;&nbsp; **Multi-National 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Asian Development Bank (Supranational Bank), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.820 | 06/16/28 |  | 3000 | 3145394 |
| &nbsp;&nbsp; Corp. Andina de Fomento (Supranational Bank), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/24/29 |  | 380 | 388983 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 23

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Multi-National (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Corp. Andina de Fomento (Supranational Bank), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250% | 11/21/25 | 10 | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 04/26/27 | 8350 | 8576054 |
| &nbsp;&nbsp; Inter-American Development Bank (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 6.950 | 08/01/26 | 500 | 508874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | 6.750 | 07/15/27 | 1895 | 1972826 |
|  |  |  |  | 14602131 |
| &nbsp;&nbsp; **Office/Business Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.670 | 12/01/26 | 2545 | 2499460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 03/01/30 | 1800 | 1832741 |
|  |  |  |  | 4332201 |
| &nbsp;&nbsp; **Oil & Gas 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.100 | 07/15/31 | 1585 | 1448223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 01/15/30 | 13595 | 13100169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 01/15/31 | 6600 | 6362451 |
| &nbsp;&nbsp; Antero Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 03/01/30 | 3175 | 3198213 |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 11/01/27 | 3516 | 4157992 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 04/15/27 | 50 | 49967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/47 | 792 | 733907 |
| &nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/26 | 6060 | 6029781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 | 470 | 485404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 | 850 | 878646 |
| &nbsp;&nbsp; Comstock Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/01/29 | 1829 | 1811925 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 04/01/32 | 1325 | 1283814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.250 | 02/15/28 | 1758 | 1819542 |
| &nbsp;&nbsp; Devon Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 10/15/27 | 20 | 20002 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 04/29/30 | 1545 | 1577986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 | 3950 | 4261062 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 02/01/29 | 3150 | 3152125 |
| &nbsp;&nbsp; Hess Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 04/01/27 | 55 | 55158 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 | 1025 | 974252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 | 1650 | 1652626 |
| &nbsp;&nbsp; KazMunayGas National Co. JSC (Kazakhstan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 04/19/27 | 200 | 200886 |
| &nbsp;&nbsp; Marathon Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 04/01/28 | 75 | 74240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/01/30 | 7370 | 7572311 |
| &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%)^ | 9.590(c) | 09/30/29 | 676 | 665541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.590(c) | 09/30/29 | 811 | 798648 |
| &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 | 676 | 665540 |
| &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 | 203 | 199661 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity**<br> **Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500% | 05/01/31 |  | 250 | $280314 |
| &nbsp;&nbsp; Ovintiv, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 01/01/26 |  | 70 | 70008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650 | 05/15/28 |  | 335 | 344408 |
| &nbsp;&nbsp; Parkland Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 07/15/27 |  | 4625 | 4612235 |
| &nbsp;&nbsp; Permian Resources Operating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 04/15/27 |  | 2525 | 2560153 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/16/34 | GBP | 1800 | 2350176 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 01/23/29 |  | 300 | 306057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 06/15/38 |  | 74 | 68006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.700 | 02/16/32 |  | 3060 | 3056940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.750 | 04/21/27 | EUR | 762 | 868438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 |  | 7416 | 8008538 |
| &nbsp;&nbsp; Phillips 66, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.900 | 03/15/28 |  | 70 | 69531 |
| &nbsp;&nbsp; Pioneer Natural Resources Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.125 | 01/15/26 |  | 100 | 99367 |
| &nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 05/15/29 |  | 1425 | 1396767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 09/15/28 |  | 3200 | 3297595 |
| &nbsp;&nbsp; Transocean International Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 660 | 663300 |
| &nbsp;&nbsp; Valero Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.150 | 09/15/27 |  | 1420 | 1368833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 06/01/28 |  | 175 | 175567 |
| &nbsp;&nbsp; Var Energi ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 05/18/27 |  | 6960 | 7017881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.875 | 05/22/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10840 | 11281903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 01/15/28 |  | 9108 | 9642831 |
| &nbsp;&nbsp; Vital Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.750 | 10/15/30 |  | 7350 | 7554986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 04/15/32 |  | 2415 | 2285887 |
|  |  |  |  |  | 130609793 |
| &nbsp;&nbsp; **Packaging & Containers 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Amcor Finance USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 05/15/28 |  | 335 | 336627 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 |  | 6025 | 6172398 |
| &nbsp;&nbsp; Berry Global, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 1.570 | 01/15/26 |  | 6150 | 6111397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 1.650 | 01/15/27 |  | 20 | 19367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 04/15/28 |  | 2000 | 2056721 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 04/15/30 |  | 3340 | 3348646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 1375 | 1379570 |
| &nbsp;&nbsp; Graphic Packaging International LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 03/01/29 |  | 4075 | 3856043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 1.512 | 04/15/26 |  | 40 | 39450 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 25

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; Sealed Air Corp./Sealed Air Corp. US, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.125% | 02/01/28 | 450 | $455339 |
| &nbsp;&nbsp; WRKCo, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 09/15/27 | 50 | 49343 |
|  |  |  |  | 23824901 |
| &nbsp;&nbsp; **Pharmaceuticals 0.5%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 11/21/26 | 170 | 168302 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 | 1800 | 1708564 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 | 975 | 853125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 | 550 | 427969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 01/30/30 | 550 | 396000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 | 25 | 16844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 | 100 | 82000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 | 200 | 183750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 4740 | 4337195 |
| &nbsp;&nbsp; Bayer US Finance II LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 12/15/25 | 555 | 554525 |
| &nbsp;&nbsp; Cencora, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 12/15/27 | 85 | 83904 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 08/21/30 | 75 | 66102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 06/01/26 | 335 | 331982 |
| &nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 04/30/28 | 950 | 903179 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 169 | 168220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/46 | 2095 | 1738082 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 06/22/30 | 20736 | 18750639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 5190 | 3939221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/22/50 | 820 | 553297 |
|  |  |  |  | 35262900 |
| &nbsp;&nbsp; **Pipelines 1.5%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/15/29 | 2450 | 2449851 |
| &nbsp;&nbsp; Boardwalk Pipelines LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 06/01/26 | 60 | 60286 |
| &nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.125 | 06/30/27 | 9390 | 9486428 |
| &nbsp;&nbsp; DT Midstream, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.125 | 06/15/29 | 2000 | 1957470 |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 1300 | 1342091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | 6.500(ff) | 11/15/26(oo) | 12515 | 12571428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 07/15/26 | 40 | 39900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 03/15/27 | 80 | 80119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.200 | 04/01/30 | 2000 | 2061434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 07/01/29 | 5535 | 5695475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 110 | 98822 |
| &nbsp;&nbsp; Gulfstream Natural Gas System LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.190 | 11/01/25 | 210 | 210000 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125% | 03/01/27 | 20 | $19964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/15/31 | 2035 | 2052390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 03/01/47 | 20 | 17948 |
| &nbsp;&nbsp; NGPL PipeCo LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.875 | 08/15/27 | 330 | 330694 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.100 | 03/15/30 | 9790 | 9268003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 06/01/30 | 2005 | 1900476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 07/13/47 | 385 | 333409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 06/01/29 | 6530 | 6716845 |
| &nbsp;&nbsp; TransCanada PipeLines Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 05/15/28 | 50 | 49951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 01/15/26 | 200 | 199997 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 03/15/28 | 135 | 134462 |
| &nbsp;&nbsp; Valero Energy Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 03/15/28 | 120 | 120848 |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/30 | 5450 | 5557525 |
| &nbsp;&nbsp; Venture Global LNG, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 9.000(ff) | 09/30/29(oo) | 2295 | 2145021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.125 | 06/01/28 | 1025 | 1055903 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 02/01/30 | 16330 | 15928031 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 11/15/29 | 5255 | 5345976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 03/15/29 | 5615 | 5718451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 08/15/28 | 9500 | 9778624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 03/02/26 | 3560 | 3573025 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106300847 |
| &nbsp;&nbsp; **Real Estate 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Five Point Operating Co. LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 10/01/30 | 925 | 946242 |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 08/01/28 | 2700 | 2696666 |
|  |  |  |  | 3642908 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.750 | 12/15/29 | 210 | 196885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 01/15/26 | 20 | 19974 |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 01/31/28 | 150 | 141535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 07/15/27 | 115 | 113879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 03/15/27 | 335 | 332579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 08/15/29 | 2780 | 2728606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 02/15/29 | 7955 | 8165731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 07/15/28 | 110 | 112949 |
| &nbsp;&nbsp; Brandywine Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 11/15/27 | 245 | 241203 |
| &nbsp;&nbsp; Crown Castle, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 03/15/27 | 40 | 39270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 06/15/26 | 295 | 293639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 03/01/27 | 15 | 14949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 06/01/29 | 3715 | 3859477 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 27

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; CubeSmart LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.125% | 09/01/26 |  | 80 | $79173 |
| &nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.900 | 03/01/28 |  | 100 | 95190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 04/01/27 |  | 115 | 114594 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/15/27 |  | 1175 | 1130549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 |  | 325 | 341540 |
| &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 02/01/30 |  | 845 | 865894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 05/15/29 |  | 2100 | 2040425 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 09/15/26 |  | 10 | 10007 |
| &nbsp;&nbsp; SBA Communications Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.125 | 02/01/29 |  | 3550 | 3355577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 02/15/27 |  | 6150 | 6080398 |
| &nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 10/15/28 |  | 925 | 928851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.625 | 07/15/26 |  | 3250 | 3222832 |
| &nbsp;&nbsp; Ventas Realty LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 10/15/26 |  | 85 | 84347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 04/01/27 |  | 65 | 64698 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/27 |  | 95 | 94059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 12/01/26 |  | 600 | 598786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 12/01/29 |  | 485 | 480927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 02/01/27 |  | 13940 | 14106238 |
| &nbsp;&nbsp; Weyerhaeuser Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.950 | 10/01/27 |  | 20 | 21053 |
|  |  |  |  |  | 49975814 |
| &nbsp;&nbsp; **Retail 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 01/15/28 |  | 1275 | 1249717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.625 | 09/15/29 |  | 1335 | 1357441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 06/15/29 |  | 1495 | 1535410 |
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.550 | 07/26/27 |  | 2930 | 2898587 |
| &nbsp;&nbsp; AutoZone, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 11/01/28 |  | 1470 | 1554594 |
| &nbsp;&nbsp; Boots Group Finco LP (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.375 | 08/31/32 | GBP | 575 | 773896 |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/30 |  | 5900 | 6165614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/31 |  | 2702 | 3008588 |
| &nbsp;&nbsp; EG Global Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/30/28 | EUR | 500 | 627474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 400 | 437184 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 01/15/29 |  | 1459 | 1395546 |
| &nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 06/01/29 |  | 2425 | 2316765 |
| &nbsp;&nbsp; Lowe's Cos., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 04/15/26 |  | 305 | 303044 |
| &nbsp;&nbsp; McDonald's Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.500 | 03/01/27 |  | 25 | 24820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.500 | 07/01/27 |  | 75 | 74428 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Retail (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 8.750% | 12/31/30 | 1911 | $1902006 |
| &nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 03/01/27 | 2335 | 2334720 |
|  |  |  |  | 27959834 |
| &nbsp;&nbsp; **Semiconductors 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 07/12/29 | 13793 | 14205562 |
| &nbsp;&nbsp; NXP BV/NXP Funding LLC (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 03/01/26 | 35 | 35033 |
|  |  |  |  | 14240595 |
| &nbsp;&nbsp; **Shipbuilding 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Huntington Ingalls Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.043 | 08/16/28 | 3500 | 3294773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.483 | 12/01/27 | 135 | 132855 |
|  |  |  |  | 3427628 |
| &nbsp;&nbsp; **Software 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Camelot Finance SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.500 | 11/01/26 | 142 | 140818 |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 02/01/31 | 1750 | 1755862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.250 | 06/01/30 | 925 | 932681 |
| &nbsp;&nbsp; Fidelity National Information Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/01/28 | 335 | 315415 |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 03/02/28 | 40 | 40781 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 07/15/26 | 110 | 108897 |
| &nbsp;&nbsp; SS&C Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 09/30/27 | 6175 | 6175246 |
| &nbsp;&nbsp; Take-Two Interactive Software, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 03/28/26 | 75 | 75166 |
| &nbsp;&nbsp; Workday, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 04/01/27 | 110 | 109072 |
|  |  |  |  | 9653938 |
| &nbsp;&nbsp; **Telecommunications 1.1%** |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 12/01/33 | 74 | 62854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 02/15/27 | 55 | 54753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.100 | 02/15/28 | 20 | 19967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/35 | 70 | 67394 |
| &nbsp;&nbsp; Deutsche Telekom International Finance BV (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.600 | 01/19/27 | 335 | 333041 |
| &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 | 356 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^(x) | 0.000 | 12/31/30 | 236 |  |
| &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 | 6240 | 6224400 |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 10.750 | 11/30/29 | 11275 | 12415022 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 29

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750% | 05/01/29 |  | 175 | $176750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 |  | 10871 | 10858771 |
| &nbsp;&nbsp; Iliad Holding SAS (France), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 10/15/28 |  | 550 | 557871 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.500 | 04/01/30 |  | 8345 | 7747027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.875 | 06/15/29 |  | 4150 | 3982873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 03/31/34 |  | 4690 | 4820101 |
| &nbsp;&nbsp; Lorca Telecom Bondco SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.000 | 09/18/27 | EUR | 10550 | 12149635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/30/29 | EUR | 4975 | 5938866 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 02/23/28 |  | 140 | 141365 |
| &nbsp;&nbsp; NTT Finance Corp. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.567 | 07/16/27 |  | 10450 | 10524131 |
| &nbsp;&nbsp; Sprint LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.625 | 03/01/26 |  | 2745 | 2745000 |
| &nbsp;&nbsp; TalkTalk Telecom Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, PIK 11.750% | 11.750 | 03/01/28 | GBP | 1236 | 97409 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 02/15/26 |  | 115 | 114264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.625 | 04/15/26 |  | 60 | 59585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 04/15/27 |  | 100 | 99421 |
| &nbsp;&nbsp; Vmed O2 UK Financing I PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.000 | 01/31/29 | GBP | 1430 | 1776771 |
|  |  |  |  |  | 80967307 |
| &nbsp;&nbsp; **Toys/Games/Hobbies 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Mattel, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 04/01/26 |  | 1435 | 1426286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 12/15/27 |  | 335 | 335722 |
|  |  |  |  |  | 1762008 |
| &nbsp;&nbsp; **Transportation 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 03/01/41 |  | 790 | 781373 |
| &nbsp;&nbsp; Canadian Pacific Railway Co. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/01/28 |  | 20 | 19963 |
| &nbsp;&nbsp; Indian Railway Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 3.570 | 01/21/32 |  | 1245 | 1184381 |
| &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 |  | 76 | 78918 |
| &nbsp;&nbsp; RXO, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.500 | 11/15/27 |  | 4648 | 4748995 |
| &nbsp;&nbsp; Ryder System, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.300 | 06/15/27 |  | 440 | 440943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.650 | 03/01/28 |  | 335 | 345823 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 |  | 7516 | 7111502 |
|  |  |  |  |  | 14711898 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Trucking & Leasing 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.400% | 07/01/27 |  | 8295 | $8314598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/24/26 |  | 335 | 337112 |
|  |  |  |  |  | 8651710 |
| &nbsp;&nbsp; **Water 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; American Water Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 09/01/27 |  | 175 | 171786 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $1,856,582,941) |  |  |  |  | 1866319935 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Clarios Global LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% | 6.715(c) | 01/28/32 |  | 1225 | 1220917 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 9.054(c) | 11/17/28 |  | 7698 | 7548594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 9.203(c) | 11/17/28 |  | 2890 | 2839827 |
|  |  |  |  |  | 11609338 |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; TPC Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 5.750% | 9.773(c) | 12/16/31 |  | 3308 | 3126414 |
| &nbsp;&nbsp; **Commercial Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Repricing Term Loan, 1 Month SOFR + 2.750% | 6.715(c) | 08/12/28 |  | 132 | 131746 |
| &nbsp;&nbsp; OCS Group Investments Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% | 9.875(c) | 11/27/31 | GBP | 1875 | 2453182 |
|  |  |  |  |  | 2584928 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.338(c) | 12/19/30 |  | 11378 | 10996359 |
| &nbsp;&nbsp; Cuppa Bidco BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 (EUR), 6 Month EURIBOR + 4.750% | 6.787(c) | 06/29/29 | EUR | 1000 | 907712 |
|  |  |  |  |  | 11904071 |
| &nbsp;&nbsp; **Insurance 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% | 8.327(c) | 08/21/28 |  | 926 | 929361 |
| &nbsp;&nbsp; Verisure Holding AB (PUBL) (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— (p) | 10/31/32 |  | 1925 | 2219406 |
|  |  |  |  |  | 3148767 |
| &nbsp;&nbsp; **Internet 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Net LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Lien Exit Term Loan(c) | 15.000(c) | 01/02/28 |  | 409 | 304897 |
| &nbsp;&nbsp; **Investment Companies 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Hurricane CleanCo Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility A^ | 12.500(c) | 10/31/29 | GBP | 2972 | 4126570 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 31

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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, 1 Month SOFR + 5.000%^ | 8.965%(c) | 07/10/32 |  | 2007 | $1990728 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Facility B, 6 Month EURIBOR + 5.500%^ | 7.412(c) | 01/30/32 | EUR | 5225 | 5917201 |
|  |  |  |  |  | 7907929 |
| &nbsp;&nbsp; **Media 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 8.532(c) | 01/18/28 |  | 1398 | 1382897 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | 10.502(c) | 04/23/30 |  | 1672 | 1688316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | 10.502(c) | 04/23/30 |  | 6826 | 6894310 |
|  |  |  |  |  | 8582626 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 2.364% | 6.329(c) | 04/23/26 |  | 81 | 80771 |
| &nbsp;&nbsp; **Retail 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; CDR Firefly Bidco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-10, SONIA + 4.750% | 8.719(c) | 04/29/29 | GBP | 2850 | 3732678 |
| &nbsp;&nbsp; EG America LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New facility B3(EUR), 3 Month EURIBOR + 3.875% | 5.906(c) | 02/07/28 | EUR | 6930 | 8035720 |
| &nbsp;&nbsp; Peer Holding III BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Loan, 3 Month EURIBOR + 2.750% | 4.750(c) | 07/01/31 | EUR | 7875 | 9090735 |
| &nbsp;&nbsp; The Boots Group (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | 8.719(c) | 07/18/32 | GBP | 2975 | 3925704 |
| &nbsp;&nbsp; WSH Services Holding Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, SONIA + 4.750% | 8.719(c) | 05/16/31 | GBP | 450 | 591165 |
|  |  |  |  |  | 25376002 |
| &nbsp;&nbsp; **Telecommunications 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Zegona Holdco Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Loan, 6 Month EURIBOR + 3.000% | 4.954(c) | 07/17/29 | EUR | 10925 | 12639924 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $90,336,657) |  |  |  |  | 92775134 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; **California 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; University of California, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | 3.931 | 05/15/45 |  | 25 | 23245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | 4.131 | 05/15/45 |  | 25 | 22967 |
|  |  |  |  |  | 46212 |
| &nbsp;&nbsp; **Michigan 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Michigan State University, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.165 | 08/15/2122 |  | 3520 | 2651533 |
| &nbsp;&nbsp; University of Michigan, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.454 | 04/01/2122 |  | 4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3727848 |
|  |  |  |  |  | 6379381 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **New Jersey 0.0%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | 7.414% | 01/01/40 | 100 | $120990 |
| &nbsp;&nbsp; **Virginia 0.0%** |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | 4.179 | 09/01/2117 | 125 | 96808 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $8,429,888) |  |  |  | 6643391 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.4%** |  |  |  |  |
| &nbsp;&nbsp; ATLX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 3.850(cc) | 04/25/63 | 11708 | 11360614 |
| &nbsp;&nbsp; Bayview Financing Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%) | 8.199(c) | 07/01/26 | 2119 | 2124983 |
| &nbsp;&nbsp; Bellemeade Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) | 6.333(c) | 01/26/32 | 35 | 34682 |
| &nbsp;&nbsp; Chase Home Lending Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | 3.250(cc) | 08/25/64 | 1350 | 1214330 |
| &nbsp;&nbsp; CIM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | 4.750(cc) | 06/25/64 | 2810 | 2793055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I01, Class A1, 144A | 5.655(cc) | 10/25/69 | 6578 | 6634005 |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | 4.533(cc) | 09/25/47 | 20 | 18461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | 4.100(cc) | 02/25/63 | 10175 | 9774311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | 4.229(cc) | 02/25/63 | 890 | 796707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | 4.229(cc) | 02/25/63 | 269 | 211980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | 0.000(cc) | 02/25/63 | 97 | 72612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | 11.267(s) | 02/25/63 | 247 | 33515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | 14.581(s) | 02/25/63 | 447 | 40702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | 4.229(cc) | 02/25/63 | 598 | 514603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | 4.229(cc) | 02/25/63 | 456 | 375006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | 0.000(cc) | 02/25/63 | 13 | 11743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | 0.000(cc) | 02/25/63 | 13180 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | 4.020(cc) | 01/25/64 | 17863 | 16898685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | 4.020(cc) | 01/25/64 | 824 | 631339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | 4.020(cc) | 01/25/64 | 330 | 208706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | 4.020(cc) | 01/25/64 | 209 | 121584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | 0.000(cc) | 01/25/64 | 264 | 129239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | 0.000(cc) | 01/25/64 | 251 | 101868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | 4.020(cc) | 01/25/64 | 703 | 502617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | 4.020(cc) | 01/25/64 | 439 | 297925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | 0.000(cc) | 01/25/64 | 38 | 34000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | 0.000(cc) | 01/25/64 | 21042 | 2104 |
| &nbsp;&nbsp; COLT Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | 5.470(cc) | 06/25/70 | 9826 | 9890903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV02, Class A1, 144A | 5.601(cc) | 02/25/70 | 6067 | 6116732 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | 10.433(c) | 03/25/42 | 860 | 917517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) | 9.433(c) | 03/25/42 | 340 | 358529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 5.883(c) | 07/25/44 | 500 | 501876 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL04, Class A1, 144A | 3.904(cc) | 04/25/62 | 2236 | 2157816 |
| &nbsp;&nbsp; Cross Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H07, Class A1, 144A | 4.934(cc) | 09/25/70 | 8752 | 8729078 |
| &nbsp;&nbsp; Eagle Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.183(c) | 09/26/33 | 225 | 225345 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV03, Class A1, 144A | 5.444(cc) | 07/25/70 | 7871 | 7883011 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 33

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-132, Class KI, IO | 3.000% | 12/25/32 |  | 1352 | $95822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-144, Class EI, IO | 3.000 | 01/25/28 |  | 468 | 8980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-148, Class IC, IO | 3.000 | 01/25/28 |  | 765 | 12863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13, Class IK, IO | 2.500 | 03/25/28 |  | 430 | 8972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-49, Class AI, IO | 3.000 | 05/25/33 |  | 1043 | 72200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-59, Class CI, IO | 3.500 | 08/25/30 |  | 321 | 8224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-20, Class DI, IO | 3.500 | 04/25/31 |  | 1225 | 70752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-24, Class BH | 3.500 | 04/25/48 |  | 168 | 154521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-25, Class AG | 3.500 | 04/25/47 |  | 507 | 496547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-57, Class QV | 3.500 | 11/25/29 |  | 851 | 846776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 07/25/55 |  | 14354 | 14544712 |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 7.183(c) | 12/25/50 |  | 100 | 106949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) | 8.183(c) | 11/25/50 |  | 1630 | 1801150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | 5.833(c) | 01/25/34 |  | 234 | 234185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 7.583(c) | 10/25/41 |  | 1630 | 1664607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 5.683(c) | 10/25/41 |  | 167 | 168050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.533(c) | 09/25/41 |  | 200 | 203312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 6.283(c) | 09/25/41 |  | 3080 | 3102145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | 6.533(c) | 12/25/41 |  | 2700 | 2732913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | 6.683(c) | 01/25/42 |  | 110 | 111894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 7.083(c) | 04/25/42 |  | 300 | 311523 |
| &nbsp;&nbsp; Freddie Mac REMIC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4012, Class MJ | 3.500 | 11/15/40 |  | 38 | 37650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4046, Class PI, IO | 3.000 | 05/15/27 |  | 294 | 4728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4060, Class IO, IO | 3.000 | 06/15/27 |  | 139 | 2123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4131, Class BI, IO | 2.500 | 11/15/27 |  | 790 | 15352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4146, Class KI, IO | 3.000 | 12/15/32 |  | 1417 | 101922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4153, Class IO, IO | 3.000 | 01/15/28 |  | 894 | 14141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4172, Class KI, IO | 3.000 | 10/15/32 |  | 1688 | 83821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4182, Class EI, IO | 2.500 | 03/15/28 |  | 660 | 14760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4186, Class JI, IO | 3.000 | 03/15/33 |  | 4445 | 267220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4314, Class PD | 3.750 | 07/15/43 |  | 355 | 353089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4574, Class AI, IO | 3.000 | 04/15/31 |  | 834 | 45445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4631, Class GP | 3.500 | 03/15/46 |  | 1125 | 1085786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 06/25/55 |  | 21587 | 21872750 |
| &nbsp;&nbsp; Government National Mortgage Assoc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-047, Class IA, IO | 4.000 | 03/20/43 |  | 633 | 104482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-116, Class IT, IO | 4.000 | 08/20/44 |  | 707 | 87980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-164, Class IG, IO | 4.000 | 12/20/46 |  | 1204 | 248110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-045, Class QA | 3.000 | 11/20/42 |  | 995 | 979105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05, Class IB, IO | 4.000 | 01/20/48 |  | 499 | 103990 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | 5.137(cc) | 11/25/65 |  | 8034 | 8033899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | 0.000 | 01/25/64 |  | 21 | 20607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | 3.700(cc) | 01/25/64 |  | 16854 | 15139205 |
| &nbsp;&nbsp; Home Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | 6.983(c) | 01/25/34 |  | 80 | 79987 |
| &nbsp;&nbsp; HOMES Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AFC03, Class A1, 144A | 4.932(cc) | 08/25/60 |  | 14462 | 14444510 |
| &nbsp;&nbsp; Kinbane DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | 3.008(c) | 01/24/63 | EUR | 3742 | 4312920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | 2.990(c) | 08/24/75 | EUR | 5100 | 5868974 |
| &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 |  | 17387 | 17377741 |
| &nbsp;&nbsp; LHOME Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | 5.921(cc) | 07/25/39 |  | 4750 | 4772751 |
| &nbsp;&nbsp; Lincoln Senior Participation Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 3.000%^ | 2.750 | 06/27/27 |  | 9000 | 9008379 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; Lugo Funding DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | 3.026%(c) | 05/26/66 | EUR | 5374 | $6182732 |
| &nbsp;&nbsp; Mill City Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01, Class A1, 144A | 3.250(cc) | 05/25/62 |  | 42 | 41324 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC02, Class A1, 144A | 5.443(cc) | 07/25/70 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10191695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC03, Class A1, 144A | 4.912(cc) | 09/25/70 |  | 11142 | 11109723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1B, 144A | 5.588(cc) | 06/25/70 |  | 3745 | 3765734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM05, Class A1, 144A | 5.439(cc) | 07/25/70 |  | 8373 | 8415848 |
| &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%) | 4.856(c) | 01/25/48 |  | 182 | 178781 |
| &nbsp;&nbsp; NLT Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | 5.506(cc) | 02/25/70 |  | 12632 | 12779677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | 5.708(cc) | 02/25/70 |  | 1416 | 1427808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | 5.860(cc) | 02/25/70 |  | 2430 | 2449129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | 0.399(cc) | 02/25/70 |  | 19258 | 147675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | 6.595(cc) | 02/25/70 |  | 750 | 745547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | 6.595(cc) | 02/25/70 |  | 590 | 573397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | 6.595(cc) | 02/25/70 |  | 370 | 337437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | 6.314(cc) | 02/25/70 |  | 1070 | 1083723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A^ | 0.901(cc) | 02/25/70 |  | 19258 | 433303 |
| &nbsp;&nbsp; NYMT Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CP01, Class A1, 144A | 3.750(cc) | 11/25/69 |  | 11230 | 10781282 |
| &nbsp;&nbsp; Oaktown Re VII Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 7.083(c) | 04/25/34 |  | 1342 | 1353132 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1, 144A | 5.453(cc) | 05/25/65 |  | 5848 | 5898083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | 5.418(cc) | 05/25/65 |  | 10243 | 10301661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM13, Class A1, 144A | 5.441(cc) | 05/25/65 |  | 12066 | 12150779 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.683(c) | 05/25/33 |  | 8636 | 8736985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.545(c) | 03/29/27 |  | 6340 | 6405964 |
| &nbsp;&nbsp; PRET Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 4.075(cc) | 06/25/64 |  | 4076 | 3913857 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-06, Class A1, 144A | 5.699(cc) | 11/25/29 |  | 7012 | 7012705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 3.500(cc) | 05/25/54 |  | 1221 | 1189124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RCF02, Class A1, 144A | 4.000(cc) | 10/25/64 |  | 4394 | 4308009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | 4.000(cc) | 03/25/55 |  | 6493 | 6366640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | 4.000(cc) | 03/25/55 |  | 1267 | 1213179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | 4.000(cc) | 03/25/55 |  | 747 | 706472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | 4.000(cc) | 03/25/55 |  | 729 | 681052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | 4.000(cc) | 03/25/55 |  | 257 | 237889 |
| &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%) | 7.883(c) | 11/25/31 |  | 833 | 843033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 6.883(c) | 07/25/33 |  | 638 | 640266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.183(c) | 09/25/34 |  | 475 | 475321 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.732(cc) | 02/25/65 |  | 7670 | 7735098 |
| &nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | 5.033(cc) | 12/25/34 |  | 65 | 60898 |
| &nbsp;&nbsp; Verus Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A1, 144A | 5.307(cc) | 03/25/70 |  | 7463 | 7493390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-08, Class A1, 144A | 4.869(cc) | 09/25/70 |  | 5230 | 5220222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-09, Class A1, 144A | 4.935(cc) | 10/27/70 |  | 4800 | 4794559 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $387,335,210) |  |  |  |  | 391343158 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 35

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS 2.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Angolan Government International Bond (Angola), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.500% | 11/12/25 |  | 637 | $637000 |
| &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 | 207 | 188556 |
| &nbsp;&nbsp; Bahrain Government International Bond (Bahrain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 10/12/28 |  | 2000 | 2094000 |
| &nbsp;&nbsp; Bermuda Government International Bond (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 08/20/30 |  | 1005 | 912352 |
| &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 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15783944 |
| &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 | 11680 | 13408090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 01/28/26 |  | 2550 | 2541075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 09/19/32 | EUR | 2460 | 2771011 |
| &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 |  | 3407 | 3461512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 01/29/26 |  | 5919 | 5930838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 |  | 3513 | 3569208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.950 | 01/25/27 |  | 620 | 628060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 07/19/28 |  | 973 | 1001217 |
| &nbsp;&nbsp; Egypt Government International Bond (Egypt), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 3.875 | 02/16/26 |  | 6950 | 6890717 |
| &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 01/30/32 | EUR | 4595 | 5115077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 6546 | 7564110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 8218 | 9512736 |
| &nbsp;&nbsp; Japan Finance Organization for Municipalities (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.375 | 02/10/31 |  | 10000 | 8670749 |
| &nbsp;&nbsp; Japan International Cooperation Agency (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | 2.125 | 10/20/26 |  | 10000 | 9830276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes | 4.000 | 05/23/28 |  | 10760 | 10800029 |
| &nbsp;&nbsp; Morocco Government International Bond (Morocco), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.375 | 12/15/27 |  | 10000 | 9581250 |
| &nbsp;&nbsp; Nigeria Government International Bond (Nigeria), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.625 | 11/21/25 |  | 10200 | 10194696 |
| &nbsp;&nbsp; Province of Alberta (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.300 | 03/15/28 |  | 1510 | 1487815 |
| &nbsp;&nbsp; Province of British Columbia (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.500 | 01/15/26 |  | 1645 | 1653493 |
| &nbsp;&nbsp; Province of Quebec (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | 7.485(cc) | 03/02/26 |  | 565 | 571457 |
| &nbsp;&nbsp; Republic of South Africa Government International Bond (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | 3.750 | 07/24/26 | EUR | 20000 | 23200078 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.625 | 09/27/29 | EUR | 10500 | 13261670 |
| &nbsp;&nbsp; Serbia International Bond (Serbia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 06/26/29 | EUR | 4492 | 4843276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/15/27 | EUR | 5842 | 6740094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/26/28 |  | 2135 | 2224414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.500 | 06/26/29 | EUR | 2410 | 2598463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.650 | 03/03/33 | EUR | 492 | 479152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125 | 05/15/27 | EUR | 8950 | 10325889 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $189,188,184) |  |  |  |  | 198472304 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 12.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.230 | 07/29/30 |  | 6600 | 5822377 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.550 | 07/26/30 |  | 550 | 492452 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.150 | 12/01/31 |  | 20000 | 17982198 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.200 | 12/09/31 |  | 10000 | 9002740 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500% | 02/01/36 | 16730 | $15091725 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 05/01/36 | 465 | 418071 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/46 | 5000 | 4344092 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/51 | 453 | 387176 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 7842 | 6695705 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 | 4270 | 3626844 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 2260 | 1928113 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/51 | 15140 | 13142857 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/51 | 5300 | 4528133 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 | 884 | 764600 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/52 | 1230 | 1047922 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/46 | 2756 | 2556184 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/50 | 616 | 551291 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 6105 | 5424777 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 883 | 790703 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 8023 | 7125659 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 08/01/43 | 243 | 231311 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 10/01/45 | 4525 | 4303316 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 09/01/46 | 10624 | 10102774 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/46 | 4961 | 4718379 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/52 | 1051 | 973682 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/52 | 1285 | 1184769 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 | 9169 | 8467233 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/52 | 6929 | 6604936 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/52 | 2418 | 2368196 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/52 | 2998 | 2992671 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 09/01/52 | 11057 | 11054118 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/52 | 10472 | 10468489 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/52 | 1729 | 1730600 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 12/01/52 | 1260 | 1259575 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/53 | 4356 | 4354182 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/53 | 1482 | 1477567 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/54 | 369 | 367087 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 12/01/54 | 3027 | 3012185 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 26564 | 26989448 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 09/01/53 | 3405 | 3448242 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 07/01/54 | 4311 | 4358900 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 09/01/54 | 2996 | 3028747 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/54 | 3603 | 3641639 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/54 | 20799 | 21016200 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 01/01/55 | 74528 | 75306774 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 | 5552 | 5700008 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 03/01/53 | 5966 | 6121785 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 03/01/53 | 7602 | 7878777 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 04/01/53 | 5930 | 6094615 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/54 | 8148 | 8331910 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp.(h) | 6.750 | 03/15/31 | 545 | 623389 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 05/01/36 | 589 | 529109 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 06/01/36 | 23262 | 20984517 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | TBA | 5500 | 4459756 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 2.000 | 12/01/36 | 39297 | 36384067 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/41 | 1479 | 1295561 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/34 | 4890 | 4647708 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/35 | 2157 | 2036574 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 2.500 | 08/01/36 | 52781 | 49840212 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/50 | 421 | 361002 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/50 | 1690 | 1438176 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 3595 | 3069482 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 | 797 | 680454 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/51 | 2138 | 1824915 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/51 | 2175 | 1856223 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 37

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500% | 02/01/52 | 1166 | $994674 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/43 | 19501 | 18063346 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/43 | 335 | 310166 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/48 | 542 | 501986 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/48 | 2608 | 2415454 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 531 | 472416 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 4644 | 4132873 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 1785 | 1590944 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 1741 | 1558633 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 21568 | 19236898 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/42 | 1483 | 1411927 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/44 | 1080 | 1027401 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/47 | 1507 | 1434711 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/48 | 7665 | 7281693 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/51 | 3640 | 3380944 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/51 | 1336 | 1239724 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 16706 | 15427816 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/52 | 2595 | 2397118 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/48 | 24411 | 23888633 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 927 | 888821 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 1084 | 1031717 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 7225 | 6886664 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 8471 | 8295356 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/52 | 8477 | 8263628 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 3886 | 3884668 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/52 | 6947 | 6944965 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/52 | 209 | 208863 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/53 | 2757 | 2753218 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/53 | 241 | 240451 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 11/01/54 | 286 | 284987 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 12/01/54 | 1804 | 1795439 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 01/01/55 | 7127 | 7092956 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/52 | 2422 | 2455777 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 4041 | 4112190 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 09/01/54 | 27555 | 27859702 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 12/01/54 | 33068 | 33415114 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 01/01/55 | 15758 | 15923057 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 4720 | 4850338 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 5657 | 5821974 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/53 | 3936 | 4042414 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/53 | 3887 | 3995277 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 10/01/54 | 426 | 436426 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/54 | 5554 | 5681971 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 01/01/53 | 7956 | 8244185 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(h) | 6.625 | 11/15/30 | 605 | 684630 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.125 | 01/15/30 | 580 | 656297 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/50 | 18059 | 15026417 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 09/20/51 | 2052 | 1891727 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/51 | 21680 | 19971212 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 02/20/52 | 12393 | 11408710 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 3063 | 2820067 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/52 | 2517 | 2325913 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/52 | 1067 | 1017894 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/52 | 13322 | 12731674 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/52 | 15314 | 14627316 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/52 | 2222 | 2185072 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 12045 | 11845925 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 09/20/52 | 5355 | 5264436 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 02/20/54 | 2616 | 2616071 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 08/20/54 | 10693 | 10796168 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 09/20/54 | 9761 | 9856035 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500% | 10/20/54 | 26502 | $26746900 |
| &nbsp;&nbsp; Resolution Funding Corp. Principal Strips, Bonds | 5.037(s) | 04/15/30 | 600 | 505225 |
| &nbsp;&nbsp; Resolution Funding Corp. Principal Strips, Bonds | 5.143(s) | 01/15/30 | 5535 | 4713855 |
| &nbsp;&nbsp; Tennessee Valley Authority Principal Strips, Bonds | 5.270(s) | 11/01/25 | 4336 | 4336000 |
| &nbsp;&nbsp; U.S. Department of Housing & Urban Development, U.S. Gov't. Gtd. Notes | 4.480 | 08/01/30 | 553 | 552401 |
| &nbsp;&nbsp; U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | 3.250 | 10/15/30 | 2778 | 2728223 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $900,942,519) |  |  |  | 916828562 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 15.5%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds(h) | 4.750 | 05/15/55 | 345 | 349528 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h) | 4.875 | 08/15/45 | 565 | 581950 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.500 | 04/30/27 | 213615 | 203935570 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 0.750 | 05/31/26 | 5870 | 5769109 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.250 | 11/30/26 | 134030 | 130579775 |
| &nbsp;&nbsp; U.S. Treasury Notes(h)(k) | 2.250 | 02/15/27 | 243000 | 238671563 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.750 | 07/31/27 | 17310 | 17055759 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.125 | 08/31/27 | 55050 | 54579065 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 08/31/29 | 265 | 264690 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 08/31/30 | 480 | 478350 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 10/31/30 | 17650 | 17585191 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 07/31/30 | 1633 | 1645375 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 01/15/27 | 63305 | 63534975 |
| &nbsp;&nbsp; U.S. Treasury Notes(k) | 4.125 | 02/28/27 | 167090 | 168055989 |
| &nbsp;&nbsp; U.S. Treasury Notes(h) | 4.250 | 08/15/35 | 5575 | 5644688 |
| &nbsp;&nbsp; U.S. Treasury Notes(h) | 4.375 | 12/15/26 | 211905 | 213394957 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 1.020(s) | 05/15/33 | 75 | 55324 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 1.398(s) | 11/15/41 | 855 | 400047 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.450(s) | 08/15/42 | 465 | 208191 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 2.027(s) | 05/15/39 | 1120 | 603578 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 2.056(s) | 11/15/38 | 2240 | 1243165 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 2.058(s) | 02/15/39 | 2275 | 1244141 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 2.420(s) | 08/15/40 | 1500 | 752265 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 2.857(s) | 05/15/31 | 100 | 80789 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 3.019(s) | 11/15/35 | 140 | 91148 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h) | 4.805(s) | 02/15/42 | 45 | 20758 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $1,124,278,407) |  |  |  | 1126825940 |
|  |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 3.5%** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  | 2856750 | 147036922 |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  | 651370 | 23175745 |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF |  |  | 1425000 | 71970480 |
| &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF |  |  | 175000 | 8917983 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $250,334,435)(wa) |  |  |  | 251101130 |
| &nbsp;&nbsp; **COMMON STOCKS 0.1%** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |  |  |
| &nbsp;&nbsp; TPC Group, Inc.\* |  |  | 17363 | 353042 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A1 Stock)\*^ |  |  | 1709 | 29548 |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A2 Stock)\*^ |  |  | 4583 | 79239 |
|  |  |  |  | 108787 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 39

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) | 57273 | $418837 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.1%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) | 257178 | 4323934 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $689,627) |  | 5204600 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.0%** |  |  |
| &nbsp;&nbsp; **Capital Markets 0.0%** |  |  |
| &nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo) | 5000 | 114500 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 16694 | 203939 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $183,730) |  | 318439 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units**  |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain), expiring 09/30/34^ | 18 | 104 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 107119 | 1 |
| &nbsp;&nbsp; **TOTAL WARRANTS**<br> (cost $699) |  | 105 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $7,004,376,581) |  | 7070484868 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.1%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 3.1%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wa) | 184968252 | 184968252 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<br>(cost $44,200,448; includes $44,015,877 of cash collateral for securities on loan)(b)(wa) | 44232571 | 44206031 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $229,168,700) |  | 229174283 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%**<br> (cost $133,229) |  | 29363 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $229,301,929) |  | 229203646 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 100.6%**<br> (cost $7,233,678,510) |  | 7299688514 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| **Description** | **Value** |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (premiums received $2,213,864) | $(1336901) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 100.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $7,231,464,646) | 7298351613 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.6)% | (46411274) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** | $7251940339 |

---

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

\* Non-income producing security.

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

~ See tables subsequent to the Schedule of Investments for options detail.

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $36,311,077 and 0.5% 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 $43,057,436; cash collateral of $44,015,877 (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 October 31, 2025.

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

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

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

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

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

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

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

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

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

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

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

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original<br>Cost** | **Market**<br>**Value** | **Percentage<br>of**<br>**Net Assets** |
|  Coronado Finance Pty Ltd. (Australia), Sr. Sec'd. Notes, 144A, 9.250%, 10/01/29 | 01/21/25 | $2779500 | $2467487 | &nbsp;&nbsp;&nbsp;&nbsp;0.0% |
|  Diamond Sports Group LLC\* | 01/02/25 | 149955 | 418837 | 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 | 36 | 36 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica) Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 24 |  | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 58730 | 203939 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-01/30/24 | 310724 | 4323934 | 0.1 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25 | 6240000 | 6224400 | 0.1 |
|  Greystone Commercial Capital Trust, Sr. Unsec'd. Notes, Series A, 144A, 1 Month SOFR + 3.150%, 7.460%(c), 05/31/26^(d) | 05/18/21 | 9290119 | 8268206 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $18829088 | $21906840 | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |

---

(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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal**<br>**Amount**<br>**(000)#** | **Current<br>Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32 (cost $129,026)^ | 131 | $129830 | $804 | $— |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/10/31 (cost $215,042)^ | 218 | 216384 | 1342 |  |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, 1.500%, Maturity Date 04/01/30 (cost $2,520,000) | 2520 | 2536808 | 16808 |  |
|  |  | $2883022 | $18954 | $— |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 41

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Forward Commitment Contract: | Forward Commitment Contract: | Forward Commitment Contract: | Forward Commitment Contract: | Forward Commitment Contract: | Forward Commitment Contract: |
| **U.S. Government Agency Obligations** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal**<br>**Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc.<br>(proceeds receivable $127,503,574) | 5.500% | TBA | 12/11/25 | (126000) | $(127208785) |

---

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 226 | 565 | $1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $3,182) |  |  |  |  |  |  |

---

#### 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% |  |  | 26280 | $142 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  |  | 52560 | 281 |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 26.00 |  | EUR | 4968 |  |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 26.00 |  | EUR | 2207 |  |
|  Currency Option EUR vs HUF | Call | CITI | 11/04/25 | 440.00 |  | EUR | 4174 |  |
|  Currency Option EUR vs HUF | Call | MSI | 11/05/25 | 430.00 |  | EUR | 3678 |  |
|  Currency Option EUR vs HUF | Call | MSI | 11/26/25 | 430.00 |  | EUR | 3678 | 97 |
|  Currency Option EUR vs PLN | Call | MSI | 11/13/25 | 5.00 |  | EUR | 3726 |  |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 5.00 |  | EUR | 1851 | 78 |
|  Currency Option EUR vs RON | Call | CITI | 11/05/25 | 5.80 |  | EUR | 3653 |  |
|  Currency Option EUR vs TRY | Call | JPM | 11/18/25 | 99.00 |  | EUR | 7454 | 2483 |
|  Currency Option EUR vs TRY | Call | CITI | 11/20/25 | 99.00 |  | EUR | 7413 | 3105 |
|  Currency Option EUR vs TRY | Call | JPM | 11/27/25 | 99.00 |  | EUR | 12972 | 5414 |
|  Currency Option USD vs BRL | Call | HSBC | 11/06/25 | 7.00 |  |  | 4230 |  |
|  Currency Option USD vs BRL | Call | MSI | 11/25/25 | 7.00 |  |  | 4230 | 65 |
|  Currency Option USD vs CNH | Call | CITI | 12/05/25 | 7.70 |  |  | 33908 | 28 |
|  Currency Option USD vs COP | Call | MSI | 11/13/25 | 5000.00 |  |  | 4322 | 1 |
|  Currency Option USD vs KRW | Call | MSI | 11/12/25 | 1600.00 |  |  | 1723 |  |
|  Currency Option USD vs KRW | Call | JPM | 12/22/25 | 1650.00 |  |  | 11287 | 151 |
|  Currency Option USD vs TRY | Call | JPM | 11/11/25 | 99.00 |  |  | 4228 | 537 |
|  Currency Option USD vs TRY | Call | CITI | 11/13/25 | 99.00 |  |  | 8625 | 1039 |
|  Currency Option USD vs TRY | Call | JPM | 11/27/25 | 99.00 |  |  | 4228 | 2190 |
|  Currency Option USD vs TWD | Call | MSI | 11/13/25 | 34.00 |  |  | 4322 | 5 |
|  Currency Option USD vs TWD | Call | JPM | 11/20/25 | 33.00 |  |  | 4336 | 162 |
|  Currency Option USD vs ZAR | Call | MSI | 11/13/25 | 21.00 |  |  | 4312 | 10 |
|  Currency Option EUR vs PLN | Put | JPM | 01/20/26 | 4.20 |  | EUR | 5553 | 7840 |
|  Currency Option EUR vs USD | Put | CITI | 11/04/25 | 1.00 |  | EUR | 3648 |  |
|  Currency Option USD vs CLP | Put | CITI | 11/13/25 | 800.00 |  |  | 4341 |  |
|  Currency Option USD vs CNH | Put | CITI | 12/05/25 | 6.90 |  |  | 33908 | 4227 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 20378 | 10 |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 75.00 |  |  | 5814 | 3 |
|  Currency Option USD vs JPY | Put | CITI | 11/13/25 | 130.00 |  |  | 8615 |  |
|  Currency Option USD vs JPY | Put | MSI | 11/20/25 | 130.00 |  |  | 4341 | 1 |
|  Currency Option USD vs JPY | Put | CITI | 12/02/25 | 125.00 |  |  | 8672 | 7 |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 22.00 |  |  | 8709 |  |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 23.00 |  |  | 4178 | 2 |
|  Currency Option USD vs TWD | Put | CITI | 11/19/25 | 27.00 |  |  | 6504 | 73 |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 20.00 |  |  | 2093 |  |
|  Currency Option USD vs ZAR | Put | MSI | 11/13/25 | 15.00 |  |  | 1754 |  |
|  **Total OTC Traded** (cost $130,047) |  |  |  |  |  |  |  | $27951 |
|  **Total Options Purchased** (cost $133,229) |  |  |  |  |  |  |  | $29363 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $99.25 | 103 | 258 | $(643) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $492) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/**<br>**Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional**<br>**Amount**<br>**(000)#** | **Notional**<br>**Amount**<br>**(000)#** | **Value** |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 24.28 |  | EUR | 4968 | $(16994) |
|  Currency Option EUR vs CZK | Call | JPM | 11/05/25 | 24.36 |  | EUR | 2207 | (2533) |
|  Currency Option EUR vs HUF | Call | CITI | 11/04/25 | 390.00 |  | EUR | 4174 | (1798) |
|  Currency Option EUR vs HUF | Call | MSI | 11/26/25 | 390.00 |  | EUR | 3678 | (16515) |
|  Currency Option EUR vs PLN | Call | MSI | 11/13/25 | 4.25 |  | EUR | 3726 | (16371) |
|  Currency Option EUR vs PLN | Call | JPM | 01/20/26 | 4.29 |  | EUR | 1851 | (13809) |
|  Currency Option EUR vs RON | Call | CITI | 11/05/25 | 5.11 |  | EUR | 3653 | (2592) |
|  Currency Option EUR vs TRY | Call | JPM | 11/18/25 | 52.00 |  | EUR | 7454 | (30536) |
|  Currency Option EUR vs TRY | Call | CITI | 11/20/25 | 52.00 |  | EUR | 7413 | (35910) |
|  Currency Option EUR vs TRY | Call | JPM | 11/27/25 | 52.00 |  | EUR | 12972 | (86113) |
|  Currency Option USD vs BRL | Call | MSI | 11/25/25 | 5.50 |  |  | 4230 | (23311) |
|  Currency Option USD vs CNH | Call | CITI | 12/05/25 | 7.22 |  |  | 33908 | (5740) |
|  Currency Option USD vs COP | Call | MSI | 11/13/25 | 3950.00 |  |  | 4322 | (12020) |
|  Currency Option USD vs KRW | Call | MSI | 11/12/25 | 1400.00 |  |  | 1723 | (35706) |
|  Currency Option USD vs KRW | Call | JPM | 12/22/25 | 1385.00 |  |  | 11287 | (354702) |
|  Currency Option USD vs TRY | Call | JPM | 11/11/25 | 44.00 |  |  | 4228 | (7425) |
|  Currency Option USD vs TRY | Call | CITI | 11/13/25 | 44.50 |  |  | 8625 | (15172) |
|  Currency Option USD vs TRY | Call | JPM | 11/27/25 | 43.00 |  |  | 4228 | (35894) |
|  Currency Option USD vs TWD | Call | MSI | 11/13/25 | 30.30 |  |  | 4322 | (73030) |
|  Currency Option USD vs TWD | Call | JPM | 11/20/25 | 30.25 |  |  | 4336 | (81837) |
|  Currency Option USD vs ZAR | Call | MSI | 11/13/25 | 17.60 |  |  | 4312 | (10272) |
|  Currency Option EUR vs USD | Put | CITI | 11/04/25 | 1.18 |  | EUR | 3648 | (81618) |
|  Currency Option USD vs CLP | Put | CITI | 11/13/25 | 940.00 |  |  | 4341 | (28712) |
|  Currency Option USD vs INR | Put | JPM | 01/08/26 | 87.00 |  |  | 13092 | (11713) |
|  Currency Option USD vs JPY | Put | CITI | 11/13/25 | 150.90 |  |  | 8615 | (7439) |
|  Currency Option USD vs JPY | Put | MSI | 11/20/25 | 150.90 |  |  | 4341 | (7884) |
|  Currency Option USD vs JPY | Put | CITI | 12/02/25 | 154.00 |  |  | 8672 | (90187) |
|  Currency Option USD vs TWD | Put | MSI | 11/12/25 | 29.25 |  |  | 8709 | (420) |
|  Currency Option USD vs TWD | Put | MSI | 11/19/25 | 29.50 |  |  | 4178 | (1174) |
|  Currency Option USD vs TWD | Put | CITI | 11/19/25 | 30.30 |  |  | 6504 | (9757) |
|  Currency Option USD vs TWD | Put | MSI | 11/21/25 | 29.50 |  |  | 2093 | (697) |
|  Currency Option USD vs ZAR | Put | MSI | 11/13/25 | 17.40 |  |  | 1754 | (14373) |
|  **Total OTC Traded** (premiums received $1,860,771) | **Total OTC Traded** (premiums received $1,860,771) |  |  |  |  |  |  | $(1132254) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | GSI | 11/19/25 | 0.65% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 424710 | $(61919) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 11/19/25 | 0.68% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 96510 | (16010) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BARC | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 30000 | (27117) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BNP | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 133800 | (98958) |
|  **Total OTC Swaptions** (premiums received $352,601) | **Total OTC Swaptions** (premiums received $352,601) | **Total OTC Swaptions** (premiums received $352,601) |  |  |  |  |  | $(204004) |
|  **Total Options Written** (premiums received $2,213,864) | **Total Options Written** (premiums received $2,213,864) | **Total Options Written** (premiums received $2,213,864) | **Total Options Written** (premiums received $2,213,864) |  |  |  |  | $(1336901) |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 43

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current**<br>**Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions:** | **Long Positions:** |  |  |  |
| 10412 | 2 Year U.S. Treasury Notes | Dec. 2025 | $2168217661 | $(1044588) |
| 1318 | 20 Year U.S. Treasury Bonds | Dec. 2025 | 154617875 | 4351759 |
|  |  |  |  | 3307171 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 365 | 30 Day Federal Funds | Jan. 2026 | 146445152 | 160655 |
| 2345 | 3 Month CME SOFR | Dec. 2025 | 562213750 | 244865 |
| 150 | 5 Year Euro-Bobl | Dec. 2025 | 20446858 | (41950) |
| 696 | 5 Year U.S. Treasury Notes | Dec. 2025 | 76010814 | 309073 |
| 93 | 10 Year Euro-Bund | Dec. 2025 | 13870149 | (89114) |
| 1019 | 10 Year U.S. Treasury Notes | Dec. 2025 | 114812646 | 228626 |
| 985 | 10 Year U.S. Ultra Treasury Notes | Dec. 2025 | 113752114 | (518606) |
| 693 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2025 | 84047906 | (2973547) |
| 114 | Euro Schatz Index | Dec. 2025 | 14070537 | 10408 |
| 90 | CBOE iBoxx iShares Investment Grade Corporate Bond Index | Dec. 2025 | 13148550 | (165093) |
|  |  |  |  | (2834683) |
|  |  |  |  | $472488 |

---

#### Bond forward contracts outstanding at October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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:** |  |  |  |  |  |  |
|  U.S. Treasury Bond<br>3.625%, 08/31/27 | GSI | 12/11/25 | 336000 | $100.34 | $337144231 | $336291319 | $— | $(852912) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **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 11/04/25 | GSI | BRL | 121325 | $22653037 | $22521688 | $— | $(131349) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | MSI | BRL | 17222 | 3179000 | 3196919 | 17919 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/02/25 | GSI | BRL | 126174 | 23456391 | 23263222 |  | (193169) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNP | CLP | 5702048 | 5972000 | 6050458 | 78458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CACI | CLP | 4111606 | 4238463 | 4362836 | 124373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CLP | 2508662 | 2680000 | 2661948 |  | (18052) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 44028 | 6202000 | 6200995 |  | (1005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CNH | 60723 | 8574000 | 8552276 |  | (21724) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | CNH | 44326 | 6246000 | 6242903 |  | (3097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 52185 | 7348000 | 7349852 | 1852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 44627 | 6291000 | 6285320 |  | (5680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 22978 | 3241000 | 3236202 |  | (4798) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | CNH | 80881 | 11390000 | 11391351 | 1351 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | CNH | 39739 | 5599000 | 5596942 |  | (2058) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | COP | 12971243 | 3296000 | 3343259 | 47259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | COP | 13076587 | 3359000 | 3370411 | 11411 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 90032 | 4329000 | 4273054 |  | (55946) |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |  |
|  Euro, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | CITI | EUR | 12316 | $14352000 |  | $14200477 | $— | $(151523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 1840 | 2162000 |  | 2131074 |  | (30926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | EUR | 8297 | 9692400 |  | 9607959 |  | (84441) |
|  Indian Rupee, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | &nbsp;&nbsp;&nbsp;&nbsp;INR | 584186 | 6553500 |  | 6563478 | 9978 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | &nbsp;&nbsp;&nbsp;&nbsp;INR | 220994 | 2505000 |  | 2482921 |  | (22079) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | &nbsp;&nbsp;&nbsp;&nbsp;INR | 206971 | 2322000 |  | 2325379 | 3379 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;INR | 481361 | 5394000 |  | 5408212 | 14212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;INR | 248457 | 2801000 |  | 2791481 |  | (9519) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | &nbsp;&nbsp;&nbsp;&nbsp;INR | 438639 | 4923000 |  | 4928228 | 5228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | &nbsp;&nbsp;&nbsp;&nbsp;INR | 241564 | 2711000 |  | 2714031 | 3031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | &nbsp;&nbsp;&nbsp;&nbsp;INR | 5063999 | 57131559 |  | 56895355 |  | (236204) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | &nbsp;&nbsp;&nbsp;&nbsp;INR | 529907 | 5949000 |  | 5953646 | 4646 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | &nbsp;&nbsp;&nbsp;&nbsp;INR | 489752 | 5494500 |  | 5502495 | 7995 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 80151054 | 4819000 |  | 4815244 |  | (3756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 143209845 | 8625000 |  | 8603634 |  | (21366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 98424340 | 5996000 |  | 5913050 |  | (82950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 87011153 | 5209500 |  | 5227379 | 17879 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 82099293 | 4934000 |  | 4932288 |  | (1712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 81362019 | 4954000 |  | 4887995 |  | (66005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 72217551 | 4382000 |  | 4338622 |  | (43378) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 68725035 | 4148000 |  | 4128802 |  | (19198) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 59533802 | 3579000 |  | 3576619 |  | (2381) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 53647799 | 3263000 |  | 3223005 |  | (39995) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 50378309 | 3010500 |  | 3026583 | 16083 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 73544723 | 4418000 |  | 4418355 | 355 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | &nbsp;&nbsp;&nbsp;&nbsp;JPY | 1353774 | 8993934 |  | 8857647 |  | (136287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | &nbsp;&nbsp;&nbsp;&nbsp;JPY | 604650 | 4018122 |  | 3956181 |  | (61941) |
|  New Taiwanese Dollar, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | TWD | 203715 | 6805230 |  | 6626383 |  | (178847) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 31225 | 8864781 |  | 9261883 | 397102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 15613 | 4439196 |  | 4630942 | 191746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 14929 | 4408000 |  | 4428157 | 20157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 13371 | 3795000 |  | 3965922 | 170922 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 12210 | 3618000 |  | 3621651 | 3651 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 11964 | 3521999 |  | 3548558 | 26559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 10501 | 3116000 |  | 3114819 |  | (1181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 9933 | 2922000 |  | 2946149 | 24149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 8492 | 2512000 |  | 2518704 | 6704 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 6924 | 2049600 |  | 2053626 | 4026 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 5392 | 1588310 |  | 1599203 | 10893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 4444 | 1300818 |  | 1318035 | 17217 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 4414 | 1300597 |  | 1309131 | 8534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 15441 | 4537000 |  | 4579960 | 42960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 13442 | 3824000 |  | 3987041 | 163041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 15613 | 4430001 |  | 4630942 | 200941 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 1505329 | 26183502 |  | 25626769 |  | (556733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 233328 | 4000818 |  | 3972179 |  | (28639) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 137690 | 2405000 |  | 2344037 |  | (60963) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | PHP | 102087 | 1744182 |  | 1737932 |  | (6250) |
|  Singapore Dollar, |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 5610 | 4325000 |  | 4325380 | 380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 4537 | 3545000 |  | 3498489 |  | (46511) |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 45

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Singapore Dollar (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 4220 | $3295000 | $3254211 | $— | $(40789) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 42722 | 2429601 | 2456115 | 26514 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | KRW | 6986952 | 5054511 | 4899006 |  | (155505) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | THB | 84748 | 2625000 | 2630971 | 5971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 122729 | 3775000 | 3810073 | 35073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 84850 | 2594000 | 2634126 | 40126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 72859 | 2232000 | 2261884 | 29884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 111265 | 3419000 | 3454173 | 35173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 105070 | 3272000 | 3261870 |  | (10130) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 71507 | 2206000 | 2219921 | 13921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | THB | 155896 | 4799000 | 4839713 | 40713 |  |
|  |  |  |  | $461332052 | $460677731 | 1881766 | (2536087) |
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement<br>Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 126174 | $23612665 | $23421837 | $190828 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | GSI | BRL | 12373 | 2309000 | 2296769 | 12231 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 35961 | 47803123 | 47243272 | 559851 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CLP | 2468838 | 2567000 | 2619691 |  | (52691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 2582536 | 2694000 | 2740336 |  | (46336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 2097423 | 2180000 | 2225581 |  | (45581) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CLP | 5302555 | 5587000 | 5626555 |  | (39555) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 29833 | 4216000 | 4201643 | 14357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CNH | 310408 | 43791001 | 43718161 | 72840 |  |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 6533894 | 1671500 | 1684072 |  | (12572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 6483569 | 1659900 | 1671101 |  | (11201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | COP | 8788528 | 2197132 | 2265190 |  | (68058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | GSI | COP | 7753764 | 1932980 | 1998485 |  | (65505) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | COP | 6539300 | 1679750 | 1685465 |  | (5715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | COP | 8788528 | 2212397 | 2265189 |  | (52792) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 255616 | 12274338 | 12131847 | 142491 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | BOA | EUR | 3391 | 3932448 | 3909951 | 22497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | CITI | EUR | 8984 | 10419552 | 10358683 | 60869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 264462 | 307390459 | 306240772 | 1149687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 199338 | 233606173 | 230828545 | 2777628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 199338 | 232947362 | 230828546 | 2118816 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | &nbsp;&nbsp;&nbsp;&nbsp;INR | 1261935 | 14310000 | 14178166 | 131834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | &nbsp;&nbsp;&nbsp;&nbsp;INR | 383848 | 4332000 | 4312630 | 19370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | &nbsp;&nbsp;&nbsp;&nbsp;INR | 288722 | 3276000 | 3243868 | 32132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | &nbsp;&nbsp;&nbsp;&nbsp;INR | 774102 | 8758400 | 8697244 | 61156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | &nbsp;&nbsp;&nbsp;&nbsp;INR | 341409 | 3868000 | 3835820 | 32180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | &nbsp;&nbsp;&nbsp;&nbsp;INR | 420144 | 4749000 | 4720429 | 28571 |  |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 42523776 | $2555500 | $2554706 | $794 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 42163666 | 2535000 | 2533071 | 1929 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 40269174 | 2426000 | 2419256 | 6744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 21262146 | 1277850 | 1277368 | 482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 18227325 | 1095300 | 1095045 | 255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 62515741 | 3782208 | 3755765 | 26443 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 42617475 | 2565000 | 2560335 | 4665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 62783338 | 3802000 | 3771842 | 30158 |  |
|  Mexican Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | DB | MXN | 67740 | 3597003 | 3628024 |  | (31021) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 17932 | 5122000 | 5318748 |  | (196748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 12541 | 3589000 | 3719751 |  | (130751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 12452 | 3559000 | 3693303 |  | (134303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 12271 | 3500000 | 3639759 |  | (139759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 10704 | 3054000 | 3174831 |  | (120831) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 9640 | 2761000 | 2859367 |  | (98367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 12444 | 3561000 | 3691037 |  | (130037) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 12727 | 3619000 | 3774953 |  | (155953) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 233175 | 3998000 | 3969585 | 28415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 228233 | 3909500 | 3885441 | 24059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 195052 | 3334000 | 3320578 | 13422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 193769 | 3300000 | 3298737 | 1263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 163485 | 2784000 | 2783171 | 829 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 82385 | 1390410 | 1402518 |  | (12108) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 290149 | 4936000 | 4939514 |  | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 241107 | 4138000 | 4104610 | 33390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 195607 | 3353000 | 3330026 | 22974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 110118 | 1888809 | 1874645 | 14164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 70108 | 1189760 | 1193518 |  | (3758) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 25385 | 6958000 | 6868004 | 89996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 12434 | 3391000 | 3364021 | 26979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 23651 | 6448823 | 6398938 | 49885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 8056 | 2205615 | 2179659 | 25956 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 7645 | 2101385 | 2068514 | 32871 |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 3340 | 2590000 | 2575060 | 14940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 3242 | 2538000 | 2499584 | 38416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 5518 | 4338000 | 4254945 | 83055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 4562 | 3529000 | 3517351 | 11649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 76492 | 59883701 | 58979584 | 904117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | SGD | 7043 | 5466000 | 5430657 | 35343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | SGD | 3974 | 3071000 | 3064439 | 6561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 3667 | 2873000 | 2827519 | 45481 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | KRW | 8268261 | 5797000 | 5797416 |  | (416) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | KRW | 5621557 | 3955500 | 3941639 | 13861 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | KRW | 8831391 | 6172000 | 6192263 |  | (20263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | KRW | 7064459 | 4986000 | 4953352 | 32648 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | &nbsp;&nbsp;&nbsp;&nbsp;THB | 87883 | 2775000 | 2728288 | 46712 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | &nbsp;&nbsp;&nbsp;&nbsp;THB | 79977 | 2535000 | 2482845 | 52155 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | &nbsp;&nbsp;&nbsp;&nbsp;THB | 387743 | 12071881 | 12037318 | 34563 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | &nbsp;&nbsp;&nbsp;&nbsp;THB | 106925 | 3315000 | 3319453 |  | (4453) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | &nbsp;&nbsp;&nbsp;&nbsp;THB | 387743 | 12306951 | 12037318 | 269633 |  |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 47

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Thai Baht (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 152992 | $4741000 | $4749577 | $— | $(8577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 87063 | 2682000 | 2702838 |  | (20838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 85574 | 2651000 | 2656619 |  | (5619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 67715 | 2149000 | 2102184 | 46816 |  |
|  |  |  |  | $1244130376 | $1236248737 | 9498961 | (1617322) |
|  |  |  |  |  |  | $11380727 | $(4153409) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br> **Amount**<br> **(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **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 | $195680 | $933 | $194747 | BOA |
|  Dominican Republic | 12/20/30 | 1.000%(Q) | 2000 | 44151 | 933 | 43218 | BOA |
|  Emirate of Abu Dhabi | 12/20/30 | 1.000%(Q) | 2000 | (70101) | 933 | (71034) | BOA |
|  Federal Republic of Nigeria | 12/20/30 | 1.000%(Q) | 2000 | 241236 | 933 | 240303 | BOA |
|  Federation of Malaysia | 12/20/30 | 1.000%(Q) | 2000 | (59657) | 933 | (60590) | BOA |
|  Federative Republic of Brazil | 12/20/30 | 1.000%(Q) | 9000 | 148873 | 4199 | 144674 | BOA |
|  Kingdom of Bahrain | 12/20/30 | 1.000%(Q) | 2000 | 56375 | 933 | 55442 | BOA |
|  Kingdom of Morocco | 12/20/30 | 1.000%(Q) | 2000 | (23522) | 933 | (24455) | BOA |
|  Kingdom of Saudi Arabia | 12/20/30 | 1.000%(Q) | 9000 | (171494) | 4199 | (175693) | BOA |
|  People's Republic of China | 12/20/30 | 1.000%(Q) | 9000 | (264424) | 4199 | (268623) | BOA |
|  Republic of Argentina | 12/20/30 | 1.000%(Q) | 2000 | 506284 | 933 | 505351 | BOA |
|  Republic of Chile | 12/20/30 | 1.000%(Q) | 4000 | (93695) | 1866 | (95561) | BOA |
|  Republic of Colombia | 12/20/30 | 1.000%(Q) | 6000 | 239404 | 2799 | 236605 | BOA |
|  Republic of Indonesia | 12/20/30 | 1.000%(Q) | 7000 | (93198) | 3266 | (96464) | BOA |
|  Republic of Ivory Coast | 12/20/30 | 1.000%(Q) | 2000 | 146394 | 933 | 145461 | BOA |
|  Republic of Panama | 12/20/30 | 1.000%(Q) | 3000 | 36681 | 1400 | 35281 | BOA |
|  Republic of Peru | 12/20/30 | 1.000%(Q) | 3000 | (52504) | 1400 | (53904) | BOA |
|  Republic of Philippines | 12/20/30 | 1.000%(Q) | 3000 | (63840) | 1400 | (65240) | BOA |
|  Republic of South Africa | 12/20/30 | 1.000%(Q) | 9000 | 200729 | 4199 | 196530 | BOA |
|  Republic of Turkey | 12/20/30 | 1.000%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | 565332 | 4199 | 561133 | BOA |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Sultanate of Oman | 12/20/30 | 1.000%(Q) | 2000 | $(30619) | $933 | $(31552) | BOA |
|  United Mexican States | 12/20/30 | 1.000%(Q) | 9000 | (44238) | 4199 | (48437) | BOA |
|  |  |  |  | $1413847 | $46655 | $1367192 |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreement on credit indices— Sell Protection(2)\*\*:** |  |
|  CDX.EM.44.V1 | 12/20/30 | 1.000%(Q) | 100000 | 1.356% | $(1507489) | $(56529) | $(1450960) | BOA |

---

\*\* 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)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** |  |  |
|  GS_24-PCA | 08/02/27 | 1.650%(M) | 15170 \* | $21670 | $(5617) | $27287 | GSI |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation**  | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |  |
|  Israel Electric Corp. Ltd. | 09/20/28 | 1.000%(Q) |  | 4000 | $(49020) | $56001 | $(105021) | BARC |
|  Kingdom of Bahrain | 06/20/28 | 1.000%(Q) |  | 2000 | (2060) |  | (2060) | BARC |
|  Kingdom of Morocco | 12/20/27 | 1.000%(Q) |  | 10000 | (147492) | (56384) | (91108) | GSI |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 6040 | (24641) | (18536) | (6105) | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) |  | 9060 | (294379) | (351320) | 56941 | BARC |
|  Republic of Panama | 06/20/28 | 1.000%(Q) |  | 10670 | (80320) | (53469) | (26851) | DB |
|  Republic of Romania | 12/20/29 | 1.000%(Q) | EUR | 10500 | 108713 | 335186 | (226473) | BARC |
|  Republic of South Africa | 06/20/26 | 1.000%(Q) |  | 20000 | (123947) | 38075 | (162022) | GSI |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) |  | 5000 | (27284) | 94132 | (121416) | GSI |
|  |  |  |  |  | $(640430) | $43685 | $(684115) |  |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 49

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br> **Rate** | **Notional<br>Amount<br> (000)#(3)** | **Notional<br>Amount<br> (000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **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) |  | 7945 | 0.297% | $248737 | $203029 | $45708 | GSI |
|  Bank of America Corp. | 12/20/25 | 1.000%(Q) |  | 27250 | 0.228% | 59177 | 30614 | 28563 | CITI |
|  Bank of America Corp. | 12/20/25 | 1.000%(Q) |  | 5820 | 0.228% | 12639 | 5619 | 7020 | GSI |
|  Bank of Montreal^ | 11/20/29 | 1.250%(Q) |  | 835 | \* | 4354 |  | 4354 | GSI |
|  Barclays Bank PLC | 06/20/26 | 1.000%(Q) | EUR | 4305 | 0.248% | 29306 | 21765 | 7541 | GSI |
|  Canadian Imperial Bank of Commerce^ | 06/20/28 | 1.100%(Q) |  | 665 | \* | 3876 |  | 3876 | GSI |
|  Catalonia, Autonomous Community of | 12/20/25 | 1.000%(Q) |  | 3000 | 0.110% | 7170 | (769) | 7939 | DB |
|  Citigroup, Inc. | 12/20/25 | 1.000%(Q) |  | 5820 | 0.248% | 12479 | 5696 | 6783 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) |  | 21730 | 0.300% | 194685 | 170202 | 24483 | GSI |
|  Commerzbank AG | 12/20/25 | 1.000%(Q) | EUR | 6430 | 0.134% | 17102 | 9154 | 7948 | BARC |
|  Commerzbank AG | 12/20/25 | 1.000%(Q) | EUR | 3955 | 0.134% | 10519 | 5531 | 4988 | BARC |
|  Federative Republic of Brazil | 06/20/26 | 1.000%(Q) |  | 3250 | 0.430% | 15321 | 12253 | 3068 | BARC |
|  General Motors Co. | 06/20/26 | 5.000%(Q) |  | 3580 | 0.231% | 128870 | 88375 | 40495 | GSI |
|  Halliburton Co. | 12/20/26 | 1.000%(Q) |  | 1600 | 0.215% | 15944 | 3480 | 12464 | GSI |
|  Hellenic Republic | 12/20/26 | 1.000%(Q) |  | 6998 | 0.090% | 79281 | 72233 | 7048 | BARC |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) |  | 1440 | 0.137% | 21496 | 16416 | 5080 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) |  | 1080 | 0.162% | 19961 | 14583 | 5378 | BARC |
|  Kingdom of Norway | 12/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;—%(Q) |  | 20000 | 0.032% | (884) | (1328) | 444 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) |  | 1310 | 0.173% | 5614 | 3850 | 1764 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) |  | 1310 | 0.193% | 8145 | 6119 | 2026 | CITI |
|  Millicom International Cellular S.A.^ | 12/20/25 | 1.000%(Q) |  | 2700 | \* | 5836 | (8737) | 14573 | BOA |
|  Morgan Stanley | 12/20/25 | 1.000%(Q) |  | 5820 | 0.221% | 12697 | 5619 | 7078 | GSI |
|  Oracle Corp. | 06/20/30 | 1.000%(Q) |  | 3650 | 0.778% | 38470 | 77080 | (38610) | GSI |
|  Pacific Life | 08/20/35 | 2.500%(Q) |  | 1000 | 2.794% | (19554) | (4) | (19550) | GSI |
|  Petroleos Mexicanos | 12/24/25 | 3.750%(M) |  | 1536 | 1.156% | 7190 |  | 7190 | GSI |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(M) |  | 10000 | \* | 100397 |  | 100397 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) |  | 12160 | \* | 262738 |  | 262738 | GSI |
|  Republic of Argentina | 12/21/26 | 5.000%(Q) |  | 4000 | \* | (7136) | (47111) | 39975 | MSI |
|  Republic of France | 06/20/26 | 5.000%(Q) | EUR | 1385 | 1.981% | 39330 | 25407 | 13923 | GSI |
|  Republic of France | 06/20/27 | 0.250%(Q) |  | 3280 | 0.130% | 7203 | 6556 | 647 | BARC |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 6040 | 0.359% | (29267) | (38172) | 8905 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 2390 | 0.670% | (79441) | (81324) | 1883 | BARC |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **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.):** |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 1540 | 0.670% | $(51188) | $(54164) | $2976 | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) |  | 9060 | 0.335% | 294379 | 263263 | 31116 | BARC |
|  Republic of Ivory Coast | 06/20/27 | 1.000%(Q) |  | 2500 | 1.093% | (931) | (62653) | 61722 | MSI |
|  Republic of Panama^ | 06/20/28 | 1.000%(Q) |  | 10670 | \* | (36059) | (79489) | 43430 | DB |
|  Republic of Romania | 12/20/26 | 1.000%(Q) |  | 667 | 0.597% | 3749 | 3730 | 19 | BOA |
|  Republic of Serbia | 06/20/29 | 1.000%(Q) |  | 1165 | 1.243% | (8269) | (17315) | 9046 | BARC |
|  Simon Property Group LP | 06/20/26 | 1.000%(Q) |  | 3240 | 0.124% | 21733 | 4764 | 16969 | GSI |
|  Slovak Republic | 12/20/27 | 1.000%(Q) |  | 2410 | 0.160% | 44654 | 41554 | 3100 | BARC |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) |  | 5410 | 0.972% | 6966 | (16936) | 23902 | GSI |
|  State of Qatar | 12/20/26 | 1.000%(Q) |  | 3435 | 0.074% | 39529 | 33968 | 5561 | BARC |
|  U.S. Treasury Notes | 12/20/25 | 0.250%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10855 | 0.061% | 6748 | 2413 | 4335 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13030 | 0.139% | 14835 | 12721 | 2114 | BARC |
|  U.S. Treasury Notes | 06/20/27 | 0.250%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | 0.235% | 2051 | (638) | 2689 | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) |  | 3370 | 0.134% | 22221 | 15420 | 6801 | GSI |
|  Verizon Communications, Inc. | 06/20/26 | 1.000%(Q) |  | 4820 | 0.207% | 29805 | 12799 | 17006 | GSI |
|  |  |  |  |  |  | $1622478 | $765573 | $856905 |  |

---

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.

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 51

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

#### Currency swap agreement outstanding at October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br>**Amount**<br>**(000)#** | **Fund<br>Receives** | **Notional <br> Amount** <br> **(000)#** | **Fund<br>Pays** | **Counterparty** | **Termination<br>Date** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **OTC Currency Swap Agreement:** | **OTC Currency Swap Agreement:** |  |  |  |  |  |  |  |
| 11394 | 4.67%(A) | 10500 | 3.10%(A) | JPM | 09/27/29 | $(636437) | $— | $(636437) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>October 31,<br>2025** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
| GBP | 9558 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.969% | $(448713) | $368668 | $817381 |
| GBP | 7720 | 05/08/27 | 1.050%(A) | 1 Day SONIA(1)(A)/ 3.969% | 398509 | 526601 | 128092 |
| GBP | 525 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.969% | (22856) | 94022 | 116878 |
| GBP | 2010 | 05/08/32 | 1.150%(A) | 1 Day SONIA(1)(A)/ 3.969% | 143032 | 422598 | 279566 |
| GBP | 500 | 05/08/34 | 1.200%(A) | 1 Day SONIA(1)(A)/ 3.969% | (27897) | 133446 | 161343 |
|  | 86205 | 05/11/26 | 4.750%(A) | 1 Day SOFR(2)(A)/ 4.220% | 243326 | 560468 | 317142 |
|  | 141225 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 4.220% |  | (35638) | (35638) |
|  | 20835 | 09/25/26 | 4.699%(A) | 1 Day SOFR(1)(A)/ 4.220% | 3854 | (197898) | (201752) |
|  | 200020 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 4.220% | 38052 | 3154980 | 3116928 |
|  | 114725 | 01/28/29 | 4.110%(A) | 1 Day SOFR(1)(A)/ 4.220% |  | (2394590) | (2394590) |
|  | 124475 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 4.220% | (132349) | (3622399) | (3490050) |
|  | 43620 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 4.220% |  | (39111) | (39111) |
|  | 10735 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.220% | (74863) | (370015) | (295152) |
|  | 16863 | 11/15/52 | 3.927%(A) | 1 Day SOFR(1)(A)/ 4.220% |  | 190065 | 190065 |
|  | 6455 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.220% | 2946494 | 2988103 | 41609 |
|  | 53275 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.220% | 779132 | 1557202 | 778070 |
|  | 9505 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.220% | 73662 | 457092 | 383430 |
|  | 33250 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 4.220% |  | 947470 | 947470 |
|  | 53000 | 01/15/55 | 4.130%(A) | 1 Day SOFR(1)(A)/ 4.220% | (971041) | (1448800) | (477759) |
|  |  |  |  |  | $2948342 | $3292264 | $343922 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Fair**<br>**Value** | **Upfront<br>Premiums**<br>**Paid(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |  |  |  |  |  |
|  BRL 123,650 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/ 0.055% | $(587620) | $— | $(587620) | GSI |
|  BRL 123,650 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/ 0.055% | 551448 |  | 551448 | GSI |
|  |  |  |  | $(36172) | $— | $(36172) |  |

---

(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 October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br>**Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** | **OTC Total Return Swap Agreements:** |
|  iBoxx US Dollar Liquid Investment Grade Index(T) | 1 Day SOFR(Q)/<br>4.220% | BNP | 12/22/25 | (64280) | $(3293036) | $— | $(3293036) |
|  U.S. Treasury Notes(T) | 1 Day USOIS +20bps(T)/<br> 4.060% | JPM | 11/13/25 | 102600 | 688680 |  | 688680 |
|  U.S. Treasury Notes(T) | 1 Day USOIS +20bps(T)/<br>4.060% | JPM | 11/13/25 | 217100 | 1450842 |  | 1450842 |
|  |  |  |  |  | $(1153514) | $— | $(1153514) |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
| &nbsp;&nbsp; OTC Swap Agreements | $1744262 | $(950495) | $6049008 | $(7758822) |

---

#### 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 | $— | $25473046 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $49174374 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 1314927101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 85398572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 10826701 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 155446257 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 69897507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 1300744 | 626135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 1390288 |  |
|  Commercial Mortgage-Backed Securities |  | 525664491 |  |
|  Corporate Bonds |  | 1852788962 | 13530973 |
|  Floating Rate and Other Loans |  | 80740635 | 12034499 |
|  Municipal Bonds |  | 6643391 |  |
|  Residential Mortgage-Backed Securities |  | 381901476 | 9441682 |
|  Sovereign Bonds |  | 198472304 |  |
|  U.S. Government Agency Obligations |  | 916828562 |  |
|  U.S. Treasury Obligations |  | 1126825940 |  |
|  Affiliated Exchange-Traded Funds | 251101130 |  |  |
|  Common Stocks |  | 5095813 | 108787 |
|  Preferred Stocks | 114500 |  | 203939 |
|  Warrants |  | 1 | 104 |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 229174283 |  |  |
|  Options Purchased | 1412 | 27951 |  |
|  **Total** | $**480391325** | $**6783351070** | $**35946119** |
|  **Liabilities** |  |  |  |
|  Options Written | $(643) | $(1336258) | $— |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 53

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Loan Commitments | $— | $16808 | $2146 |
|  Futures Contracts | 5305386 |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 11380727 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 2381139 |  |
|  OTC Credit Default Swap Agreements |  | 1586719 | 398871 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 7277974 |  |
|  OTC Interest Rate Swap Agreement |  | 551448 |  |
|  OTC Total Return Swap Agreements |  | 2139522 |  |
|  **Total** | $**5305386** | $**25334337** | $**401017** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contract | $— | $(127208785) | $— |
|  Futures Contracts | (4832898) |  |  |
|  OTC Bond Forward Contract |  | (852912) |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (4153409) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (2474781) |  |
|  OTC Credit Default Swap Agreements |  | (945813) | (36059) |
|  OTC Currency Swap Agreement |  | (636437) |  |
|  Centrally Cleared Interest Rate Swap Agreements |  | (6934052) |  |
|  OTC Interest Rate Swap Agreement |  | (587620) |  |
|  OTC Total Return Swap Agreement |  | (3293036) |  |
|  **Total** | $**(4832898)** | $**(147086845)** | $**(36059)** |

---

\* Other financial instruments are derivative instruments, with the exception of unfunded loan commitments 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, and unfunded loan commitments are recorded at unrealized appreciation (depreciation), and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

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

---

| | |
|:---|:---|
|  Collateralized Loan Obligations | 18.1 |
|  U.S. Treasury Obligations | 15.5 |
|  U.S. Government Agency Obligations | 12.6 |
|  Commercial Mortgage-Backed Securities | 7.3 |
|  Banks | 6.1 |
|  Residential Mortgage-Backed Securities | 5.4 |
|  Affiliated Exchange-Traded Funds | 3.5 |
|  Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan) | 3.1 |
|  Sovereign Bonds | 2.7 |
|  Home Equity Loans | 2.1 |
|  Oil & Gas | 1.8 |
|  Electric | 1.6 |
|  Pipelines | 1.5 |
|  Foods | 1.4 |
|  Auto Manufacturers | 1.3 |
|  Telecommunications | 1.3 |
|  Consumer Loans | 1.2 |
|  Diversified Financial Services | 1 |
|  Other | 1 |
|  Aerospace & Defense | 0.8 |
|  Retail | 0.8 |
|  Real Estate Investment Trusts (REITs) | 0.7 |
|  Media | 0.7 |
|  Automobiles | 0.7 |
|  Leisure Time | 0.6 |
|  Commercial Services | 0.5 |
|  Pharmaceuticals | 0.5 |
|  Airlines | 0.4 |

---

---

| | |
|:---|:---|
|  Internet | 0.4 |
|  Mining | 0.4 |
|  Home Builders | 0.4 |
|  Auto Parts & Equipment | 0.4 |
|  Packaging & Containers | 0.3 |
|  Chemicals | 0.3 |
|  Agriculture | 0.3 |
|  Entertainment | 0.3 |
|  Building Materials | 0.3 |
|  Engineering & Construction | 0.3 |
|  Holding Companies-Diversified | 0.3 |
|  Healthcare-Services | 0.2 |
|  Transportation | 0.2 |
|  Multi-National | 0.2 |
|  Semiconductors | 0.2 |
|  Machinery-Diversified | 0.2 |
|  Lodging | 0.2 |
|  Equipment | 0.2 |
|  Healthcare-Products | 0.1 |
|  Software | 0.1 |
|  Computers | 0.1 |
|  Household Products/Wares | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Metal Fabricate/Hardware | 0.1 |
|  Insurance | 0.1 |
|  Iron/Steel | 0.1 |
|  Municipal Bonds | 0.1 |
|  Gas | 0.1 |
|  Wireless Telecommunication Services | 0.1 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Office/Business Equipment | 0.1% |
|  Investment Companies | 0.1 |
|  Electrical Components & Equipment | 0.0 \* |
|  Real Estate | 0.0 \* |
|  Shipbuilding | 0.0 \* |
|  Home Furnishings | 0.0 \* |
|  Apparel | 0.0 \* |
|  Coal | 0.0 \* |
|  Housewares | 0.0 \* |
|  Miscellaneous Manufacturing | 0.0 \* |
|  Toys/Games/Hobbies | 0.0 \* |
|  Student Loans | 0.0 \* |
|  Interactive Media & Services | 0.0 \* |
|  Biotechnology | 0.0 \* |

---

---

| | |
|:---|:---|
|  Water | 0.0 |
|  Capital Markets | 0.0 |
|  Hotels, Restaurants & Leisure | 0.0 |
|  Electronics | 0.0 |
|  Options Purchased | 0.0 |
|  | 100.6 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (0.6) |
|  | 100.0 |

---

\* Less than 0.05% 

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

Fair values of derivative instruments as of October 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**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 | Premiums paid for OTC swap agreements | $1744262 | Premiums received for OTC swap agreements | $950495 |
|  Credit contracts |  |  | Options written outstanding, at value | 204004 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 3358038 | Unrealized depreciation on OTC swap agreements | 3241729 |
|  Foreign exchange contracts | Unaffiliated investments | 27528 | Options written outstanding, at value | 1132254 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 11380727 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 4153409 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 5305386 \* | Due from/to broker-variation margin futures | 4832898 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 7277974 \* | Due from/to broker-variation margin swaps | 6934052 \* |
|  Interest rate contracts | Unaffiliated investments | 1835 | Options written outstanding, at value | 643 |
|  Interest rate contracts |  |  | Unrealized depreciation on OTC bond forward contracts | 852912 |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | 2690970 | Unrealized depreciation on OTC swap agreements | 4517093 |
|  |  | $31786720 |  | $26819489 |

---

\* 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.

PGIM Short Duration Multi-Sector Bond Fund 55

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2025 are as follows:

**Amount of Realized Gain (Loss) on Derivatives Recognized in Income**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $(486607) | $1283838 | $— | $— | $(3507061) |
|  Foreign exchange contracts | (1295161) | 6107842 |  | (30212280) |  |
|  Interest rate contracts | 220205 | 165500 | 9793589 |  | (10327600) |
|  **Total** | $(1561563) | $7557180 | $9793589 | $(30212280) | $(13834661) |

---

(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**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $(1785) | $95631 | $— | $— | $— | $542692 |
|  Foreign exchange contracts | 33216 | 811578 |  |  | 4204280 |  |
|  Interest rate contracts | (154855) | 98244 | (16210278) | (852912) |  | 7039119 |
|  **Total** | $(123424) | $1005453 | $(16210278) | $(852912) | $4204280 | $7581811 |

---

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

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $303800 |
| &nbsp;&nbsp; Options Written (2) | 595749866 |
| &nbsp;&nbsp; Futures Contracts - Long Positions (2) | 2113761546 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (2) | 1072491138 |
| &nbsp;&nbsp; Bond Forward Contracts - Purchased (2) | 67200000 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Purchased (3) | 290564344 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Sold (3) | 959845737 |
| &nbsp;&nbsp; Cross Currency Exchange Contracts (4) | 1987905 |
| &nbsp;&nbsp; Interest Rate Swap Agreements (2) | 1375452463 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Buy Protection (2) | 284899470 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (2) | 298146707 |
| &nbsp;&nbsp; Currency Swap Agreements (2) | 11393550 |
| &nbsp;&nbsp; Total Return Swap Agreements (2) | 881209677 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives 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 financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets/(Liabilities)**  | **Collateral<br>Pledged/(Received)(2)** | **Net** <br> **Amount**  |
|  Securities on Loan<br>| $43057436  | $(43057436)  | $—  |

---

#### 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 | $1071613 | $(985519) | $86094 | $— | $86094 |
| BNP | 220949 | (3528281) | (3307332) | 3307332 |  |
| BNY | 559851 |  | 559851 | (553615) | 6236 |
| BOA | 2777202 | (2587726) | 189476 |  | 189476 |
| CACI | 124373 |  | 124373 | (90000) | 34373 |
| CITI | 1229532 | (1411112) | (181580) |  | (181580) |
| DB | 1201056 | (191599) | 1009457 |  | 1009457 |
| GSI | 2161984 | (2488189) | (326205) | 326205 |  |
| HSBC | 228003 | (357012) | (129009) |  | (129009) |
| JPM | 2436350 | (1630025) | 806325 |  | 806325 |
| MSI | 1548116 | (1218369) | 329747 |  | 329747 |
| SCB | 351087 | (430962) | (79875) |  | (79875) |
| SSB | 3015263 | (155953) | 2859310 | (2104701) | 754609 |
| TD | 79401 | (18052) | 61349 |  | 61349 |
| UAG | 2197168 | (49097) | 2148071 | (1408333) | 739738 |
|  | $19201948 | $(15051896) | $4150052 | $(523112) | $3626940 |

---

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

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

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 57

------

PGIM Short Duration Multi-Sector Bond Fund

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $43,057,436: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $6,754,175,375) | $6819413101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $479,503,135) | 480275413 |
| &nbsp;&nbsp; Cash | 15839 |
| &nbsp;&nbsp; Foreign currency, at value (cost $4,508,790) | 4455449 |
| &nbsp;&nbsp; Receivable for investments sold | 233407174 |
| &nbsp;&nbsp; Dividends and interest receivable | 46331574 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 28465630 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 11380727 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 6049008 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 1744262 |
| &nbsp;&nbsp; Due from broker—variation margin swaps | 527432 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 185615 |
| &nbsp;&nbsp; Unrealized appreciation on unfunded loan commitments | 18954 |
| &nbsp;&nbsp; Prepaid expenses | 48081 |
| &nbsp;&nbsp; **Total Assets** | 7632318259 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 176555164 |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $127,503,574) | 127208785 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 44015877 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 11881535 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 7758822 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 4153409 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 2813342 |
| &nbsp;&nbsp; Management fee payable | 1590815 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $2,213,864) | 1336901 |
| &nbsp;&nbsp; Dividends and Distributions payable | 1039545 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 950495 |
| &nbsp;&nbsp; Unrealized depreciation on OTC bond forward contracts | 852912 |
| &nbsp;&nbsp; Distribution fee payable | 203724 |
| &nbsp;&nbsp; Directors' fees payable | 9873 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 6721 |
| &nbsp;&nbsp; **Total Liabilities** | 380377920 |
| &nbsp;&nbsp; **Net Assets** | $7251940339 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $808763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 7428583444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (177451868) |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $7251940339 |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Statement of Assets & Liabilities (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($761,632,610 ÷ 85,115,940 shares of common stock issued and outstanding) | $8.95 |
| &nbsp;&nbsp; Maximum sales charge (2.25% of offering price) | 0.21 |
| &nbsp;&nbsp; Maximum offering price to public | $9.16 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($53,202,363 ÷ 5,941,748 shares of common stock issued and outstanding) | $8.95 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($3,766,197,032 ÷ 419,361,320 shares of common stock issued and outstanding) | $8.98 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($2,670,908,334 ÷ 298,343,614 shares of common stock issued and outstanding) | $8.95 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 59

------

PGIM Short Duration Multi-Sector Bond Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | &nbsp;&nbsp; **Net Investment Income (Loss)** |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $316835075 |
| &nbsp;&nbsp; Affiliated dividend income | 7741155 |
| &nbsp;&nbsp; Unaffiliated dividend income | 145592 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $128,593) | 130929 |
| &nbsp;&nbsp; **Total income** | 324852751 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 20093879 |
| &nbsp;&nbsp; Distribution fee(a) | 2139573 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $50,152)(a) | 4152799 |
| &nbsp;&nbsp; Shareholders' reports | 322874 |
| &nbsp;&nbsp; Custodian and accounting fees | 321697 |
| &nbsp;&nbsp; Registration fees(a) | 299761 |
| &nbsp;&nbsp; Directors' fees | 89080 |
| &nbsp;&nbsp; Professional fees | 86739 |
| &nbsp;&nbsp; Audit fee | 74196 |
| &nbsp;&nbsp; SEC registration fees | 73145 |
| &nbsp;&nbsp; Miscellaneous | 101763 |
| &nbsp;&nbsp; **Total expenses** | 27755506 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (2697959) |
| &nbsp;&nbsp; **Net expenses** | 25057547 |
| &nbsp;&nbsp; Net investment income (loss) | 299795204 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** | &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(16234)) | (9221064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 23884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 9793589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (30212280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 7557180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (13834661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (10676776) |
|  | (46570128) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $690,822) | 127031784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (16210278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts | (852912) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 4204280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 1005453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 7581811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 126797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | 18608 |
|  | 122905543 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 76335415 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $376130619 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A**  | **Class C** | **Class Z**  | **Class R6** |
|  Distribution fee | 1644084 | 495489 |  |  |
|  Transfer agent's fees and expenses | 272365 | 39457 | 3782425 | 58552 |
|  Registration fees | 47915 | 22111 | 129410 | 100325 |
|  Fee waiver and/or expense reimbursement | (96599) | (7263) | (2093342) | (500755) |

---

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**October 31,** | **Year Ended**<br>**October 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $299795204 | $204389163 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (46570128) | (58970787) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 122905543 | 168701295 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 376130619 | 314119671 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (31948061) | (16269441) |
| &nbsp;&nbsp; Class C | (2031089) | (1107443) |
| &nbsp;&nbsp; Class Z | (166587506) | (87939972) |
| &nbsp;&nbsp; Class R6 | (119703273) | (72672380) |
|  | (320269929) | (177989236) |
| &nbsp;&nbsp; Tax return of capital distributions |  |  |
| &nbsp;&nbsp; Class A | (932613) |  |
| &nbsp;&nbsp; Class C | (59291) |  |
| &nbsp;&nbsp; Class Z | (4862947) |  |
| &nbsp;&nbsp; Class R6 | (3494324) |  |
|  | (9349175) |  |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 3613807241 | 3403241695 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 316821465 | 171972268 |
| &nbsp;&nbsp; Cost of shares purchased | (1998447809) | (1501263839) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1932180897 | 2073950124 |
| &nbsp;&nbsp; Total increase (decrease) | 1978692412 | 2210080559 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 5273247927 | 3063167368 |
| &nbsp;&nbsp; End of year | $7251940339 | $5273247927 |

---

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 61

------

PGIM Short Duration Multi-Sector Bond Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $8.89 | $8.57 | $8.53 | $9.45 | $9.51 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.40 | 0.43 | 0.37 | 0.20 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.11 | 0.27 | 0.08 | (0.85) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.51 | 0.70 | 0.45 | (0.65) | 0.16 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.44) | (0.38) | (0.41) | (0.27) | (0.22) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.45) | (0.38) | (0.41) | (0.27) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.95 | $8.89 | $8.57 | $8.53 | $9.45 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 5.90% | 8.28% | 5.32% | (6.98)% | 1.73% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $761633 | $549671 | $271456 | $246197 | $268235 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $657634 | $390234 | $257907 | $258305 | $253168 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.62% | 0.64% | 0.65% | 0.65% | 0.65% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.63% | 0.66% | 0.67% | 0.67% | 0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.52% | 4.83% | 4.33% | 2.23% | 1.76% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 104% | 80% | 48% | 33% | 49% |

---

(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 Short Duration Multi-Sector Bond Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $8.90 | $8.57 | $8.54 | $9.46 | $9.52 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.33 | 0.35 | 0.30 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.10 | 0.28 | 0.06 | (0.85) | - <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.43 | 0.63 | 0.36 | (0.73) | 0.09 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.37) | (0.30) | (0.33) | (0.19) | (0.15) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.38) | (0.30) | (0.33) | (0.19) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.95 | $8.90 | $8.57 | $8.54 | $9.46 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 4.92% | 7.47% | 4.30% | (7.77)% | 0.91% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $53202 | $43662 | $25175 | $24563 | $34006 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $49549 | $33134 | $25880 | $28904 | $35068 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.44% | 1.50% | 1.51% | 1.50% | 1.47% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.45% | 1.52% | 1.53% | 1.52% | 1.49% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.70% | 3.99% | 3.47% | 1.34% | 0.96% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 104% | 80% | 48% | 33% | 49% |

---

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

(b) Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 63

------

PGIM Short Duration Multi-Sector Bond Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $8.93 | $8.60 | $8.56 | $9.49 | $9.55 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.42 | 0.45 | 0.39 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.10 | 0.28 | 0.08 | (0.86) | - <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.52 | 0.73 | 0.47 | (0.64) | 0.19 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.46) | (0.40) | (0.43) | (0.29) | (0.25) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.47) | (0.40) | (0.43) | (0.29) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.98 | $8.93 | $8.60 | $8.56 | $9.49 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 6.02% | 8.65% | 5.58% | (6.81)% | 2.00% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $3766197 | $2716397 | $1407587 | $1368302 | $1633850 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $3286096 | $1990400 | $1313260 | $1499104 | $1435782 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.45% | 0.45% | 0.46% | 0.47% | 0.46% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.75% | 5.10% | 4.58% | 2.47% | 2.02% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 104% | 80% | 48% | 33% | 49% |

---

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

(b) Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

------

PGIM Short Duration Multi-Sector Bond Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $8.90 | $8.57 | $8.54 | $9.46 | $9.52 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.43 | 0.46 | 0.40 | 0.23 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.10 | 0.28 | 0.06 | (0.85) | - <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.53 | 0.74 | 0.46 | (0.62) | 0.20 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.47) | (0.41) | (0.43) | (0.30) | (0.26) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.48) | (0.41) | (0.43) | (0.30) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $8.95 | $8.90 | $8.57 | $8.54 | $9.46 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 6.10% | 8.74% | 5.54% | (6.67)% | 2.07% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $2670908 | $1963518 | $1358949 | $1452006 | $1306914 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $2327328 | $1598996 | $1387391 | $1426498 | $1054215 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.34% | 0.35% | 0.35% | 0.35% | 0.35% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.82% | 5.18% | 4.64% | 2.59% | 2.07% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 104% | 80% | 48% | 33% | 49% |

---

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

(b) Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

PGIM Short Duration Multi-Sector Bond Fund 65

------

PGIM Total Return Bond Fund

Schedule of Investments

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.0%** |  |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 22.7%** |  |  |  |  |  |
| &nbsp;&nbsp; **Automobiles 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class C, 144A | 6.022% | 05/17/32 |  | 2072 | $2100228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class D, 144A | 6.315 | 05/17/32 |  | 1036 | 1050176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class D, 144A | 5.410 | 09/15/32 |  | 2966 | 2977089 |
| &nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 2.020 | 02/20/27 |  | 17133 | 17062833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04A, Class A, 144A | 5.490 | 06/20/29 |  | 13963 | 14340955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-08A, Class A, 144A | 6.020 | 02/20/30 |  | 49700 | 52040269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.360 | 06/20/30 |  | 105243 | 108491999 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR01, Class C, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 5.683(c) | 12/26/31 |  | 1535 | 1539896 |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CAR1F, Class A, 144A | 6.971 | 07/29/32 |  | 3028 | 3034213 |
| &nbsp;&nbsp; JPMorgan Chase Bank NA, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01, Class R, 144A | 28.348 | 09/25/28 |  | 1563 | 1563394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class G, 144A | 8.482 | 12/26/28 |  | 885 | 886019 |
| &nbsp;&nbsp; OneMain Direct Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A, 144A | 3.630 | 09/14/27 |  | 4244 | 4241112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class B, 144A | 3.950 | 11/14/28 |  | 25000 | 24931185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class D, 144A | 5.900 | 12/16/30 |  | 8465 | 8485477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.360 | 04/16/35 |  | 67700 | 69642604 |
| &nbsp;&nbsp; Santander Consumer Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class R, 144A | 0.000 | 08/15/28 |  | 27 | 1786428 |
| &nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-06, Class C | 6.400 | 03/17/31 |  | 7800 | 8034852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class D | 6.280 | 08/15/31 |  | 18820 | 19323554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03, Class D | 5.110 | 09/15/31 |  | 9200 | 9206457 |
| &nbsp;&nbsp; Westlake Automobile Receivables Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class C, 144A | 4.850 | 01/15/31 |  | 25200 | 25297547 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376036287 |
| &nbsp;&nbsp; **Collateralized Loan Obligations 18.5%** |  |  |  |  |  |
| &nbsp;&nbsp; AGL CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-09A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.414(c) | 04/20/37 |  | 67750 | 67949171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10A, Class B, 144A, 3 Month SOFR + 1.762% (Cap N/A, Floor 1.500%) | 5.666(c) | 04/15/34 |  | 6500 | 6496735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-19A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.170(c) | 07/21/38 |  | 85494 | 85666074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-20A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.254(c) | 10/20/37 |  | 47750 | 47883008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-37A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.097(c) | 04/22/38 |  | 20000 | 20033320 |
| &nbsp;&nbsp; AlbaCore Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A2, 144A, 3 Month EURIBOR + 1.000% (Cap 3.200%, Floor 1.000%) | 3.014(c) | 06/15/34 | EUR | 9500 | 10920029 |
| &nbsp;&nbsp; Anchorage Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-18A, Class B1, 144A, 3 Month SOFR + 1.762% (Cap N/A, Floor 0.000%) | 5.666(c) | 04/15/34 |  | 6000 | 5993929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-24A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.335(c) | 07/15/37 |  | 124500 | 124816491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25A, Class A1, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.274(c) | 04/20/35 |  | 21000 | 21012491 |
| &nbsp;&nbsp; Anchorage Capital Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class ARR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.387(c) | 10/22/38 | EUR | 64200 | 73955582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class B1R, 144A, 3 Month EURIBOR + 2.100% (Cap N/A, Floor 2.100%) | 4.165(c) | 10/25/38 | EUR | 18400 | 21237031 |
| &nbsp;&nbsp; Apidos CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-44A, Class A1R, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.218(c) | 10/26/37 |  | 35350 | 35439110 |
| &nbsp;&nbsp; Armada Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class A, 144A, 3 Month EURIBOR + 1.190% (Cap N/A, Floor 1.190%) | 3.199(c) | 04/15/39 | EUR | 135850 | 156858963 |
| &nbsp;&nbsp; Atlas Senior Loan Fund Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-07A, Class A1R2, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 5.559(c) | 11/27/31 |  | 17068 | 17071111 |
| &nbsp;&nbsp; Aurium CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1RR, 144A, 3 Month EURIBOR + 0.930% (Cap N/A, Floor 0.930%) | 2.959(c) | 06/22/34 | EUR | 17000 | 19577463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A2RR, 144A, 3 Month EURIBOR + 1.180% (Cap 3.280%, Floor 1.180%) | 3.209(c) | 06/22/34 | EUR | 14000 | 16125788 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Aurium CLO DAC (Ireland), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class AR, 144A, 3 Month EURIBOR + 1.320% (Cap N/A, Floor 1.320%) | 3.333%(c) | 10/16/38 | EUR | 80474 | $92858192 |
| &nbsp;&nbsp; Avoca CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class ARRR, 144A, 3 Month EURIBOR + 1.290% (Cap N/A, Floor 1.290%) | 3.316(c) | 10/15/38 | EUR | 91000 | 104891150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 18A, Class BR, 144A, 3 Month EURIBOR + 1.950% (Cap N/A, Floor 1.950%) | 3.976(c) | 01/15/38 | EUR | 31700 | 36586323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29A, Class AR, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%) | 3.280(c) | 10/15/38 | EUR | 32000 | 36854204 |
| &nbsp;&nbsp; Bain Capital Credit CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class AR2, 144A, 3 Month SOFR + 1.230% (Cap N/A, Floor 1.230%) | 5.114(c) | 04/19/34 |  | 27000 | 27015301 |
| &nbsp;&nbsp; Bain Capital Credit CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-04A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.274(c) | 10/16/37 |  | 27000 | 27074250 |
| &nbsp;&nbsp; Bain Capital Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 0.880% (Cap N/A, Floor 0.880%) | 2.889(c) | 07/15/34 | EUR | 47750 | 54994836 |
| &nbsp;&nbsp; Barings CLO Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 5.382(c) | 03/31/38 |  | 30000 | 30073518 |
| &nbsp;&nbsp; Barings Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class AR, 144A, 3 Month EURIBOR + 0.960% (Cap N/A, Floor 0.960%) | 2.986(c) | 04/15/36 | EUR | 13600 | 15594661 |
| &nbsp;&nbsp; Barrow Hanley CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.504(c) | 04/20/37 |  | 43250 | 43403287 |
| &nbsp;&nbsp; Battalion CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-11A, Class AR2, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 4.995(c) | 04/24/34 |  | 35500 | 35497653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.184(c) | 03/09/34 |  | 49500 | 49533447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.325(c) | 10/15/37 |  | 27500 | 27575457 |
| &nbsp;&nbsp; Benefit Street Partners CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.336(c) | 10/15/34 |  | 11525 | 11524961 |
| &nbsp;&nbsp; BlueMountain CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-30A, Class AR2, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 5.055(c) | 04/15/35 |  | 71825 | 71842956 |
| &nbsp;&nbsp; BlueMountain Fuji Eur CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class B, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | 3.559(c) | 01/15/33 | EUR | 13200 | 15215112 |
| &nbsp;&nbsp; BNPP AM Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class AR, 144A, 3 Month EURIBOR + 0.600% (Cap N/A, Floor 0.600%) | 2.626(c) | 04/15/31 | EUR | 46196 | 52936486 |
| &nbsp;&nbsp; Broad River BSL Funding CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.316(c) | 07/20/34 |  | 19410 | 19410000 |
| &nbsp;&nbsp; Bryant Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-21A, Class AR, 144A, 3 Month SOFR + 1.270% (Cap N/A, Floor 1.270%) | 5.181(c) | 10/18/38 |  | 40500 | 40570016 |
| &nbsp;&nbsp; Capital Four CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | 3.795(c) | 10/25/36 | EUR | 85250 | 98464725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class B, 144A, 3 Month EURIBOR + 2.450% (Cap N/A, Floor 2.450%) | 4.515(c) | 10/25/36 | EUR | 19000 | 21952009 |
| &nbsp;&nbsp; Carlyle Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 2.764(c) | 03/15/32 | EUR | 6142 | 7067855 |
| &nbsp;&nbsp; Carlyle Global Market Strategies Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class AA1R, 144A, 3 Month EURIBOR + 0.730% (Cap N/A, Floor 0.730%) | 2.795(c) | 01/25/32 | EUR | 10559 | 12145684 |
| &nbsp;&nbsp; Carlyle US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1R2, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.270(c) | 10/21/37 |  | 16250 | 16284486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-05A, Class A1R, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 5.204(c) | 03/31/38 |  | 98380 | 98625950 |
| &nbsp;&nbsp; CarVal CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.277(c) | 10/22/37 |  | 20000 | 20053908 |
| &nbsp;&nbsp; CBAM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.812(c) | 10/17/38 |  | 29090 | 29102788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-11RA, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) | 5.326(c) | 01/20/35 |  | 57678 | 57700610 |
| &nbsp;&nbsp; CIFC Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.254(c) | 10/20/37 |  | 56010 | 56166201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-07A, Class AR, 144A, 3 Month SOFR + 1.090% (Cap N/A, Floor 1.090%) | 4.950(c) | 01/23/35 |  | 63250 | 63216256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.145(c) | 10/15/38 |  | 58300 | 58358125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A1, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.220(c) | 07/21/38 |  | 70150 | 70326729 |
| &nbsp;&nbsp; Clover CLO LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1RR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.414(c) | 04/20/37 |  | 35390 | 35491414 |
| &nbsp;&nbsp; Contego CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class AR, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | 3.226(c) | 10/15/37 | EUR | 102050 | 117764110 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 67

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; CQS US CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | 5.748%(c) | 01/25/37 |  | 41000 | $41105350 |
| &nbsp;&nbsp; CVC Cordatus Loan Fund DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%) | 2.644(c) | 09/15/31 | EUR | 51355 | 59190177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12A, Class A1R, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%) | 2.788(c) | 01/23/32 | EUR | 107063 | 123386215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12A, Class B2R, 144A | 2.100 | 01/23/32 | EUR | 15000 | 17227989 |
| &nbsp;&nbsp; Elevation CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%) | 5.504(c) | 04/20/37 |  | 32300 | 32412162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class A1, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | 5.754(c) | 10/20/36 |  | 25750 | 25821433 |
| &nbsp;&nbsp; Elmwood CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.234(c) | 10/20/37 |  | 48010 | 48125848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-02A, Class BRR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.584(c) | 10/20/37 |  | 47450 | 47548886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class A1RR, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.242(c) | 10/17/37 |  | 59650 | 59799059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-04A, Class BRR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.582(c) | 10/17/37 |  | 23500 | 23543113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-03A, Class AR, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%) | 5.414(c) | 04/20/37 |  | 36500 | 36605562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05A, Class AR1, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%) | 5.404(c) | 04/20/37 |  | 53915 | 54069143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) | 5.584(c) | 10/20/37 |  | 43000 | 43091345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.122(c) | 03/22/38 |  | 155000 | 155257997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-04A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.636(c) | 07/17/38 |  | 49000 | 49120947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05A, Class A, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.634(c) | 03/31/38 |  | 93500 | 93727579 |
| &nbsp;&nbsp; Gallatin CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.100% (Cap N/A, Floor 2.100%) | 6.012(c) | 10/14/35 |  | 115000 | 115212738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.364(c) | 10/20/37 |  | 102500 | 102839398 |
| &nbsp;&nbsp; Generate CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.314(c) | 07/20/37 |  | 21850 | 21910463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 08A, Class A1R2, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.264(c) | 01/20/38 |  | 39700 | 39814288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-18A, Class B, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.634(c) | 01/20/38 |  | 37500 | 37580415 |
| &nbsp;&nbsp; Golub Capital Partners CLO 37B Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-19RA, Class A1R3, 144A, 3 Month SOFR + 1.150% (Cap N/A, Floor 1.150%) | 5.040(c) | 10/20/36 |  | 80000 | 80000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-19RA, Class A2R3, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.290(c) | 10/20/36 |  | 3000 | 3005597 |
| &nbsp;&nbsp; Golub Capital Partners CLO 69M, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-70A, Class A1R, 144A, 3 Month SOFR + 1.120% (Cap N/A, Floor 1.120%) | 0.010(c) | 10/25/37 |  | 50000 | 50013650 |
| &nbsp;&nbsp; Greywolf CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) | 5.150(c) | 04/26/31 |  | 795 | 795491 |
| &nbsp;&nbsp; Grosvenor Place CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%) | 3.626(c) | 05/24/38 | EUR | 103000 | 118810995 |
| &nbsp;&nbsp; Harvest CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32A, Class A, 144A, 3 Month EURIBOR + 1.450% (Cap N/A, Floor 1.450%) | 3.515(c) | 07/25/37 | EUR | 39750 | 45941307 |
| &nbsp;&nbsp; Henley CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class AR, 144A, 3 Month EURIBOR + 0.970% (Cap N/A, Floor 0.970%) | 3.035(c) | 12/25/35 | EUR | 17250 | 19890655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class B2, 144A | 2.100 | 10/25/34 | EUR | 15000 | 16129651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class A, 144A, 3 Month EURIBOR + 1.200% (Cap N/A, Floor 1.200%) | 3.265(c) | 04/25/39 | EUR | 77200 | 89285286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A, 144A, 3 Month EURIBOR + 1.330% (Cap N/A, Floor 1.330%) | 3.255(c) | 03/25/38 | EUR | 121000 | 139303146 |
| &nbsp;&nbsp; HPS Loan Management Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-26A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 5.599(c) | 07/20/38 |  | 55750 | 55880845 |
| &nbsp;&nbsp; ICG Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month EURIBOR + 1.730% (Cap N/A, Floor 1.730%) | 3.795(c) | 01/26/38 | EUR | 99750 | 115232569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class B1, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%) | 4.815(c) | 01/26/38 | EUR | 20000 | 23132185 |
| &nbsp;&nbsp; ICG US CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R1A, Class A, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.278(c) | 01/25/38 |  | 45950 | 46082639 |
| &nbsp;&nbsp; Invesco Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class B2, 144A | 1.950 | 04/15/33 | EUR | 10000 | 11060081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class AR, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | 3.384(c) | 07/20/38 | EUR | 40000 | 46087931 |
| &nbsp;&nbsp; Jamestown CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-14A, Class A1RR, 144A, 3 Month SOFR + 1.040% (Cap N/A, Floor 1.040%) | 4.924(c) | 10/20/34 |  | 54500 | 54472494 |
| &nbsp;&nbsp; Jubilee CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-10A, Class A2RR, 144A, 3 Month EURIBOR + 1.000% (Cap 3.100%, Floor 1.000%) | 3.009(c) | 07/15/34 | EUR | 30000 | 34540259 |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%) | 5.346(c) | 01/15/31 |  | 224 | 224192 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; KKR CLO Ltd. (Cayman Islands), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%) | 5.316%(c) | 07/20/34 |  | 14750 | $14752348 |
| &nbsp;&nbsp; LCM Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 39A, Class BR, 144A, 3 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.655(c) | 10/15/34 |  | 25000 | 24983190 |
| &nbsp;&nbsp; Madison Park Euro Funding DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) | 2.826(c) | 07/15/32 | EUR | 93451 | 107449073 |
| &nbsp;&nbsp; Madison Park Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-19A, Class AR3, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.457(c) | 01/22/37 |  | 57750 | 57947222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1RR, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%) | 5.264(c) | 10/16/37 |  | 78750 | 78963208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A, Class A1R, 144A, 3 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.384(c) | 04/18/37 |  | 126465 | 126932617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-57A, Class A1R, 144A, 3 Month SOFR + 1.280% (Cap N/A, Floor 1.280%) | 5.138(c) | 07/27/34 |  | 78500 | 78554463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-70A, Class A1, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.532(c) | 09/04/38 |  | 50000 | 50122865 |
| &nbsp;&nbsp; Magnetite Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-42A, Class A1, 144A, 3 Month SOFR + 1.310% (Cap N/A, Floor 1.310%) | 5.168(c) | 01/25/38 |  | 70000 | 70140770 |
| &nbsp;&nbsp; Marathon CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-15A, Class A1B, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.661(c) | 08/15/37 |  | 55000 | 55160275 |
| &nbsp;&nbsp; Marble Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1RR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%) | 5.074(c) | 10/20/36 |  | 55000 | 55077715 |
| &nbsp;&nbsp; Market Street CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.330% (Cap N/A, Floor 1.330%) | 0.010(c) | 03/20/38 |  | 100100 | 100127327 |
| &nbsp;&nbsp; MidOcean Credit CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-03A, Class BR, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%) | 5.932(c) | 04/21/31 |  | 2242 | 2242681 |
| &nbsp;&nbsp; Monument CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) | 3.626(c) | 05/15/37 | EUR | 102500 | 118499931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A2, 144A, 3 Month EURIBOR + 1.580% (Cap N/A, Floor 1.580%) | 3.584(c) | 01/20/39 | EUR | 6000 | 6970138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class A, 144A, 3 Month EURIBOR + 1.380% (Cap N/A, Floor 1.380%) | 3.369(c) | 04/15/38 | EUR | 75650 | 87218638 |
| &nbsp;&nbsp; Mountain View CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-01A, Class ARR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%) | 5.173(c) | 10/12/30 |  | 22607 | 22606939 |
| &nbsp;&nbsp; Nassau Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class AR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%) | 3.359(c) | 10/15/39 | EUR | 53930 | 62100128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class B, 144A, 3 Month EURIBOR + 2.150% (Cap N/A, Floor 2.150%) | 4.154(c) | 07/20/38 | EUR | 20000 | 23091127 |
| &nbsp;&nbsp; Navesink CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class B, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 6.105(c) | 04/15/36 |  | 40000 | 40054700 |
| &nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-24A, Class AR2, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.244(c) | 10/19/38 |  | 28850 | 28922027 |
| &nbsp;&nbsp; NGC Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | 3.229(c) | 01/15/39 | EUR | 72550 | 83290509 |
| &nbsp;&nbsp; Northwoods Capital Euro DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A1R, 144A, 3 Month EURIBOR + 0.870% (Cap N/A, Floor 0.870%) | 2.885(c) | 07/22/34 | EUR | 98400 | 112988048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-21A, Class A2R, 144A, 3 Month EURIBOR + 1.150% (Cap 3.200%, Floor 1.150%) | 3.165(c) | 07/22/34 | EUR | 19000 | 21854543 |
| &nbsp;&nbsp; Northwoods Capital Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-11BA, Class A1R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.334(c) | 07/19/37 |  | 84529 | 84771395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-20A, Class AR2, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.198(c) | 10/25/38 |  | 75000 | 75201915 |
| &nbsp;&nbsp; Oak Hill Credit Partners Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-10RA, Class AR2, 144A, 3 Month SOFR + 1.130% (Cap N/A, Floor 1.130%) | 5.014(c) | 04/20/38 |  | 110300 | 110230732 |
| &nbsp;&nbsp; Obra CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.480% (Cap N/A, Floor 1.480%) | 5.364(c) | 01/20/38 |  | 87000 | 87283420 |
| &nbsp;&nbsp; Octagon Alto Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 5.024(c) | 10/20/36 |  | 105000 | 105103425 |
| &nbsp;&nbsp; Octagon Investment Partners Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A3R, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 5.684(c) | 10/20/37 |  | 35000 | 35090423 |
| &nbsp;&nbsp; Octagon Investment Partners Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-01A, Class BR3, 144A, 3 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 5.705(c) | 10/31/37 |  | 18750 | 18796954 |
| &nbsp;&nbsp; OFSI BSL CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-15A, Class A1, 144A, 3 Month SOFR + 1.240% (Cap N/A, Floor 1.240%) | 5.124(c) | 03/31/38 |  | 80000 | 80103576 |
| &nbsp;&nbsp; OFSI BSL Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10A, Class BR, 144A, 3 Month SOFR + 1.830% (Cap N/A, Floor 1.830%) | 5.714(c) | 04/20/34 |  | 25650 | 25607860 |
| &nbsp;&nbsp; Palmer Square European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02A, Class BR, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 0.010(c) | 03/15/38 | EUR | 24300 | 28009395 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 69

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Penta CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-03A, Class A1RR, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.266%(c) | 10/17/38 | EUR | 34750 | $40017385 |
| &nbsp;&nbsp; Pikes Peak CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 5.104(c) | 04/20/38 |  | 4900 | 4906155 |
| &nbsp;&nbsp; Pikes Peak CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-15A, Class AR, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%) | 5.104(c) | 10/20/38 |  | 41500 | 41548426 |
| &nbsp;&nbsp; Polen Capital CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%) | 5.204(c) | 03/06/38 |  | 49800 | 49889959 |
| &nbsp;&nbsp; PPM CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%) | 5.316(c) | 07/15/31 |  | 1680 | 1679707 |
| &nbsp;&nbsp; Providus CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class BRR, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%) | 3.909(c) | 10/15/38 | EUR | 27915 | 32191412 |
| &nbsp;&nbsp; Rad CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-10A, Class B, 144A, 3 Month SOFR + 1.662% (Cap N/A, Floor 1.400%) | 5.521(c) | 04/23/34 |  | 12000 | 11976712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A1, 144A, 3 Month SOFR + 1.600% (Cap N/A, Floor 1.600%) | 5.484(c) | 04/20/37 |  | 42200 | 42342758 |
| &nbsp;&nbsp; Ravensdale Park CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A, 144A, 3 Month EURIBOR + 1.170% (Cap N/A, Floor 1.170%) | 3.235(c) | 04/25/38 | EUR | 131500 | 151634468 |
| &nbsp;&nbsp; Regatta Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.285(c) | 09/06/37 |  | 96500 | 96774060 |
| &nbsp;&nbsp; Regatta VII Funding Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class A1R3, 144A, 3 Month SOFR + 1.070% (Cap N/A, Floor 1.070%) | 5.050(c) | 06/20/34 |  | 45000 | 44978531 |
| &nbsp;&nbsp; Rockford Tower CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-03A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.305(c) | 01/15/38 |  | 20500 | 20542339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.184(c) | 03/20/38 |  | 40250 | 40309168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.196(c) | 03/15/38 |  | 70600 | 70783143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A1, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.441(c) | 03/31/38 |  | 32000 | 32069056 |
| &nbsp;&nbsp; Rockford Tower Europe CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%) | 3.309(c) | 07/15/38 | EUR | 44500 | 51272767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 3 Month EURIBOR + 1.220% (Cap N/A, Floor 1.220%) | 3.285(c) | 10/25/37 | EUR | 133615 | 153703461 |
| &nbsp;&nbsp; Romark CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%) | 4.998(c) | 07/25/31 |  | 15038 | 15035695 |
| &nbsp;&nbsp; Shackleton CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05RA, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 0.262%) | 5.603(c) | 05/07/31 |  | 6196 | 6197973 |
| &nbsp;&nbsp; Signal Harmonic CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class BR, 144A, 3 Month EURIBOR + 2.050% (Cap N/A, Floor 2.050%) | 3.969(c) | 07/15/38 | EUR | 24600 | 28417260 |
| &nbsp;&nbsp; Signal Peak CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-08A, Class A1R, 144A, 3 Month SOFR + 1.390% (Cap N/A, Floor 1.390%) | 5.274(c) | 10/20/37 |  | 40000 | 40100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-14A, Class A, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.157(c) | 01/22/38 |  | 26600 | 26652910 |
| &nbsp;&nbsp; Signal Peak CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class A1R, 144A, 3 Month SOFR + 1.400% (Cap N/A, Floor 1.400%) | 5.284(c) | 07/18/37 |  | 50000 | 50107140 |
| &nbsp;&nbsp; Silver Rock CLO (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-03A, Class A1, 144A, 3 Month SOFR + 1.880% (Cap N/A, Floor 1.880%) | 5.764(c) | 01/20/36 |  | 45250 | 45359166 |
| &nbsp;&nbsp; Silver Rock CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1RR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.304(c) | 10/20/37 |  | 22600 | 22663257 |
| &nbsp;&nbsp; Sixth Street CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%) | 5.674(c) | 01/20/37 |  | 65000 | 65136032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-17A, Class A2R, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.332(c) | 04/17/38 |  | 3250 | 3253199 |
| &nbsp;&nbsp; Sona Fios CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1, 144A, 3 Month EURIBOR + 1.850% (Cap N/A, Floor 1.850%) | 3.859(c) | 07/15/36 | EUR | 74920 | 86446332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class A1, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%) | 3.586(c) | 02/15/37 | EUR | 61750 | 71324113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class A, 144A, 3 Month EURIBOR + 1.340% (Cap N/A, Floor 1.340%) | 3.372(c) | 08/25/38 | EUR | 31000 | 35749159 |
| &nbsp;&nbsp; Sound Point CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-01A, Class A, 144A, 3 Month SOFR + 1.340% (Cap N/A, Floor 1.340%) | 5.198(c) | 04/25/35 |  | 45000 | 45042475 |
| &nbsp;&nbsp; St. Pauls CLO (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11A, Class AR, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) | 2.866(c) | 01/17/32 | EUR | 18316 | 21063231 |
| &nbsp;&nbsp; St. Paul's CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 04A, Class ARR1, 144A, 3 Month EURIBOR + 0.830% (Cap N/A, Floor 0.830%) | 2.895(c) | 04/25/30 | EUR | 67816 | 77895214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 05A, Class ARR, 144A, 3 Month EURIBOR + 0.710% (Cap N/A, Floor 0.710%) | 2.738(c) | 02/20/30 | EUR | 101291 | 116402346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.890% (Cap N/A, Floor 0.890%) | 2.894(c) | 07/18/34 | EUR | 75050 | 86261388 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Collateralized Loan Obligations (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Symphony CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-26A, Class B1R, 144A, 3 Month SOFR + 1.762% (Cap N/A, Floor 1.500%) | 5.646%(c) | 04/20/33 |  | 10000 | $9992086 |
| &nbsp;&nbsp; TCW CLO AMR Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-01A, Class BR, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.750%) | 6.135(c) | 08/16/34 |  | 16600 | 16615800 |
| &nbsp;&nbsp; TCW CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R3, 144A, 3 Month SOFR + 1.050% (Cap N/A, Floor 0.000%) | 4.934(c) | 04/20/34 |  | 87500 | 87445837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%) | 5.245(c) | 03/31/38 |  | 20950 | 21011608 |
| &nbsp;&nbsp; THL Credit Wind River CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) | 5.454(c) | 07/20/37 |  | 43000 | 43124120 |
| &nbsp;&nbsp; Tikehau US CLO Ltd. (Bermuda), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%) | 5.754(c) | 01/20/36 |  | 105500 | 105749824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%) | 6.105(c) | 07/15/34 |  | 47250 | 47250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.855(c) | 01/15/36 |  | 27500 | 27573939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A1, 144A, 3 Month SOFR + 1.450% (Cap N/A, Floor 1.450%) | 5.334(c) | 07/18/37 |  | 56000 | 56158833 |
| &nbsp;&nbsp; Toro European CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 02A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | 3.055(c) | 07/25/34 | EUR | 83050 | 95580650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 03A, Class ARR, 144A, 3 Month EURIBOR + 0.990% (Cap N/A, Floor 0.990%) | 3.016(c) | 07/15/34 | EUR | 100250 | 115338488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) | 3.676(c) | 04/15/37 | EUR | 98750 | 113987400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10A, Class A, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%) | 3.276(c) | 04/15/38 | EUR | 149000 | 171416302 |
| &nbsp;&nbsp; Trimaran CAVU Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month SOFR + 1.360% (Cap N/A, Floor 1.360%) | 5.614(c) | 03/18/38 |  | 70750 | 70893092 |
| &nbsp;&nbsp; Trinitas Euro CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 06A, Class BR, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%) | 0.010(c) | 01/15/39 | EUR | 31600 | 36423740 |
| &nbsp;&nbsp; Vendome Funding CLO DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A1R, 144A, 3 Month EURIBOR + 0.950% (Cap N/A, Floor 0.950%) | 2.954(c) | 07/20/34 | EUR | 73900 | 85177888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 01A, Class A2R, 144A, 3 Month EURIBOR + 1.300% (Cap 3.400%, Floor 1.300%) | 3.304(c) | 07/20/34 | EUR | 24000 | 27662720 |
| &nbsp;&nbsp; Venture CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%) | 5.426(c) | 01/15/32 |  | 13590 | 13604322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-28AA, Class A1RR, 144A, 3 Month SOFR + 1.110% (Cap N/A, Floor 1.110%) | 4.994(c) | 10/20/34 |  | 57450 | 57429266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32A, Class A1, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) | 5.246(c) | 07/18/31 |  | 10058 | 10057933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-33A, Class BR, 144A, 3 Month SOFR + 1.812% (Cap N/A, Floor 0.000%) | 5.716(c) | 07/15/31 |  | 8000 | 7999619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class A1A, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%) | 5.296(c) | 04/15/34 |  | 10000 | 10004139 |
| &nbsp;&nbsp; Warwick Capital CLO Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class A1, 144A, 3 Month SOFR + 1.950% (Cap N/A, Floor 1.950%) | 5.855(c) | 01/15/37 |  | 50000 | 50128870 |
| &nbsp;&nbsp; Wellfleet CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-02A, Class AR, 144A, 3 Month SOFR + 1.420% (Cap N/A, Floor 1.420%) | 5.304(c) | 10/18/37 |  | 47690 | 47823360 |
| &nbsp;&nbsp; Wind River CLO Ltd. (Cayman Islands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-01A, Class A1R, 144A, 3 Month SOFR + 1.430% (Cap N/A, Floor 1.430%) | 5.314(c) | 07/20/37 |  | 41700 | 41813095 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644726941 |
| &nbsp;&nbsp; **Consumer Loans 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Affirm Asset Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1B, 144A | 5.930 | 02/15/29 |  | 3000 | 3009568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1C, 144A | 6.160 | 02/15/29 |  | 3000 | 3006925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class 1D, 144A | 6.890 | 02/15/29 |  | 2000 | 2008859 |
| &nbsp;&nbsp; Affirm Master Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03A, Class A, 144A | 4.450 | 10/16/34 |  | 35000 | 34905335 |
| &nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A4, 144A | 5.150 | 10/27/59 |  | 10019 | 10172286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A4, 144A | 4.890 | 06/25/60 |  | 18465 | 18608789 |
| &nbsp;&nbsp; GreenSky Home Improvement Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A3, 144A | 5.550 | 06/25/59 |  | 6300 | 6463641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A4, 144A | 5.670 | 06/25/59 |  | 8072 | 8264152 |
| &nbsp;&nbsp; Lending Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 2.320 | 04/21/31 |  | 15477 | 15198554 |
| &nbsp;&nbsp; Mariner Finance Issuance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A, 144A | 4.590 | 11/22/38 |  | 25600 | 25627661 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 71

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Consumer Loans (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-02A, Class A, 144A | 1.750% | 09/14/35 | 61029 | $59930484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01A, Class D, 144A | 7.490 | 06/14/38 | 1300 | 1356976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class C, 144A | 6.740 | 09/15/36 | 20700 | 21352907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-02A, Class D, 144A | 7.520 | 09/15/36 | 25130 | 25891130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.790 | 05/14/41 | 67000 | 70436591 |
|  |  |  |  | 306233858 |
| &nbsp;&nbsp; **Credit Cards 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Genesis Sales Finance Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A, 144A | 5.870 | 12/20/32 | 87700 | 88382631 |
| &nbsp;&nbsp; **Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; HPEFS Equipment Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class C, 144A | 4.790 | 09/20/32 | 6500 | 6534601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class D, 144A | 4.990 | 03/21/33 | 4500 | 4542370 |
| &nbsp;&nbsp; MetroNet Infrastructure Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A2, 144A | 5.400 | 08/20/55 | 58300 | 58990342 |
|  |  |  |  | 70067313 |
| &nbsp;&nbsp; **Home Equity Loans 1.7%** |  |  |  |  |
| &nbsp;&nbsp; ABFC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A1, 1 Month SOFR + 0.754% (Cap N/A, Floor 0.640%) | 4.746(c) | 04/25/33 | 793 | 793589 |
| &nbsp;&nbsp; ACE Securities Corp. Home Equity Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-HE01, Class M1, 1 Month SOFR + 1.089% (Cap N/A, Floor 0.975%) | 5.081(c) | 11/25/33 | 264 | 270180 |
| &nbsp;&nbsp; Asset-Backed Securities Corp. Home Equity Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE09, Class M1, 1 Month SOFR + 1.089% (Cap N/A, Floor 0.975%) | 5.081(c) | 12/25/34 | 939 | 885774 |
| &nbsp;&nbsp; Bear Stearns Asset-Backed Securities I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE08, Class M1, 1 Month SOFR + 1.089% (Cap N/A, Floor 0.975%) | 5.081(c) | 09/25/34 | 206 | 208883 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 6.377(cc) | 04/25/54 | 3034 | 3072722 |
| &nbsp;&nbsp; EFMT, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1, 144A | 5.431(cc) | 06/25/60 | 18693 | 18808973 |
| &nbsp;&nbsp; FIGRE Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL01, Class A1, 144A | 5.265(cc) | 07/25/55 | 9836 | 9849616 |
| &nbsp;&nbsp; Floating Rate Mortgage Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-02, Class M3, 1 Month SOFR + 3.039% (Cap N/A, Floor 2.925%) | 7.031(c) | 10/25/31 | 26 | 28825 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.683(c) | 01/25/55 | 46477 | 46602643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE01, Class A1, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.733(c) | 10/25/55 | 18466 | 18517285 |
| &nbsp;&nbsp; GSAA Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-07, Class AF2 | 5.995(cc) | 03/25/46 | 548 | 193096 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 5.884(c) | 03/20/54 | 5477 | 5497311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HE03, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 0.000%) | 5.784(c) | 05/20/54 | 3352 | 3362695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE02, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%) | 5.384(c) | 10/20/54 | 6984 | 6984248 |
| &nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-OPT01, Class A3, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) | 4.826(c) | 07/25/34 | 29 | 29613 |
| &nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE03, Class A4, 1 Month SOFR + 0.914% (Cap N/A, Floor 0.800%) | 4.906(c) | 03/25/34 | 483 | 484612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HE08, Class A7, 1 Month SOFR + 1.174% (Cap N/A, Floor 1.060%) | 5.166(c) | 09/25/34 | 663 | 704651 |
| &nbsp;&nbsp; New Century Home Equity Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-A, Class A, 144A, 1 Month SOFR + 0.834% (Cap N/A, Floor 0.720%) | 3.174(c) | 10/25/33 | 788 | 804425 |
| &nbsp;&nbsp; NLT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.038(cc) | 08/25/60 | 9147 | 9149733 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE02, Class A1, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | 5.633(c) | 08/25/55 | 38043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38187731 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Home Equity Loans (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; OBX Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE02, Class M1, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 0.000%) | 5.933%(c) | 08/25/55 | 6750 | $6775470 |
| &nbsp;&nbsp; RCKT Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 6.025(cc) | 02/25/44 | 7087 | 7136183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1A, 144A | 6.591(cc) | 05/25/44 | 3728 | 3780340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1A, 144A | 5.846(cc) | 08/25/44 | 17769 | 17923423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES07, Class A1A, 144A | 5.158(cc) | 10/25/44 | 23208 | 23213196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES08, Class A1A, 144A | 5.490(cc) | 11/25/44 | 38395 | 38626069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES09, Class A1A, 144A | 5.582(cc) | 12/25/44 | 47227 | 47616839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1A, 144A | 5.653(cc) | 01/25/45 | 54318 | 54852884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES07, Class A1A, 144A | 5.377(cc) | 07/25/55 | 19913 | 20065822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES08, Class A1A, 144A | 5.148(cc) | 08/25/55 | 77877 | 78239859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES09, Class A1A, 144A | 4.795(cc) | 09/25/55 | 19685 | 19617391 |
| &nbsp;&nbsp; Towd Point Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CES02, Class A1A, 144A | 7.294(cc) | 10/25/63 | 24235 | 24533472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES01, Class A1A, 144A | 5.848(cc) | 01/25/64 | 8288 | 8333884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES02, Class A1A, 144A | 6.125(cc) | 02/25/64 | 7972 | 8041915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES03, Class A1, 144A | 6.290(cc) | 05/25/64 | 24643 | 24915659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES05, Class A1, 144A | 5.167(cc) | 09/25/64 | 81273 | 81332065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES06, Class A1, 144A | 5.725(cc) | 11/25/64 | 45432 | 45788931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES01, Class A1, 144A | 5.705(cc) | 02/25/55 | 53522 | 54002347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES03, Class A1A, 144A | 5.278(cc) | 08/25/65 | 37391 | 37529637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES04, Class A1A, 144A | 5.091(cc) | 10/25/65 | 26900 | 26892683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRM01, Class A1, 144A | 5.799(cc) | 01/25/65 | 56644 | 57202060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FIX01, Class A1, 144A | 4.968(cc) | 09/25/65 | 14682 | 14655504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE01, Class A1A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.533(c) | 07/25/65 | 37342 | 37347884 |
|  |  |  |  | 902860122 |
| &nbsp;&nbsp; **Other 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Capital Street Master Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) | 5.549(c) | 10/16/28 | 71000 | 71320622 |
| &nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A | 5.350 | 10/20/46 | 12939 | 13086819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A | 5.380 | 02/20/49 | 29205 | 29576822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A | 5.320 | 06/20/49 | 24527 | 24755837 |
| &nbsp;&nbsp; GoodLeap Sustainable Home Solutions Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-04C, Class A, 144A | 6.480 | 03/20/57 | 23241 | 23075790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01GS, Class A, 144A | 6.250 | 06/20/57 | 41358 | 40623320 |
| &nbsp;&nbsp; PK Alift Loan Funding 7 LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02, Class A, 144A | 4.750 | 03/15/43 | 12700 | 12723379 |
| &nbsp;&nbsp; PMT Issuer Trust - FMSR, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) | 7.069(c) | 12/25/27 | 20000 | 20129418 |
| &nbsp;&nbsp; Sunrun Artemis Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02A, Class A1, 144A | 6.250 | 07/30/59 | 25372 | 25476690 |
| &nbsp;&nbsp; Sunrun Vesta Issuer LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A1, 144A | 5.490 | 10/30/59 | 15221 | 14947750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03A, Class A2, 144A | 5.880 | 10/30/59 | 65179 | 63223822 |
|  |  |  |  | 338940269 |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Countrywide Asset-Backed Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-BC05, Class 2A2, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%) | 4.806(c) | 12/25/33 | 216 | 217317 |
| &nbsp;&nbsp; Countrywide Asset-Backed Certificates Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-04, Class 1A, 1 Month SOFR + 0.534% (Cap N/A, Floor 0.420%) | 4.526(c) | 08/25/34 | 2726 | 2700931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-06, Class 2A5, 1 Month SOFR + 0.894% (Cap N/A, Floor 0.780%) | 4.886(c) | 11/25/34 | 247 | 240758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BC04, Class M1, 1 Month SOFR + 1.164% (Cap N/A, Floor 1.050%) | 5.156(c) | 11/25/34 | 4 | 5783 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 73

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Residential Mortgage-Backed Securities (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Credit-Based Asset Servicing & Securitization LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CB08, Class M1, 1 Month SOFR + 0.909% (Cap N/A, Floor 0.795%) | 3.266%(c) | 12/25/35 |  | 106 | $106024 |
| &nbsp;&nbsp; GSAMP Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR01, Class M1, 1 Month SOFR + 1.089% (Cap N/A, Floor 0.975%) | 5.081(c) | 06/25/34 |  | 777 | 844394 |
| &nbsp;&nbsp; LSF11 Boson Investments Sarl Compartment 2 (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPLA, Class A1, 144A, 3 Month EURIBOR + 2.000% (Cap N/A, Floor 0.000%) | 4.026(c) | 11/25/60 | EUR | 4801 | 5554471 |
| &nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-WMC03, Class M2, 1 Month SOFR + 1.959% (Cap N/A, Floor 1.845%) | 5.951(c) | 01/25/35 |  | 860 | 846735 |
| &nbsp;&nbsp; Specialty Underwriting & Residential Finance Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-BC02, Class M1, 1 Month SOFR + 1.239% (Cap N/A, Floor 1.125%) | 5.231(c) | 06/25/34 |  | 305 | 301675 |
| &nbsp;&nbsp; Structured Asset Investment Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-BC07, Class 3A2, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%) | 5.056(c) | 07/25/33 |  | 381 | 377408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A2, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%) | 5.031(c) | 09/25/34 |  | 528 | 550590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-BNC01, Class A4, 1 Month SOFR + 1.054% (Cap N/A, Floor 0.940%) | 3.845(c) | 09/25/34 |  | 408 | 429940 |
| &nbsp;&nbsp; TFS (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1^ | 0.000(s) | 04/16/40 | EUR | — (r) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%^ | 5.127(c) | 03/15/26 | EUR | 31365 | 27295047 |
|  |  |  |  |  | 39471074 |
| &nbsp;&nbsp; **Student Loans 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class A, 144A, 30 Day Average SOFR + 1.450% (Cap N/A, Floor 0.000%) | 5.633(c) | 06/25/47 |  | 28220 | 28406145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-EDU01, Class C, 144A, 30 Day Average SOFR + 1.800% (Cap N/A, Floor 0.000%) | 5.983(c) | 06/25/47 |  | 2490 | 2469338 |
| &nbsp;&nbsp; Laurel Road Prime Student Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class A, 144A | 0.000 | 02/25/43 |  | 82210 | 11234278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C, Class A, 144A | 0.000(cc) | 08/25/43 |  | 12769 | 12434464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-D, Class A, 144A | 0.000(cc) | 11/25/43 |  | 15903 | 15174380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, Class R, 144A | 0.000 | 10/25/48 |  | 23873 | 9697069 |
|  |  |  |  |  | 79415674 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $11,719,290,939) |  |  |  |  | 11846134169 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 9.1%** |  |  |  |  |  |
| &nbsp;&nbsp; 20 Times Square Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A(x) | 3.100(cc) | 05/15/35 |  | 39245 | 34045038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A(x) | 3.100(cc) | 05/15/35 |  | 40253 | 33912731 |
| &nbsp;&nbsp; ALA Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-OANA, Class A, 144A, 1 Month SOFR + 1.743% (Cap N/A, Floor 1.743%) | 5.776(c) | 06/15/40 |  | 16110 | 16170413 |
| &nbsp;&nbsp; ARES Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND03, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.532(c) | 04/15/42 |  | 47990 | 47990000 |
| &nbsp;&nbsp; Assurant Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01A, Class B, 144A | 4.206(cc) | 05/15/49 |  | 2113 | 2087575 |
| &nbsp;&nbsp; BANK, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK08, Class A3 | 3.229 | 11/15/50 |  | 8520 | 8388864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN20, Class A2 | 2.758 | 09/15/62 |  | 48568 | 45933701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN21, Class XB, IO | 0.349(cc) | 10/17/52 |  | 206158 | 2601178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN24, Class A2 | 2.707 | 11/15/62 |  | 69300 | 65097717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | 1.742 | 11/15/53 |  | 36888 | 32615829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK46, Class A21 | 6.725(cc) | 08/15/56 |  | 74030 | 77111084 |
| &nbsp;&nbsp; Bank of America Merrill Lynch Commercial Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB10, Class A3 | 2.903 | 07/15/49 |  | 1670 | 1665703 |
| &nbsp;&nbsp; BANK5, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-05YR2, Class A3 | 6.656(cc) | 07/15/56 |  | 43000 | 45261581 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class A, 144A | 2.937 | 08/14/36 |  | 17450 | 17016968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class B, 144A | 3.189 | 08/14/36 |  | 6970 | 6739720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class C, 144A | 3.391 | 08/14/36 |  | 5770 | 5504431 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class D, 144A | 3.609%(cc) | 08/14/36 | 21720 | $20439919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-ETC, Class E, 144A | 3.609(cc) | 08/14/36 | 13900 | 12899828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class B, 144A | 4.267(cc) | 08/05/38 | 7345 | 6845720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class C, 144A | 4.267(cc) | 08/05/38 | 10055 | 9162275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CHRS, Class D, 144A | 4.267(cc) | 08/05/38 | 19295 | 17341977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C03, Class A3 | 3.319 | 05/15/52 | 24500 | 23795022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C08, Class XB, IO | 1.017(cc) | 10/15/53 | 119592 | 5680512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C27, Class A3 | 6.014 | 07/15/57 | 25000 | 26285773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C29, Class A3 | 5.208 | 09/15/57 | 64600 | 66363102 |
| &nbsp;&nbsp; BBCCRE Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GTP, Class A, 144A | 3.966 | 08/10/33 | 14600 | 13445857 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B02, Class A3 | 3.544 | 02/15/51 | 11073 | 10884423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B10, Class A3 | 3.455 | 03/15/62 | 39420 | 38311440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class A4 | 3.281 | 05/15/52 | 61825 | 59579089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B12, Class A4 | 2.859 | 08/15/52 | 81000 | 77128459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B13, Class A3 | 2.701 | 08/15/57 | 38700 | 36435272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A3 | 3.090 | 12/15/62 | 48180 | 46477497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B14, Class A4 | 2.795 | 12/15/62 | 57600 | 54244328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A4 | 2.042 | 03/15/53 | 78000 | 70989688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A3 | 1.945 | 10/15/53 | 13000 | 12145643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | 1.704 | 12/17/53 | 37450 | 33081349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IG01, Class A2 | 2.677 | 09/15/43 | 28000 | 25483032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-V03, Class A3 | 6.363(cc) | 07/15/56 | 20000 | 20928274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V08, Class A3 | 6.189(cc) | 07/15/57 | 102300 | 108096093 |
| &nbsp;&nbsp; BFLD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class A, 144A, 1 Month SOFR + 1.890% (Cap N/A, Floor 1.890%) | 5.922(c) | 07/15/41 | 37000 | 37127187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VICT, Class B, 144A, 1 Month SOFR + 2.589% (Cap N/A, Floor 2.589%) | 6.621(c) | 07/15/41 | 7500 | 7481387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-WRHS, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.524(c) | 08/15/26 | 39027 | 39026575 |
| &nbsp;&nbsp; BFLD Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-EWEST, Class A, 144A, 1 Month SOFR + 1.550% (Cap N/A, Floor 1.550%) | 5.582(c) | 06/15/42 | 15800 | 15852082 |
| &nbsp;&nbsp; BLP Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 5.232(c) | 03/15/42 | 42510 | 42363872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-IND, Class C, 144A, 1 Month SOFR + 1.800% (Cap N/A, Floor 1.800%) | 5.832(c) | 03/15/42 | 4000 | 3982500 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-C05, Class A2 | 6.518 | 06/15/56 | 25000 | 25675450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-05C5, Class A3 | 5.857 | 02/15/57 | 18760 | 19604395 |
| &nbsp;&nbsp; BPR Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BRK02, Class A, 144A | 6.899(cc) | 10/05/38 | 77084 | 80603941 |
| &nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class B, 144A, 1 Month SOFR + 1.364% (Cap N/A, Floor 1.250%) | 5.396(c) | 11/15/38 | 9509 | 9503136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR02, Class A, 144A, 1 Month SOFR + 1.492% (Cap N/A, Floor 1.492%) | 5.525(c) | 10/15/41 | 70644 | 70731922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) | 5.723(c) | 08/15/39 | 81636 | 81738268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-COPT, Class A, 144A, 1 Month SOFR + 1.750% (Cap N/A, Floor 1.750%) | 5.782(c) | 08/15/42 | 17860 | 17871163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-SPOT, Class A, 144A, 1 Month SOFR + 1.443% (Cap N/A, Floor 1.443%) | 5.476(c) | 04/15/40 | 62615 | 62615340 |
| &nbsp;&nbsp; BX Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-LUNR, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%) | 5.532(c) | 06/15/40 | 33445 | 33466378 |
| &nbsp;&nbsp; CCUBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | 3.283(cc) | 11/15/50 | 28768 | 28152661 |
| &nbsp;&nbsp; CD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD04, Class A3 | 3.248 | 05/10/50 | 54227 | 53534062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A4 | 3.190 | 11/13/50 | 81000 | 79533471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CD07, Class A3 | 4.013 | 08/15/51 | 25927 | 25548919 |
| &nbsp;&nbsp; CF Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-P01, Class A1, 144A | 2.840(cc) | 04/15/52 | 22698 | 22568174 |
| &nbsp;&nbsp; CFK Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FAX, Class A, 144A | 4.075 | 01/15/39 | 14250 | 13955812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FAX, Class B, 144A | 4.362 | 01/15/39 | 21052 | 20492006 |
| &nbsp;&nbsp; CGMS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B01, Class A3 | 3.197 | 08/15/50 | 19032 | 18675411 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 75

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class A3 | 3.209% | 10/12/50 | 63251 | $61892944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P07, Class A3 | 3.442 | 04/14/50 | 15580 | 15406270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC41, Class A4 | 2.620 | 08/10/56 | 94960 | 89697402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC46, Class A4 | 2.477 | 02/15/53 | 90000 | 82813248 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-COR01, Class A4 | 3.091 | 10/10/49 | 6400 | 6307138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-COR02, Class A2 | 3.239 | 09/10/50 | 74027 | 72838417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-COR03, Class A2 | 3.961 | 05/10/51 | 54997 | 54239790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class A4 | 2.698 | 08/15/57 | 20000 | 18842076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class A, 144A | 6.338 | 08/10/44 | 29200 | 30756459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-277P, Class X, IO, 144A | 0.661(cc) | 08/10/44 | 97400 | 2413650 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-USA, Class A2, 144A | 3.953 | 09/15/37 | 94640 | 86181550 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class XB, IO | 0.250 | 08/15/48 | 86961 | 157025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A2 | 3.067 | 06/15/52 | 29312 | 28283379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A4 | 2.763 | 09/15/52 | 37150 | 35056869 |
| &nbsp;&nbsp; DBWF Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-85T, Class D, 144A | 3.808(cc) | 12/10/36 | 23960 | 22726549 |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | 3.071 | 06/10/50 | 6029 | 5905494 |
| &nbsp;&nbsp; FHLMC Multifamily Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0052, Class X1, IO | 0.706(cc) | 11/25/25 | 756 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0053, Class X1, IO | 0.938(cc) | 12/25/25 | 57931 | 31659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0055, Class X1, IO | 1.334(cc) | 03/25/26 | 232071 | 625942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0058, Class XAM, IO | 0.814(cc) | 08/25/26 | 59334 | 381814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0069, Class X1, IO | 0.340(cc) | 09/25/27 | 496118 | 2748343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0087, Class X1, IO | 0.353(cc) | 12/25/28 | 402204 | 3966171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0090, Class X1, IO | 0.705(cc) | 02/25/29 | 448755 | 9557457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0091, Class X1, IO | 0.559(cc) | 03/25/29 | 538560 | 9299481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0092, Class XAM, IO | 0.982(cc) | 04/25/29 | 53046 | 1689812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0093, Class X1, IO | 0.937(cc) | 05/25/29 | 375393 | 10427788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0095, Class X1, IO | 0.939(cc) | 06/25/29 | 498960 | 14412598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0096, Class XAM, IO | 1.393(cc) | 07/25/29 | 56489 | 2578327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0097, Class X1, IO | 1.083(cc) | 07/25/29 | 513088 | 17398817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0101, Class X1, IO | 0.828(cc) | 10/25/29 | 456471 | 13064013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0108, Class X1, IO | 1.690(cc) | 03/25/30 | 323811 | 19796133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0114, Class X1, IO | 1.111(cc) | 06/25/30 | 254446 | 11050326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K0735, Class X1, IO | 0.964(cc) | 05/25/26 | 199912 | 707408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K1513, Class X1, IO | 0.851(cc) | 08/25/34 | 329667 | 16869695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q001, Class XA, IO | 2.078(cc) | 02/25/32 | 22520 | 1345810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q002, Class XA, IO | 0.915(cc) | 07/25/33 | 27501 | 934043 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC22, Class XB, IO | 0.181(cc) | 06/10/47 | 37110 | 37719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class A4 | 3.506 | 10/10/48 | 322 | 317667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS06, Class A2 | 3.164 | 05/10/50 | 12934 | 12703509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS09, Class A3 | 3.727 | 03/10/51 | 10441 | 10316181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC39, Class A3 | 3.307 | 05/10/52 | 64721 | 62029225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC40, Class A3 | 2.904 | 07/10/52 | 50000 | 47772085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA01, Class A2 | 2.613 | 11/10/52 | 4941 | 4838055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA01, Class A3 | 2.794 | 11/10/52 | 42000 | 39865001 |
| &nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class XA, IO | 0.335(cc) | 09/15/47 | 2986 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5 | 3.639 | 11/15/47 | 546 | 536614 |
| &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-JP07, Class A4 | 3.195 | 09/15/50 | 70600 | 69067994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A3 | 3.763 | 03/10/52 | 31250 | 30706159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A4 | 3.758 | 03/10/52 | 31675 | 30660171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A5 | 4.029 | 03/10/52 | 4797 | 4599673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR05, Class A3 | 3.123 | 06/13/52 | 22100 | 21279025 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR05, Class XB, IO | 0.935%(cc) | 06/13/52 | 65497 | $1878113 |
| &nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.414 | 03/15/50 | 20481 | 20200193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class A4 | 3.147 | 10/15/50 | 67734 | 66406561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR06, Class A3 | 2.795 | 11/13/52 | 80750 | 75130672 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP03, Class A4 | 2.627 | 08/15/49 | 15160 | 14968743 |
| &nbsp;&nbsp; KRE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AIP04, Class A, 144A, 1 Month SOFR + 1.300% (Cap N/A, Floor 1.300%) | 5.332(c) | 03/15/42 | 33200 | 33158689 |
| &nbsp;&nbsp; LSTAR Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-05, Class A4, 144A | 3.390 | 03/10/50 | 8500 | 8407688 |
| &nbsp;&nbsp; MHC Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%) | 6.747(c) | 04/15/38 | 14566 | 14565600 |
| &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C34, Class A3 | 3.276 | 11/15/52 | 18615 | 18290652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-05C1, Class A3 | 5.635 | 03/15/58 | 45000 | 47072533 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS08, Class A4 | 3.809 | 12/15/48 | 5593 | 5581443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H01, Class A4 | 3.259 | 06/15/50 | 51175 | 50444769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H03, Class A4 | 3.914 | 07/15/51 | 6080 | 6007738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H04, Class A3 | 4.043 | 12/15/51 | 16356 | 16155595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class A3 | 3.158 | 06/15/52 | 37750 | 36539222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H07, Class A3 | 3.005 | 07/15/52 | 71545 | 68443571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L02, Class A3 | 3.806 | 03/15/52 | 37651 | 36716198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L03, Class A3 | 2.874 | 11/15/52 | 35041 | 33395316 |
| &nbsp;&nbsp; NRTH Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-PARK, Class A, 144A, 1 Month SOFR + 1.393% (Cap N/A, Floor 1.393%) | 5.543(c) | 10/15/40 | 35000 | 35010938 |
| &nbsp;&nbsp; NYC Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class A, 144A, 1 Month SOFR + 1.213% (Cap N/A, Floor 1.213%) | 5.245(c) | 02/15/42 | 49015 | 48708656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class C, 144A, 1 Month SOFR + 1.892% (Cap N/A, Floor 1.892%) | 5.924(c) | 02/15/42 | 18945 | 18873956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-03BP, Class D, 144A, 1 Month SOFR + 2.441% (Cap N/A, Floor 2.441%) | 6.473(c) | 02/15/42 | 25000 | 25011208 |
| &nbsp;&nbsp; One Bryant Park Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OBP, Class A, 144A | 2.516 | 09/15/54 | 7000 | 6459314 |
| &nbsp;&nbsp; SCG Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DLFN, Class A, 144A, 1 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) | 5.232(c) | 03/15/35 | 25990 | 25925329 |
| &nbsp;&nbsp; SG Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PREZ, Class A, 144A | 3.021 | 09/15/39 | 35000 | 32314804 |
| &nbsp;&nbsp; Shops at Crystals Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CSTL, Class A, 144A | 3.126 | 07/05/36 | 20955 | 20721060 |
| &nbsp;&nbsp; SREIT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFP, Class F, 144A, 1 Month SOFR + 2.739% (Cap N/A, Floor 2.625%) | 6.772(c) | 11/15/38 | 62913 | 62814811 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | 3.196 | 06/15/50 | 6639 | 6552049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class A4 | 3.212 | 11/15/50 | 22695 | 22108604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A4 | 3.320 | 12/15/50 | 29785 | 29330547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C10, Class A3 | 4.048 | 05/15/51 | 59378 | 59052738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class A4 | 3.977 | 06/15/51 | 40000 | 39791632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C15, Class A3 | 4.075 | 12/15/51 | 16998 | 16791354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class A3 | 3.344 | 04/15/52 | 31500 | 30213735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class XB, IO | 0.851(cc) | 04/15/52 | 96253 | 2554997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C17, Class A3 | 2.669 | 10/15/52 | 80672 | 76482033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class A3 | 2.782 | 12/15/52 | 22850 | 21494444 |
| &nbsp;&nbsp; UBS-Barclays Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C05, Class XB, IO, 144A | 0.071(cc) | 03/10/46 | 41314 | 413 |
| &nbsp;&nbsp; WCORE Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CORE, Class C, 144A, 1 Month SOFR + 2.241% (Cap N/A, Floor 2.241%) | 6.273(c) | 11/15/41 | 15200 | 15228500 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C34, Class XB, IO | 0.962(cc) | 06/15/49 | 36018 | 88269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C35, Class XB, IO | 0.922(cc) | 07/15/48 | 55952 | 197074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class A3 | 2.807 | 11/15/59 | 26739 | 26424122 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 77

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A4 | 3.157% | 09/15/50 | 37000 | $36294976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C43, Class A4 | 4.012(cc) | 03/15/51 | 1000 | 991226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A4 | 3.948 | 05/15/51 | 19843 | 19669620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C45, Class A3 | 3.920 | 06/15/51 | 23154 | 22998635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C47, Class A3 | 4.175 | 09/15/61 | 37090 | 37065308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class A4 | 3.466 | 05/15/52 | 34566 | 33819576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class A4 | 2.643 | 08/15/52 | 85852 | 81306699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C53, Class A3 | 2.787 | 10/15/52 | 6100 | 5769681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C54, Class A3 | 2.892 | 12/15/52 | 42492 | 40280567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A4 | 2.474 | 02/15/53 | 58725 | 54559929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01CHI, Class A, 144A | 5.307(cc) | 07/15/35 | 75100 | 75655642 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,849,634,912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,849,634,912) |  |  | 4717349972 |
| &nbsp;&nbsp; **CORPORATE BONDS 29.8%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.9%** |  |  |  |  |
| &nbsp;&nbsp; BAE Systems PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.400 | 04/15/30 | 17620 | 16967021 |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 | 196834 | 195729448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 02/01/26 | 8273 | 8234766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/01/28 | 14855 | 14545703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 03/01/38 | 15098 | 12670359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.600 | 05/01/34 | 14772 | 13400859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 03/01/48 | 2130 | 1543338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 11/01/48 | 990 | 741215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/49 | 44475 | 33628073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 08/01/59 | 14670 | 10553966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.705 | 05/01/40 | 22420 | 22867099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.805 | 05/01/50 | 23258 | 23137215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930 | 05/01/60 | 52200 | 51841825 |
| &nbsp;&nbsp; Bombardier, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.000 | 02/15/28 | 42750 | 42852600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 06/15/33 | 7645 | 8022051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.500 | 02/01/29 | 3675 | 3826520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 7.875 | 04/15/27 | 3737 | 3738869 |
| &nbsp;&nbsp; HEICO Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 08/01/28 | 9750 | 10041912 |
| &nbsp;&nbsp; L3Harris Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 06/01/29 | 15850 | 16288693 |
| &nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.850 | 06/15/26 | 1660 | 1652263 |
|  |  |  |  | 492283795 |
| &nbsp;&nbsp; **Agriculture 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Altria Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 3.400 | 02/04/41 | 56803 | 43875536 |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.259 | 03/25/28 | 41745 | 39911998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.557 | 08/15/27 | 12287 | 12159176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.390 | 08/15/37 | 69276 | 63496116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.834 | 02/20/31 | 4000 | 4226655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.343 | 08/02/30 | 10195 | 10987581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 10/19/32 | 5000 | 5830871 |
| &nbsp;&nbsp; BAT International Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.668 | 03/25/26 | 9736 | 9632733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.931 | 02/02/29 | 23565 | 24722897 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Agriculture (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bunge Ltd. Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.750% | 05/14/31 | 6500 | $5967674 |
| &nbsp;&nbsp; Imperial Brands Finance PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.625 | 07/01/35 | 1295 | 1318696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A, MTN | 5.500 | 02/01/30 | 10804 | 11174213 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.100 | 05/01/30 | 30645 | 27970672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 03/02/28 | 1802 | 1764427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 02/13/29 | 1198 | 1222774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 02/13/34 | 9347 | 9644886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(h) | 5.625 | 09/07/33 | 52304 | 55309508 |
| &nbsp;&nbsp; Reynolds American, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 08/15/35 | 1960 | 2048445 |
|  |  |  |  | 331264858 |
| &nbsp;&nbsp; **Airlines 0.3%** |  |  |  |  |
| &nbsp;&nbsp; American Airlines 2014-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.700 | 04/01/28 | 1361 | 1350437 |
| &nbsp;&nbsp; American Airlines 2015-1 Class A Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.375 | 11/01/28 | 5904 | 5808692 |
| &nbsp;&nbsp; American Airlines 2015-2 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.600 | 03/22/29 | 6888 | 6772725 |
| &nbsp;&nbsp; Delta Air Lines 2020-1 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates(a) | 2.000 | 12/10/29 | 21494 | 20609702 |
| &nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.750 | 10/20/28 | 10110 | 10178546 |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 38315 | 38715613 |
| &nbsp;&nbsp; United Airlines 2015-1 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates(a) | 3.450 | 06/01/29 | 6281 | 6157546 |
| &nbsp;&nbsp; United Airlines 2016-2 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 2.875 | 04/07/30 | 9955 | 9482411 |
| &nbsp;&nbsp; United Airlines 2018-1 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 3.500 | 09/01/31 | 8015 | 7702532 |
| &nbsp;&nbsp; United Airlines 2019-2 Class AA Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass-Through Certificates | 2.700 | 11/01/33 | 7523 | 6867697 |
| &nbsp;&nbsp; United Airlines, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.375 | 04/15/26 | 34860 | 34789668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 04/15/29 | 9665 | 9572097 |
| &nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc. (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.375 | 02/01/30 | 1925 | 1857779 |
|  |  |  |  | 159865445 |
| &nbsp;&nbsp; **Apparel 0.0%** |  |  |  |  |
| &nbsp;&nbsp; PVH Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 06/13/30 | 2240 | 2280779 |
| &nbsp;&nbsp; **Auto Manufacturers 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/12/32 | 1055 | 919366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/15/43 | 13282 | 10701729 |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/10/26 | 24254 | 23896441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/16/28 | 16452 | 15728193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 02/10/29 | 3279 | 3055692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 08/17/27 | 11147 | 11008653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.271 | 01/09/27 | 44065 | 43797455 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 79

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Auto Manufacturers (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950% | 05/28/27 | 2000 | $2001801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.113 | 05/03/29 | 3250 | 3236805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 11/05/26 | 864 | 867052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.800 | 03/05/27 | 4115 | 4161006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/08/29 | 18085 | 18391938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 05/17/27 | 12674 | 12852674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 11/07/29 | 12500 | 12747603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.950 | 03/06/26 | 8988 | 9036950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.350 | 03/06/30 | 1815 | 1943707 |
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/01/45 | 2660 | 2414454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 10/02/43 | 5906 | 6049090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.600 | 04/01/36 | 3260 | 3549089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.750 | 04/01/46 | 3172 | 3422510 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 01/05/28 | 20453 | 20265717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 10/06/26 | 7785 | 7772256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 01/17/27 | 4416 | 4420018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.350 | 01/08/31 | 84135 | 75137501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 10/15/28 | 1680 | 1595115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 08/20/27 | 2435 | 2369714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.550 | 07/15/29 | 720 | 745868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.650 | 01/17/29 | 2775 | 2873241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 06/23/28 | 1370 | 1419136 |
| &nbsp;&nbsp; Hyundai Capital America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.550 | 09/26/29 | 4000 | 4008014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.100 | 06/24/30 | 25370 | 25902388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.350 | 03/19/29 | 7175 | 7367047 |
| &nbsp;&nbsp; Volkswagen Group of America Finance LLC (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.950 | 08/15/29 | 1490 | 1508314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.050 | 03/27/28 | 32852 | 33306343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.250 | 03/22/29 | 23837 | 24347369 |
|  |  |  |  | 402820249 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.2%** |  |  |  |  |
| &nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.500 | 04/01/27 | 17897 | 17897000 |
| &nbsp;&nbsp; Aptiv Swiss Holdings Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.875(ff) | 12/15/54 | 4965 | 5058094 |
| &nbsp;&nbsp; Clarios Global LP/Clarios US Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 02/15/30 | 2150 | 2225830 |
| &nbsp;&nbsp; Dana, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 06/15/28 | 50 | 49995 |
| &nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/32 | 4000 | 4068702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 08/15/33 | 3650 | 3750176 |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 11/17/28 | 62743 | 62603051 |
|  |  |  |  | 95652848 |
| &nbsp;&nbsp; **Banks 8.4%** |  |  |  |  |
| &nbsp;&nbsp; Banco Santander SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 5.552(ff) | 03/14/28 | 40600 | 41257489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 2.749 | 12/03/30 | 6400 | 5802072 |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 6.250(ff) | 07/26/30(oo) | 36615 | 37228040 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series FF(a) | 5.875%(ff) | 03/15/28(oo) | 5595 | $5654802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 267035 | 244053760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.593(ff) | 07/21/28 | 77865 | 77176575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 1.898(ff) | 07/23/31 | 48286 | 43272345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.922(ff) | 10/24/31 | 14481 | 12915461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.496(ff) | 02/13/31 | 219885 | 204063161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.972(ff) | 02/04/33 | 26185 | 23875120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.194(ff) | 07/23/30 | 45315 | 43699782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.824(ff) | 01/20/28 | 26803 | 26698873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.083(ff) | 03/20/51 | 21644 | 17679972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.271(ff) | 07/23/29 | 1030 | 1033901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series N | 2.651(ff) | 03/11/32 | 40400 | 36935719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 4.450 | 03/03/26 | 21450 | 21454203 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.667(ff) | 03/10/32 | 7000 | 6344510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.894(ff) | 11/24/32 | 3745 | 3381972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.476(ff) | 11/11/29 | 5825 | 5830692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.942(ff) | 09/10/30 | 36172 | 36711842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.367(ff) | 02/25/31 | 6000 | 6181472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.501(ff) | 08/09/28 | 6885 | 7022700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.785(ff) | 02/25/36 | 6035 | 6295631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.692(ff) | 09/13/34 | 4100 | 4533992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 7.437(ff) | 11/02/33 | 4130 | 4738408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.836 | 05/09/28 | 7715 | 7750069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 5.088(ff) | 06/20/30 | 14912 | 15135998 |
| &nbsp;&nbsp; BNP Paribas SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A(a) | 1.904(ff) | 09/30/28 | 32200 | 30761063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.159(ff) | 09/15/29 | 19050 | 17861785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.591(ff) | 01/20/28 | 19375 | 18965294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 2.871(ff) | 04/19/32 | 27265 | 24638530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 3.132(ff) | 01/20/33 | 15150 | 13734551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.400 | 08/14/28 | 4458 | 4457622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 3.052(ff) | 01/13/31 | 28300 | 26589265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN(a) | 3.500 | 11/16/27 | 17175 | 16901109 |
| &nbsp;&nbsp; BPCE SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 5.936(ff) | 05/30/35 | 14539 | 15237265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN(a) | 3.500 | 10/23/27 | 4330 | 4257999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A, MTN | 3.250 | 01/11/28 | 6850 | 6712766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A, MTN | 4.875 | 04/01/26 | 1015 | 1015813 |
| &nbsp;&nbsp; CaixaBank SA (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 6.840(ff) | 09/13/34 | 18150 | 20231279 |
| &nbsp;&nbsp; Capital One NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 03/13/26 | 675 | 674480 |
| &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 | 12600 | 12594608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/05/26 | 15200 | 15306284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 04/30/29 | 20510 | 21598556 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series GG | 6.875(ff) | 08/15/30(oo) | 46837 | 48173939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series W | 4.000(ff) | 12/10/25(oo) | 31420 | 31352149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series X | 3.875(ff) | 02/18/26(oo) | 26270 | 26102604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 195755 | 182481949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.904(ff) | 11/03/42 | 53586 | 39565252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.057(ff) | 01/25/33 | 23165 | 21147792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 10/21/26 | 45302 | 44961300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.668(ff) | 07/24/28 | 12612 | 12502434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 01/12/26 | 21145 | 21109396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.785(ff) | 03/17/33 | 63929 | 60808247 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 81

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Citigroup, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.887%(ff) | 01/10/28 | 1700 | $1693372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.542(ff) | 09/19/30 | 21090 | 21212306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.450 | 09/29/27 | 470 | 471418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.750 | 05/18/46 | 42640 | 37969602 |
| &nbsp;&nbsp; Comerica, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982(ff) | 01/30/30 | 24593 | 25582152 |
| &nbsp;&nbsp; Credit Agricole SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A, MTN | 4.631(ff) | 09/11/28 | 19955 | 20054332 |
| &nbsp;&nbsp; Danske Bank A/S (Denmark), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 4.613(ff) | 10/02/30 | 19490 | 19599489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 5.705(ff) | 03/01/30 | 43015 | 44695760 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 2.129(ff) | 11/24/26 | 27405 | 27368332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 2.311(ff) | 11/16/27 | 2985 | 2923747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 4.950(ff) | 08/04/31 | 42157 | 42501781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.297(ff) | 05/09/31 | 7220 | 7386441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 5.373(ff) | 01/10/29 | 7070 | 7212155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes | 6.720(ff) | 01/18/29 | 12325 | 12898248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes(a) | 7.146(ff) | 07/13/27 | 8015 | 8160527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 3.729(ff) | 01/14/32 | 15400 | 14496936 |
| &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) | 5965 | 5848021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.431(ff) | 03/09/27 | 15995 | 15828876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.992(ff) | 01/27/32 | 48415 | 42839899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.615(ff) | 04/22/32 | 54500 | 49484311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.210(ff) | 04/22/42 | 110085 | 85375682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 16800 | 16642390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 01/26/27 | 41450 | 41313437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 10000 | 10005105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.800 | 07/08/44 | 12700 | 11842661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 6.750 | 10/01/37 | 216 | 242017 |
| &nbsp;&nbsp; Hamburg Commercial Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN, SOFR + 0.667% | 4.808(c) | 03/21/31 | 40000 | 38837756 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.013(ff) | 09/22/28 | 9365 | 8997258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.887(ff) | 08/14/27 | 1625 | 1644998 |
| &nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.709(ff) | 02/02/35 | 26415 | 27435627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.208(ff) | 08/21/29 | 9560 | 10033580 |
| &nbsp;&nbsp; Intesa Sanpaolo SpA (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A(a) | 7.778(ff) | 06/20/54 | 14870 | 17808529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Preferred Notes, 144A | 7.800 | 11/28/53 | 1820 | 2245418 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series CC, 3 Month SOFR + 2.842%(a) | 6.695(c) | 02/01/26(oo) | 30100 | 30269629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745% | 6.730(c) | 01/01/26(oo) | 89955 | 89975524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series KK | 3.650(ff) | 06/01/26(oo) | 28750 | 28416875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 1.953(ff) | 02/04/32 | 115410 | 102171020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.522(ff) | 04/22/31 | 63170 | 58719101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.545(ff) | 11/08/32 | 105105 | 94594677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 19240 | 17516466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.739(ff) | 10/15/30 | 127835 | 120815288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.300 | 04/01/26 | 15205 | 15159821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.702(ff) | 05/06/30 | 91135 | 89603354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.960(ff) | 01/29/27 | 7250 | 7243608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.964(ff) | 11/15/48 | 7285 | 5974902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.005(ff) | 04/23/29 | 52470 | 52316526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.565(ff) | 06/14/30 | 14310 | 14460243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.995(ff) | 07/22/30 | 8490 | 8706687 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Chase Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.110% | 12/08/26 | 2835 | $2868744 |
| &nbsp;&nbsp; Kasikornbank PCL (Thailand), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, EMTN | 3.343(ff) | 10/02/31 | 8650 | 8490321 |
| &nbsp;&nbsp; KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 2.550 | 10/01/29 | 13917 | 13047836 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 01/11/27 | 14595 | 14539862 |
| &nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.170 | 09/11/27 | 9800 | 9657667 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 65450 | 57955324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.699(ff) | 01/22/31 | 129705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121377282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 50085 | 49634501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 10525 | 10585203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.794(ff) | 02/13/32 | 69925 | 61090982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 | 88076 | 77067272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 2.802(ff) | 01/25/52 | 38692 | 25065241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.125 | 07/27/26 | 17990 | 17868869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.591(cc) | 07/22/28 | 29190 | 28887058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 5.250(ff) | 04/21/34 | 14145 | 14606546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, GMTN | 4.350 | 09/08/26 | 14335 | 14359724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 3.950 | 04/23/27 | 16325 | 16283808 |
| &nbsp;&nbsp; PNC Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 4.050 | 07/26/28 | 1200 | 1197994 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.450 | 04/23/29 | 4815 | 4720565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.582(ff) | 06/12/29 | 30325 | 31381099 |
| &nbsp;&nbsp; Rheinland-Pfalz Bank (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A(a) | 6.875 | 02/23/28 | 10500 | 11017360 |
| &nbsp;&nbsp; Societe Generale SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Non-Preferred Notes, 144A | 1.488(ff) | 12/14/26 | 47800 | 47630520 |
| &nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.954(ff) | 07/08/33 | 7500 | 7648145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.246(ff) | 07/08/36 | 89230 | 91777811 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series N | 6.669(ff) | 03/01/26(oo) | 34643 | 34811525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.873(ff) | 01/26/29 | 555 | 562285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.867(ff) | 06/08/34 | 11290 | 11945786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 7.161(ff) | 10/30/29 | 20905 | 22602594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, MTN | 3.875 | 03/19/29 | 7090 | 6984924 |
| &nbsp;&nbsp; U.S. Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.836(ff) | 06/12/34 | 2155 | 2297838 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 04/17/26 | 4065 | 4071856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.305(ff) | 02/02/27 | 4900 | 4861894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.364(ff) | 01/30/27 | 17775 | 17637501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.746(ff) | 02/11/33 | 22794 | 20371276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.126(ff) | 08/13/30 | 14130 | 13512775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.869(ff) | 01/12/29 | 8734 | 8665539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.125 | 04/15/26 | 2440 | 2440113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.194(ff) | 04/01/31 | 1150 | 1137874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.282 | 01/09/28 | 1206 | 1206571 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.068(ff) | 04/30/41 | 64795 | 50508030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.150(ff) | 04/23/31 | 19465 | 20075700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 2.572(ff) | 02/11/31 | 189245 | 176259712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.879(ff) | 10/30/30 | 55529 | 52679229 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 83

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Wells Fargo & Co., (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.350%(ff) | 03/02/33 |  | 41995 | $39164470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 4.478(ff) | 04/04/31 |  | 20974 | 21103239 |
|  |  |  |  |  | 4354728241 |
| &nbsp;&nbsp; **Beverages 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 02/01/36 |  | 52960 | 52651000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/01/46 |  | 31653 | 29756498 |
| &nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.439 | 10/06/48 |  | 2330 | 2043048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.000 | 11/15/39 |  | 1880 | 2405608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.200 | 01/15/39 |  | 445 | 574141 |
|  |  |  |  |  | 87430295 |
| &nbsp;&nbsp; **Biotechnology 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 03/02/53 |  | 18280 | 18240114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 03/02/63 |  | 21500 | 21485093 |
| &nbsp;&nbsp; Gilead Sciences, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 12/01/41 |  | 1200 | 1253842 |
|  |  |  |  |  | 40979049 |
| &nbsp;&nbsp; **Building Materials 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Camelot Return Merger Sub, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.750 | 08/01/28 |  | 1900 | 1759318 |
| &nbsp;&nbsp; Cemex SAB de CV (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.125 | 03/19/26 | EUR | 750 | 861462 |
| &nbsp;&nbsp; Owens Corning, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 08/15/26 |  | 3315 | 3292012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 07/15/47 |  | 14585 | 12125760 |
| &nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 03/01/32 |  | 16435 | 17060628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/01/33 |  | 2320 | 2412649 |
| &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 |  | 2709 | 2698144 |
| &nbsp;&nbsp; Standard Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 01/15/31 |  | 15125 | 13783584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.375 | 07/15/30 |  | 50 | 48238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 01/15/28 |  | 1325 | 1319895 |
|  |  |  |  |  | 55361690 |
| &nbsp;&nbsp; **Chemicals 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Ashland, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 05/15/43 |  | 11140 | 11579365 |
| &nbsp;&nbsp; Braskem Netherlands Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 01/10/28 |  | 2600 | 1166750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/10/28 |  | 15682 | 7037298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.500 | 01/31/30 |  | 11857 | 4742800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.500 | 01/12/31 |  | 47933 | 19959301 |
| &nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850 | 11/15/28 |  | 4475 | 4627269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 7.050 | 11/15/30 |  | 4375 | 4443470 |
| &nbsp;&nbsp; CF Industries, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 06/01/43 |  | 6755 | 6189722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.375 | 03/15/44 |  | 2751 | 2645478 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Dow Chemical Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.800% | 05/15/49 |  | 10718 | $8757617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 11/15/41 |  | 2101 | 1929790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.550 | 11/30/48 |  | 504 | 456938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.400 | 05/15/39 |  | 125 | 162287 |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.419 | 11/15/48 |  | 1960 | 1971462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.725 | 11/15/28 |  | 24220 | 24637953 |
| &nbsp;&nbsp; FMC Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 10/01/49 |  | 12925 | 9227685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.650 | 05/18/33 |  | 1600 | 1529874 |
| &nbsp;&nbsp; LYB International Finance III LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 10/01/40 |  | 3785 | 2800721 |
| &nbsp;&nbsp; Mosaic Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 11/15/43 |  | 3376 | 3307077 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 06/01/43 |  | 3370 | 3108158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 01/15/45 |  | 8000 | 7600288 |
| &nbsp;&nbsp; OCP SA (Morocco), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 3.750 | 06/23/31 |  | 4572 | 4274820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 05/02/34 |  | 28050 | 30392175 |
| &nbsp;&nbsp; Sasol Financing USA LLC (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 09/27/28 |  | 7510 | 7401931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 8.750 | 05/03/29 |  | 15000 | 15232500 |
|  |  |  |  |  | 185182729 |
| &nbsp;&nbsp; **Commercial Services 0.7%** |  |  |  |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 03/01/28 |  | 1714 | 1714976 |
| &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 |  | 25075 | 24496381 |
| &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(a) | 4.625 | 06/01/28 |  | 20190 | 19723409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 06/01/28 |  | 14970 | 14653385 |
| &nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.000 | 04/15/29 |  | 2656 | 2518840 |
| &nbsp;&nbsp; Boost Newco Borrower LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/15/31 |  | 950 | 1007038 |
| &nbsp;&nbsp; California Institute of Technology, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 09/01/2119 |  | 39775 | 26049128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 11/01/2111 |  | 2105 | 1767971 |
| &nbsp;&nbsp; DCLI Bidco LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Mortgage, 144A | 7.750 | 11/15/29 |  | 19436 | 19756458 |
| &nbsp;&nbsp; DP World Ltd. (United Arab Emirates), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.375 | 09/25/26 | EUR | 22944 | 26372087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 6.850 | 07/02/37 |  | 2000 | 2300000 |
| &nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.300 | 12/01/26 |  | 10390 | 10309291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.800 | 11/01/25 |  | 17535 | 17535000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.700 | 06/01/34 |  | 1840 | 2081349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 10/15/37 |  | 4090 | 4753035 |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 08/15/27 |  | 9080 | 9166467 |
| &nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 06/15/30 |  | 12960 | 13569737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.250 | 06/15/33 |  | 6000 | 6327515 |
| &nbsp;&nbsp; Johns Hopkins University, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A(a) | 2.813 | 01/01/60 |  | 8040 | 4786152 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 85

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Leland Stanford Junior University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes(a) | 3.647% | 05/01/48 | 5345 | $4271661 |
| &nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes(a) | 3.885 | 07/01/2116 | 18113 | 13066052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.678 | 07/01/2114 | 3000 | 2598102 |
| &nbsp;&nbsp; President & Fellows of Harvard College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 2.517 | 10/15/50 | 8950 | 5587512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.150 | 07/15/46 | 9930 | 7390999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.300 | 07/15/56 | 5630 | 3981219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.619 | 10/01/37 | 3710 | 3316094 |
| &nbsp;&nbsp; Trustees of Princeton University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.516 | 07/01/50 | 6310 | 3981035 |
| &nbsp;&nbsp; Trustees of the University of Pennsylvania (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.610 | 02/15/2119 | 1065 | 699668 |
| &nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 3.750 | 01/15/32 | 5275 | 4911217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 3.875 | 02/15/31 | 1200 | 1137402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.875 | 01/15/28 | 62805 | 62746852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.250 | 01/15/30 | 6492 | 6540836 |
| &nbsp;&nbsp; University of Chicago (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20B | 2.761 | 04/01/45 | 6560 | 5202048 |
| &nbsp;&nbsp; University of Southern California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 3.226 | 10/01/2120 | 5210 | 3132432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | 3.841 | 10/01/47 | 9375 | 7680744 |
|  |  |  |  | 345132092 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Accenture Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.250 | 10/04/31 | 13380 | 13352029 |
| &nbsp;&nbsp; Leidos, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 02/15/31 | 20140 | 18022241 |
| &nbsp;&nbsp; NCR Atleos Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.500 | 04/01/29 | 10758 | 11614871 |
|  |  |  |  | 42989141 |
| &nbsp;&nbsp; **Cosmetics/Personal Care 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Gillette Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, 3 Month SOFR + (0.038)% | 3.938(c) | 04/02/43 | 6519 | 6468911 |
| &nbsp;&nbsp; **Diversified Financial Services 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Aircraft Finance Co. Ltd. (China), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series B | 4.100 | 03/29/26 | 339 | 338057 |
| &nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes^ | 5.610 | 05/03/27 | 43775 | 43900372 |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.200 | 12/12/28 | 37660 | 40057525 |
| &nbsp;&nbsp; CDP Financial, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.600 | 11/25/39 | 700 | 755792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.600 | 11/25/39 | 2195 | 2369946 |
| &nbsp;&nbsp; Charles Schwab Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H(a) | 4.000(ff) | 12/01/30(oo) | 28365 | 26601294 |
| &nbsp;&nbsp; goeasy Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 02/15/31 | 4675 | 4569813 |
| &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) | 7.460(c) | 05/31/26(d) | 196471 | 174859216 |
| &nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 08/15/28 | 4900 | 4640559 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount <br> (000)#** | **Principal Amount <br> (000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** | &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |
| &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** | &nbsp;&nbsp; **Diversified Financial Services (cont'd.)** |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.750% | 10/15/32 |  | 39020 | $33690951 |
| &nbsp;&nbsp; Nuveen LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.850 | 04/15/34 |  | 4510 | 4751482 |
| &nbsp;&nbsp; OneMain Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 09/15/28 |  | 10325 | 9965722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 05/15/29 |  | 14255 | 14671838 |
| &nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 02/15/29 |  | 26225 | 25473517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 12/15/29 |  | 8295 | 8813768 |
| &nbsp;&nbsp; Power Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 1.841 | 09/21/28 | EUR | 3060 | 3391456 |
| &nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 03/01/31 |  | 11425 | 10737993 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409589301 |
| &nbsp;&nbsp; **Electric 2.4%** |  |  |  |  |  |
| &nbsp;&nbsp; AEP Transmission Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 12/01/26 |  | 1300 | 1286631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 12/01/47 |  | 5595 | 4372802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 06/15/49 |  | 7345 | 5682221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series M | 3.650 | 04/01/50 |  | 7206 | 5471463 |
| &nbsp;&nbsp; Avangrid, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.800 | 06/01/29 |  | 21920 | 21561972 |
| &nbsp;&nbsp; Caledonia Generating LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 1.950 | 02/28/34 |  | 11866 | 10569143 |
| &nbsp;&nbsp; Calpine Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 02/01/29 |  | 16692 | 16582190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 02/01/31 |  | 31865 | 31901234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 03/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27041 | 27040168 |
| &nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 3.950 | 03/01/48 |  | 6685 | 5389856 |
| &nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 03/01/30 |  | 22696 | 21502002 |
| &nbsp;&nbsp; Cleveland Electric Illuminating Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.500 | 04/01/28 |  | 4415 | 4343401 |
| &nbsp;&nbsp; CMS Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes | 4.750(ff) | 06/01/50 |  | 23485 | 23104612 |
| &nbsp;&nbsp; Comision Federal de Electricidad (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.688 | 05/15/29 |  | 5000 | 4922500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.688 | 05/15/29 |  | 45602 | 44895169 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 03/01/45 |  | 2665 | 2122179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.350 | 11/15/45 |  | 2780 | 2414460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.450 | 01/15/38 |  | 690 | 776113 |
| &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 06/15/46 |  | 7580 | 6073888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C(a) | 4.300 | 12/01/56 |  | 2920 | 2376581 |
| &nbsp;&nbsp; Dominion Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series C | 3.375 | 04/01/30 |  | 665 | 639067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series D | 2.850 | 08/15/26 |  | 5685 | 5629577 |
| &nbsp;&nbsp; DTE Energy Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.850 | 10/01/26 |  | 37340 | 36943506 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 03/15/48 |  | 6745 | 5426074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.250 | 12/15/41 |  | 6000 | 5330014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage(a) | 4.950 | 01/15/33 |  | 19765 | 20362515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 3.750 | 06/01/45 |  | 3045 | 2426198 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 87

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br> (000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.000% | 09/30/42 | 1025 | $873596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 6.000 | 01/15/38 | 3675 | 3993628 |
| &nbsp;&nbsp; Duke Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 09/01/26 | 12485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12333285 |
| &nbsp;&nbsp; Duke Energy Progress LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.100 | 03/15/43 | 2410 | 2062738 |
| &nbsp;&nbsp; El Paso Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 05/15/35 | 750 | 783734 |
| &nbsp;&nbsp; Emera US Finance LP (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 06/15/26 | 4959 | 4933153 |
| &nbsp;&nbsp; Enel Finance International NV (Italy), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 2.125 | 07/12/28 | 16155 | 15284163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 04/06/28 | 13415 | 13171545 |
| &nbsp;&nbsp; Entergy Louisiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | 3.120 | 09/01/27 | 12955 | 12763358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | 3.250 | 04/01/28 | 5000 | 4920983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | 4.200 | 09/01/48 | 29046 | 23953201 |
| &nbsp;&nbsp; Eskom Holdings (South Africa), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, 144A, MTN(a) | 6.350 | 08/10/28 | 22487 | 23158799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes, MTN | 6.350 | 08/10/28 | 22062 | 22721102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 8.450 | 08/10/28 | 40406 | 43174462 |
| &nbsp;&nbsp; FirstEnergy Transmission LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.450 | 07/15/44 | 815 | 796545 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 12/01/47 | 10130 | 7940603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 03/01/48 | 8210 | 6691782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 3.300 | 05/30/27 | 9415 | 9327206 |
| &nbsp;&nbsp; Fortis, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.055 | 10/04/26 | 25625 | 25373783 |
| &nbsp;&nbsp; Georgia Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 10-C(a) | 4.750 | 09/01/40 | 1050 | 1004889 |
| &nbsp;&nbsp; Hydro-Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series FSA | 8.250 | 04/15/26 | 50 | 50829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series FSA | 8.625 | 06/15/29 | 130 | 149558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series GH(a) | 8.250 | 04/15/26 | 304 | 309043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HE | 8.625 | 06/15/29 | 18667 | 21475404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HH | 8.500 | 12/01/29 | 15025 | 17462748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HK(a) | 9.375 | 04/15/30 | 7750 | 9339839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series HQ | 9.500 | 11/15/30 | 29000 | 35691393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series MBIA | 8.250 | 04/15/26 | 25 | 25415 |
| &nbsp;&nbsp; Iberdrola International BV (Spain), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 09/15/33 | 15 | 16390 |
| &nbsp;&nbsp; Interstate Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.100 | 09/26/28 | 3260 | 3252707 |
| &nbsp;&nbsp; IPALCO Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 05/01/30 | 6350 | 6214381 |
| &nbsp;&nbsp; Israel Electric Corp. Ltd. (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, GMTN | 4.250 | 08/14/28 | 27660 | 27309824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, EMTN | 7.750 | 12/15/27 | 8000 | 8478800 |
| &nbsp;&nbsp; John Sevier Combined Cycle Generation LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.626 | 01/15/42 | 1363 | 1331185 |
| &nbsp;&nbsp; MidAmerican Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.250 | 07/15/49 | 1865 | 1559504 |
| &nbsp;&nbsp; Nevada Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 5.375 | 09/15/40 | 500 | 505336 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.800(ff) | 12/01/77 | 12235 | 11968601 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; NRG Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750% | 01/15/28 |  | 12825 | $12873863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/29 |  | 875 | 832474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/31 |  | 9900 | 9245111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.875 | 02/15/32 |  | 8600 | 7983340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 06/15/29 |  | 7560 | 7593135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 10.250(ff) | 03/15/28(oo) |  | 8650 | 9489219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/34 |  | 12530 | 12612199 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.300 | 08/01/40 |  | 1970 | 1495934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 12/01/47 |  | 30960 | 23300966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.000 | 12/01/46 |  | 785 | 593601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 07/01/40 |  | 32080 | 27899627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.750 | 02/15/44 |  | 5535 | 4723636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.950 | 07/01/50 |  | 23061 | 19812844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.900 | 06/15/32 |  | 7000 | 7326845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.400 | 06/15/33 |  | 10600 | 11417586 |
| &nbsp;&nbsp; PacifiCorp, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.700 | 09/15/30 |  | 10355 | 9574033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.300 | 03/15/51 |  | 4510 | 2981816 |
| &nbsp;&nbsp; PECO Energy Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.375 | 08/15/52 |  | 4050 | 3437937 |
| &nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 11/05/31 | EUR | 10974 | 11348719 |
| &nbsp;&nbsp; PG&E Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes(a) | 7.375(ff) | 03/15/55 |  | 1325 | 1363655 |
| &nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.150 | 06/15/48 |  | 8855 | 7426687 |
| &nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.100 | 06/15/48 |  | 2945 | 2387837 |
| &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, MTN | 3.650 | 09/01/42 |  | 1990 | 1619180 |
| &nbsp;&nbsp; Puget Sound Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage(a) | 4.223 | 06/15/48 |  | 11280 | 9325077 |
| &nbsp;&nbsp; Rochester Gas & Electric Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, 144A | 3.100 | 06/01/27 |  | 17545 | 17286177 |
| &nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350 | 05/15/40 |  | 9512 | 9527540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR | 3.750 | 06/01/47 |  | 1665 | 1287819 |
| &nbsp;&nbsp; SCE Recovery Funding LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series A-2 | 5.112 | 12/14/49 |  | 1100 | 1073123 |
| &nbsp;&nbsp; Sempra, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 02/01/28 |  | 7758 | 7613617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 02/01/38 |  | 5485 | 4713366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.000 | 02/01/48 |  | 8300 | 6432786 |
| &nbsp;&nbsp; Southern Power Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 09/15/41 |  | 725 | 702064 |
| &nbsp;&nbsp; Tucson Electric Power Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 09/15/34 |  | 24470 | 24992378 |
| &nbsp;&nbsp; Union Electric Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.950 | 06/15/27 |  | 6045 | 5960070 |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 11/30/37 |  | 6000 | 6649864 |
| &nbsp;&nbsp; Vistra Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 7.000(ff) | 12/15/26(oo) |  | 28350 | 28652228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, 144A | 8.000(ff) | 10/15/26(oo) |  | 92575 | 94878129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series C, 144A | 8.875(ff) | 01/15/29(oo) |  | 23450 | 25768786 |
| &nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 05/01/29 |  | 26000 | 25537712 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 89

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Vistra Operations Co. LLC, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000% | 07/31/27 | 48211 | $48229619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.625 | 02/15/27 | 11464 | 11466668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 04/15/32 | 2095 | 2200951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.700 | 01/30/27 | 1800 | 1785242 |
| &nbsp;&nbsp; VoltaGrid LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.375 | 11/01/30 | 11195 | 11384760 |
|  |  |  |  | 1242357268 |
| &nbsp;&nbsp; **Electrical Components & Equipment 0.0%** |  |  |  |  |
| &nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 03/15/29 | 9075 | 9362286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.625 | 03/15/32 | 6770 | 7075314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 06/15/28 | 3595 | 3644405 |
|  |  |  |  | 20082005 |
| &nbsp;&nbsp; **Electronics 0.0%** |  |  |  |  |
| &nbsp;&nbsp; TD SYNNEX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 08/09/26 | 20000 | 19601630 |
| &nbsp;&nbsp; **Engineering & Construction 0.2%** |  |  |  |  |
| &nbsp;&nbsp; AECOM, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 08/01/33 | 1245 | 1278658 |
| &nbsp;&nbsp; GMR Hyderabad International Airport Ltd. (India), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/27/27 | 2275 | 2244430 |
| &nbsp;&nbsp; Mexico City Airport Trust (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 10/31/26 | 1000 | 996370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 07/31/47 | 13000 | 11412960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 04/30/28 | 17976 | 17561833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.250 | 10/31/26 | 16218 | 16159129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 10/31/46 | 3377 | 2970274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.500 | 07/31/47 | 68904 | 60492200 |
|  |  |  |  | 113115854 |
| &nbsp;&nbsp; **Entertainment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Brightstar Lottery PLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/27 | 5650 | 5677063 |
| &nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.625 | 10/15/29 | 40445 | 38064066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 02/15/30 | 8780 | 9038216 |
| &nbsp;&nbsp; Voyager Parent LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.250 | 07/01/32 | 17830 | 18705226 |
| &nbsp;&nbsp; Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 03/15/33 | 5530 | 5626365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.125 | 02/15/31 | 1200 | 1287697 |
|  |  |  |  | 78398633 |
| &nbsp;&nbsp; **Foods 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Ahold Finance USA LLC (Netherlands), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 05/01/29 | 11989 | 13023688 |
| &nbsp;&nbsp; Albertson's Cos., Inc./Safeway, Inc./New Albertson's LP/Albertson's LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 01/15/27 | 3935 | 3925626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.500 | 02/15/28 | 5050 | 5144643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 03/31/31 | 2395 | 2413733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 03/31/34 | 3775 | 3792194 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Foods (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; B&G Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250% | 09/15/27 |  | 22928 | $22062031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 8.000 | 09/15/28 |  | 31479 | 29618244 |
| &nbsp;&nbsp; Bellis Acquisition Co. PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.000 | 07/01/31 | EUR | 39135 | 45560047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 8.125 | 05/14/30 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40075 | 50672283 |
| &nbsp;&nbsp; Cencosud SA (Chile), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.375 | 07/17/27 |  | 3835 | 3838605 |
| &nbsp;&nbsp; JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750 | 12/01/31 |  | 600 | 566384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.750 | 03/15/34 |  | 44351 | 48959379 |
| &nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 06/01/26 |  | 12845 | 12745497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 10/01/39 |  | 4231 | 3852148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 06/04/42 |  | 2237 | 2063167 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 01/31/32 |  | 6325 | 6029446 |
| &nbsp;&nbsp; Mars, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 04/01/39 |  | 8185 | 7191226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.200 | 03/01/35 |  | 7605 | 7807105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.700 | 05/01/55 |  | 6575 | 6693858 |
| &nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/01/32 |  | 5560 | 5091229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 04/15/31 |  | 4375 | 4235102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.875 | 05/15/34 |  | 5000 | 5541291 |
| &nbsp;&nbsp; Post Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 04/15/30 |  | 1025 | 993846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.375 | 03/01/33 |  | 4905 | 4980771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.500 | 09/15/31 |  | 1420 | 1335086 |
| &nbsp;&nbsp; Smithfield Foods, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.000 | 10/15/30 |  | 8931 | 8187940 |
|  |  |  |  |  | 306324569 |
| &nbsp;&nbsp; **Forest Products & Paper 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Georgia-Pacific LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.375 | 12/01/25 |  | 3697 | 3705068 |
| &nbsp;&nbsp; **Gas 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 05/20/27 |  | 7284 | 7307164 |
| &nbsp;&nbsp; CenterPoint Energy Resources Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 01/15/41 |  | 1130 | 1179106 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 05/01/30 |  | 11180 | 10837763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/15/44 |  | 1550 | 1412543 |
| &nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/29 |  | 15235 | 14878623 |
| &nbsp;&nbsp; Southern California Gas Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series VV | 4.300 | 01/15/49 |  | 7470 | 6223535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series UU | 4.125 | 06/01/48 |  | 5260 | 4267885 |
| &nbsp;&nbsp; Southern Co. Gas Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.400 | 06/01/43 |  | 2700 | 2337860 |
|  |  |  |  |  | 48444479 |
| &nbsp;&nbsp; **Healthcare-Products 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; DH Europe Finance II Sarl, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.350 | 09/18/39 | EUR | 13421 | 11548452 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 91

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Products (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Medline Borrower LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875% | 04/01/29 |  | 41176 | $40001866 |
| &nbsp;&nbsp; Solventum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 03/01/29 |  | 2210 | 2281855 |
| &nbsp;&nbsp; Stryker Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 11/30/27 | EUR | 16050 | 18396062 |
| &nbsp;&nbsp; Zimmer Biomet Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.425 | 12/13/26 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35000 | 40260047 |
|  |  |  |  |  | 112488282 |
| &nbsp;&nbsp; **Healthcare-Services 1.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Advocate Health & Hospitals Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.387 | 10/15/49 |  | 8685 | 6378174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.272 | 08/15/48 |  | 12775 | 10856576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.211 | 06/15/30 |  | 14025 | 12894920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 3.008 | 06/15/50 |  | 23620 | 16006877 |
| &nbsp;&nbsp; Aetna, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/15/42 |  | 9540 | 8243311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 12/15/37 |  | 5365 | 5944459 |
| &nbsp;&nbsp; Ascension Health, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.945 | 11/15/46 |  | 2565 | 2111763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 2.532 | 11/15/29 |  | 29625 | 27940196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 3.106 | 11/15/39 |  | 4680 | 3721338 |
| &nbsp;&nbsp; BayCare Health System, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | 3.831 | 11/15/50 |  | 14365 | 11308376 |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 03/01/27 |  | 2035 | 2017120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 10/15/28 |  | 17363 | 17467831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 02/25/26 |  | 3916 | 3913312 |
| &nbsp;&nbsp; Cleveland Clinic Foundation (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.858 | 01/01/2114 |  | 2815 | 2463245 |
| &nbsp;&nbsp; DaVita, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 02/15/31 |  | 9775 | 8981482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 06/01/30 |  | 5545 | 5350702 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 09/15/29 |  | 15600 | 14845014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.101 | 03/01/28 |  | 2970 | 2966732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 01/15/43 |  | 1650 | 1487112 |
| &nbsp;&nbsp; Hackensack Meridian Health, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | 2.675 | 09/01/41 |  | 40545 | 29445528 |
| &nbsp;&nbsp; HCA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 02/15/26 |  | 6403 | 6407759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.500 | 11/06/33 |  | 20412 | 23618181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 7.750 | 07/15/36 |  | 20300 | 23813445 |
| &nbsp;&nbsp; Humana, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 04/15/31 |  | 31487 | 32526100 |
| &nbsp;&nbsp; Indiana University Health, Inc. Obligated Group, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 3.970 | 11/01/48 |  | 10475 | 8551095 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.150 | 05/01/47 |  | 15275 | 12923603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2019(a) | 3.266 | 11/01/49 |  | 21296 | 15224893 |
| &nbsp;&nbsp; Mayo Clinic, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2016 | 4.128 | 11/15/52 |  | 8312 | 6839077 |
| &nbsp;&nbsp; Methodist Hospital (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | 2.705 | 12/01/50 |  | 32095 | 20277441 |
| &nbsp;&nbsp; MyMichigan Health, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2020 | 3.409 | 06/01/50 |  | 17745 | 12653476 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; New York & Presbyterian Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes(a) | 4.763% | 08/01/2116 | 2660 | $2239374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2019 | 3.954 | 08/01/2119 | 14835 | 10481163 |
| &nbsp;&nbsp; NYU Langone Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.784 | 07/01/44 | 6375 | 5891872 |
| &nbsp;&nbsp; Orlando Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.327 | 10/01/50 | 9850 | 7144520 |
| &nbsp;&nbsp; PeaceHealth Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | 3.218 | 11/15/50 | 14445 | 9590071 |
| &nbsp;&nbsp; Providence St Joseph Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series I | 3.744 | 10/01/47 | 2900 | 2225658 |
| &nbsp;&nbsp; Quest Diagnostics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 06/30/30 | 13180 | 12422857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.000 | 12/15/34 | 14710 | 14851037 |
| &nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 06/01/29 | 14900 | 14549822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.375 | 01/15/30 | 18829 | 18377378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.625 | 06/15/28 | 5625 | 5602113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.125 | 11/01/27 | 1105 | 1104777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.875 | 11/15/31 | 14600 | 15866833 |
| &nbsp;&nbsp; Texas Health Resources, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.330 | 11/15/55 | 2677 | 2282863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | 3.372 | 11/15/51 | 2250 | 1617618 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 05/15/31 | 8240 | 7411082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 05/15/40 | 18130 | 13548333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 08/15/39 | 55681 | 46456613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 08/15/59 | 10656 | 7838817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 05/15/32 | 13000 | 12813790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 03/15/42 | 615 | 549208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.500 | 04/15/33 | 4590 | 4551013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 11/15/41 | 1336 | 1234536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 05/15/52 | 34401 | 30308316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.050 | 04/15/53 | 2800 | 2570992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/15/63 | 46040 | 42158779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 06/15/35 | 5170 | 5352262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 07/15/44 | 15095 | 15136021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.500 | 04/15/64 | 30370 | 29206171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 10/15/40 | 185 | 191859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 03/15/36 | 669 | 715051 |
| &nbsp;&nbsp; Willis-Knighton Medical Center, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2018 | 4.813 | 09/01/48 | 1560 | 1391470 |
|  |  |  |  | 702861407 |
| &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 | 89552 | 91128157 |
| &nbsp;&nbsp; **Home Builders 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 08/01/29 | 4675 | 4434078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 04/01/30 | 1775 | 1671398 |
| &nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.875 | 10/15/27 | 50 | 49948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 7.250 | 10/15/29 | 1350 | 1367997 |
| &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 | 1000 | 923440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 09/15/27 | 1525 | 1520745 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 93

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Home Builders (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000% | 06/15/29 |  | 6025 | $5772613 |
| &nbsp;&nbsp; KB Home, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.000 | 06/15/31 |  | 3200 | 3014541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800 | 11/15/29 |  | 50 | 49588 |
| &nbsp;&nbsp; Lennar Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/01/26 |  | 50 | 50030 |
| &nbsp;&nbsp; Mattamy Group Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 03/01/30 |  | 50 | 48375 |
| &nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 01/15/28 |  | 6683 | 6762893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 06/15/27 |  | 8150 | 8229717 |
|  |  |  |  |  | 33895363 |
| &nbsp;&nbsp; **Household Products/Wares 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Spectrum Brands, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 3.875 | 03/15/31 |  | 5657 | 4580582 |
| &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 |  | 6035 | 5733250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.625 | 05/15/32 |  | 3560 | 3354517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.500 | 06/01/28 |  | 4400 | 4527888 |
| &nbsp;&nbsp; Scotts Miracle-Gro Co. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.375 | 02/01/32 |  | 1800 | 1665865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 12/15/26 |  | 52 | 52004 |
| &nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 10/01/29 |  | 4548 | 1635149 |
|  |  |  |  |  | 16968673 |
| &nbsp;&nbsp; **Insurance 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; American International Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 06/21/27 | EUR | 29631 | 33820827 |
| &nbsp;&nbsp; Arch Capital Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.031 | 12/15/46 |  | 6475 | 6104674 |
| &nbsp;&nbsp; Arch Capital Group US, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.144 | 11/01/43 |  | 2250 | 2162417 |
| &nbsp;&nbsp; Berkshire Hathaway Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 2.850 | 10/15/50 |  | 9400 | 6188360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 05/15/43 |  | 4365 | 3930144 |
| &nbsp;&nbsp; CNA Financial Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/29 |  | 16610 | 16396354 |
| &nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 10/15/50 |  | 27295 | 19311446 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 03/22/54 |  | 38720 | 40808685 |
| &nbsp;&nbsp; Hartford Insurance Group, Inc. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 04/15/43 |  | 480 | 418849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 10/15/36 |  | 755 | 817358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.100 | 10/01/41 |  | 995 | 1068820 |
| &nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.950 | 05/15/60 |  | 26250 | 18592808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.951 | 10/15/50 |  | 13748 | 10491395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.569 | 02/01/29 |  | 1675 | 1685099 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.050 | 01/15/30 |  | 8918 | 8474152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.852 | 03/15/34 |  | 1790 | 1877398 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Lincoln National Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.300% | 10/09/37 | 3930 | $4223696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 06/15/40 | 5490 | 6224287 |
| &nbsp;&nbsp; Markel Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 03/30/43 | 300 | 275820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 04/05/46 | 7530 | 6850307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 05/20/49 | 14057 | 12639228 |
| &nbsp;&nbsp; Principal Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.300 | 11/15/46 | 7190 | 6183343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 05/15/43 | 760 | 666883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/15/42 | 275 | 252404 |
| &nbsp;&nbsp; Sompo International Holdings Ltd. (Bermuda), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 07/15/34 | 525 | 584072 |
| &nbsp;&nbsp; Teachers Insurance & Annuity Association of America, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 4.900 | 09/15/44 | 16598 | 15338645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes, 144A | 6.850 | 12/16/39 | 325 | 373230 |
|  |  |  |  | 225760701 |
| &nbsp;&nbsp; **Internet 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581 | 05/30/49 | 207430 | 221531496 |
| &nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 09/15/27 | 400 | 391583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/15/28 | 200 | 197222 |
| &nbsp;&nbsp; Gen Digital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 04/01/33 | 3762 | 3870178 |
| &nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 11/15/32 | 10410 | 10457807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 11/15/35 | 33430 | 33525659 |
| &nbsp;&nbsp; Uber Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 09/15/34 | 44900 | 44913777 |
|  |  |  |  | 314887722 |
| &nbsp;&nbsp; **Iron/Steel 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Big River Steel LLC/BRS Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.625 | 01/31/29 | 40 | 40061 |
| &nbsp;&nbsp; Champion Iron Canada, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.875 | 07/15/32 | 17075 | 17898015 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 11/01/29 | 12710 | 13059871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.375 | 05/01/33 | 9245 | 9563684 |
| &nbsp;&nbsp; Mineral Resources Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.000 | 04/01/31 | 4415 | 4553851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 8.000 | 11/01/27 | 1500 | 1528095 |
|  |  |  |  | 46643577 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Carnival Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.125 | 05/01/29 | 2170 | 2197108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.750 | 03/15/30 | 15609 | 16077270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.750 | 08/01/32 | 13450 | 13819875 |
| &nbsp;&nbsp; Harley-Davidson Financial Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.950 | 06/11/29 | 10500 | 10956645 |
| &nbsp;&nbsp; NCL Corp. Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.250 | 03/01/30 | 4740 | 4804891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 02/01/32 | 10285 | 10554981 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 95

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Leisure Time (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; NCL Corp. Ltd., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.750% | 02/15/29 | 5000 | $5343550 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 08/31/26 | 500 | 501534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 04/01/28 | 2500 | 2542596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 09/30/31 | 3130 | 3183184 |
| &nbsp;&nbsp; Viking Cruises Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.875 | 10/15/33 | 6160 | 6252462 |
|  |  |  |  | 76234096 |
| &nbsp;&nbsp; **Lodging 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.625 | 02/15/32 | 4000 | 3689202 |
| &nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 08/08/29 | 2250 | 2182372 |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series GG | 3.500 | 10/15/32 | 17030 | 15837063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | 3.125 | 06/15/26 | 37700 | 37444541 |
| &nbsp;&nbsp; MGM Resorts International, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625 | 09/01/26 | 500 | 499380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 10/15/28 | 7900 | 7851402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.500 | 04/15/27 | 9882 | 9934429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.125 | 09/15/29 | 16695 | 16996603 |
| &nbsp;&nbsp; Sands China Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.400 | 08/08/28 | 3263 | 3326890 |
| &nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 5.250 | 05/15/27 | 13502 | 13526274 |
| &nbsp;&nbsp; Wynn Macau Ltd. (Macau), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 08/26/28 | 500 | 499250 |
|  |  |  |  | 111787406 |
| &nbsp;&nbsp; **Machinery-Diversified 0.2%** |  |  |  |  |
| &nbsp;&nbsp; AGCO Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.450 | 03/21/27 | 2140 | 2169531 |
| &nbsp;&nbsp; Chart Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 01/01/30 | 5375 | 5603826 |
| &nbsp;&nbsp; CNH Industrial Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.100 | 04/20/29 | 6300 | 6449335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 01/12/29 | 2130 | 2203855 |
| &nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 11.500 | 09/01/28 | 11660 | 12378233 |
| &nbsp;&nbsp; Nordson Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 12/15/29 | 17995 | 18135130 |
| &nbsp;&nbsp; Otis Worldwide Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 08/16/28 | 39875 | 41060122 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.450 | 11/15/26 | 5000 | 4961514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 09/15/28 | 11817 | 11954388 |
|  |  |  |  | 104915934 |
| &nbsp;&nbsp; **Media 0.8%** |  |  |  |  |
| &nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.750 | 03/01/30 | 8925 | 8471892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.125 | 05/01/27 | 4300 | 4275495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.375 | 06/01/29 | 8332 | 8235701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 05/01/26 | 14056 | 14043658 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount**<br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Media (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 3.700% | 04/01/51 |  | 36685 | $23856810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.125 | 07/01/49 |  | 40050 | 32466947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.375 | 04/01/38 |  | 6070 | 5618726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.375 | 05/01/47 |  | 19064 | 16166701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.750 | 04/01/48 |  | 8123 | 7171473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 |  | 7251 | 7004034 |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 1.950 | 01/15/31 |  | 5858 | 5184991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.969 | 11/01/47 |  | 16 | 12293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.250 | 10/15/30 |  | 15737 | 15704877 |
| &nbsp;&nbsp; Cox Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.450 | 09/01/34 |  | 48652 | 48240743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 2.600 | 06/15/31 |  | 1804 | 1609115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.350 | 09/15/26 |  | 15505 | 15387198 |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.375 | 02/15/31 |  | 3510 | 2122934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 12/01/30 |  | 5275 | 3249426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 4.500 | 11/15/31 |  | 2500 | 1532228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 02/01/28 |  | 208 | 172366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.500 | 04/15/27 |  | 6800 | 6324000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 02/01/29 |  | 700 | 481330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 12/01/30 |  | 8450 | 3009962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 01/15/30 |  | 11500 | 4312616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 04/01/28 |  | 3465 | 2367396 |
| &nbsp;&nbsp; DISH DBS Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 06/01/29 |  | 14950 | 12910696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.375 | 07/01/28 |  | 345 | 322315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.750 | 07/01/26 |  | 97996 | 96988500 |
| &nbsp;&nbsp; DISH Network Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.750 | 11/15/27 |  | 32376 | 34067814 |
| &nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.550 | 05/01/37 |  | 3690 | 3780446 |
| &nbsp;&nbsp; Univision Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.000 | 08/15/28 |  | 9355 | 9635660 |
| &nbsp;&nbsp; Virgin Media Secured Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.125 | 08/15/30 | GBP | 11600 | 13694455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.250 | 01/15/30 | GBP | 13400 | 16063267 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424486065 |
| &nbsp;&nbsp; **Mining 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, 144A | 11.500 | 10/01/31 |  | 11177 | 12421814 |
| &nbsp;&nbsp; Barrick Mining Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 5.800 | 11/15/34 |  | 7300 | 7659053 |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 05/01/43 |  | 14510 | 14947195 |
| &nbsp;&nbsp; Capstone Copper Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/31/33 |  | 6290 | 6484613 |
| &nbsp;&nbsp; First Quantum Minerals Ltd. (Zambia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.250 | 02/15/34 |  | 5010 | 5185350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.000 | 03/01/33 |  | 4800 | 5088000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.625 | 06/01/31 |  | 7600 | 7951500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 9.375 | 03/01/29 |  | 27278 | 28802567 |
| &nbsp;&nbsp; Freeport Indonesia PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.315 | 04/14/32 |  | 10370 | 10567030 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 07/15/33 |  | 9209 | 10005090 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 97

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Mining (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; New Gold, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875% | 04/01/32 | 1075 | $1122042 |
| &nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 03/15/34 | 2500 | 2611237 |
| &nbsp;&nbsp; Novelis Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.375 | 08/15/33 | 12545 | 12720032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.875 | 01/30/30 | 10375 | 10769255 |
|  |  |  |  | 136334778 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Amsted Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.625 | 05/15/30 | 347 | 339754 |
| &nbsp;&nbsp; Pentair Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/29 | 1300 | 1305955 |
|  |  |  |  | 1645709 |
| &nbsp;&nbsp; **Multi-National 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Corp. Andina de Fomento (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/24/29 | 4843 | 4957489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 04/26/27 | 2000 | 2054145 |
| &nbsp;&nbsp; European Investment Bank (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN, 3 Month SOFR + 0.262% (Cap 2.590%, Floor N/A) | 2.590(c) | 12/29/26 | 3500 | 3420594 |
| &nbsp;&nbsp; Inter-American Development Bank (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 6.950 | 08/01/26 | 1900 | 1933721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | 6.290 | 07/16/27 | 2656 | 2738328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | 6.750 | 07/15/27 | 13630 | 14189770 |
| &nbsp;&nbsp; International Bank for Reconstruction & Development (Supranational Bank), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes, Series C, MTN | 2.219(s) | 10/31/30 | 5239 | 4277402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.000(cc) | 06/30/34 | 8591 | 5816605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 0.000(cc) | 07/31/34 | 4605 | 3257849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 0.000(cc) | 11/28/34 | 273 | 199323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.768(cc) | 08/28/34 | 853 | 576802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.700 | 12/28/37 | 28208 | 23021931 |
|  |  |  |  | 66443959 |
| &nbsp;&nbsp; **Office/Business Equipment 0.0%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.670 | 12/01/26 | 15000 | 14731591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 02/15/29 | 50 | 47888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 03/01/30 | 1146 | 1166845 |
|  |  |  |  | 15946324 |
| &nbsp;&nbsp; **Oil & Gas 1.6%** |  |  |  |  |
| &nbsp;&nbsp; Aker BP ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.100 | 07/15/31 | 9800 | 8954311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.750 | 01/15/30 | 13765 | 13263982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 01/15/31 | 12010 | 11577734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 5.125 | 10/01/34 | 17100 | 16778253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.250 | 10/30/35 | 21340 | 21009625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.600 | 06/13/28 | 8500 | 8746510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 06/13/33 | 37300 | 39122094 |
| &nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 9.000 | 11/01/27 | 15981 | 18898995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.625 | 10/15/32 | 5325 | 5429785 |
| &nbsp;&nbsp; BP Capital Markets PLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.450(ff) | 12/01/33(oo) | 19295 | 20500930 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250% | 06/15/37 |  | 11044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10780722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 06/15/47 |  | 8720 | 8080388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 11/15/39 |  | 3008 | 3322131 |
| &nbsp;&nbsp; CITGO Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.375 | 06/15/26 |  | 239 | 239147 |
| &nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 10/15/26 |  | 1000 | 995013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.375 | 07/01/28 |  | 3650 | 3769624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.625 | 11/01/30 |  | 8400 | 8683094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.750 | 07/01/31 |  | 875 | 899063 |
| &nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.375 | 01/15/33 |  | 6000 | 5667331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.625 | 04/01/32 |  | 1000 | 968916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 8.375 | 01/15/34 |  | 17700 | 17334214 |
| &nbsp;&nbsp; Devon Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 05/15/42 |  | 10544 | 9145714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 10/15/27 |  | 113 | 113011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.600 | 07/15/41 |  | 4047 | 3897339 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 12/01/26 |  | 51435 | 50973321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 04/18/34 |  | 22885 | 23355916 |
| &nbsp;&nbsp; Ecopetrol SA (Colombia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 04/29/30 |  | 26440 | 27004494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.625 | 01/19/29 |  | 30525 | 32928844 |
| &nbsp;&nbsp; Energean Israel Finance Ltd. (Israel), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 03/30/31 |  | 140 | 134792 |
| &nbsp;&nbsp; EOG Resources, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.350 | 01/15/36 |  | 33500 | 34441151 |
| &nbsp;&nbsp; Equinor ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 04/06/50 |  | 20155 | 15663962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 11/23/41 |  | 9026 | 8200835 |
| &nbsp;&nbsp; Expand Energy Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 02/01/32 |  | 2000 | 1966976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 02/01/29 |  | 1000 | 1000675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 |  | 4900 | 4912267 |
| &nbsp;&nbsp; Exxon Mobil Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.114 | 03/01/46 |  | 5335 | 4549331 |
| &nbsp;&nbsp; Gazprom PJSC Via Gaz Capital SA (Russia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 03/21/26(d) | EUR | 3000 | 2939258 |
| &nbsp;&nbsp; Gazprom PJSC via Gaz Finance PLC (Russia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 1.500 | 02/17/27 | EUR | 1367 | 1181754 |
| &nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 02/01/29 |  | 6066 | 5945423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 04/15/30 |  | 16015 | 15613553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 02/01/31 |  | 3200 | 3041567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 11/01/28 |  | 4320 | 4326875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.250 | 04/15/32 |  | 19100 | 18124292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.375 | 11/01/33 |  | 2183 | 2258386 |
| &nbsp;&nbsp; KazMunayGas National Co. JSC (Kazakhstan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.750 | 04/19/27 |  | 3000 | 3013290 |
| &nbsp;&nbsp; MEG Energy Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.875 | 02/01/29 |  | 1350 | 1350959 |
| &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%)^ | 9.590(c) | 09/30/29 |  | 6824 | 6721959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.590(c) | 09/30/29 |  | 8189 | 8066351 |
| &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 |  | 6824 | 6721959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ | 9.590(c) | 09/30/29 |  | 2047 | 2016588 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 99

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Oil & Gas (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.450% | 09/15/36 |  | 10532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11177937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.500 | 05/01/31 |  | 43 | 48214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.950 | 06/15/39 |  | 1600 | 1885064 |
| &nbsp;&nbsp; Parkland Corp. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.625 | 08/15/32 |  | 2520 | 2561807 |
| &nbsp;&nbsp; Pertamina Persero PT (Indonesia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, EMTN | 5.625 | 05/20/43 |  | 2155 | 2138105 |
| &nbsp;&nbsp; Petrobras Global Finance BV (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.375 | 10/01/29 | GBP | 9150 | 11892639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 01/16/34 | GBP | 27600 | 36036039 |
| &nbsp;&nbsp; Petroleos Mexicanos (Mexico), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 01/23/29 |  | 16725 | 17062678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.625 | 06/15/35 |  | 2920 | 2801156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.625 | 06/15/38 |  | 1916 | 1760804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.700 | 02/16/32 |  | 44083 | 44038917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.840 | 01/23/30 |  | 6738 | 6920600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.500 | 09/15/27 |  | 1590 | 1686449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 2.750 | 04/21/27 | EUR | 3725 | 4245318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, MTN | 8.750 | 06/02/29 |  | 54431 | 58780037 |
| &nbsp;&nbsp; Phillips 66, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.150 | 12/15/30 |  | 2150 | 1921897 |
| &nbsp;&nbsp; Pioneer Natural Resources Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.900 | 08/15/30 |  | 6410 | 5777413 |
| &nbsp;&nbsp; Preem AB (Sweden), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 12.000 | 06/30/27 | EUR | 664 | 783805 |
| &nbsp;&nbsp; QatarEnergy (Qatar), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.375 | 09/12/26 |  | 4400 | 4298800 |
| &nbsp;&nbsp; Santos Finance Ltd. (Australia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.875 | 09/19/33 |  | 4600 | 5048818 |
| &nbsp;&nbsp; Transocean International Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 05/15/29 |  | 2365 | 2376825 |
| &nbsp;&nbsp; Var Energi ASA (Norway), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.500 | 05/22/35 |  | 17500 | 18587426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 7.500 | 01/15/28 |  | 17688 | 18726657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 8.000 | 11/15/32 |  | 4662 | 5376581 |
| &nbsp;&nbsp; Vital Energy, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 9.750 | 10/15/30 |  | 5515 | 5668809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 7.875 | 04/15/32 |  | 16720 | 15826101 |
|  |  |  |  |  | 812061600 |
| &nbsp;&nbsp; **Oil & Gas Services 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Cameron International Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 06/01/41 |  | 2775 | 2708471 |
| &nbsp;&nbsp; **Packaging & Containers 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; ARD Finance SA (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A, Cash coupon 6.500% or PIK 7.250% | 6.500 | 06/30/27 |  | 644 | 6443 |
| &nbsp;&nbsp; Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.125 | 08/15/26 | EUR | 3100 | 3467448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 08/15/26 |  | 14600 | 13724000 |
| &nbsp;&nbsp; Ball Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.500 | 09/15/33 |  | 16955 | 17150873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/29 |  | 12025 | 12319184 |
| &nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 04/15/32 |  | 10850 | 10886061 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; Graham Packaging Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.125% | 08/15/28 | 120 | $119519 |
| &nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 6.625 | 05/13/27 | 375 | 375092 |
|  |  |  |  | 58048620 |
| &nbsp;&nbsp; **Pharmaceuticals 0.7%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.400 | 11/06/42 | 32717 | 29537317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 05/14/35 | 20670 | 20294164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(h) | 4.550 | 03/15/35 | 38439 | 37971965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 05/14/45 | 43711 | 40142010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 03/15/45 | 10308 | 9573495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 06/15/44 | 9795 | 9218631 |
| &nbsp;&nbsp; AdaptHealth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 08/01/29 | 1000 | 949202 |
| &nbsp;&nbsp; Bausch Health Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 01/30/28 | 2050 | 1793750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.000 | 02/15/29 | 1000 | 778125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 01/30/30 | 21122 | 15207840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.250 | 02/15/31 | 20329 | 13696664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.250 | 02/15/29 | 14000 | 11480000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 7.000 | 01/15/28 | 2750 | 2526563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.875 | 06/01/28 | 10950 | 10019469 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 08/21/30 | 750 | 661020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 02/28/31 | 24845 | 21673890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 03/25/28 | 406 | 406611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/30/29 | 1312 | 1338998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 12/05/43 | 7175 | 6784346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 02/21/53 | 4580 | 4336734 |
| &nbsp;&nbsp; Mylan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 11/29/43 | 38126 | 33053074 |
| &nbsp;&nbsp; Shire Acquisitions Investments Ireland DAC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 09/23/26 | 1587 | 1574530 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 9792 | 9746808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 06/15/46 | 88726 | 73610071 |
|  |  |  |  | 356375277 |
| &nbsp;&nbsp; **Pipelines 2.2%** |  |  |  |  |
| &nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 06/15/29 | 6275 | 6274618 |
| &nbsp;&nbsp; Cheniere Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 10/15/28 | 50 | 49953 |
| &nbsp;&nbsp; Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.150 | 08/15/26 | 8794 | 8776931 |
| &nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.927 | 08/15/30 | 19146 | 20245939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.036 | 11/15/33 | 46110 | 49286277 |
| &nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 05/15/29 | 50 | 51114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.625 | 07/15/27 | 50 | 51030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 09/15/37 | 10000 | 10885244 |
| &nbsp;&nbsp; Eastern Gas Transmission & Storage, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 12/15/44 | 245 | 215747 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 101

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350% | 05/15/45 | 2240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series G | 7.125(ff) | 05/15/30(oo) | 65450 | 67569105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Sub. Notes, Series H | 6.500(ff) | 11/15/26(oo) | 19835 | 19924433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 05/15/50 | 1915 | 1626884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/45 | 1222 | 1088583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/01/44 | 4150 | 3767419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 6095 | 5475633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 10/01/47 | 15294 | 13823219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.050 | 06/01/41 | 2500 | 2526444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 12/15/45 | 9720 | 9700404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 04/15/49 | 37960 | 37873879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.400 | 12/01/30 | 6025 | 6523629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 12/01/33 | 14895 | 16277099 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 02/15/52 | 42775 | 29052241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 01/31/51 | 2665 | 1996288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 01/31/50 | 12270 | 10052350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 02/15/48 | 5593 | 4669354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 05/15/46 | 18296 | 16837179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 10/15/54 | 3084 | 2794348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 02/15/45 | 8450 | 8036279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series D, 3 Month SOFR + 3.248% | 7.433(c) | 08/16/77 | 9502 | 9475910 |
| &nbsp;&nbsp; Kinder Morgan Energy Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 11/01/42 | 8000 | 7103325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 03/01/43 | 1958 | 1805957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 09/01/39 | 1260 | 1372993 |
| &nbsp;&nbsp; Kinder Morgan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.000 | 02/15/31 | 35000 | 31048951 |
| &nbsp;&nbsp; Midwest Connector Capital Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.625 | 04/01/29 | 4413 | 4432362 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 03/01/26 | 10440 | 10351122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.650 | 08/15/30 | 10000 | 9205972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 03/15/28 | 6490 | 6459702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/38 | 15767 | 14307091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 03/14/52 | 1560 | 1331231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 01/15/33 | 43720 | 43724676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 03/01/33 | 685 | 685909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 12/01/47 | 2060 | 1848628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 04/01/35 | 3120 | 3140138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.400 | 09/15/35 | 20640 | 20735602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 06/01/34 | 10044 | 10239592 |
| &nbsp;&nbsp; Northwest Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 04/01/27 | 4110 | 4098120 |
| &nbsp;&nbsp; ONEOK Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.850 | 10/15/37 | 10910 | 12022970 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 09/01/29 | 35605 | 34330855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 12/01/42 | 1600 | 1272366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 03/15/45 | 2830 | 2200399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.450 | 09/01/49 | 8512 | 6820294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.550 | 07/15/28 | 2790 | 2809420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 10/15/32 | 30720 | 30756671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 07/13/47 | 33076 | 28643749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.050 | 11/01/34 | 15916 | 15686889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.150 | 10/15/43 | 9557 | 8748123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 07/15/48 | 1290 | 1151645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.400 | 10/15/35 | 52000 | 52203200 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; ONEOK, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.650% | 11/01/28 | 9955 | $10315560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 11/01/54 | 4710 | 4417584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.800 | 11/01/30 | 5210 | 5477439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/15/35 | 4200 | 4403992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.625 | 09/01/53 | 400 | 421128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.500 | 09/01/30 | 32345 | 34601508 |
| &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 12/15/29 | 9275 | 8977114 |
| &nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.800 | 05/15/30 | 3015 | 2949797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.750 | 03/15/33 | 3970 | 4159185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.875 | 04/15/40 | 4500 | 4635078 |
| &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 | 12867 | 12803231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.000 | 12/31/30 | 1975 | 1958964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 6.750 | 03/15/34 | 5285 | 5247805 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.200 | 02/01/33 | 6795 | 6468991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 07/01/27 | 5510 | 5595471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.150 | 03/01/29 | 13000 | 13674954 |
| &nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 01/15/28 | 50 | 50049 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 03/15/48 | 20328 | 17702824 |
| &nbsp;&nbsp; Valero Energy Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 03/15/28 | 7970 | 8026329 |
| &nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 3.875 | 08/15/29 | 9205 | 8718915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.125 | 08/15/31 | 2380 | 2201311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.250 | 01/15/30 | 24200 | 24677452 |
| &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) | 62145 | 58083814 |
| &nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.500 | 01/15/34 | 6005 | 6290260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.750 | 01/15/36 | 6005 | 6362192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.500 | 05/01/33 | 6804 | 7492139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.750 | 05/01/35 | 10098 | 11394455 |
| &nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 02/01/30 | 50 | 48769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 08/15/28 | 3250 | 3271932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 01/15/29 | 11115 | 11691700 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 06/15/27 | 43926 | 43663381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 03/01/48 | 3274 | 2903683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 01/15/45 | 5902 | 5353957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 09/15/45 | 1130 | 1047124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 03/15/34 | 54459 | 55320942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 08/15/52 | 7580 | 7118405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.300 | 04/15/40 | 1930 | 2081973 |
|  |  |  |  | 1145120442 |
| &nbsp;&nbsp; **Real Estate 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 02/01/29 | 3517 | 3380266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.375 | 02/01/31 | 2500 | 2351110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.375 | 08/01/28 | 500 | 499382 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 103

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Real Estate (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875% | 03/20/27 |  | 14600 | $14523708 |
| &nbsp;&nbsp; Sinochem Offshore Capital Co. Ltd. (China), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, EMTN | 0.750 | 11/25/25 | EUR | 2000 | 2302303 |
|  |  |  |  |  | 23056769 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 0.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.875 | 02/01/33 |  | 9640 | 7871361 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 03/15/27 |  | 4300 | 4279054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 05/15/29 |  | 22019 | 21820610 |
| &nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 03/01/31 |  | 9428 | 8275453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 |  | 12085 | 11519405 |
| &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 01/15/32 |  | 20765 | 18646182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 01/15/29 |  | 12461 | 12699821 |
| &nbsp;&nbsp; Healthpeak OP LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 07/15/29 |  | 1490 | 1444384 |
| &nbsp;&nbsp; Highwoods Realty LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.875 | 03/01/27 |  | 5885 | 5826564 |
| &nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | 3.500 | 09/15/30 |  | 36393 | 34298501 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 4.875 | 02/01/35 |  | 1000 | 989359 |
| &nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 03/15/31 |  | 900 | 638498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.500 | 02/15/32 |  | 1225 | 1287345 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.850 | 12/15/32 |  | 19830 | 17736563 |
| &nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 07/15/31 |  | 12359 | 11204096 |
| &nbsp;&nbsp; Ventas Realty LP, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 04/01/27 |  | 31660 | 31513022 |
| &nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.125 | 08/15/30 |  | 25 | 24171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.250 | 12/01/26 |  | 13075 | 13048545 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 02/15/27 |  | 1605 | 1579386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.750 | 01/15/31 |  | 2250 | 2086979 |
| &nbsp;&nbsp; WP Carey, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 02/01/31 |  | 5790 | 5194253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 06/30/34 |  | 9697 | 9955369 |
|  |  |  |  |  | 221938921 |
| &nbsp;&nbsp; **Retail 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; 1011778 BC ULC/New Red Finance, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000 | 10/15/30 |  | 2200 | 2084060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A(a) | 5.625 | 09/15/29 |  | 4460 | 4534973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.125 | 06/15/29 |  | 3070 | 3152982 |
| &nbsp;&nbsp; Alimentation Couche-Tard, Inc. (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.267 | 02/12/34 |  | 7193 | 7360024 |
| &nbsp;&nbsp; Boots Group Finco LP (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.375 | 08/31/32 | GBP | 4425 | 5955631 |
| &nbsp;&nbsp; Brinker International, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 8.250 | 07/15/30 |  | 7472 | 7919289 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Retail (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Carvana Co., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000% | 06/01/30 |  | 53422 | $55827436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 9.000 | 06/01/31 |  | 20408 | 22726267 |
| &nbsp;&nbsp; EG Global Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 11.000 | 11/30/28 | EUR | 15000 | 18787042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 11.000 | 11/30/28 | EUR | 64400 | 80818631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 12.000 | 11/30/28 |  | 20900 | 22842864 |
| &nbsp;&nbsp; Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 4.625 | 01/15/29 |  | 2189 | 2093796 |
| &nbsp;&nbsp; Gap, Inc. (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.875 | 10/01/31 |  | 9325 | 8525781 |
| &nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 8.750 | 12/31/30 |  | 4488 | 4467790 |
| &nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 6.750 | 03/01/32 |  | 2000 | 2083725 |
|  |  |  |  |  | 249180291 |
| &nbsp;&nbsp; **Semiconductors 0.5%** |  |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 02/15/30 |  | 33095 | 33267419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.137 | 11/15/35 |  | 26909 | 23314430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.187 | 11/15/36 |  | 184190 | 157208103 |
| &nbsp;&nbsp; Intel Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.600 | 02/21/54 |  | 3835 | 3669720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 02/10/53 |  | 5505 | 5290525 |
| &nbsp;&nbsp; NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.150 | 05/01/27 |  | 7190 | 7073810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 3.400 | 05/01/30 |  | 9130 | 8748147 |
|  |  |  |  |  | 238572154 |
| &nbsp;&nbsp; **Software 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; CoreWeave, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.000 | 02/01/31 |  | 12495 | 12536853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A(a) | 9.250 | 06/01/30 |  | 15000 | 15124553 |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 08/21/28 |  | 78385 | 80022662 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 04/01/30 |  | 5925 | 5540844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 04/01/50 |  | 1420 | 962261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 11/15/37 |  | 18135 | 15365369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 03/25/51 |  | 21875 | 15569798 |
|  |  |  |  |  | 145122340 |
| &nbsp;&nbsp; **Telecommunications 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp; Altice Financing SA (Luxembourg), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 01/15/28 |  | 730 | 544215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 08/15/29 |  | 15439 | 11231872 |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 02/01/32 |  | 40020 | 34990091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 06/01/27 |  | 3300 | 3207205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 12/01/33 |  | 20703 | 17584709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 09/15/55 |  | 19994 | 13656661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 09/15/59 |  | 51611 | 34911770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 12/01/57 |  | 7661 | 5402354 |
| &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 |  | 323 | 32 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 105

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Digicel Group Holdings Ltd. (Jamaica), (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, Series 3B14, 144A^(x) | 0.000% | 12/31/30 |  | 111 | $— |
| &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 |  | 57630 | 57485925 |
| &nbsp;&nbsp; EchoStar Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 10.750 | 11/30/29 |  | 75359 | 82978593 |
| &nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 5.875 | 11/01/29 |  | 8614 | 8713114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 6.750 | 05/01/29 |  | 1948 | 1967477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.000 | 05/01/28 |  | 13999 | 13983253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.875 | 10/15/27 |  | 3945 | 3945164 |
| &nbsp;&nbsp; Iliad Holding SAS (France), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 10/15/28 |  | 9175 | 9306294 |
| &nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 3.875 | 10/15/30 |  | 8548 | 7689041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.000 | 04/15/31 |  | 4100 | 3673291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.500 | 04/01/30 |  | 31060 | 28834351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 4.875 | 06/15/29 |  | 4190 | 4021262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.875 | 06/30/33 |  | 4800 | 4919928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 7.000 | 03/31/34 |  | 34380 | 35333708 |
| &nbsp;&nbsp; Lorca Telecom Bondco SA (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 5.750 | 04/30/29 | EUR | 53875 | 64312849 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 11/15/30 |  | 6271 | 5670423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.600 | 05/23/29 |  | 16480 | 16658607 |
| &nbsp;&nbsp; NTT Finance Corp. (Japan), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 4.620 | 07/16/28 |  | 3835 | 3875039 |
| &nbsp;&nbsp; Sprint Capital Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.750 | 03/15/32 |  | 29300 | 35646475 |
| &nbsp;&nbsp; Sprint LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.625 | 03/01/26 |  | 6532 | 6532000 |
| &nbsp;&nbsp; TalkTalk Telecom Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A, PIK 11.750% | 11.750 | 03/01/28 | GBP | 12436 | 980263 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.550 | 02/15/31 |  | 28800 | 26182343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 2.625 | 02/15/29 |  | 14375 | 13665804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 02/15/41 |  | 47439 | 35473260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.300 | 02/15/51 |  | 9414 | 6358418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 04/15/30 |  | 13050 | 12779679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 04/15/40 |  | 13276 | 11901137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 04/15/50 |  | 1975 | 1653660 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 01/20/31 |  | 8900 | 7780326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.355 | 03/15/32 |  | 21369 | 18712938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 11/20/40 |  | 24032 | 17215883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.780 | 02/15/35 |  | 36212 | 35520301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.401 | 07/02/37 |  | 85257 | 86317846 |
| &nbsp;&nbsp; Vmed O2 UK Financing I PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.000 | 01/31/29 | GBP | 5100 | 6336737 |
| &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 |  | 4690 | 4790569 |
| &nbsp;&nbsp; Zegona Finance PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 8.625 | 07/15/29 |  | 6275 | 6666560 |
|  |  |  |  |  | 809411427 |
| &nbsp;&nbsp; **Transportation 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 09/01/42 |  | 2850 | 2553959 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount<br>(000)#** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **Transportation (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Burlington Northern Santa Fe LLC, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700% | 09/01/45 |  | 3400 | $3116105 |
| &nbsp;&nbsp; Indian Railway Finance Corp. Ltd. (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN(a) | 3.570 | 01/21/32 |  | 7820 | 7439244 |
| &nbsp;&nbsp; Lima Metro Line 2 Finance Ltd. (Peru), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 5.875 | 07/05/34 |  | 3803 | 3936064 |
| &nbsp;&nbsp; Ryder System, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.375 | 03/15/29 |  | 29585 | 30603421 |
| &nbsp;&nbsp; Star Leasing Co. LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, 144A | 7.625 | 02/15/30 |  | 44941 | 42522356 |
|  |  |  |  |  | 90171149 |
| &nbsp;&nbsp; **Trucking & Leasing 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 05/24/26 |  | 5000 | 5031520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.050 | 08/01/28 |  | 33890 | 35368669 |
|  |  |  |  |  | 40400189 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $16,070,504,423) |  |  |  |  | 15523235314 |
| &nbsp;&nbsp; **FLOATING RATE AND OTHER LOANS 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Tenneco, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, 3 Month SOFR + 4.850% | 9.054(c) | 11/17/28 |  | 33556 | 32902394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 5.100% | 9.203(c) | 11/17/28 |  | 31705 | 31154569 |
|  |  |  |  |  | 64056963 |
| &nbsp;&nbsp; **Commercial Services 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; OCS Group Investments Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 Loan, SONIA + 5.750% | 9.875(c) | 11/27/31 | GBP | 17275 | 22601984 |
| &nbsp;&nbsp; **Education 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Dukes Education Group Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accordion Facility, SONIA + 5.500%^ | 9.584(c) | 11/27/28 | GBP | 2500 | 3283951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition/Capex Facility 1, SONIA + 5.500%^ | 9.583(c) | 11/27/28 | GBP | 2254 | 2960815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition/Capex Facility 4, 6 Month EURIBOR + 5.500%^ | 7.582(c) | 11/27/28 | EUR | 1274 | 1468213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition/Capex Facility 5, 6 Month EURIBOR + 5.500%^ | 9.571(c) | 11/27/28 | EUR | 274 | 359752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition/Capex Facility 5, 6 Month EURIBOR + 5.500%^ | 7.577(c) | 11/27/28 | EUR | 4946 | 5701018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition/Capex Facility 6, SONIA + 5.500%^ | 9.494(c) | 11/27/28 | GBP | 1676 | 2201619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B, SONIA + 5.500%^ | 9.627(c) | 11/27/28 | GBP | 932 | 1223803 |
|  |  |  |  |  | 17199171 |
| &nbsp;&nbsp; **Holding Companies-Diversified 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Clue OpCo LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, 3 Month SOFR + 4.500% | 8.338(c) | 12/19/30 |  | 33036 | 31927429 |
| &nbsp;&nbsp; Cuppa Bidco BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-1 (EUR), 6 Month EURIBOR + 4.750% | 6.787(c) | 06/29/29 | EUR | 1000 | 907712 |
|  |  |  |  |  | 32835141 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 107

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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; **Insurance 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Asurion LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan, 1 Month SOFR + 4.350% | 8.327%(c) | 08/21/28 |  | 3343 | $3353363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan, 1 Month SOFR + 4.250% | 8.215(c) | 09/19/30 |  | 5060 | 5047271 |
|  |  |  |  |  | 8400634 |
| &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 |  | 5659 | 4215700 |
| &nbsp;&nbsp; **Investment Companies 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Hurricane CleanCo Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility A^ | 12.500 | 10/31/29 | GBP | 37426 | 51964220 |
| &nbsp;&nbsp; **Leisure Time 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; ClubCorp Holdings, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, 1 Month SOFR + 5.000%^ | 8.965(c) | 07/10/32 |  | 16057 | 15925824 |
| &nbsp;&nbsp; International Park Holdings BV (Netherlands), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Facility B, 6 Month EURIBOR + 5.500%^ | 7.412(c) | 01/30/32 | EUR | 45000 | 50961538 |
|  |  |  |  |  | 66887362 |
| &nbsp;&nbsp; **Media 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; CSC Holdings LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Refinancing Term Loan, 1 Month SOFR + 4.500% | 8.532(c) | 01/18/28 |  | 16896 | 16716941 |
| &nbsp;&nbsp; **Metal Fabricate/Hardware 0.2%** |  |  |  |  |  |
| &nbsp;&nbsp; Doncasters US Finance LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, 3 Month SOFR + 6.500% | 10.502(c) | 04/23/30 |  | 7025 | 7094947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, 3 Month SOFR + 6.500% | 10.502(c) | 04/23/30 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81317 | 82129842 |
|  |  |  |  |  | 89224789 |
| &nbsp;&nbsp; **Retail 0.3%** |  |  |  |  |  |
| &nbsp;&nbsp; CDR Firefly Bidco PLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B-10, SONIA + 4.750% | 8.719(c) | 04/29/29 | GBP | 35950 | 47084132 |
| &nbsp;&nbsp; EG America LLC (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New facility B3(EUR), 3 Month EURIBOR + 3.875% | 5.906(c) | 02/07/28 | EUR | 51700 | 59947575 |
| &nbsp;&nbsp; The Boots Group (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Sterling Term Loan, SONIA + 4.750% | 8.719(c) | 07/18/32 | GBP | 21650 | 28568568 |
| &nbsp;&nbsp; WSH Services Holding Ltd. (United Kingdom), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan, SONIA + 4.750% | 8.719(c) | 05/16/31 | GBP | 10550 | 13859535 |
|  |  |  |  |  | 149459810 |
| &nbsp;&nbsp; **Telecommunications 0.1%** |  |  |  |  |  |
| &nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, 1 Month SOFR + 2.464% | 6.429(c) | 04/15/29 |  | 1997 | 1981327 |
| &nbsp;&nbsp; Zegona Holdco Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B2 (EUR) Loan, 6 Month EURIBOR + 3.000% | 4.954(c) | 07/17/29 | EUR | 3525 | 4078328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Facility B (EUR) Loan, 6 Month EURIBOR + 3.000% | 4.954(c) | 07/17/29 | EUR | 20675 | 23920405 |
|  |  |  |  |  | 29980060 |
| &nbsp;&nbsp; **TOTAL FLOATING RATE AND OTHER LOANS**<br> (cost $535,199,139) |  |  |  |  | 553542775 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.4%** |  |  |  |  |
| &nbsp;&nbsp; **California 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Bay Area Toll Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | 6.263% | 04/01/49 | 12630 | $13783303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series S3 | 6.907 | 10/01/50 | 525 | 608545 |
| &nbsp;&nbsp; City of Los Angeles Department of Airports, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | 6.582 | 05/15/39 | 4175 | 4566942 |
| &nbsp;&nbsp; Los Angeles County Public Works Financing Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series Z | 7.618 | 08/01/40 | 4300 | 5146030 |
| &nbsp;&nbsp; State of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, BABs | 7.300 | 10/01/39 | 835 | 979417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | 7.625 | 03/01/40 | 275 | 335571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | 7.550 | 04/01/39 | 1600 | 1950510 |
| &nbsp;&nbsp; University of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AP | 3.931 | 05/15/45 | 2050 | 1906111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | 4.767 | 05/15/2115 | 4900 | 4155988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series J | 4.131 | 05/15/45 | 2250 | 2067045 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35499462 |
| &nbsp;&nbsp; **Colorado 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Regional Transportation District Sales Tax Revenue, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | 5.844 | 11/01/50 | 3320 | 3429180 |
| &nbsp;&nbsp; **District of Columbia 0.0%** |  |  |  |  |
| &nbsp;&nbsp; District of Columbia Water & Sewer Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.814 | 10/01/2114 | 15765 | 14032654 |
| &nbsp;&nbsp; **Illinois 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Illinois State Toll Highway Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | 6.184 | 01/01/34 | 5000 | 5359105 |
| &nbsp;&nbsp; State of Illinois, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | 5.100 | 06/01/33 | 16618 | 16936678 |
|  |  |  |  | 22295783 |
| &nbsp;&nbsp; **Michigan 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series G | 3.084 | 12/01/34 | 10720 | 9819886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 3.384 | 12/01/40 | 13895 | 11717595 |
|  |  |  |  | 21537481 |
| &nbsp;&nbsp; **New Jersey 0.1%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series A | 7.102 | 01/01/41 | 15953 | 18655712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | 7.414 | 01/01/40 | 12865 | 15565349 |
| &nbsp;&nbsp; Rutgers The State University of New Jersey, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series H | 5.665 | 05/01/40 | 1350 | 1400065 |
|  |  |  |  | 35621126 |
| &nbsp;&nbsp; **New York 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Empire State Development Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | 5.770 | 03/15/39 | 14730 | 15304657 |
| &nbsp;&nbsp; Metropolitan Transportation Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | 6.687 | 11/15/40 | 700 | 768594 |
| &nbsp;&nbsp; New York City Municipal Water Finance Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs | 5.882 | 06/15/44 | 920 | 951059 |
| &nbsp;&nbsp; Port Authority of New York & New Jersey, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | 4.458 | 10/01/62 | 2600 | 2242818 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 109

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount** <br> **(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; **New York (cont'd.)** |  |  |  |  |  |
| &nbsp;&nbsp; Port Authority of New York & New Jersey, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 192 | 4.810% | 10/15/65 |  | 8650 | $7994700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 210 | 4.031 | 09/01/48 |  | 4000 | 3369133 |
|  |  |  |  |  | 30630961 |
| &nbsp;&nbsp; **Ohio 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Ohio State University (The), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.800 | 06/01/2111 |  | 7815 | 6805780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | 4.910 | 06/01/40 |  | 295 | 291353 |
|  |  |  |  |  | 7097133 |
| &nbsp;&nbsp; **Pennsylvania 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; Pennsylvania Turnpike Commission, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | 6.105 | 12/01/39 |  | 400 | 435230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series B | 5.511 | 12/01/45 |  | 5370 | 5357009 |
| &nbsp;&nbsp; University of Pittsburgh-of the Commonwealth System of Higher Education, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 3.555 | 09/15/2119 |  | 20900 | 13806209 |
|  |  |  |  |  | 19598448 |
| &nbsp;&nbsp; **Texas 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | 5.985 | 02/01/39 |  | 1000 | 1065881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 4.427 | 02/01/42 |  | 6480 | 6141246 |
| &nbsp;&nbsp; Dallas Fort Worth International Airport, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | 2.919 | 11/01/50 |  | 2035 | 1459964 |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 3.922 | 12/31/49 |  | 16510 | 13425987 |
|  |  |  |  |  | 22093078 |
| &nbsp;&nbsp; **Virginia 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | 4.179 | 09/01/2117 |  | 8135 | 6300232 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (cost $259,841,840) |  |  |  |  | 218135538 |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES 5.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Angel Oak Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-09, Class A1, 144A | 5.141(cc) | 08/25/70 |  | 35359 | 35411414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-10, Class A1, 144A | 4.960(cc) | 09/25/70 |  | 18900 | 18896212 |
| &nbsp;&nbsp; Aran Funding DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-01A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | 2.970(c) | 12/24/65 | EUR | 11100 | 12763708 |
| &nbsp;&nbsp; Archwest Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL01, Class A1, 144A | 5.196(cc) | 10/25/40 |  | 14000 | 13994260 |
| &nbsp;&nbsp; Banc of America Funding Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-D, Class A1 | 5.341(cc) | 05/25/35 |  | 13 | 12117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-I, Class 4A1 | 4.375(cc) | 10/20/46 |  | 19 | 15979 |
| &nbsp;&nbsp; Banc of America Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-E, Class 2A6 | 5.651(cc) | 06/25/34 |  | 81 | 78016 |
| &nbsp;&nbsp; Bayview Financing Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%) | 8.199(c) | 07/01/26 |  | 26098 | 26165352 |
| &nbsp;&nbsp; Bear Stearns Adjustable Rate Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-11, Class 1A1 | 6.250(cc) | 02/25/33 |  | —(r) | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 3A1 | 4.924(cc) | 08/25/35 |  | 47 | 44272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-03, Class 1A1 | 4.213(cc) | 05/25/47 |  | 94 | 84488 |
| &nbsp;&nbsp; Bear Stearns ALT-A Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 23A1 | 5.421(cc) | 05/25/35 |  | 32 | 30911 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Bear Stearns ALT-A Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-04, Class 23A2 | 5.421%(cc) | 05/25/35 | 11 | $10328 |
| &nbsp;&nbsp; Bravo Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM09, Class A1, 144A | 5.043(cc) | 09/25/65 | 36219 | 36220115 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM07, Class A1, 144A | 5.459(cc) | 07/25/65 | 56733 | 57142810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM08, Class A1, 144A | 5.082(cc) | 06/25/65 | 43104 | 43125513 |
| &nbsp;&nbsp; Chase Home Lending Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1A, 144A | 3.250(cc) | 08/25/64 | 14630 | 13155238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1A, 144A | 3.375(cc) | 04/25/65 | 32947 | 29928036 |
| &nbsp;&nbsp; CHL Mortgage Pass-Through Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-53, Class A1 | 6.326(cc) | 02/19/34 | 2923 | 2929234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-29, Class A1 | 5.750 | 12/25/35 | 332 | 155040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-HYB09, Class 3A2A, 12 Month SOFR + 2.465% (Cap 11.000%, Floor 1.750%) | 6.224(c) | 02/20/36 | 5 | 4326 |
| &nbsp;&nbsp; CIM Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class A1, 144A | 4.750(cc) | 06/25/64 | 30111 | 29925594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-I01, Class A1, 144A | 5.655(cc) | 10/25/69 | 4427 | 4464686 |
| &nbsp;&nbsp; Citigroup Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-12, Class 3A2, 144A | 4.533(cc) | 09/25/47 | 2448 | 2264527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A1, 144A | 4.100(cc) | 02/25/63 | 90511 | 86949522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class A2, 144A | 4.229(cc) | 02/25/63 | 8815 | 7889149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B1, 144A | 4.229(cc) | 02/25/63 | 2667 | 2099071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B2, 144A | 0.000(cc) | 02/25/63 | 963 | 719016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B3, PO, 144A | 11.267(s) | 02/25/63 | 2444 | 331875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class B4, PO, 144A | 14.581(s) | 02/25/63 | 4427 | 403037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M1, 144A | 4.229(cc) | 02/25/63 | 5926 | 5095703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class M2, 144A | 4.229(cc) | 02/25/63 | 4518 | 3713382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class SA, 144A | 0.000(cc) | 02/25/63 | 126 | 116286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RP02, Class X, IO, 144A | 0.000(cc) | 02/25/63 | 130511 | 13051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A1, 144A | 4.020(cc) | 01/25/64 | 144931 | 137109777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class A2, 144A | 4.020(cc) | 01/25/64 | 6684 | 5122459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B1, 144A | 4.020(cc) | 01/25/64 | 2674 | 1693370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B2, 144A | 4.020(cc) | 01/25/64 | 1693 | 986489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B3, 144A | 0.000(cc) | 01/25/64 | 2139 | 1048597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class B4, 144A | 0.000(cc) | 01/25/64 | 2033 | 826522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M1, 144A | 4.020(cc) | 01/25/64 | 5704 | 4078056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class M2, 144A | 4.020(cc) | 01/25/64 | 3564 | 2417253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class SA, 144A | 0.000(cc) | 01/25/64 | 312 | 275867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RP01, Class X, IO, 144A | 0.000(cc) | 01/25/64 | 170731 | 17073 |
| &nbsp;&nbsp; COLT Mortgage Loan Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-08, Class A1, 144A | 5.480(cc) | 08/25/70 | 32571 | 32862699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-09, Class A1, 144A | 5.194(cc) | 09/25/70 | 39464 | 39556466 |
| &nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.283(c) | 10/25/41 | 3600 | 3671821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.550% (Cap N/A, Floor 0.000%) | 5.733(c) | 10/25/41 | 4215 | 4226885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.150% (Cap N/A, Floor 0.000%) | 7.333(c) | 12/25/41 | 2652 | 2711622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) | 10.433(c) | 03/25/42 | 14390 | 15352403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.283(c) | 03/25/42 | 6300 | 6476213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.283(c) | 06/25/43 | 20500 | 21352790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R05, Class 2M2, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) | 5.883(c) | 07/25/44 | 6500 | 6524393 |
| &nbsp;&nbsp; Credit Suisse Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL04, Class PT, 144A | 4.723(cc) | 04/25/58 | 13455 | 12477818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-RPL09, Class PT, 144A | 3.924(cc) | 09/25/57 | 15532 | 13302268 |
| &nbsp;&nbsp; Cross Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H01, Class A1, 144A | 5.735(cc) | 02/25/70 | 4021 | 4055367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H06, Class A1, 144A | 5.181(cc) | 07/25/70 | 49376 | 49435673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H07, Class A1, 144A | 4.934(cc) | 09/25/70 | 42579 | 42468435 |
| &nbsp;&nbsp; Eagle Re Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) | 7.633(c) | 04/25/34 | 16314 | 16387219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%) | 6.183(c) | 09/26/33 | 4595 | 4603485 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 111

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |
| &nbsp;&nbsp; Fannie Mae REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2000-32, Class FM, 30 Day Average SOFR + 0.564% (Cap 9.000%, Floor 0.450%) | 4.748%(c) | 10/18/30 | —(r) | $229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-29, Class Z | 6.500 | 07/25/31 | 6 | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-132, Class KI, IO | 3.000 | 12/25/32 | 3141 | 222608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-57, Class MI, IO | 3.000 | 06/25/28 | 356 | 7339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-05, Class AI, IO | 4.500 | 04/25/43 | 1418 | 204522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-51, Class CI, IO | 4.000 | 07/25/45 | 2490 | 399581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-30, Class CI, IO | 3.000 | 05/25/36 | 1574 | 112965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-74, Class GM | 2.500 | 09/25/43 | 5562 | 5380055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-83, Class IO, IO | 4.000 | 10/25/47 | 1954 | 346148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-16, Class MB | 3.500 | 07/25/46 | 1469 | 1458706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-24, Class BH | 3.500 | 04/25/48 | 3394 | 3125545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-58, Class BI, IO | 4.000 | 08/25/48 | 1389 | 255768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-08, Class Z | 3.500 | 03/25/49 | 2878 | 2516504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-13, Class LZ | 4.000 | 04/25/49 | 10038 | 9606142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-53, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 07/25/55 | 112366 | 113855930 |
| &nbsp;&nbsp; FHLMC Structured Agency Credit Risk REMIC Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%) | 7.183(c) | 12/25/50 | 400 | 427797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) | 5.833(c) | 01/25/34 | 4785 | 4795462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) | 7.583(c) | 10/25/41 | 20695 | 21134384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%) | 5.683(c) | 10/25/41 | 2594 | 2604771 |
| &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%) | 5.983(c) | 11/25/41 | 6495 | 6550924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class B1, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.533(c) | 09/25/41 | 1793 | 1822362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) | 6.283(c) | 09/25/41 | 51600 | 51971004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class B1, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%) | 7.933(c) | 12/25/41 | 572 | 585610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) | 6.533(c) | 12/25/41 | 37280 | 37734443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA01, Class M2, 144A, 30 Day Average SOFR + 2.500% (Cap N/A, Floor 0.000%) | 6.683(c) | 01/25/42 | 1770 | 1800469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) | 7.083(c) | 04/25/42 | 7600 | 7891924 |
| &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%) | 7.533(c) | 05/25/42 | 800 | 829203 |
| &nbsp;&nbsp; FHLMC Structured Pass-Through Certificates, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T-61, Class 1A1, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.400% (Cap N/A, Floor 1.400%) | 5.509(c) | 07/25/44 | 41 | 39771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T-63, Class 1A1, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.200% (Cap N/A, Floor 1.200%) | 5.309(c) | 02/25/45 | 5 | 4452 |
| &nbsp;&nbsp; Freddie Mac REMIC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1935, Class JZ | 7.000 | 02/15/27 | 3 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2241, Class PH | 7.500 | 07/15/30 | 7 | 6813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3795, Class VZ | 4.000 | 01/15/41 | 1696 | 1651169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3889, Class DZ | 4.000 | 01/15/41 | 1784 | 1748316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4135, Class AI, IO | 3.500 | 11/15/42 | 5417 | 673799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4372, Class GI, IO | 4.500 | 08/15/44 | 2945 | 425637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4468, Class IO, IO | 4.500 | 05/15/45 | 3485 | 471057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4500, Class ZX | 4.000 | 07/15/45 | 1743 | 1699517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4735, Class IM, IO | 4.000 | 12/15/47 | 5146 | 932003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4736, Class IP, IO | 4.000 | 08/15/47 | 1380 | 239489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4751, Class PI, IO | 4.000 | 11/15/47 | 984 | 171298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4795, Class WQ | 4.000 | 07/15/46 | 187 | 186015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4801, Class ZD | 4.000 | 06/15/48 | 5365 | 5128460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4802, Class EZ | 4.000 | 06/15/48 | 3377 | 3217923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4831, Class BA | 3.500 | 10/15/44 | 90 | 89896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4870, Class K | 4.000 | 04/15/49 | 13789 | 13130712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4903, Class ED | 2.750 | 09/15/48 | 3266 | 3014709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4903, Class IP, IO | 4.500 | 07/25/49 | 6378 | 1477731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4939, Class KT | 3.000 | 07/15/48 | 12590 | 11456155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4946, Class KB | 3.000 | 12/15/48 | 5762 | 5231375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 07/25/55 | 134531 | 136314422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) | 6.000(c) | 06/25/55 | 97128 | 98415344 |
| &nbsp;&nbsp; Freddie Mac Strips, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 304, Class C54, IO | 4.000 | 12/15/32 | 1196 | 105978 |
| &nbsp;&nbsp; GCAT Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM06, Class A1, 144A | 4.935(cc) | 10/25/70 | 34900 | 34769383 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-99, Class AX | 3.000%(cc) | 07/20/43 |  | 949 | $864730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-064, Class IA, IO | 4.000 | 05/20/45 |  | 6753 | 1398060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-165, Class IB, IO | 3.500 | 11/20/42 |  | 2293 | 208051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-01, Class ZP | 3.000 | 01/20/46 |  | 7198 | 5887923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-161, Class PI, IO | 3.500 | 06/20/46 |  | 14399 | 2225243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-69, Class B | 3.000 | 05/20/46 |  | 9700 | 8696020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class ZK | 3.000 | 08/20/47 |  | 6698 | 5370371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-05, Class IB, IO | 4.000 | 01/20/48 |  | 7926 | 1652490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-21, Class IH, IO | 4.500 | 02/20/48 |  | 2653 | 634874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-59, Class PZ | 3.000 | 09/20/46 |  | 7014 | 6576116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-159, Class IJ, IO | 3.500 | 12/20/49 |  | 8493 | 1351969 |
| &nbsp;&nbsp; GS Mortgage-Backed Securities Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | 0.000 | 01/25/64 |  | 199 | 196430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, PO, 144A | 3.700(cc) | 01/25/64 |  | 160111 | 143824493 |
| &nbsp;&nbsp; Home Re Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) | 6.983(c) | 01/25/34 |  | 1708 | 1710685 |
| &nbsp;&nbsp; HOMES Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | 5.220(cc) | 08/25/70 |  | 23099 | 23166606 |
| &nbsp;&nbsp; Impac CMB Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-01, Class 1A1, 1 Month SOFR + 0.634% (Cap 11.250%, Floor 0.520%) | 4.626(c) | 04/25/35 |  | 419 | 408430 |
| &nbsp;&nbsp; IndyMac Adjustable Rate Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-H02, Class A1 | 5.717(cc) | 01/25/32 |  | 1 | 825 |
| &nbsp;&nbsp; IndyMac INDX Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FLX04, Class 2A1, 1 Month SOFR + 0.474% (Cap N/A, Floor 0.360%) | 4.466(c) | 07/25/37 |  | 1608 | 1501910 |
| &nbsp;&nbsp; JPMorgan Alternative Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A01, Class 4A1 | 4.604(cc) | 03/25/36 |  | 59 | 43428 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DSC02, Class A1, 144A | 5.195(cc) | 10/25/65 |  | 37566 | 37697107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | 5.495(cc) | 11/25/65 |  | 35696 | 35923120 |
| &nbsp;&nbsp; Kinbane DAC (Ireland), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | 3.008(c) | 01/24/63 | EUR | 34442 | 39698466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) | 2.990(c) | 08/24/75 | EUR | 4500 | 5178507 |
| &nbsp;&nbsp; LHOME Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RTL04, Class A1, 144A | 5.921(cc) | 07/25/39 |  | 28250 | 28385306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RTL03, Class A1, 144A | 5.239(cc) | 08/25/40 |  | 13400 | 13410483 |
| &nbsp;&nbsp; Lincoln Senior Participation Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01, Class A1X, 144A, 1 Month SOFR + 3.000%^ | 2.750(c) | 06/27/27 |  | 61857 | 61914589 |
| &nbsp;&nbsp; Lugo Funding DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | 3.026(c) | 05/26/66 | EUR | 50038 | 57570359 |
| &nbsp;&nbsp; MFA Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM02, Class A1, 144A | 5.675(cc) | 05/27/70 |  | 9323 | 9389265 |
| &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM08, Class A1, 144A | 4.963(cc) | 09/25/70 |  | 28700 | 28601806 |
| &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%) | 4.856(c) | 01/25/48 |  | 6563 | 6448032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | 5.350(cc) | 07/25/65 |  | 21710 | 21829384 |
| &nbsp;&nbsp; NLT Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | 5.506(cc) | 02/25/70 |  | 101686 | 102878413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A2, 144A | 5.708(cc) | 02/25/70 |  | 11402 | 11496670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A3, 144A | 5.860(cc) | 02/25/70 |  | 19566 | 19718071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class AIOS, 144A | 0.399(cc) | 02/25/70 |  | 155039 | 1188886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B1, 144A | 6.595(cc) | 02/25/70 |  | 6037 | 6001620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B2, 144A | 6.595(cc) | 02/25/70 |  | 4751 | 4617361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class B3, 144A | 6.595(cc) | 02/25/70 |  | 2979 | 2716941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class M1, 144A | 6.314(cc) | 02/25/70 |  | 8617 | 8727604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class XS, 144A^ | 0.901(cc) | 02/25/70 |  | 155039 | 3488378 |
| &nbsp;&nbsp; Oaktown Re VII Ltd., |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) | 7.083(c) | 04/25/34 |  | 24708 | 24920190 |
| &nbsp;&nbsp; OBX Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM03, Class A1, 144A | 5.648(cc) | 12/01/64 |  | 27840 | 28086230 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 113

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |  |  |
| &nbsp;&nbsp; OBX Trust, (cont'd.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM11, Class A1, 144A | 5.418%(cc) | 05/25/65 |  | 13689 | $13767641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM14, Class A1, 144A | 5.162(cc) | 07/25/65 |  | 39839 | 40092990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM15, Class A1, 144A | 5.143(cc) | 07/27/65 |  | 23437 | 23514164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM15, Class A3, 144A | 5.599(cc) | 07/27/65 |  | 1660 | 1665307 |
| &nbsp;&nbsp; PMT Credit Risk Transfer Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) | 7.683(c) | 05/25/33 |  | 103629 | 104843820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) | 7.545(c) | 03/29/27 |  | 80598 | 81434721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-03R, Class A, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%) | 7.295(c) | 09/27/28 |  | 69875 | 70739407 |
| &nbsp;&nbsp; Prime Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-CL01, Class 1A2, 1 Month SOFR + 0.514% (Cap 8.000%, Floor 0.400%) | 4.506(c) | 02/25/34 |  | 2 | 2119 |
| &nbsp;&nbsp; PRPM Fundido DAC (Spain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-02A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) | 3.038(c) | 01/29/75 | EUR | 9700 | 11070251 |
| &nbsp;&nbsp; PRPM LLC, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL02, Class A1, 144A | 3.500(cc) | 05/25/54 |  | 15875 | 15458615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A1, 144A | 4.000(cc) | 03/25/55 |  | 52358 | 51341642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A2, 144A | 4.000(cc) | 03/25/55 |  | 10215 | 9781075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class A3, 144A | 4.000(cc) | 03/25/55 |  | 6023 | 5696227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1A, 144A | 4.000(cc) | 03/25/55 |  | 5879 | 5492323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL01, Class M1B, 144A | 4.000(cc) | 03/25/55 |  | 2072 | 1917921 |
| &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%) | 7.883(c) | 11/25/31 |  | 14679 | 14858458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) | 6.883(c) | 07/25/33 |  | 3053 | 3065517 |
| &nbsp;&nbsp; Regal Trust IV, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1999-01, Class A, 144A, Cost of Funds for the 11th District of San Francisco + 1.500% (Cap N/A, Floor 1.500%) | 4.448(c) | 09/29/31 |  | 3 | 2805 |
| &nbsp;&nbsp; RFMSI Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-S09, Class A1 | 6.500 | 03/25/32 |  | 3 | 3378 |
| &nbsp;&nbsp; Santander Mortgage Asset Receivable Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM04, Class A1, 144A | 5.303(cc) | 07/25/65 |  | 31589 | 31669288 |
| &nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-01, Class 4A3 | 6.335(cc) | 02/25/34 |  | 25 | 24117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-18, Class 3A1 | 5.033(cc) | 12/25/34 |  | 2778 | 2595070 |
| &nbsp;&nbsp; Structured Asset Mortgage Investments Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2002-AR03, Class A1, 1 Month SOFR + 0.774% (Cap 11.000%, Floor 0.660%) | 4.806(c) | 09/19/32 |  | 2 | 1602 |
| &nbsp;&nbsp; Vendee Mortgage Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-02, Class DZ | 3.750 | 10/15/41 |  | 1882 | 1776852 |
| &nbsp;&nbsp; Verus Securitization Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-02, Class A1, 144A | 6.095(cc) | 02/25/69 |  | 5778 | 5829681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-07, Class A1, 144A | 5.129(cc) | 08/25/70 |  | 44162 | 44245040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-09, Class A1, 144A | 4.935(cc) | 10/27/70 |  | 25000 | 24971662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-INV01, Class A1, 144A | 5.548(cc) | 02/25/70 |  | 29773 | 29993743 |
| &nbsp;&nbsp; Washington Mutual Mortgage Pass-Through Certificates Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR08, Class A1, 1 Month SOFR + 0.954% (Cap 10.500%, Floor 0.840%) | 4.946(c) | 06/25/44 |  | 460 | 464183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR10, Class A3, 1 Month SOFR + 1.214% (Cap 10.500%, Floor 1.100%) | 5.206(c) | 07/25/44 |  | 660 | 646402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR05, Class A6 | 5.365(cc) | 05/25/35 |  | 258 | 255615 |
| &nbsp;&nbsp; Washington Mutual MSC Mortgage Pass-Through Certificates Trust, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-AR01, Class 2A | 4.626(cc) | 02/25/33 |  | —(r) | 119 |
| &nbsp;&nbsp; **TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES**<br> (cost $2,803,725,895) |  |  |  |  | 2822271442 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 2.4%** |  |  |  |  |  |
| &nbsp;&nbsp; Amazon Conservation DAC (Ecuador), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.034 | 01/16/42 |  | 112000 | 115619123 |
| &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 | 1751 | 1593622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.670 | 12/31/38(d) | JPY | 402629 | 431080 |
| &nbsp;&nbsp; Bahrain Government International Bond (Bahrain), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.000 | 10/12/28 |  | 10000 | 10470000 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount**<br> **(000)#** | **Principal Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **SOVEREIGN BONDS (Continued)** |  |  |  |  |  |
| &nbsp;&nbsp; Brazil Minas SPE via State of Minas Gerais (Brazil), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes(a) | 5.333% | 02/15/28 |  | 50367 | $50232520 |
| &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 | 80570 | 92490569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 09/19/32 | EUR | 17696 | 19933256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 8.375 | 02/15/27 |  | 900 | 917262 |
| &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 |  | 10291 | 10455656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 01/29/26 |  | 5650 | 5661300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.500 | 02/22/29 |  | 51930 | 52760880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 6.000 | 07/19/28 |  | 10493 | 10797297 |
| &nbsp;&nbsp; Ecuador Social Bond Sarl (Ecuador), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gov't. Gtd. Notes^ | 0.350 | 01/30/35 |  | 145440 | 2530656 |
| &nbsp;&nbsp; Export-Import Bank of India (India), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.375 | 08/05/26 |  | 8420 | 8349777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.875 | 02/01/28 |  | 11845 | 11720746 |
| &nbsp;&nbsp; Gabon Blue Bond Master Trust 2 (Gabon), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insured Notes | 6.097 | 08/01/38 |  | 28006 | 28499466 |
| &nbsp;&nbsp; Hellenic Republic Government International Bond (Greece), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 07/17/34 | EUR | 191900 | 244243627 |
| &nbsp;&nbsp; Ivory Coast Government International Bond (Ivory Coast), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 01/30/32 | EUR | 34367 | 38256769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/22/30 | EUR | 49957 | 57726893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.875 | 10/17/31 | EUR | 72132 | 83496307 |
| &nbsp;&nbsp; Nigeria Government International Bond (Nigeria), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.625 | 11/21/25 |  | 18300 | 18290484 |
| &nbsp;&nbsp; Philippine Government International Bond (Philippines), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 9.500 | 02/02/30 |  | 3500 | 4216406 |
| &nbsp;&nbsp; Platinum for Belize Blue Investment Co. LLC (Belize), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.470(cc) | 10/20/40 |  | 2000 | 1792320 |
| &nbsp;&nbsp; Province of Alberta (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.300 | 07/22/30 |  | 21630 | 19257899 |
| &nbsp;&nbsp; Province of British Columbia (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds | 7.250 | 09/01/36 |  | 17530 | 21349750 |
| &nbsp;&nbsp; Province of Quebec (Canada), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, MTN | 7.295 | 07/22/26 |  | 474 | 483751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | 7.365 | 03/06/26 |  | 91 | 91877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series A, MTN | 7.380 | 04/09/26 |  | 100 | 101492 |
| &nbsp;&nbsp; Repubic of Italy Government International Bond Coupon Strips (Italy), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.758(s) | 02/20/31 | EUR | 43130 | 41343627 |
| &nbsp;&nbsp; Republic of Italy Government International Bond (Italy), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | 3.875 | 05/06/51 |  | 7700 | 5581306 |
| &nbsp;&nbsp; Republic of South Africa Government International Bond (South Africa), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 12Y | 3.750 | 07/24/26 | EUR | 600 | 696002 |
| &nbsp;&nbsp; Romanian Government International Bond (Romania), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonds, 144A | 6.625 | 05/16/36 |  | 13522 | 13884931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.750 | 09/16/30 |  | 53010 | 54242483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, MTN | 2.375 | 04/19/27 | EUR | 6600 | 7575881 |
| &nbsp;&nbsp; Serbia International Bond (Serbia), |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.500 | 06/26/29 | EUR | 37883 | 40845463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650 | 03/03/33 | EUR | 3888 | 3786470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.125 | 12/01/30 |  | 12350 | 10808514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.125 | 05/15/27 | EUR | 71822 | 82863240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 05/26/28 |  | 23345 | 24322689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.500 | 06/26/29 | EUR | 9990 | 10771221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 1.650 | 03/03/33 | EUR | 6252 | 6088738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.125 | 05/15/27 | EUR | 33806 | 39003017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A(a) | 6.250 | 05/26/28 |  | 875 | 911645 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $1,191,063,604) |  |  |  |  | 1254496012 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 115

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 22.5%** |  |  |  |  |
| &nbsp;&nbsp; Fannie Mae Interest Strips | 1.758%(s) | 08/06/38 | 386 | $203826 |
| &nbsp;&nbsp; Fannie Mae Principal Strips | 3.155(s) | 01/15/30 | 835 | 709291 |
| &nbsp;&nbsp; Fannie Mae Principal Strips | 3.528(s) | 07/15/37 | 5105 | 2968024 |
| &nbsp;&nbsp; Federal Home Loan Bank | 3.200 | 11/29/32 | 22500 | 20944164 |
| &nbsp;&nbsp; Federal Home Loan Bank | 4.250 | 11/02/38 | 4340 | 4010975 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 12/01/50 | 3295 | 2547699 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 02/01/51 | 7003 | 5417151 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 04/01/51 | 16827 | 13006716 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 05/01/51 | 44716 | 34546896 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 06/01/51 | 7365 | 5692964 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 10/01/50 | 2129 | 1743316 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 11/01/50 | 8582 | 7026634 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 12/01/50 | 36875 | 30176507 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 01/01/51 | 19633 | 16074675 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 02/01/51 | 3446 | 2819270 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 03/01/51 | 29374 | 24013411 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 04/01/51 | 52433 | 42858739 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 05/01/51 | 339371 | 277331586 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 08/01/51 | 18603 | 15196573 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 09/01/51 | 5060 | 4132392 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 11/01/51 | 5746 | 4690221 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 03/01/52 | 4639 | 3780507 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 04/01/52 | 5868 | 4784065 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/49 | 4638 | 4009082 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/50 | 2087 | 1786299 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/50 | 11149 | 9534920 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/50 | 5711 | 4876836 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/50 | 6045 | 5136429 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/50 | 11388 | 9742854 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/50 | 21566 | 18425253 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/50 | 51945 | 44424489 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/51 | 40840 | 34879366 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/51 | 2071 | 1768539 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/51 | 39485 | 33747995 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 03/01/51 | 123217 | 104970194 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 7519 | 6419863 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 | 5522 | 4739657 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 | 33877 | 28929713 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 05/01/51 | 105321 | 89462134 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 1034 | 883995 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 38819 | 33142281 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 98105 | 83680108 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/51 | 102884 | 87683836 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/51 | 61506 | 52491351 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 08/01/51 | 71617 | 62058477 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 09/01/51 | 39920 | 34065332 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/51 | 3445 | 2958284 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/51 | 14034 | 11974749 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 12/01/51 | 26042 | 22249162 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 | 8223 | 7013318 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 01/01/52 | 41970 | 36318476 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/52 | 438 | 376243 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/52 | 4166 | 3545100 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 02/01/52 | 15080 | 12941703 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/52 | 2514 | 2137037 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/52 | 47525 | 41126108 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 06/01/52 | 3279 | 2791381 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/43 | 1277 | 1182428 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 09/01/43 | 1059 | 980674 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/45 | 12582 | 11667489 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/51 | 15273 | 13666700 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000% | 05/01/51 | 5089 | $4537533 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/51 | 11077 | 9873067 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/51 | 15511 | 14019538 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 07/01/51 | 36913 | 32881227 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 08/01/51 | 1199 | 1063540 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 09/01/51 | 12033 | 10715114 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 | 1590 | 1417071 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/51 | 7093 | 6302900 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/51 | 2111 | 1886940 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/52 | 2800 | 2489026 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 1765 | 1568319 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 3138 | 2788393 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/52 | 101627 | 90301499 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 03/01/52 | 16772 | 14896923 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 2166 | 1924803 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 42834 | 38349111 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/52 | 50742 | 45597315 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 06/01/52 | 56417 | 50849387 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 08/01/52 | 757 | 673090 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 08/01/52 | 255557 | 229097628 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/47 | 622 | 586542 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/49 | 691 | 644920 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 08/01/49 | 208 | 194055 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 09/01/51 | 3519 | 3256212 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 01/01/52 | 9265 | 8572513 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/52 | 6592 | 6105882 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 03/01/52 | 56877 | 52770962 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/52 | 10267 | 9468746 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 | 171133 | 158040607 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/41 | 253 | 247308 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 08/01/41 | 292 | 287303 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 09/01/41 | 596 | 583307 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 02/01/42 | 683 | 669172 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 10/01/51 | 2076 | 1981337 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/52 | 126615 | 120690848 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 09/01/39 | 223 | 224743 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 03/01/47 | 4827 | 4843054 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 11/01/48 | 2980 | 2957313 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 06/01/52 | 49281 | 48261037 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/39 | 26 | 26635 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 02/01/42 | 7224 | 7429338 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 07/01/50 | 5478 | 5534387 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/50 | 17958 | 18151788 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 07/01/52 | 8899 | 8906073 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/52 | 43324 | 43245413 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 09/01/52 | 36276 | 36265330 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/52 | 31412 | 31402787 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 09/01/53 | 927 | 925343 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/54 | 10496 | 10446300 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 11/01/54 | 28962 | 28825900 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 12/01/54 | 24983 | 24861284 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/55 | 18192 | 18103178 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 06/01/31 | —(r) | 237 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/33 | 120 | 123020 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 07/01/34 | 1 | 1440 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/52 | 49546 | 50247068 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 11/01/52 | 301228 | 306053390 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 07/01/54 | 12229 | 12364004 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 08/01/54 | 20227 | 20452924 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 09/01/54 | 26463 | 26753931 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 10/01/54 | 40316 | 40750802 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 117

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500% | 01/01/55 | 278553 | $281462919 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 04/01/55 | 71316 | 72061563 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 05/01/55 | 38206 | 38605421 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 10/01/32 | 1 | 1365 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/32 | 3 | 2705 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 02/01/33 | 2 | 2531 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 11/01/33 | 13 | 13151 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/34 | 13 | 13579 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/36 | 1 | 734 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 11/01/52 | 6024 | 6188655 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 | 5063 | 5199353 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 | 24799 | 25460039 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 03/01/53 | 25851 | 26527732 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 04/01/53 | 24509 | 25190774 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 05/01/53 | 8142 | 8358239 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 12/01/54 | 182838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186956228 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp.(k) | 6.250 | 07/15/32 | 25297 | 28737899 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 07/01/32 | —(r) | 323 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 08/01/32 | 1 | 703 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 08/01/32 | 1 | 1142 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 08/01/32 | 1 | 1154 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 08/01/32 | 2 | 1721 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 09/01/32 | 9 | 8821 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.500 | 11/01/33 | 16 | 16297 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp.(k) | 6.750 | 03/15/31 | 47678 | 54535681 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 09/01/32 | 18 | 18353 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 01/01/53 | 561 | 588090 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 05/01/53 | 701 | 734201 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 7.000 | 06/01/53 | 585 | 613241 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp., MTN | 2.054(s) | 11/15/38 | 1565 | 854752 |
| &nbsp;&nbsp; Federal National Mortgage Assoc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise 11th District COFI Institutional Replacement Index + 1.254%<br>(Cap 12.488%, Floor 4.385%) | 4.385(c) | 01/01/28 | —(r) | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise 11th District COFI Institutional Replacement Index + 1.255%<br>(Cap 11.446%, Floor 3.005%) | 4.397(c) | 05/01/36 | 2 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise 11th District COFI Institutional Replacement Index + 1.257%<br>(Cap 12.872%, Floor 3.114%) | 4.445(c) | 05/01/36 | 1 | 542 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 10/01/50 | 3861 | 2985596 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 12/01/50 | 59055 | 45699046 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 01/01/51 | 21714 | 16776509 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 03/01/51 | 28902 | 22375931 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 03/01/51 | 62569 | 48365501 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 04/01/51 | 64912 | 50150977 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 05/01/51 | 1007 | 779556 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 06/01/51 | 101596 | 78620978 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 07/01/51 | 5685 | 4394786 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 09/01/51 | 5251 | 4060236 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | TBA | 404500 | 327994755 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 06/01/50 | 84748 | 69494071 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/50 | 52462 | 42975965 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/50 | 8987 | 7360220 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 12849 | 10517842 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 02/01/51 | 17677 | 14458425 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 03/01/51 | 1745 | 1426042 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 03/01/51 | 10435 | 8530900 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 04/01/51 | 119797 | 97860875 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/51 | 91996 | 75178625 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 06/01/51 | 10193 | 8328325 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 07/01/51 | 17505 | 14301119 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 08/01/51 | 32236 | 26329712 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 09/01/51 | 10231 | 8355315 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000% | 10/01/51 | 57938 | $47310400 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 11/01/51 | 60918 | 49730270 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/51 | 5037 | 4107271 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 2.186(s) | 03/17/31 | 794 | 635762 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | TBA | 332000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281849604 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/50 | 10962 | 9385467 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/50 | 98136 | 84113423 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/50 | 4871 | 4171535 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 57235 | 48966981 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/50 | 3705 | 3164736 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/50 | 4343 | 3695694 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/50 | 32688 | 27958761 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/51 | 5000 | 4261973 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/51 | 82753 | 70632222 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/51 | 117131 | 99875113 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/51 | 81857 | 69997228 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/51 | 126110 | 107548539 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/51 | 5347 | 4553187 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/51 | 63806 | 54343358 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 6215 | 5340014 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 37534 | 32049203 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/51 | 45016 | 38437574 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 07/01/51 | 63660 | 54350405 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/51 | 9214 | 7864964 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/51 | 88669 | 75673799 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/51 | 5081 | 4344726 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/51 | 60428 | 51540309 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 12/01/51 | 2234 | 1907304 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/52 | 26698 | 22779619 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/52 | 2675 | 2282444 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/52 | 6588 | 5717520 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/52 | 3488 | 2962349 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 03/01/52 | 57833 | 49971085 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/52 | 30193 | 25770759 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/52 | 824 | 700029 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/44 | 2681 | 2483675 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/44 | 36532 | 33837646 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 03/01/45 | 2693 | 2494992 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/45 | 1874 | 1736007 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/48 | 6954 | 6441210 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 09/01/50 | 28576 | 25546595 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/51 | 647 | 577621 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/51 | 26390 | 23562819 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 06/01/51 | 11786 | 10502187 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/51 | 106979 | 95460530 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/51 | 8302 | 7392182 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 1255 | 1116672 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/51 | 5048 | 4482310 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/51 | 678 | 603642 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/51 | 691 | 617364 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/51 | 2529 | 2255023 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 157 | 139266 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 284 | 252984 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/51 | 4205 | 3754395 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 205 | 183545 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 398 | 353395 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 12352 | 11056055 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/52 | 133492 | 118483467 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 602 | 534539 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 124833 | 111584382 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/52 | 164775 | 146410947 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 119

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 3.000% | 03/01/52 | 354225 | $314683290 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 34980 | 31198838 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 05/01/52 | 894 | 793321 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/52 | 1356 | 1207196 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 07/01/52 | 5547 | 4939785 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/42 | 32299 | 31023843 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/42 | 3361 | 3210516 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/46 | 3191 | 3038342 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/47 | 11213 | 10696032 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/49 | 1914 | 1785934 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/49 | 442 | 412407 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/49 | 876 | 816791 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/49 | 865 | 804732 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/49 | 7065 | 6587984 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/49 | 8477 | 7903588 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/49 | 4362 | 4066315 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/49 | 1858 | 1723901 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/50 | 10711 | 9980619 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/50 | 15358 | 14611627 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 02/01/50 | 37 | 34705 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/50 | 1850 | 1724581 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/50 | 6493 | 6051882 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/50 | 4178 | 3888119 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/50 | 2122 | 1974464 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/50 | 343 | 319524 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/51 | 20022 | 18595194 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/51 | 2097 | 1936745 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/52 | 14783 | 13711646 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/52 | 17225 | 15939497 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/52 | 26277 | 24374735 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 04/01/52 | 109830 | 101427261 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 05/01/52 | 168214 | 155345665 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/52 | 56588 | 52475432 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | TBA | 99000 | 93887236 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/40 | 100 | 98367 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/40 | 221 | 213318 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/41 | 329 | 323573 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/41 | 1861 | 1831744 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/42 | 1719 | 1683393 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/42 | 20599 | 20162486 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 06/01/42 | 8135 | 7965115 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/48 | 21637 | 21174015 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 27819 | 26664622 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 29706 | 28269718 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/52 | 195404 | 186261705 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/53 | 28018 | 26722373 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 05/01/53 | 11513 | 10970312 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/33 | 2 | 1568 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/33 | 2 | 1852 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/40 | 2963 | 2982046 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/41 | 2031 | 2042993 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 11/01/42 | 10480 | 10538054 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 10/01/44 | 10383 | 10443565 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 10809 | 10805163 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 09/01/46 | 4348 | 4357098 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 04/01/48 | 14187 | 14219714 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/48 | 3324 | 3298168 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 05/01/49 | 12925 | 12764219 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 09/01/49 | 28375 | 28136348 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/50 | 13712 | 13790474 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/50 | 17776 | 17827885 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500% | 01/01/50 | 22265 | $22449561 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 03/01/50 | 11525 | 11596401 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 12/01/50 | 51797 | 52098792 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 74873 | 73323646 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 07/01/52 | 4261 | 4154190 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 90500 | 89977174 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/34 | 198 | 200575 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/39 | 1526 | 1567046 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/40 | 378 | 388355 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/44 | 32237 | 33076902 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/50 | 6585 | 6662026 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/50 | 15118 | 15287480 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/52 | 19701 | 19696700 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 08/01/52 | 110374 | 110347530 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 09/01/52 | 4410 | 4408864 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/52 | 14712 | 14731470 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 12/01/52 | 57649 | 57629124 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 07/01/54 | 1869 | 1862297 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 12/01/54 | 27135 | 27005819 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 01/01/55 | 39256 | 39070397 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 07/01/33 | 9 | 9207 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 08/01/33 | —(r) | 113 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/33 | 15 | 15437 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/33 | 3 | 2863 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 04/01/34 | 1 | 1549 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 04/01/34 | 7 | 7503 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 04/01/34 | 46 | 46049 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 05/01/34 | 1 | 1165 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 05/01/34 | 12 | 12188 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 03/01/35 | 334 | 342542 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 30201 | 30730710 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 04/01/53 | 13600 | 13797059 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 09/01/54 | 117030 | 118325747 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 10/01/54 | 213808 | 216133195 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 12/01/54 | 193999 | 196036137 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 01/01/55 | 7092 | 7166329 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 02/01/55 | 50181 | 50705108 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 06/01/55 | 33359 | 33707832 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 07/01/55 | 184116 | 186039671 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/32 | —(r) | 42 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/32 | 1 | 1262 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 03/01/33 | 1 | 678 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 10/01/33 | 2 | 1814 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/33 | 40 | 41241 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 02/01/34 | 44 | 45973 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 12 | 12771 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/34 | 15 | 15545 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/36 | 1 | 903 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/36 | 1 | 1433 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/36 | 4 | 3922 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 06/01/37 | 4 | 4422 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/52 | 45600 | 46856600 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 34033 | 35027733 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/53 | 1305 | 1340487 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 01/01/53 | 7008 | 7250118 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 04/01/53 | 18371 | 18882572 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 08/01/53 | 7336 | 7518522 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 09/01/53 | 32146 | 33444103 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/54 | 47215 | 48302214 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 07/01/32 | 3 | 2754 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 08/01/32 | 4 | 4207 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 121

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500% | 09/01/32 | 1 | $613 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/32 | 14 | 14700 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/32 | 17 | 17604 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 09/01/32 | 17 | 17626 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 10/01/32 | 10 | 10447 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 04/01/33 | 14 | 14416 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.625 | 11/15/30 | 55120 | 62374929 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 05/01/32 | 5 | 4999 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 06/01/32 | 2 | 1892 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 01/01/53 | 708 | 742026 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 02/01/53 | 570 | 596929 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 03/01/53 | 2474 | 2590443 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 7.000 | 06/01/53 | 543 | 568736 |
| &nbsp;&nbsp; Federal National Mortgage Assoc.(k) | 7.125 | 01/15/30 | 7255 | 8209370 |
| &nbsp;&nbsp; Freddie Mac Coupon Strips | 4.270(s) | 07/15/32 | 8084 | 6024561 |
| &nbsp;&nbsp; Freddie Mac Coupon Strips | 4.809(s) | 07/15/31 | 504 | 398544 |
| &nbsp;&nbsp; Freddie Mac Coupon Strips | 5.245(s) | 03/15/31 | 1655 | 1336077 |
| &nbsp;&nbsp; Freddie Mac Strips | 1.474(s) | 03/15/31 | 10264 | 8345608 |
| &nbsp;&nbsp; Freddie Mac Strips | 4.445(s) | 07/15/32 | 5036 | 3820746 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 10/20/50 | 92937 | 77328741 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 12/20/50 | 137137 | 114105384 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 01/20/51 | 17161 | 14278787 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 01/20/51 | 34167 | 29608430 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 03/20/51 | 75368 | 65281957 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 09/20/51 | 103566 | 89681417 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/15/45 | 53 | 48157 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/15/45 | 11 | 10260 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/15/45 | 102 | 92395 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/51 | 8255 | 7425892 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/15/40 | 56 | 53055 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/47 | 3549 | 3310331 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/47 | 11558 | 10770061 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/47 | 8282 | 7717482 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/47 | 3095 | 2896037 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/51 | 2455 | 2261483 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/51 | 186634 | 171920980 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/52 | 89363 | 82518134 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 03/20/52 | 60566 | 55973134 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/52 | 99291 | 91414120 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 11/20/48 | 271 | 260113 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/52 | 7173 | 6842794 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 06/20/52 | 45685 | 43658904 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/52 | 4630 | 4418226 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 08/20/52 | 117497 | 112230460 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 02/20/41 | 725 | 730852 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 07/20/52 | 77237 | 75961174 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 211476 | 207981341 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 09/20/52 | 6898 | 6781640 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 08/20/39 | 218 | 224578 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 09/20/52 | 70022 | 70222328 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 02/20/54 | 14904 | 14902392 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | TBA | 104000 | 104780465 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 09/20/52 | 4427 | 4504282 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 10/20/52 | 22118 | 22506437 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 11/20/52 | 60797 | 61452069 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 01/15/33 | 9 | 9078 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 03/15/33 | 2 | 2087 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 05/15/33 | 3 | 3391 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 06/15/33 | 1 | 1458 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 12/15/33 | 10 | 10299 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 12/20/52 | 22559 | 23142759 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000% | 01/20/53 | 8584 | $8803643 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 02/20/53 | 31364 | 32157862 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 06/20/53 | 5232 | 5358333 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | TBA | 54500 | 56097003 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 09/15/32 | 14 | 14202 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 09/15/32 | 23 | 23504 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 11/15/33 | 14 | 14248 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 11/15/33 | 41 | 41283 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 07/15/38 | —(r) | 396 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.500 | 03/20/54 | 9665 | 9982168 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 09/20/53 | 1710 | 1765103 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 7.000 | 10/20/53 | 2022 | 2090358 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 8.000 | 08/20/31 | —(r) | 107 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 8.500 | 06/15/30 | —(r) | 75 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 8.500 | 08/20/30 | 1 | 545 |
| &nbsp;&nbsp; Indonesia Government AID Bond, U.S. Gov't. Gtd. Notes | 6.650 | 07/15/29 | 7888 | 8338378 |
| &nbsp;&nbsp; Resolution Funding Corp., Unsec'd. Notes, Series A | 8.625 | 01/15/30 | 429 | 508024 |
| &nbsp;&nbsp; Resolution Funding Corp. Interest Strips, Bonds | 2.508(s) | 01/15/30 | 1250 | 1058732 |
| &nbsp;&nbsp; Resolution Funding Corp. Interest Strips, Bonds | 3.599(s) | 04/15/30 | 18610 | 15616600 |
| &nbsp;&nbsp; Resolution Funding Corp. Principal Strips, Bonds | 4.765(s) | 01/15/30 | 4000 | 3406580 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 5.980 | 04/01/36 | 790 | 886309 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes, Series A | 2.875 | 02/01/27 | 4560 | 4513437 |
| &nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | 1.886(s) | 09/15/39 | 555 | 271392 |
| &nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | 2.338(s) | 09/15/27 | 1878 | 1743692 |
| &nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | 4.951(s) | 07/15/35 | 13972 | 8663566 |
| &nbsp;&nbsp; Tennessee Valley Authority Principal Strips, Bonds | 3.037(s) | 05/01/30 | 5174 | 4313939 |
| &nbsp;&nbsp; Tennessee Valley Authority Principal Strips, Bonds | 3.874(s) | 06/15/35 | 1300 | 829283 |
| &nbsp;&nbsp; U.S. International Development Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes, Series 2 | 3.190 | 10/05/34 | 2201 | 2094420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes, Series 4 | 3.000 | 10/05/34 | 5137 | 4869115 |
| &nbsp;&nbsp; U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | 3.250 | 10/15/30 | 1156 | 1134941 |
| &nbsp;&nbsp; U.S. International Development Finance Corp., U.S. Gov't. Gtd. Notes | 3.370 | 10/05/34 | 5223 | 5044912 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $11,629,602,876) |  |  |  | 11748442614 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 4.2%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.375 | 08/15/50 | 660000 | 336393750 |
| &nbsp;&nbsp; U.S. Treasury Bonds(h)(k) | 1.625 | 11/15/50 | 1145000 | 622593750 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 02/15/42 | 31085 | 23236038 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.500 | 02/15/45 | 41805 | 30269433 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.500 | 02/15/46 | 100000 | 71312500 |
| &nbsp;&nbsp; U.S. Treasury Bonds(k) | 3.000 | 11/15/44 | 138000 | 109063125 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.000 | 02/15/49 | 1000 | 756406 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.250 | 05/15/42 | 40665 | 34463587 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.000 | 11/15/42 | 30330 | 28263769 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.375 | 08/15/43 | 100000 | 97281250 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/43 | 159965 | 162989338 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 05/15/55 | 20850 | 21123656 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.625 | 10/31/30 | 128500 | 128028163 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.750 | 10/31/32 | 6790 | 6732709 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.364(s) | 05/15/45 | 32250 | 12488884 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.389(s) | 05/15/43 | 13155 | 5651788 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.695(s) | 05/15/41 | 36415 | 17520925 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 2.736(s) | 02/15/45 | 38745 | 15194616 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.146(s) | 11/15/43 | 74569 | 31186360 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.165(s) | 08/15/41 | 33805 | 16030134 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.212(s) | 08/15/44 | 132650 | 53268146 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.619(s) | 05/15/44 | 128320 | 52199026 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.826(s) | 11/15/44 | 49085 | 19453972 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.922(s) | 08/15/45 | 42525 | 16235758 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 123

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 3.926%(s) | 08/15/42 | 63055 | $28231157 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.335(s) | 08/15/51 | 50000 | 14306462 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.349(s) | 02/15/43 | 2100 | 914112 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.369(s) | 05/15/42 | 18020 | 8183500 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.433(s) | 08/15/43 | 65550 | 27803363 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.449(s) | 11/15/42 | 17285 | 7638596 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.500(s) | 05/15/46 | 23485 | 8652229 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.522(s) | 11/15/45 | 76475 | 28848453 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(h)(k) | 4.531(s) | 11/15/41 | 160330 | 75017026 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.608(s) | 11/15/48 | 6925 | 2260178 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.667(s) | 02/15/41 | 39240 | 19139350 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.685(s) | 08/15/40 | 10470 | 5250813 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.813(s) | 02/15/42 | 36390 | 16786580 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.920(s) | 08/15/48 | 25990 | 8589909 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon(k) | 4.924(s) | 02/15/49 | 19925 | 6431358 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $2,411,690,408) |  |  |  | 2169790169 |
|  |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **AFFILIATED EXCHANGE-TRADED FUNDS 0.2%** |  |  |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF |  |  | 1827720 | 94072748 |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  | 417000 | 14836860 |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF |  |  | 75000 | 3787920 |
| &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF |  |  | 75000 | 3821993 |
| &nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE-TRADED FUNDS**<br> (cost $116,039,854)(wa) |  |  |  | 116519521 |
| &nbsp;&nbsp; **COMMON STOCKS 0.2%** |  |  |  |  |
| &nbsp;&nbsp; **Chemicals 0.0%** |  |  |  |  |
| &nbsp;&nbsp; TPC Group, Inc.\* |  |  | 353022 | 7177996 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A1 Stock)\*^ |  |  | 18172 | 314190 |
| &nbsp;&nbsp; Codere Group Topco SA (Spain) (Class A2 Stock)\*^ |  |  | 48736 | 842633 |
|  |  |  |  | 1156823 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC\*(x) |  |  | 791890 | 5791091 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Expand Energy Corp. |  |  | 450899 | 46582376 |
| &nbsp;&nbsp; **Pharmaceuticals 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Endo, Inc. (Class A1 Stock), 144A^ |  |  | 149 |  |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*(x) |  |  | 1695385 | 28504508 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $11,431,638) |  |  |  | 89212794 |
| &nbsp;&nbsp; **PREFERRED STOCKS 0.0%** |  |  |  |  |
| &nbsp;&nbsp; **Banks 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Citigroup Capital XIII, 10.470%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40 |  |  | 22000 | 660660 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **PREFERRED STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Capital Markets 0.0%** |  |  |
| &nbsp;&nbsp; State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(a)(oo) | 315000 | $7213500 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.0%** |  |  |
| &nbsp;&nbsp; Digicel International Finance Ltd. (Jamaica)\*^(x) | 110440 | 1349168 |
| &nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br> (cost $8,815,070) |  | 9223328 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units**  |  |
| &nbsp;&nbsp; **WARRANTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 0.0%** |  |  |
| &nbsp;&nbsp; Codere Group Topco SA (Spain), expiring 09/30/34^ | 200 | 1153 |
| &nbsp;&nbsp; **Interactive Media & Services 0.0%** |  |  |
| &nbsp;&nbsp; Diamond Sports Group LLC, expiring 06/30/26(x) | 1481098 | 15 |
| &nbsp;&nbsp; **TOTAL WARRANTS**<br> (cost $7,763) |  | 1168 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, BEFORE LONG-TERM OPTIONS WRITTEN 98.0%**<br> (cost $51,606,848,361) |  | 51068354816 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%**<br> (premiums received $1,585,865) |  | (41573) |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS, NET OF LONG-TERM OPTIONS WRITTEN 98.0%**<br> (cost $51,605,262,496) |  | 51068313243 |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS 4.8%** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)(wa) | 2149228817 | 2149228817 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<br>(cost $375,800,612; includes $374,243,275 of cash collateral for securities on loan)(b)(wa) | 376084834 | 375859183 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $2,525,029,429) |  | 2525088000 |
| &nbsp;&nbsp; **OPTIONS PURCHASED\*~ 0.0%**<br> (cost $2,789,594) |  | 474741 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $2,527,819,023) |  | 2525562741 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, BEFORE SHORT-TERM OPTIONS WRITTEN 102.8%**<br> (cost $54,133,081,519) |  | 53593875984 |
| &nbsp;&nbsp; **OPTIONS WRITTEN\*~ (0.0)%**<br> (premiums received $4,935,700) |  | (2516340) |
| &nbsp;&nbsp; **TOTAL INVESTMENTS, NET OF SHORT-TERM OPTIONS WRITTEN 102.8%**<br> (cost $54,128,145,819) |  | 53591359644 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (2.8)% |  | (1469598770) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $52121760874 |

---

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

\* Non-income producing security.

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

See Notes to Financial Statements.

PGIM Total Return Bond Fund 125

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $487,972,362 and 0.9% 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 $366,287,071; cash collateral of $374,243,275 (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 October 31, 2025.

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

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

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

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

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

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

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

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

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

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

(x) Restricted Securities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Acquisition**<br>**Date** | **Original<br>Cost** | **Market**<br>**Value** | **Percentage<br>of<br>Net Assets** |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class G, 144A, 3.100%(cc), 05/15/35 | 05/09/18 | $35678061 | $34045038 | 0.1% |
|  20 Times Square Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-20TS, Class H, 144A, 3.100%(cc), 05/15/35 | 05/09/18 | 35625556 | 33912731 | 0.1 |
|  Diamond Sports Group LLC\* | 01/02/25 | 2073338 | 5791091 | 0.0 |
|  Diamond Sports Group LLC, expiring 06/30/26 | 01/02/25 |  | 15 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica) Sr. Sec'd. Notes, Series 1B14, 144A, 0.000%, 12/31/30 | 11/14/23 | 32 | 32 | 0.0 |
|  Digicel Group Holdings Ltd. (Jamaica) Sr. Sec'd. Notes, Series 3B14, 144A, 0.000%, 12/31/30^ | 11/14/23 | 11 |  | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\*^ | 01/26/24-01/29/24 | 390071 | 1349168 | 0.0 |
|  Digicel International Finance Ltd. (Jamaica)\* | 01/29/24-01/30/24 | 2056652 | 28504508 | 0.0 |
|  Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec'd. Notes, 144A, 8.625%, 08/01/32 | 07/30/25-09/09/25 | 57744594 | 57485925 | 0.1 |
|  Greystone Commercial Capital Trust, Sr. Unsec'd. Notes, Series A, 144A, 1 Month SOFR + 3.150%, 7.460%(c), 05/31/26^(d) | 05/18/21 | 196471029 | 174859216 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | $330039344 | $335947724 | 0.6% |

---

(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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount<br>(000)#** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized**<br>**Depreciation** |
|  ClubCorp Holdings, Inc., Delayed Draw Term Loan, 1.000%, Maturity Date 07/09/32 (cost $1,032,204)^ | 1047 | $1038640 | $6436 | $— |
|  ClubCorp Holdings, Inc., Revolver Loan, 0.500%, Maturity Date 07/10/31 (cost $1,720,340)^ | 1745 | 1731068 | 10728 |  |
|  Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, 1.500%, Maturity Date 04/01/30 (cost $10,590,000) | 10590 | 10660635 | 70635 |  |
|  Dukes Education Group Ltd., Acquisition/Capex Facility 6, 1.000%(c), Maturity Date 11/27/28 (cost $18,660,702)^ | 14749 | 19376069 | 715367 |  |
|  |  | $32806412 | $803166 | $— |

---

#### Forward Commitment Contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations** | **Interest<br>Rate** | **Maturity<br>Date** | **Settlement<br>Date** | **Principal<br>Amount<br>(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 4.000% | TBA | 11/13/25 | (1000) | $(948707) |
|  Federal National Mortgage Assoc. | 5.500% | TBA | 12/11/25 | (226000) | (228168138) |
|  Government National Mortgage Assoc. | 4.000% | TBA | 12/18/25 | (7500) | (7090782) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br> (proceeds receivable $236,826,250) |  |  |  |  | $(236207627) |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Options Purchased:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $99.75 | 1784 | 4460 | $11150 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $25,208) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  2-Year 30 CMS Curve CAP | Call | BOA | 05/13/26 | 1.30% |  | 190735 | $1030 |
|  2-Year 30 CMS Curve CAP | Call | CITI | 05/13/26 | 1.30% |  | 381470 | 2038 |
|  **Total OTC Traded** (cost $424,386) |  |  |  |  |  |  | $3068 |

---

#### OTC Swaptions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.44.V1, 06/20/30 | Put DB | 11/19/25 | 0.55% | CDX.NA.IG.44.V1(Q) | 1.00%(Q) | 1300000 | $460523 |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $2,340,000) |  |  |  |  |  |  |  |
|  **Total Options Purchased** (cost $2,789,594) | **Total Options Purchased** (cost $2,789,594) |  |  |  |  |  | $474741 |

---

#### Options Written:

#### Exchange Traded

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  3 Month SOFR | Call | 12/12/25 | $99.25 | 818 | 2045 | $(5113) |
| &nbsp;&nbsp;&nbsp;&nbsp; (premiums received $3,910) |  |  |  |  |  |  |

---

#### OTC Traded

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Contracts** | **Notional<br>Amount<br>(000)#** | **Value** |
|  Azerbaijan Contingent CAP | Call | DB | 12/22/32 | 6.86% |  | 280188 | $(19303) |
|  Israel GAP^ | Put | MSI | 04/24/26 | $85.00 |  | 20000 | (22270) |
|  **Total OTC Traded** (premiums received $1,585,865) |  |  |  |  |  |  | $(41573) |

---

#### OTC Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Counterparty** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value** |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | DB | 11/19/25 | 0.48% | CDX.NA.IG.44.V1(Q) | 1.00%(Q) | 1300000 | $(709075) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | GSI | 11/19/25 | 0.65% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 1000000 | (145792) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | RBC | 11/19/25 | 0.65% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 1000000 | (145792) |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | DB | 11/19/25 | 0.70% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 1300000 | (140397) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | GSI | 11/19/25 | 0.68% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 831530 | (137942) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BARC | 01/21/26 | 0.70% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 545000 | (492633) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | BARC | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 1000000 | (739596) |
|  **Total OTC Swaptions** (premiums received $4,931,790) | **Total OTC Swaptions** (premiums received $4,931,790) | **Total OTC Swaptions** (premiums received $4,931,790) | **Total OTC Swaptions** (premiums received $4,931,790) | **Total OTC Swaptions** (premiums received $4,931,790) |  |  |  | $(2511227) |
|  **Total Options Written** (premiums received $6,521,565) | **Total Options Written** (premiums received $6,521,565) | **Total Options Written** (premiums received $6,521,565) | **Total Options Written** (premiums received $6,521,565) | **Total Options Written** (premiums received $6,521,565) |  |  |  | $(2557913) |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 127

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Options Purchased:

#### Centrally Cleared Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional<br>Amount<br>(000)#** | **Value at<br>October 31,<br>2025** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  CDX.NA.HY.44.V1, 06/20/30 | Put | 11/19/25 | $99.00 | CDX.NA.HY.44.V1(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%(Q) | 750000 | $98511 | $9246 |
|  CDX.NA.HY.45.V1, 12/20/30 | Put | 12/17/25 | $99.00 | CDX.NA.HY.45.V1(Q) | 1.00%(Q) | 500000 | 457605 | 2355 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | 12/17/25 | 0.55% | CDX.NA.IG.44.V1(Q) | 1.00%(Q) | 2250000 | 1903214 | (1584286) |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | 11/19/25 | 1.00% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 4000000 | 160538 | 49338 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | 01/21/26 | 0.58% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 1500000 | 2659790 | (602710) |
|  **Total Centrally Cleared Swaptions** (cost $7,405,715) | **Total Centrally Cleared Swaptions** (cost $7,405,715) | **Total Centrally Cleared Swaptions** (cost $7,405,715) | **Total Centrally Cleared Swaptions** (cost $7,405,715) | **Total Centrally Cleared Swaptions** (cost $7,405,715) |  |  | $5279658 | $(2126057) |

---

#### Options Written:

#### Centrally Cleared Swaptions

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Call/<br>Put** | **Expiration<br>Date** | **Strike** | **Receive** | **Pay** | **Notional**<br>**Amount**<br>**(000)#** | **Value at**<br>**October 31,**<br>**2025** | **Unrealized<br>Appreciation**<br>**(Depreciation)** |
|  CDX.NA.HY.44.V1, 06/20/30 | Call | 11/19/25 | $99.00 | CDX.NA.HY.44.V1(Q) | 1.00%(Q) | 750000 | $(62196708) | $44892 |
|  CDX.NA.HY.45.V1, 12/20/30 | Call | 12/17/25 | $99.00 | CDX.NA.HY.45.V1(Q) | 1.00%(Q) | 500000 | (38548275) | 837225 |
|  CDX.NA.IG.44.V1, 06/20/30 | Call | 12/17/25 | 0.48% | CDX.NA.IG.44.V1(Q) | 1.00%(Q) | 2250000 | (1825896) | (138396) |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | 11/19/25 | 1.00% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 4000000 | (86379025) | 2226335 |
|  CDX.NA.IG.45.V1, 12/20/30 | Call | 01/21/26 | 0.50% | CDX.NA.IG.45.V1(Q) | 1.00%(Q) | 1500000 | (1127305) | 222695 |
|  CDX.NA.IG.44.V1, 06/20/30 | Put | 12/17/25 | 0.70% | 1.00%(Q) | CDX.NA.IG.44.V1(Q) | 2250000 | (849550) | 725450 |
|  CDX.NA.IG.45.V1, 12/20/30 | Put | 01/21/26 | 0.75% | 1.00%(Q) | CDX.NA.IG.45.V1(Q) | 1500000 | (1109394) | 180606 |
|  **Total Centrally Cleared Swaptions** (premiums received $196,134,960) | **Total Centrally Cleared Swaptions** (premiums received $196,134,960) | **Total Centrally Cleared Swaptions** (premiums received $196,134,960) | **Total Centrally Cleared Swaptions** (premiums received $196,134,960) | **Total Centrally Cleared Swaptions** (premiums received $196,134,960) |  |  | $(192036153) | $4098807 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current**<br>**Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** | **Long Positions:** |
| 1767 | 2 Year U.S. Treasury Notes | Dec. 2025 | $367963946 | $(350097) |
| 44167 | 5 Year U.S. Treasury Notes | Dec. 2025 | 4823519587 | 3049672 |
| 32083 | 10 Year U.S. Treasury Notes | Dec. 2025 | 3614851926 | 12242028 |
| 16640 | 10 Year U.S. Ultra Treasury Notes | Dec. 2025 | 1921660083 | 27499795 |
| 21894 | 20 Year U.S. Treasury Bonds | Dec. 2025 | 2568439875 | 75619071 |
| 100 | 30 Year UMBS TBA – 5.0% Coupon | Dec. 2025 | 9949219 | (19258) |
| 100 | 30 Year UMBS TBA – 6.0% Coupon | Dec. 2025 | 10228125 | (7540) |
| 13632 | 30 Year U.S. Ultra Treasury Bonds | Dec. 2025 | 1653306000 | 18770232 |
|  |  |  |  | 136803903 |
|  **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** | **Short Positions:** |
| 2662 | 30 Day Federal Funds | Jan. 2026 | 1068046562 | 1171678 |
| 2271 | 5 Year Euro-Bobl | Dec. 2025 | 309565435 | (638273) |
| 1858 | 10 Year Euro-Bund | Dec. 2025 | 277104691 | (1774335) |
| 484 | Euro Schatz Index | Dec. 2025 | 59738069 | 44195 |
|  |  |  |  | (1196735) |
|  |  |  |  | $135607168 |

---

#### Bond forward contracts outstanding at October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase Bond**<br> **Forwards** | **Counterparty** | **Settlement<br>Date** | **Notional<br>Amount<br>(000)#** | **Strike<br>Price** | **Value at<br>Settlement<br>Date** | **Current Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Bond Forward Contracts:** | **OTC Bond Forward Contracts:** | **OTC Bond Forward Contracts:** |  |  |  |  |  |  |
|  U.S. Treasury Bond<br>4.327%, 02/15/44 | CITI | 01/26/26 | 200000 | $84.95 | $169906250 | $175062500 | $5156250 | <u>$—</u> |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts** | **Counterparty** | **Notional**<br>**Amount**<br>**(000)** | **Notional**<br>**Amount**<br>**(000)** | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** |
|  Brazilian Real, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | CITI | BRL | 1307751 | $244065401 | $242758968 | $— | $(1306433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | MSI | BRL | 134362 | 24802000 | 24941798 | 139798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/02/25 | JPM | BRL | 1350764 | 250903550 | 249045464 |  | (1858086) |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BNP | CLP | 40891090 | 42827000 | 43389648 | 562648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 30369045 | 31322825 | 32224677 | 901852 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CLP | 18261751 | 19509000 | 19377594 |  | (131406) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 319145 | 44956000 | 44948718 |  | (7282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CNH | 442426 | 62470000 | 62311717 |  | (158283) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | CNH | 322559 | 45452000 | 45429466 |  | (22534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 365483 | 51462000 | 51474973 | 12973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 327209 | 46126000 | 46084357 |  | (41643) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | CNH | 169018 | 23840000 | 23804711 |  | (35289) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | CNH | 589544 | 83022000 | 83031847 | 9847 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | CNH | 282626 | 39820000 | 39805362 |  | (14638) |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | COP | 95080472 | 24160000 | 24506416 | 346416 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | COP | 95141027 | 24439000 | 24522024 | 83024 |  |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BARC | CZK | 651898 | 31345000 | 30939912 |  | (405088) |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | CITI | EUR | 89594 | 104406000 | 103303718 |  | (1102282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | CITI | EUR | 13406 | 15749000 | 15523723 |  | (225277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | EUR | 163591 | 190421633 | 189433846 |  | (987787) |
|  Hungarian Forint, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | HSBC | HUF | 11897191 | 35314713 | 35175383 |  | (139330) |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 4262366 | 47816000 | 47888803 | 72803 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 1678405 | 19025000 | 18857316 |  | (167684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | INR | 1541617 | 17295300 | 17320467 | 25167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | INR | 3521410 | 39460000 | 39563971 | 103971 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | INR | 1674447 | 18877000 | 18812847 |  | (64153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 3121619 | 35035000 | 35072204 | 37204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 1810614 | 20320000 | 20342720 | 22720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 16360079 | 184572889 | 183809792 |  | (763097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 3941034 | 44244000 | 44278556 | 34556 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 3575294 | 40111000 | 40169367 | 58367 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | INR | 16360079 | 184632734 | 183809792 |  | (822942) |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 582546308 | 35025000 | 34997700 |  | (27300) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 1045406962 | 62961000 | 62805031 |  | (155969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 703743880 | 42872000 | 42278900 |  | (593100) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 639058878 | 38261500 | 38392812 | 131312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 600269963 | 36075000 | 36062486 |  | (12514) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 600213231 | 36546000 | 36059077 |  | (486923) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 513532380 | 31160000 | 30851542 |  | (308458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 499681369 | 30159000 | 30019414 |  | (139586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 433537155 | 26063000 | 26045660 |  | (17340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 393077405 | 23908000 | 23614955 |  | (293045) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 372001266 | 22230000 | 22348762 | 118762 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | IDR | 527131552 | 31666000 | 31668541 | 2541 |  |
|  Japanese Yen, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | JPY | 10883248 | 72303948 | 71208313 |  | (1095635) |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 236509 | 67144230 | 70151990 | 3007760 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 118254 | 33623661 | 35075994 | 1452333 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 108926 | 32162000 | 32309070 | 147070 |  |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 129

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchase**<br> **Contracts**  | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Peruvian Nuevo Sol (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 102572 | $29113000 | $30424213 | $1311213 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 88919 | 26348000 | 26374592 | 26592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 87305 | 25702000 | 25895811 | 193811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 76953 | 22834000 | 22825348 |  | (8652) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 72411 | 21302000 | 21478049 | 176049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 61332 | 18143500 | 18191922 | 48422 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 50147 | 14845200 | 14874361 | 29161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 39179 | 11541810 | 11620969 | 79159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 32393 | 9482765 | 9608276 | 125511 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 32174 | 9481151 | 9543365 | 62214 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 113061 | 33221000 | 33535560 | 314560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 100620 | 28625000 | 29845460 | 1220460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 118254 | 33554016 | 35075995 | 1521979 |  |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 12925971 | 224832737 | 220052176 |  | (4780561) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 1199648 | 20954000 | 20422847 |  | (531153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | PHP | 743556 | 12703838 | 12658317 |  | (45521) |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 43994 | 33919001 | 33921985 | 2984 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 33657 | 26296000 | 25950993 |  | (345007) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 30120 | 23515000 | 23223904 |  | (291096) |
|  South African Rand, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BARC | ZAR | 228246 | 12980270 | 13121920 | 141650 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | KRW | 24383894 | 17639833 | 17097134 |  | (542699) |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | THB | 608282 | 18841000 | 18883859 | 42859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 893370 | 27479000 | 27734303 | 255303 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 618448 | 18907000 | 19199467 | 292467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 517000 | 15838000 | 16050051 | 212051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 808273 | 24837000 | 25092508 | 255508 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 790373 | 24613000 | 24536799 |  | (76201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 522886 | 16131000 | 16232796 | 101796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | THB | 1132914 | 34875000 | 35170869 | 295869 |  |
|  Turkish Lira, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/19/25 | BARC | TRY | 1351640 | 31621000 | 31653489 | 32489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/19/25 | BARC | TRY | 1350053 | 31678000 | 31616333 |  | (61667) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/19/25 | HSBC | TRY | 1312095 | 30434918 | 30727409 | 292491 |  |
|  |  |  |  | $3642251423 | $3638491484 | 14305722 | (18065661) |
| **Sale**<br> **Contracts**  | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **OTC Forward Foreign Currency Exchange Contracts:** | **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 11/04/25 | CITI | BRL | 91349 | $17038000 | $16957236 | $80764 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/04/25 | JPM | BRL | 1350764 | 252573738 | 250743530 | 1830208 |  |
|  British Pound, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNY | GBP | 358410 | 476431110 | 470851341 | 5579769 |  |
|  Chilean Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CLP | 17890660 | 18602000 | 18983828 |  | (381828) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 18888747 | 19704000 | 20042901 |  | (338901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | CLP | 15222674 | 15822000 | 16152821 |  | (330821) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | CLP | 39000873 | 41093000 | 41383934 |  | (290934) |
|  Chinese Renminbi, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | CNH | 234054 | 33077000 | 32964364 | 112636 |  |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at**<br>**Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |
|  Chinese Renminbi (cont'd.), |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | CNH | 2568558 | $362360725 | $361757993 | $602732 | $— |
|  Colombian Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 47476760 | 12145500 | 12236847 |  | (91347) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | COP | 47103196 | 12059190 | 12140564 |  | (81374) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | COP | 47578544 | 12221500 | 12263082 |  | (41582) |
|  Czech Koruna, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | BNP | CZK | 2324619 | 111625164 | 110329323 | 1295841 |  |
|  Euro, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | BOA | EUR | 24669 | 28607244 | 28443583 | 163661 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 11/05/25 | CITI | EUR | 65355 | 75798756 | 75355952 | 442804 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | DB | EUR | 1886601 | 2192839753 | 2184638199 | 8201554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | SSB | EUR | 1422023 | 1666482775 | 1646667932 | 19814843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | EUR | 1422023 | 1661782989 | 1646667932 | 15115057 |  |
|  Indian Rupee, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 9102772 | 103223000 | 102272034 | 950966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 2744795 | 30977000 | 30838488 | 138512 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | INR | 2059216 | 23365000 | 23135831 | 229169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 5467434 | 61860000 | 61428060 | 431940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | INR | 2411223 | 27318000 | 27090727 | 227273 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | INR | 2805472 | 31711000 | 31520217 | 190783 |  |
|  Indonesian Rupiah, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 308948417 | 18566500 | 18560729 | 5771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | IDR | 306489104 | 18427000 | 18412980 | 14020 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 293735904 | 17696000 | 17646805 | 49195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 154518905 | 9286550 | 9283050 | 3500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | IDR | 132463880 | 7959900 | 7958047 | 1853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | IDR | 591429000 | 35781510 | 35531346 | 250164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | IDR | 308955925 | 18595000 | 18561180 | 33820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | IDR | 461825783 | 27967000 | 27745159 | 221841 |  |
|  Peruvian Nuevo Sol, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 132683 | 37900000 | 39355829 |  | (1455829) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 92201 | 26387000 | 27348304 |  | (961304) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 91803 | 26240000 | 27230195 |  | (990195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 89631 | 25565000 | 26585837 |  | (1020837) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 77403 | 22085000 | 22958787 |  | (873787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PEN | 70148 | 20091000 | 20806785 |  | (715785) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PEN | 91902 | 26299000 | 27259361 |  | (960361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | PEN | 93339 | 26542000 | 27685773 |  | (1143773) |
|  Philippine Peso, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 1723561 | 29552000 | 29341966 | 210034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 1680994 | 28794500 | 28617301 | 177199 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 1419132 | 24257000 | 24159344 | 97656 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 1404593 | 23921000 | 23911844 | 9156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 1191666 | 20293000 | 20286960 | 6040 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | PHP | 599550 | 10118640 | 10206754 |  | (88114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 2106699 | 35839000 | 35864513 |  | (25513) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 1689262 | 28992000 | 28758060 | 233940 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | PHP | 1434415 | 24588000 | 24419525 | 168475 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | PHP | 817905 | 14029250 | 13924047 | 105203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | PHP | 511330 | 8677500 | 8704906 |  | (27406) |
|  Polish Zloty, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 186300 | 51065000 | 50404517 | 660483 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | JPM | PLN | 91018 | 24823000 | 24625510 | 197490 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 124254 | 33879794 | 33617719 | 262075 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | MSI | PLN | 58593 | 16041532 | 15852754 | 188778 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 01/22/26 | UAG | PLN | 55606 | 15283468 | 15044398 | 239070 |  |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 131

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sale**<br> **Contracts** | **Counterparty** | **Notional**<br> **Amount**<br> (000) | **Notional**<br> **Amount**<br> (000) | **Value at<br>Settlement**<br>**Date** | **Current**<br>**Value** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
|  **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** | **OTC Forward Foreign Currency Exchange Contracts (cont'd.):** |  |  |
|  Singapore Dollar, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 26537 | $20580000 | $20461291 | $118709 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | SGD | 25242 | 19762000 | 19462874 | 299126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 45883 | 36069000 | 35378427 | 690573 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | SGD | 32935 | 25479000 | 25394899 | 84101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | SGD | 581354 | 455124945 | 448253525 | 6871420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SSB | SGD | 53127 | 41230000 | 40963408 | 266592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | TD | SGD | 29942 | 23136000 | 23086570 | 49430 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | UAG | SGD | 25606 | 20061000 | 19743427 | 317573 |  |
|  South Korean Won, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | KRW | 60244059 | 42238000 | 42241028 |  | (3028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | BOA | KRW | 40984566 | 28838000 | 28736945 | 101055 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | KRW | 63951751 | 44694000 | 44840732 |  | (146732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | SCB | KRW | 51662930 | 36463000 | 36224240 | 238760 |  |
|  Thai Baht, |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 639059 | 20179000 | 19839323 | 339677 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | CITI | THB | 609811 | 19329000 | 18931324 | 397676 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | HSBC | THB | 3186904 | 99220210 | 98936131 | 284079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | JPM | THB | 768927 | 23839000 | 23871026 |  | (32026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 3186904 | 101152273 | 98936131 | 2216142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 1113315 | 34500000 | 34562414 |  | (62414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 632684 | 19490000 | 19641431 |  | (151431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 613255 | 18997999 | 19038266 |  | (40267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiring 12/17/25 | MSI | THB | 534473 | 16962000 | 16592486 | 369514 |  |
|  |  |  |  | $9191606015 | $9130672902 | 71188702 | (10255589) |
|  |  |  |  |  |  | $85494424 | $(28321250) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Notional**<br> **Amount**<br> **(000)#(3)** | **Fair**<br> **Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*:** |
|  Emirate of Abu Dhabi (D05) | 06/20/26 | 1.000%(Q) | 800 | $(5661) | $118 | $(5779) | BOA |
|  Federation of Malaysia (D05) | 06/20/26 | 1.000%(Q) | 1600 | (10717) | 237 | (10954) | BOA |
|  Federative Republic of Brazil (D05) | 06/20/26 | 1.000%(Q) | 4800 | (22628) | 710 | (23338) | BOA |
|  Kingdom of Saudi Arabia (D05) | 06/20/26 | 1.000%(Q) | 800 | (4974) | 118 | (5092) | BOA |
|  People's Republic of China (D05) | 06/20/26 | 1.000%(Q) | 4800 | (29717) | 710 | (30427) | BOA |
|  Republic of Argentina (D05) | 06/20/26 | 1.000%(Q) | 800 | 19950 | 118 | 19832 | BOA |
|  Republic of Chile (D05) | 06/20/26 | 1.000%(Q) | 800 | (5211) | 118 | (5329) | BOA |
|  Republic of Colombia (D05) | 06/20/26 | 1.000%(Q) | 2000 | (5706) | 296 | (6002) | BOA |
|  Republic of Indonesia (D05) | 06/20/26 | 1.000%(Q) | 3600 | (20956) | 532 | (21488) | BOA |
|  Republic of Panama (D05) | 06/20/26 | 1.000%(Q) | 800 | (3529) | 118 | (3647) | BOA |
|  Republic of Peru (D05) | 06/20/26 | 1.000%(Q) | 800 | (5049) | 118 | (5167) | BOA |
|  Republic of Philippines (D05) | 06/20/26 | 1.000%(Q) | 800 | (4959) | 118 | (5077) | BOA |
|  Republic of South Africa (D05) | 06/20/26 | 1.000%(Q) | 4000 | (24790) | 591 | (25381) | BOA |
|  Republic of Turkey (D05) | 06/20/26 | 1.000%(Q) | 4800 | (17796) | 710 | (18506) | BOA |
|  State of Qatar (D05) | 06/20/26 | 1.000%(Q) | 800 | (5606) | 118 | (5724) | BOA |
|  United Mexican States (D05) | 06/20/26 | 1.000%(Q) | 4800 | (29523) | 710 | (30233) | BOA |
|  Emirate of Abu Dhabi (D06) | 06/20/26 | 1.000%(Q) | 100 | (708) | 19 | (727) | BOA |
|  Federation of Malaysia (D06) | 06/20/26 | 1.000%(Q) | 200 | (1340) | 38 | (1378) | BOA |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Notional**<br> **Amount**<br> **(000)#(3)** | **Fair**<br> **Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Federative Republic of Brazil (D06) | 06/20/26 | 1.000%(Q) | 600 | $(2829) | $113 | $(2942) | BOA |
|  Kingdom of Saudi Arabia (D06) | 06/20/26 | 1.000%(Q) | 100 | (622) | 19 | (641) | BOA |
|  People's Republic of China (D06) | 06/20/26 | 1.000%(Q) | 600 | (3715) | 113 | (3828) | BOA |
|  Republic of Argentina (D06) | 06/20/26 | 1.000%(Q) | 100 | 2494 | 19 | 2475 | BOA |
|  Republic of Chile (D06) | 06/20/26 | 1.000%(Q) | 100 | (651) | 19 | (670) | BOA |
|  Republic of Colombia (D06) | 06/20/26 | 1.000%(Q) | 250 | (714) | 47 | (761) | BOA |
|  Republic of Indonesia (D06) | 06/20/26 | 1.000%(Q) | 450 | (2619) | 85 | (2704) | BOA |
|  Republic of Panama (D06) | 06/20/26 | 1.000%(Q) | 100 | (441) | 19 | (460) | BOA |
|  Republic of Peru (D06) | 06/20/26 | 1.000%(Q) | 100 | (631) | 19 | (650) | BOA |
|  Republic of Philippines (D06) | 06/20/26 | 1.000%(Q) | 100 | (620) | 19 | (639) | BOA |
|  Republic of South Africa (D06) | 06/20/26 | 1.000%(Q) | 500 | (3099) | 94 | (3193) | BOA |
|  Republic of Turkey (D06) | 06/20/26 | 1.000%(Q) | 600 | (2225) | 113 | (2338) | BOA |
|  State of Qatar (D06) | 06/20/26 | 1.000%(Q) | 100 | (701) | 19 | (720) | BOA |
|  United Mexican States (D06) | 06/20/26 | 1.000%(Q) | 600 | (3691) | 113 | (3804) | BOA |
|  Arab Republic of Egypt (D17) | 12/20/30 | 1.000%(Q) | 8000 | 782719 | 218 | 782501 | DB |
|  Dominican Republic (D17) | 12/20/30 | 1.000%(Q) | 8000 | 176603 | 218 | 176385 | DB |
|  Emirate of Abu Dhabi (D17) | 12/20/30 | 1.000%(Q) | 8000 | (280402) | 218 | (280620) | DB |
|  Federal Republic of Nigeria (D17) | 12/20/30 | 1.000%(Q) | 8000 | 964945 | 218 | 964727 | DB |
|  Federation of Malaysia (D17) | 12/20/30 | 1.000%(Q) | 8000 | (238627) | 218 | (238845) | DB |
|  Federative Republic of Brazil (D17) | 12/20/30 | 1.000%(Q) | 36000 | 595491 | 980 | 594511 | DB |
|  Kingdom of Bahrain (D17) | 12/20/30 | 1.000%(Q) | 8000 | 225501 | 218 | 225283 | DB |
|  Kingdom of Morocco (D17) | 12/20/30 | 1.000%(Q) | 8000 | (94087) | 218 | (94305) | DB |
|  Kingdom of Saudi Arabia (D17) | 12/20/30 | 1.000%(Q) | 36000 | (685977) | 980 | (686957) | DB |
|  People's Republic of China (D17) | 12/20/30 | 1.000%(Q) | 36000 | (1057698) | 980 | (1058678) | DB |
|  Republic of Argentina (D17) | 12/20/30 | 1.000%(Q) | 8000 | 2025138 | 218 | 2024920 | DB |
|  Republic of Chile (D17) | 12/20/30 | 1.000%(Q) | 16000 | (374782) | 435 | (375217) | DB |
|  Republic of Colombia (D17) | 12/20/30 | 1.000%(Q) | 24000 | 957617 | 653 | 956964 | DB |
|  Republic of Indonesia (D17) | 12/20/30 | 1.000%(Q) | 28000 | (372792) | 762 | (373554) | DB |
|  Republic of Ivory Coast (D17) | 12/20/30 | 1.000%(Q) | 8000 | 585578 | 218 | 585360 | DB |
|  Republic of Panama (D17) | 12/20/30 | 1.000%(Q) | 12000 | 146721 | 327 | 146394 | DB |
|  Republic of Peru (D17) | 12/20/30 | 1.000%(Q) | 12000 | (210018) | 327 | (210345) | DB |
|  Republic of Philippines (D17) | 12/20/30 | 1.000%(Q) | 12000 | (255363) | 327 | (255690) | DB |
|  Republic of South Africa (D17) | 12/20/30 | 1.000%(Q) | 36000 | 802915 | 980 | 801935 | DB |
|  Republic of Turkey (D17) | 12/20/30 | 1.000%(Q) | 36000 | 2261325 | 980 | 2260345 | DB |
|  Sultanate of Oman (D17) | 12/20/30 | 1.000%(Q) | 8000 | (122474) | 218 | (122692) | DB |
|  United Mexican States (D17) | 12/20/30 | 1.000%(Q) | 36000 | (176955) | 980 | (177935) | DB |
|  Arab Republic of Egypt (D18) | 12/20/30 | 1.000%(Q) | 4000 | 391360 | 327 | 391033 | DB |
|  Dominican Republic (D18) | 12/20/30 | 1.000%(Q) | 4000 | 88301 | 327 | 87974 | DB |
|  Emirate of Abu Dhabi (D18) | 12/20/30 | 1.000%(Q) | 4000 | (140201) | 327 | (140528) | DB |
|  Federal Republic of Nigeria (D18) | 12/20/30 | 1.000%(Q) | 4000 | 482473 | 327 | 482146 | DB |
|  Federation of Malaysia (D18) | 12/20/30 | 1.000%(Q) | 4000 | (119314) | 327 | (119641) | DB |
|  Federative Republic of Brazil (D18) | 12/20/30 | 1.000%(Q) | 18000 | 297745 | 1471 | 296274 | DB |
|  Kingdom of Bahrain (D18) | 12/20/30 | 1.000%(Q) | 4000 | 112750 | 327 | 112423 | DB |
|  Kingdom of Morocco (D18) | 12/20/30 | 1.000%(Q) | 4000 | (47044) | 327 | (47371) | DB |
|  Kingdom of Saudi Arabia (D18) | 12/20/30 | 1.000%(Q) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | (342989) | 1471 | (344460) | DB |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 133

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

**Credit default swap agreements outstanding at October 31, 2025 (continued):**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed**<br> **Rate** | **Notional**<br>**Amount**<br> **(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br> **(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  People's Republic of China (D18) | 12/20/30 | 1.000%(Q) | 18000 | $(528849) | $1471 | $(530320) | DB |
|  Republic of Argentina (D18) | 12/20/30 | 1.000%(Q) | 4000 | 1012569 | 327 | 1012242 | DB |
|  Republic of Chile (D18) | 12/20/30 | 1.000%(Q) | 8000 | (187390) | 654 | (188044) | DB |
|  Republic of Colombia (D18) | 12/20/30 | 1.000%(Q) | 12000 | 478809 | 981 | 477828 | DB |
|  Republic of Indonesia (D18) | 12/20/30 | 1.000%(Q) | 14000 | (186396) | 1144 | (187540) | DB |
|  Republic of Ivory Coast (D18) | 12/20/30 | 1.000%(Q) | 4000 | 292789 | 327 | 292462 | DB |
|  Republic of Panama (D18) | 12/20/30 | 1.000%(Q) | 6000 | 73360 | 490 | 72870 | DB |
|  Republic of Peru (D18) | 12/20/30 | 1.000%(Q) | 6000 | (105010) | 490 | (105500) | DB |
|  Republic of Philippines (D18) | 12/20/30 | 1.000%(Q) | 6000 | (127682) | 490 | (128172) | DB |
|  Republic of South Africa (D18) | 12/20/30 | 1.000%(Q) | 18000 | 401457 | 1471 | 399986 | DB |
|  Republic of Turkey (D18) | 12/20/30 | 1.000%(Q) | 18000 | 1130662 | 1471 | 1129191 | DB |
|  Sultanate of Oman (D18) | 12/20/30 | 1.000%(Q) | 4000 | (61237) | 327 | (61564) | DB |
|  United Mexican States (D18) | 12/20/30 | 1.000%(Q) | 18000 | (88478) | 1471 | (89949) | DB |
|  Arab Republic of Egypt (D19) | 12/20/30 | 1.000%(Q) | 2000 | 195680 | 382 | 195298 | DB |
|  Dominican Republic (D19) | 12/20/30 | 1.000%(Q) | 2000 | 44150 | 382 | 43768 | DB |
|  Emirate of Abu Dhabi (D19) | 12/20/30 | 1.000%(Q) | 2000 | (70101) | 382 | (70483) | DB |
|  Federal Republic of Nigeria (D19) | 12/20/30 | 1.000%(Q) | 2000 | 241236 | 382 | 240854 | DB |
|  Federation of Malaysia (D19) | 12/20/30 | 1.000%(Q) | 2000 | (59657) | 382 | (60039) | DB |
|  Federative Republic of Brazil (D19) | 12/20/30 | 1.000%(Q) | 9000 | 148873 | 1720 | 147153 | DB |
|  Kingdom of Bahrain (D19) | 12/20/30 | 1.000%(Q) | 2000 | 56375 | 382 | 55993 | DB |
|  Kingdom of Morocco (D19) | 12/20/30 | 1.000%(Q) | 2000 | (23522) | 382 | (23904) | DB |
|  Kingdom of Saudi Arabia (D19) | 12/20/30 | 1.000%(Q) | 9000 | (171494) | 1720 | (173214) | DB |
|  People's Republic of China (D19) | 12/20/30 | 1.000%(Q) | 9000 | (264424) | 1720 | (266144) | DB |
|  Republic of Argentina (D19) | 12/20/30 | 1.000%(Q) | 2000 | 506284 | 382 | 505902 | DB |
|  Republic of Chile (D19) | 12/20/30 | 1.000%(Q) | 4000 | (93696) | 764 | (94460) | DB |
|  Republic of Colombia (D19) | 12/20/30 | 1.000%(Q) | 6000 | 239404 | 1146 | 238258 | DB |
|  Republic of Indonesia (D19) | 12/20/30 | 1.000%(Q) | 7000 | (93198) | 1338 | (94536) | DB |
|  Republic of Ivory Coast (D19) | 12/20/30 | 1.000%(Q) | 2000 | 146394 | 382 | 146012 | DB |
|  Republic of Panama (D19) | 12/20/30 | 1.000%(Q) | 3000 | 36680 | 573 | 36107 | DB |
|  Republic of Peru (D19) | 12/20/30 | 1.000%(Q) | 3000 | (52505) | 573 | (53078) | DB |
|  Republic of Philippines (D19) | 12/20/30 | 1.000%(Q) | 3000 | (63841) | 573 | (64414) | DB |
|  Republic of South Africa (D19) | 12/20/30 | 1.000%(Q) | 9000 | 200729 | 1720 | 199009 | DB |
|  Republic of Turkey (D19) | 12/20/30 | 1.000%(Q) | 9000 | 565331 | 1720 | 563611 | DB |
|  Sultanate of Oman (D19) | 12/20/30 | 1.000%(Q) | 2000 | (30619) | 382 | (31001) | DB |
|  United Mexican States (D19) | 12/20/30 | 1.000%(Q) | 9000 | (44239) | 1720 | (45959) | DB |
|  Arab Republic of Egypt (D20) | 12/20/30 | 1.000%(Q) | 2000 | 195680 | 437 | 195243 | BOA |
|  Dominican Republic (D20) | 12/20/30 | 1.000%(Q) | 2000 | 44151 | 437 | 43714 | BOA |
|  Emirate of Abu Dhabi (D20) | 12/20/30 | 1.000%(Q) | 2000 | (70101) | 437 | (70538) | BOA |
|  Federal Republic of Nigeria (D20) | 12/20/30 | 1.000%(Q) | 2000 | 241236 | 437 | 240799 | BOA |
|  Federation of Malaysia (D20) | 12/20/30 | 1.000%(Q) | 2000 | (59657) | 437 | (60094) | BOA |
|  Federative Republic of Brazil (D20) | 12/20/30 | 1.000%(Q) | 9000 | 148872 | 1966 | 146906 | BOA |
|  Kingdom of Bahrain (D20) | 12/20/30 | 1.000%(Q) | 2000 | 56375 | 437 | 55938 | BOA |
|  Kingdom of Morocco (D20) | 12/20/30 | 1.000%(Q) | 2000 | (23522) | 437 | (23959) | BOA |
|  Kingdom of Saudi Arabia (D20) | 12/20/30 | 1.000%(Q) | 9000 | (171495) | 1966 | (173461) | BOA |
|  People's Republic of China (D20) | 12/20/30 | 1.000%(Q) | 9000 | (264425) | 1966 | (266391) | BOA |
|  Republic of Argentina (D20) | 12/20/30 | 1.000%(Q) | 2000 | 506284 | 437 | 505847 | BOA |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

**Credit default swap agreements outstanding at October 31, 2025 (continued):**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination**<br>**Date** | **Fixed**<br> **Rate** | **Notional**<br>**Amount**<br> **(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br> **(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Chile (D20) | 12/20/30 | 1.000%(Q) | 4000 | $(93695) | $874 | $(94569) | BOA |
|  Republic of Colombia (D20) | 12/20/30 | 1.000%(Q) | 6000 | 239404 | 1311 | 238093 | BOA |
|  Republic of Indonesia (D20) | 12/20/30 | 1.000%(Q) | 7000 | (93199) | 1529 | (94728) | BOA |
|  Republic of Ivory Coast (D20) | 12/20/30 | 1.000%(Q) | 2000 | 146394 | 437 | 145957 | BOA |
|  Republic of Panama (D20) | 12/20/30 | 1.000%(Q) | 3000 | 36680 | 655 | 36025 | BOA |
|  Republic of Peru (D20) | 12/20/30 | 1.000%(Q) | 3000 | (52505) | 655 | (53160) | BOA |
|  Republic of Philippines (D20) | 12/20/30 | 1.000%(Q) | 3000 | (63841) | 655 | (64496) | BOA |
|  Republic of South Africa (D20) | 12/20/30 | 1.000%(Q) | 9000 | 200728 | 1966 | 198762 | BOA |
|  Republic of Turkey (D20) | 12/20/30 | 1.000%(Q) | 9000 | 565331 | 1966 | 563365 | BOA |
|  Sultanate of Oman (D20) | 12/20/30 | 1.000%(Q) | 2000 | (30619) | 437 | (31056) | BOA |
|  United Mexican States (D20) | 12/20/30 | 1.000%(Q) | 9000 | (44239) | 1966 | (46205) | BOA |
|  Arab Republic of Egypt (D21) | 12/20/30 | 1.000%(Q) | 2000 | 195680 | 437 | 195243 | BOA |
|  Dominican Republic (D21) | 12/20/30 | 1.000%(Q) | 2000 | 44151 | 437 | 43714 | BOA |
|  Emirate of Abu Dhabi (D21) | 12/20/30 | 1.000%(Q) | 2000 | (70101) | 437 | (70538) | BOA |
|  Federal Republic of Nigeria (D21) | 12/20/30 | 1.000%(Q) | 2000 | 241236 | 437 | 240799 | BOA |
|  Federation of Malaysia (D21) | 12/20/30 | 1.000%(Q) | 2000 | (59657) | 437 | (60094) | BOA |
|  Federative Republic of Brazil (D21) | 12/20/30 | 1.000%(Q) | 9000 | 148872 | 1966 | 146906 | BOA |
|  Kingdom of Bahrain (D21) | 12/20/30 | 1.000%(Q) | 2000 | 56375 | 437 | 55938 | BOA |
|  Kingdom of Morocco (D21) | 12/20/30 | 1.000%(Q) | 2000 | (23522) | 437 | (23959) | BOA |
|  Kingdom of Saudi Arabia (D21) | 12/20/30 | 1.000%(Q) | 9000 | (171495) | 1966 | (173461) | BOA |
|  People's Republic of China (D21) | 12/20/30 | 1.000%(Q) | 9000 | (264425) | 1966 | (266391) | BOA |
|  Republic of Argentina (D21) | 12/20/30 | 1.000%(Q) | 2000 | 506284 | 437 | 505847 | BOA |
|  Republic of Chile (D21) | 12/20/30 | 1.000%(Q) | 4000 | (93695) | 874 | (94569) | BOA |
|  Republic of Colombia (D21) | 12/20/30 | 1.000%(Q) | 6000 | 239404 | 1311 | 238093 | BOA |
|  Republic of Indonesia (D21) | 12/20/30 | 1.000%(Q) | 7000 | (93199) | 1529 | (94728) | BOA |
|  Republic of Ivory Coast (D21) | 12/20/30 | 1.000%(Q) | 2000 | 146394 | 437 | 145957 | BOA |
|  Republic of Panama (D21) | 12/20/30 | 1.000%(Q) | 3000 | 36680 | 655 | 36025 | BOA |
|  Republic of Peru (D21) | 12/20/30 | 1.000%(Q) | 3000 | (52505) | 655 | (53160) | BOA |
|  Republic of Philippines (D21) | 12/20/30 | 1.000%(Q) | 3000 | (63841) | 655 | (64496) | BOA |
|  Republic of South Africa (D21) | 12/20/30 | 1.000%(Q) | 9000 | 200728 | 1966 | 198762 | BOA |
|  Republic of Turkey (D21) | 12/20/30 | 1.000%(Q) | 9000 | 565331 | 1966 | 563365 | BOA |
|  Sultanate of Oman (D21) | 12/20/30 | 1.000%(Q) | 2000 | (30619) | 437 | (31056) | BOA |
|  United Mexican States (D21) | 12/20/30 | 1.000%(Q) | 9000 | (44239) | 1966 | (46205) | BOA |
|  Arab Republic of Egypt (D22) | 12/20/30 | 1.000%(Q) | 2000 | 195680 | 602 | 195078 | BOA |
|  Dominican Republic (D22) | 12/20/30 | 1.000%(Q) | 2000 | 44151 | 602 | 43549 | BOA |
|  Emirate of Abu Dhabi (D22) | 12/20/30 | 1.000%(Q) | 2000 | (70100) | 602 | (70702) | BOA |
|  Federal Republic of Nigeria (D22) | 12/20/30 | 1.000%(Q) | 2000 | 241236 | 602 | 240634 | BOA |
|  Federation of Malaysia (D22) | 12/20/30 | 1.000%(Q) | 2000 | (59657) | 602 | (60259) | BOA |
|  Federative Republic of Brazil (D22) | 12/20/30 | 1.000%(Q) | 9000 | 148873 | 2708 | 146165 | BOA |
|  Kingdom of Bahrain (D22) | 12/20/30 | 1.000%(Q) | 2000 | 56375 | 602 | 55773 | BOA |
|  Kingdom of Morocco (D22) | 12/20/30 | 1.000%(Q) | 2000 | (23522) | 602 | (24124) | BOA |
|  Kingdom of Saudi Arabia (D22) | 12/20/30 | 1.000%(Q) | 9000 | (171495) | 2708 | (174203) | BOA |
|  People's Republic of China (D22) | 12/20/30 | 1.000%(Q) | 9000 | (264425) | 2708 | (267133) | BOA |
|  Republic of Argentina (D22) | 12/20/30 | 1.000%(Q) | 2000 | 506285 | 602 | 505683 | BOA |
|  Republic of Chile (D22) | 12/20/30 | 1.000%(Q) | 4000 | (93695) | 1204 | (94899) | BOA |
|  Republic of Colombia (D22) | 12/20/30 | 1.000%(Q) | 6000 | 239404 | 1805 | 237599 | BOA |
|  Republic of Indonesia (D22) | 12/20/30 | 1.000%(Q) | 7000 | (93198) | 2106 | (95304) | BOA |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 135

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Ivory Coast (D22) | 12/20/30 | 1.000%(Q) | 2000 | $146395 | $602 | $145793 | BOA |
|  Republic of Panama (D22) | 12/20/30 | 1.000%(Q) | 3000 | 36680 | 903 | 35777 | BOA |
|  Republic of Peru (D22) | 12/20/30 | 1.000%(Q) | 3000 | (52504) | 903 | (53407) | BOA |
|  Republic of Philippines (D22) | 12/20/30 | 1.000%(Q) | 3000 | (63841) | 903 | (64744) | BOA |
|  Republic of South Africa (D22) | 12/20/30 | 1.000%(Q) | 9000 | 200729 | 2708 | 198021 | BOA |
|  Republic of Turkey (D22) | 12/20/30 | 1.000%(Q) | 9000 | 565331 | 2708 | 562623 | BOA |
|  Sultanate of Oman (D22) | 12/20/30 | 1.000%(Q) | 2000 | (30618) | 602 | (31220) | BOA |
|  United Mexican States (D22) | 12/20/30 | 1.000%(Q) | 9000 | (44239) | 2708 | (46947) | BOA |
|  Arab Republic of Egypt (D23) | 12/20/30 | 1.000%(Q) | 4500 | 440280 | 2599 | 437681 | CITI |
|  Dominican Republic (D23) | 12/20/30 | 1.000%(Q) | 4500 | 99339 | 2599 | 96740 | CITI |
|  Federal Republic of Nigeria (D23) | 12/20/30 | 1.000%(Q) | 4500 | 542782 | 2599 | 540183 | CITI |
|  Federative Republic of Brazil (D23) | 12/20/30 | 1.000%(Q) | 18500 | 306016 | 10683 | 295333 | CITI |
|  Kingdom of Bahrain (D23) | 12/20/30 | 1.000%(Q) | 4500 | 126844 | 2599 | 124245 | CITI |
|  Kingdom of Morocco (D23) | 12/20/30 | 1.000%(Q) | 4500 | (52924) | 2599 | (55523) | CITI |
|  Republic of Argentina (D23) | 12/20/30 | 1.000%(Q) | 4500 | 1139140 | 2599 | 1136541 | CITI |
|  Republic of Colombia (D23) | 12/20/30 | 1.000%(Q) | 13000 | 518709 | 7507 | 511202 | CITI |
|  Republic of Ivory Coast (D23) | 12/20/30 | 1.000%(Q) | 4500 | 329388 | 2599 | 326789 | CITI |
|  Republic of South Africa (D23) | 12/20/30 | 1.000%(Q) | 18500 | 412609 | 10683 | 401926 | CITI |
|  Republic of Turkey (D23) | 12/20/30 | 1.000%(Q) | 18500 | 1162069 | 10683 | 1151386 | CITI |
|  Arab Republic of Egypt (D24) | 12/20/30 | 1.000%(Q) | 4500 | 440279 | 2849 | 437430 | DB |
|  Dominican Republic (D24) | 12/20/30 | 1.000%(Q) | 4500 | 99339 | 2849 | 96490 | DB |
|  Federal Republic of Nigeria (D24) | 12/20/30 | 1.000%(Q) | 4500 | 542781 | 2849 | 539932 | DB |
|  Federative Republic of Brazil (D24) | 12/20/30 | 1.000%(Q) | 18500 | 306016 | 11713 | 294303 | DB |
|  Kingdom of Bahrain (D24) | 12/20/30 | 1.000%(Q) | 4500 | 126844 | 2849 | 123995 | DB |
|  Kingdom of Morocco (D24) | 12/20/30 | 1.000%(Q) | 4500 | (52924) | 2849 | (55773) | DB |
|  Republic of Argentina (D24) | 12/20/30 | 1.000%(Q) | 4500 | 1139140 | 2849 | 1136291 | DB |
|  Republic of Colombia (D24) | 12/20/30 | 1.000%(Q) | 13000 | 518709 | 8231 | 510478 | DB |
|  Republic of Ivory Coast (D24) | 12/20/30 | 1.000%(Q) | 4500 | 329387 | 2849 | 326538 | DB |
|  Republic of South Africa (D24) | 12/20/30 | 1.000%(Q) | 18500 | 412609 | 11713 | 400896 | DB |
|  Republic of Turkey (D24) | 12/20/30 | 1.000%(Q) | 18500 | 1162069 | 11713 | 1150356 | DB |
|  Arab Republic of Egypt (D25) | 12/20/30 | 1.000%(Q) | 4000 | 391359 | 3091 | 388268 | BOA |
|  Dominican Republic (D25) | 12/20/30 | 1.000%(Q) | 4000 | 88301 | 3091 | 85210 | BOA |
|  Emirate of Abu Dhabi (D25) | 12/20/30 | 1.000%(Q) | 4000 | (140202) | 3091 | (143293) | BOA |
|  Federal Republic of Nigeria (D25) | 12/20/30 | 1.000%(Q) | 4000 | 482472 | 3091 | 479381 | BOA |
|  Federation of Malaysia (D25) | 12/20/30 | 1.000%(Q) | 4000 | (119314) | 3091 | (122405) | BOA |
|  Federative Republic of Brazil (D25) | 12/20/30 | 1.000%(Q) | 18000 | 297745 | 13911 | 283834 | BOA |
|  Kingdom of Bahrain (D25) | 12/20/30 | 1.000%(Q) | 4000 | 112750 | 3091 | 109659 | BOA |
|  Kingdom of Morocco (D25) | 12/20/30 | 1.000%(Q) | 4000 | (47044) | 3091 | (50135) | BOA |
|  Kingdom of Saudi Arabia (D25) | 12/20/30 | 1.000%(Q) | 18000 | (342989) | 13911 | (356900) | BOA |
|  People's Republic of China (D25) | 12/20/30 | 1.000%(Q) | 18000 | (528849) | 13911 | (542760) | BOA |
|  Republic of Argentina (D25) | 12/20/30 | 1.000%(Q) | 4000 | 1012569 | 3091 | 1009478 | BOA |
|  Republic of Chile (D25) | 12/20/30 | 1.000%(Q) | 8000 | (187390) | 6183 | (193573) | BOA |
|  Republic of Colombia (D25) | 12/20/30 | 1.000%(Q) | 12000 | 478809 | 9274 | 469535 | BOA |
|  Republic of Indonesia (D25) | 12/20/30 | 1.000%(Q) | 14000 | (186396) | 10820 | (197216) | BOA |
|  Republic of Ivory Coast (D25) | 12/20/30 | 1.000%(Q) | 4000 | 292788 | 3091 | 289697 | BOA |
|  Republic of Panama (D25) | 12/20/30 | 1.000%(Q) | 6000 | 73360 | 4637 | 68723 | BOA |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional<br>Amount<br>(000)#(3)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of Peru (D25) | 12/20/30 | 1.000%(Q) | 6000 | $(105009) | $4637 | $(109646) | BOA |
|  Republic of Philippines (D25) | 12/20/30 | 1.000%(Q) | 6000 | (127682) | 4637 | (132319) | BOA |
|  Republic of South Africa (D25) | 12/20/30 | 1.000%(Q) | 18000 | 401457 | 13911 | 387546 | BOA |
|  Republic of Turkey (D25) | 12/20/30 | 1.000%(Q) | 18000 | 1130662 | 13911 | 1116751 | BOA |
|  Sultanate of Oman (D25) | 12/20/30 | 1.000%(Q) | 4000 | (61238) | 3091 | (64329) | BOA |
|  United Mexican States (D25) | 12/20/30 | 1.000%(Q) | 18000 | (88478) | 13911 | (102389) | BOA |
|  Arab Republic of Egypt (D26) | 12/20/30 | 1.000%(Q) | 4000 | 391359 | 3203 | 388156 | BOA |
|  Dominican Republic (D26) | 12/20/30 | 1.000%(Q) | 4000 | 88301 | 3203 | 85098 | BOA |
|  Emirate of Abu Dhabi (D26) | 12/20/30 | 1.000%(Q) | 4000 | (140202) | 3203 | (143405) | BOA |
|  Federal Republic of Nigeria (D26) | 12/20/30 | 1.000%(Q) | 4000 | 482472 | 3203 | 479269 | BOA |
|  Federation of Malaysia (D26) | 12/20/30 | 1.000%(Q) | 4000 | (119314) | 3203 | (122517) | BOA |
|  Federative Republic of Brazil (D26) | 12/20/30 | 1.000%(Q) | 18000 | 297745 | 14415 | 283330 | BOA |
|  Kingdom of Bahrain (D26) | 12/20/30 | 1.000%(Q) | 4000 | 112750 | 3203 | 109547 | BOA |
|  Kingdom of Morocco (D26) | 12/20/30 | 1.000%(Q) | 4000 | (47044) | 3203 | (50247) | BOA |
|  Kingdom of Saudi Arabia (D26) | 12/20/30 | 1.000%(Q) | 18000 | (342989) | 14415 | (357404) | BOA |
|  People's Republic of China (D26) | 12/20/30 | 1.000%(Q) | 18000 | (528850) | 14415 | (543265) | BOA |
|  Republic of Argentina (D26) | 12/20/30 | 1.000%(Q) | 4000 | 1012568 | 3203 | 1009365 | BOA |
|  Republic of Chile (D26) | 12/20/30 | 1.000%(Q) | 8000 | (187391) | 6407 | (193798) | BOA |
|  Republic of Colombia (D26) | 12/20/30 | 1.000%(Q) | 12000 | 478808 | 9610 | 469198 | BOA |
|  Republic of Indonesia (D26) | 12/20/30 | 1.000%(Q) | 14000 | (186396) | 11212 | (197608) | BOA |
|  Republic of Ivory Coast (D26) | 12/20/30 | 1.000%(Q) | 4000 | 292788 | 3203 | 289585 | BOA |
|  Republic of Panama (D26) | 12/20/30 | 1.000%(Q) | 6000 | 73360 | 4805 | 68555 | BOA |
|  Republic of Peru (D26) | 12/20/30 | 1.000%(Q) | 6000 | (105009) | 4805 | (109814) | BOA |
|  Republic of Philippines (D26) | 12/20/30 | 1.000%(Q) | 6000 | (127682) | 4805 | (132487) | BOA |
|  Republic of South Africa (D26) | 12/20/30 | 1.000%(Q) | 18000 | 401457 | 14415 | 387042 | BOA |
|  Republic of Turkey (D26) | 12/20/30 | 1.000%(Q) | 18000 | 1130662 | 14415 | 1116247 | BOA |
|  Sultanate of Oman (D26) | 12/20/30 | 1.000%(Q) | 4000 | (61238) | 3203 | (64441) | BOA |
|  United Mexican States (D26) | 12/20/30 | 1.000%(Q) | 18000 | (88478) | 14415 | (102893) | BOA |
|  Arab Republic of Egypt (D27) | 12/20/30 | 1.000%(Q) | 5000 | 489200 | 4145 | 485055 | DB |
|  Dominican Republic (D27) | 12/20/30 | 1.000%(Q) | 5000 | 110377 | 4145 | 106232 | DB |
|  Emirate of Abu Dhabi (D27) | 12/20/30 | 1.000%(Q) | 5000 | (175251) | 4145 | (179396) | DB |
|  Federal Republic of Nigeria (D27) | 12/20/30 | 1.000%(Q) | 5000 | 603091 | 4145 | 598946 | DB |
|  Federation of Malaysia (D27) | 12/20/30 | 1.000%(Q) | 5000 | (149142) | 4145 | (153287) | DB |
|  Federative Republic of Brazil (D27) | 12/20/30 | 1.000%(Q) | 22500 | 372182 | 18651 | 353531 | DB |
|  Kingdom of Bahrain (D27) | 12/20/30 | 1.000%(Q) | 5000 | 140938 | 4145 | 136793 | DB |
|  Kingdom of Morocco (D27) | 12/20/30 | 1.000%(Q) | 5000 | (58804) | 4145 | (62949) | DB |
|  Kingdom of Saudi Arabia (D27) | 12/20/30 | 1.000%(Q) | 22500 | (428736) | 18651 | (447387) | DB |
|  People's Republic of China (D27) | 12/20/30 | 1.000%(Q) | 22500 | (661061) | 18651 | (679712) | DB |
|  Republic of Argentina (D27) | 12/20/30 | 1.000%(Q) | 5000 | 1265712 | 4145 | 1261567 | DB |
|  Republic of Chile (D27) | 12/20/30 | 1.000%(Q) | 10000 | (234239) | 8289 | (242528) | DB |
|  Republic of Colombia (D27) | 12/20/30 | 1.000%(Q) | 15000 | 598511 | 12434 | 586077 | DB |
|  Republic of Indonesia (D27) | 12/20/30 | 1.000%(Q) | 17500 | (232995) | 14506 | (247501) | DB |
|  Republic of Ivory Coast (D27) | 12/20/30 | 1.000%(Q) | 5000 | 365986 | 4145 | 361841 | DB |
|  Republic of Panama (D27) | 12/20/30 | 1.000%(Q) | 7500 | 91700 | 6217 | 85483 | DB |
|  Republic of Peru (D27) | 12/20/30 | 1.000%(Q) | 7500 | (131261) | 6217 | (137478) | DB |
|  Republic of Philippines (D27) | 12/20/30 | 1.000%(Q) | 7500 | (159602) | 6217 | (165819) | DB |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 137

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront**<br>**Premiums**<br>**Paid**<br>**(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)\*\*(cont'd.):** |
|  Republic of South Africa (D27) | 12/20/30 | 1.000%(Q) | 22500 | $501822 | $18651 | $483171 DB |
|  Republic of Turkey (D27) | 12/20/30 | 1.000%(Q) | 22500 | 1413329 | 18651 | 1394678 DB |
|  Sultanate of Oman (D27) | 12/20/30 | 1.000%(Q) | 5000 | (76546) | 4145 | (80691) DB |
|  United Mexican States (D27) | 12/20/30 | 1.000%(Q) | 22500 | (110597) | 18651 | (129248) DB |
|  |  |  |  | $33177911 | $769459 | $32408452 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*:** |
|  Emirate of Abu Dhabi (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.056% | $4782 | $(12) | $4794 | MSI |
|  Federation of Malaysia (D01) | 12/20/25 | 1.000%(Q) | 2910 | 0.110% | 6954 | (18) | 6972 | MSI |
|  Federative Republic of Brazil (D01) | 12/20/25 | 1.000%(Q) | 11640 | 0.375% | 23567 | (73) | 23640 | MSI |
|  Kingdom of Saudi Arabia (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.169% | 4480 | (12) | 4492 | MSI |
|  People's Republic of China (D01) | 12/20/25 | 1.000%(Q) | 11640 | 0.191% | 26516 | (73) | 26589 | MSI |
|  Republic of Argentina (D01) | 12/20/25 | 1.000%(Q) | 4850 | 4.667% | (18705) | (31) | (18674) | MSI |
|  Republic of Chile (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.133% | 4576 | (12) | 4588 | MSI |
|  Republic of Colombia (D01) | 12/20/25 | 1.000%(Q) | 4850 | 0.673% | 7834 | (31) | 7865 | MSI |
|  Republic of Indonesia (D01) | 12/20/25 | 1.000%(Q) | 7760 | 0.260% | 16947 | (49) | 16996 | MSI |
|  Republic of Panama (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.453% | 3720 | (12) | 3732 | MSI |
|  Republic of Peru (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.167% | 4485 | (12) | 4497 | MSI |
|  Republic of Philippines (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.190% | 4422 | (12) | 4434 | MSI |
|  Republic of South Africa (D01) | 12/20/25 | 1.000%(Q) | 8730 | 0.147% | 20416 | (55) | 20471 | MSI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br> Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Republic of Turkey (D01) | 12/20/25 | 1.000%(Q) | 11640 | 0.561% | $20601 | $(73) | $20674 | MSI |
|  State of Qatar (D01) | 12/20/25 | 1.000%(Q) | 1940 | 0.067% | 4752 | (15) | 4767 | MSI |
|  United Mexican States (D01) | 12/20/25 | 1.000%(Q) | 11640 | 0.188% | 26574 | (73) | 26647 | MSI |
|  Emirate of Abu Dhabi (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.056% | 4929 | (40) | 4969 | CITI |
|  Federation of Malaysia (D02) | 12/20/25 | 1.000%(Q) | 3000 | 0.110% | 7169 | (60) | 7229 | CITI |
|  Federative Republic of Brazil (D02) | 12/20/25 | 1.000%(Q) | 12000 | 0.375% | 24296 | (239) | 24535 | CITI |
|  Kingdom of Saudi Arabia (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.169% | 4618 | (40) | 4658 | CITI |
|  People's Republic of China (D02) | 12/20/25 | 1.000%(Q) | 12000 | 0.191% | 27336 | (239) | 27575 | CITI |
|  Republic of Argentina (D02) | 12/20/25 | 1.000%(Q) | 5000 | 4.667% | (19284) | (100) | (19184) | CITI |
|  Republic of Chile (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.133% | 4717 | (40) | 4757 | CITI |
|  Republic of Colombia (D02) | 12/20/25 | 1.000%(Q) | 5000 | 0.673% | 8076 | (100) | 8176 | CITI |
|  Republic of Indonesia (D02) | 12/20/25 | 1.000%(Q) | 8000 | 0.260% | 17471 | (159) | 17630 | CITI |
|  Republic of Panama (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.453% | 3835 | (40) | 3875 | CITI |
|  Republic of Peru (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.167% | 4623 | (40) | 4663 | CITI |
|  Republic of Philippines (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.190% | 4559 | (40) | 4599 | CITI |
|  Republic of South Africa (D02) | 12/20/25 | 1.000%(Q) | 9000 | 0.147% | 21047 | (179) | 21226 | CITI |
|  Republic of Turkey (D02) | 12/20/25 | 1.000%(Q) | 12000 | 0.561% | 21237 | (239) | 21476 | CITI |
|  State of Qatar (D02) | 12/20/25 | 1.000%(Q) | 2000 | 0.067% | 4898 | (40) | 4938 | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 139

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  United Mexican States (D02) | 12/20/25 | 1.000%(Q) | 12000 | 0.188% | $27395 | $(239) | $27634 | CITI |
|  Emirate of Abu Dhabi (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.056% | 9858 | (80) | 9938 | MSI |
|  Federation of Malaysia (D03) | 12/20/25 | 1.000%(Q) | 6000 | 0.110% | 14339 | (119) | 14458 | MSI |
|  Federative Republic of Brazil (D03) | 12/20/25 | 1.000%(Q) | 24000 | 0.375% | 48592 | (478) | 49070 | MSI |
|  Kingdom of Saudi Arabia (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.169% | 9236 | (80) | 9316 | MSI |
|  People's Republic of China (D03) | 12/20/25 | 1.000%(Q) | 24000 | 0.191% | 54672 | (478) | 55150 | MSI |
|  Republic of Argentina (D03) | 12/20/25 | 1.000%(Q) | 10000 | 4.667% | (38567) | (199) | (38368) | MSI |
|  Republic of Chile (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.133% | 9434 | (80) | 9514 | MSI |
|  Republic of Colombia (D03) | 12/20/25 | 1.000%(Q) | 10000 | 0.673% | 16153 | (199) | 16352 | MSI |
|  Republic of Indonesia (D03) | 12/20/25 | 1.000%(Q) | 16000 | 0.260% | 34941 | (319) | 35260 | MSI |
|  Republic of Panama (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.453% | 7669 | (80) | 7749 | MSI |
|  Republic of Peru (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.167% | 9247 | (80) | 9327 | MSI |
|  Republic of Philippines (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.190% | 9117 | (80) | 9197 | MSI |
|  Republic of South Africa (D03) | 12/20/25 | 1.000%(Q) | 18000 | 0.147% | 42095 | (358) | 42453 | MSI |
|  Republic of Turkey (D03) | 12/20/25 | 1.000%(Q) | 24000 | 0.561% | 42474 | (478) | 42952 | MSI |
|  State of Qatar (D03) | 12/20/25 | 1.000%(Q) | 4000 | 0.067% | 9797 | (86) | 9883 | MSI |
|  United Mexican States (D03) | 12/20/25 | 1.000%(Q) | 24000 | 0.188% | 54790 | (478) | 55268 | MSI |
|  Emirate of Abu Dhabi (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.056% | 9858 | (80) | 9938 | MSI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Federation of Malaysia (D04) | 12/20/25 | 1.000%(Q) | 6000 | 0.110% | $14339 | $(119) | $14458 | MSI |
|  Federative Republic of Brazil (D04) | 12/20/25 | 1.000%(Q) | 24000 | 0.375% | 48592 | (478) | 49070 | MSI |
|  Kingdom of Saudi Arabia (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.169% | 9236 | (80) | 9316 | MSI |
|  People's Republic of China (D04) | 12/20/25 | 1.000%(Q) | 24000 | 0.191% | 54672 | (478) | 55150 | MSI |
|  Republic of |  |  |  |  |  |  |  |  |
|  Argentina (D04) | 12/20/25 | 1.000%(Q) | 10000 | 4.667% | (38567) | (199) | (38368) | MSI |
|  Republic of Chile (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.133% | 9434 | (80) | 9514 | MSI |
|  Republic of Colombia (D04) | 12/20/25 | 1.000%(Q) | 10000 | 0.673% | 16153 | (199) | 16352 | MSI |
|  Republic of Indonesia (D04) | 12/20/25 | 1.000%(Q) | 16000 | 0.260% | 34941 | (319) | 35260 | MSI |
|  Republic of Panama (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.453% | 7669 | (80) | 7749 | MSI |
|  Republic of Peru (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.167% | 9247 | (80) | 9327 | MSI |
|  Republic of Philippines (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.190% | 9117 | (80) | 9197 | MSI |
|  Republic of South Africa (D04) | 12/20/25 | 1.000%(Q) | 18000 | 0.147% | 42095 | (358) | 42453 | MSI |
|  Republic of Turkey (D04) | 12/20/25 | 1.000%(Q) | 24000 | 0.561% | 42474 | (478) | 42952 | MSI |
|  State of Qatar (D04) | 12/20/25 | 1.000%(Q) | 4000 | 0.067% | 9797 | (86) | 9883 | MSI |
|  United Mexican States (D04) | 12/20/25 | 1.000%(Q) | 24000 | 0.188% | 54790 | (478) | 55268 | MSI |
|  Emirate of Abu Dhabi (D07) | 12/20/26 | 1.000%(Q) | 500 | 0.069% | 5784 | (233) | 6017 | BOA |
|  Federation of Malaysia (D07) | 12/20/26 | 1.000%(Q) | 1000 | 0.128% | 10898 | (465) | 11363 | BOA |
|  Federative Republic of Brazil (D07) | 12/20/26 | 1.000%(Q) | 3000 | 0.499% | 20166 | (1396) | 21562 | BOA |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 141

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Kingdom of Saudi Arabia (D07) | 12/20/26 | 1.000%(Q) | 500 | 0.237% | $4831 | $(233) | $5064 | BOA |
|  People's Republic of China (D07) | 12/20/26 | 1.000%(Q) | 3000 | 0.220% | 29582 | (1396) | 30978 | BOA |
|  Republic of Argentina (D07) | 12/20/26 | 1.000%(Q) | 500 | 5.706% | (24820) | (233) | (24587) | BOA |
|  Republic of Chile (D07) | 12/20/26 | 1.000%(Q) | 500 | 0.196% | 5068 | (233) | 5301 | BOA |
|  Republic of Colombia (D07) | 12/20/26 | 1.000%(Q) | 1250 | 0.821% | 3883 | (582) | 4465 | BOA |
|  Republic of Indonesia (D07) | 12/20/26 | 1.000%(Q) | 2250 | 0.277% | 20737 | (1047) | 21784 | BOA |
|  Republic of Panama (D07) | 12/20/26 | 1.000%(Q) | 500 | 0.544% | 3107 | (233) | 3340 | BOA |
|  Republic of Peru (D07) | 12/20/26 | 1.000%(Q) | 500 | 0.224% | 4907 | (233) | 5140 | BOA |
|  Republic of Philippines (D07) | 12/20/26 | 1.000%(Q) | 500 | 0.207% | 5001 | (233) | 5234 | BOA |
|  Republic of South Africa (D07) | 12/20/26 | 1.000%(Q) | 2750 | 0.312% | 24274 | (1279) | 25553 | BOA |
|  Republic of Turkey (D07) | 12/20/26 | 1.000%(Q) | 3000 | 0.912% | 6273 | (1396) | 7669 | BOA |
|  State of Qatar (D07) | 12/20/26 | 1.000%(Q) | 500 | 0.074% | 5754 | (233) | 5987 | BOA |
|  United Mexican States (D07) | 12/20/26 | 1.000%(Q) | 2750 | 0.284% | 25139 | (1279) | 26418 | BOA |
|  Emirate of Abu Dhabi (D08) | 12/20/26 | 1.000%(Q) | 4000 | 0.069% | 46273 | (2108) | 48381 | CITI |
|  Federation of Malaysia (D08) | 12/20/26 | 1.000%(Q) | 8000 | 0.128% | 87184 | (4215) | 91399 | CITI |
|  Federative Republic of Brazil (D08) | 12/20/26 | 1.000%(Q) | 24000 | 0.499% | 161330 | (12646) | 173976 | CITI |
|  Kingdom of Saudi Arabia (D08) | 12/20/26 | 1.000%(Q) | 4000 | 0.237% | 38654 | (2108) | 40762 | CITI |
|  People's Republic of China (D08) | 12/20/26 | 1.000%(Q) | 24000 | 0.220% | 236655 | (12646) | 249301 | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Republic of Argentina (D08) | 12/20/26 | 1.000%(Q) | 4000 | 5.706% | $(198558) | $(2108) | $(196450) | CITI |
|  Republic of Chile (D08) | 12/20/26 | 1.000%(Q) | 4000 | 0.196% | 40543 | (2108) | 42651 | CITI |
|  Republic of Colombia (D08) | 12/20/26 | 1.000%(Q) | 10000 | 0.821% | 31069 | (5269) | 36338 | CITI |
|  Republic of Indonesia (D08) | 12/20/26 | 1.000%(Q) | 18000 | 0.277% | 165900 | (9485) | 175385 | CITI |
|  Republic of Panama (D08) | 12/20/26 | 1.000%(Q) | 4000 | 0.544% | 24858 | (2108) | 26966 | CITI |
|  Republic of Peru (D08) | 12/20/26 | 1.000%(Q) | 4000 | 0.224% | 39259 | (2108) | 41367 | CITI |
|  Republic of Philippines (D08) | 12/20/26 | 1.000%(Q) | 4000 | 0.207% | 40013 | (2108) | 42121 | CITI |
|  Republic of South Africa (D08) | 12/20/26 | 1.000%(Q) | 22000 | 0.312% | 194192 | (11592) | 205784 | CITI |
|  Republic of Turkey (D08) | 12/20/26 | 1.000%(Q) | 24000 | 0.912% | 50189 | (12646) | 62835 | CITI |
|  State of Qatar (D08) | 12/20/26 | 1.000%(Q) | 4000 | 0.074% | 46031 | (2108) | 48139 | CITI |
|  United Mexican States (D08) | 12/20/26 | 1.000%(Q) | 22000 | 0.284% | 201107 | (11592) | 212699 | CITI |
|  Emirate of Abu Dhabi (D09) | 12/20/26 | 1.000%(Q) | 2000 | 0.069% | 23137 | (1054) | 24191 | MSI |
|  Federation of Malaysia (D09) | 12/20/26 | 1.000%(Q) | 4000 | 0.128% | 43591 | (2108) | 45699 | MSI |
|  Federative Republic of Brazil (D09) | 12/20/26 | 1.000%(Q) | 12000 | 0.499% | 80665 | (6323) | 86988 | MSI |
|  Kingdom of Saudi Arabia (D09) | 12/20/26 | 1.000%(Q) | 2000 | 0.237% | 19327 | (1054) | 20381 | MSI |
|  People's Republic of China (D09) | 12/20/26 | 1.000%(Q) | 12000 | 0.220% | 118328 | (6323) | 124651 | MSI |
|  Republic of Argentina (D09) | 12/20/26 | 1.000%(Q) | 2000 | 5.706% | (99279) | (1054) | (98225) | MSI |
|  Republic of Chile (D09) | 12/20/26 | 1.000%(Q) | 2000 | 0.196% | 20271 | (1054) | 21325 | MSI |
|  Republic of Colombia (D09) | 12/20/26 | 1.000%(Q) | 5000 | 0.821% | 15534 | (2635) | 18169 | MSI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 143

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Republic of Indonesia (D09) | 12/20/26 | 1.000%(Q) | 9000 | 0.277% | $82951 | $(4742) | $87693 | MSI |
|  Republic of Panama (D09) | 12/20/26 | 1.000%(Q) | 2000 | 0.544% | 12429 | (1054) | 13483 | MSI |
|  Republic of Peru (D09) | 12/20/26 | 1.000%(Q) | 2000 | 0.224% | 19629 | (1054) | 20683 | MSI |
|  Republic of Philippines (D09) | 12/20/26 | 1.000%(Q) | 2000 | 0.207% | 20006 | (1054) | 21060 | MSI |
|  Republic of South Africa (D09) | 12/20/26 | 1.000%(Q) | 11000 | 0.312% | 97096 | (5796) | 102892 | MSI |
|  Republic of Turkey (D09) | 12/20/26 | 1.000%(Q) | 12000 | 0.912% | 25095 | (6323) | 31418 | MSI |
|  State of Qatar (D09) | 12/20/26 | 1.000%(Q) | 2000 | 0.074% | 23016 | (1054) | 24070 | MSI |
|  United Mexican States (D09) | 12/20/26 | 1.000%(Q) | 11000 | 0.284% | 100554 | (5796) | 106350 | MSI |
|  Emirate of Abu Dhabi (D10) | 12/20/26 | 1.000%(Q) | 10000 | 0.069% | 115684 | (5269) | 120953 | BARC |
|  Federation of Malaysia (D10) | 12/20/26 | 1.000%(Q) | 20000 | 0.128% | 217959 | (10538) | 228497 | BARC |
|  Federative Republic of Brazil (D10) | 12/20/26 | 1.000%(Q) | 60000 | 0.499% | 403326 | (31615) | 434941 | BARC |
|  Kingdom of Saudi Arabia (D10) | 12/20/26 | 1.000%(Q) | 10000 | 0.237% | 96635 | (5269) | 101904 | BARC |
|  People's Republic of China (D10) | 12/20/26 | 1.000%(Q) | 60000 | 0.220% | 591638 | (31615) | 623253 | BARC |
|  Republic of Argentina (D10) | 12/20/26 | 1.000%(Q) | 10000 | 5.706% | (496394) | (5269) | (491125) | BARC |
|  Republic of Chile (D10) | 12/20/26 | 1.000%(Q) | 10000 | 0.196% | 101358 | (5269) | 106627 | BARC |
|  Republic of Colombia (D10) | 12/20/26 | 1.000%(Q) | 25000 | 0.821% | 77671 | (13173) | 90844 | BARC |
|  Republic of Indonesia (D10) | 12/20/26 | 1.000%(Q) | 45000 | 0.277% | 414752 | (23711) | 438463 | BARC |
|  Republic of Panama (D10) | 12/20/26 | 1.000%(Q) | 10000 | 0.544% | 62146 | (5269) | 67415 | BARC |
|  Republic of Peru (D10) | 12/20/26 | 1.000%(Q) | 10000 | 0.224% | 98148 | (5269) | 103417 | BARC |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Republic of Philippines (D10) | 12/20/26 | 1.000%(Q) | 10000 | 0.207% | $100033 | $(5269) | $105302 | BARC |
|  Republic of South Africa (D10) | 12/20/26 | 1.000%(Q) | 55000 | 0.312% | 485479 | (28981) | 514460 | BARC |
|  Republic of Turkey (D10) | 12/20/26 | 1.000%(Q) | 60000 | 0.912% | 125473 | (31615) | 157088 | BARC |
|  State of Qatar (D10) | 12/20/26 | 1.000%(Q) | 10000 | 0.074% | 115079 | (5269) | 120348 | BARC |
|  United Mexican States (D10) | 12/20/26 | 1.000%(Q) | 55000 | 0.284% | 502767 | (28981) | 531748 | BARC |
|  Emirate of Abu Dhabi (D11) | 12/20/26 | 1.000%(Q) | 2000 | 0.069% | 23137 | (1178) | 24315 | MSI |
|  Federation of Malaysia (D11) | 12/20/26 | 1.000%(Q) | 4000 | 0.128% | 43592 | (2357) | 45949 | MSI |
|  Federative Republic of Brazil (D11) | 12/20/26 | 1.000%(Q) | 12000 | 0.499% | 80665 | (7071) | 87736 | MSI |
|  Kingdom of Saudi Arabia (D11) | 12/20/26 | 1.000%(Q) | 2000 | 0.237% | 19328 | (1178) | 20506 | MSI |
|  People's Republic of China (D11) | 12/20/26 | 1.000%(Q) | 12000 | 0.220% | 118327 | (7071) | 125398 | MSI |
|  Republic of Argentina (D11) | 12/20/26 | 1.000%(Q) | 2000 | 5.706% | (99278) | (1178) | (98100) | MSI |
|  Republic of Chile (D11) | 12/20/26 | 1.000%(Q) | 2000 | 0.196% | 20272 | (1178) | 21450 | MSI |
|  Republic of Colombia (D11) | 12/20/26 | 1.000%(Q) | 5000 | 0.821% | 15534 | (2946) | 18480 | MSI |
|  Republic of Indonesia (D11) | 12/20/26 | 1.000%(Q) | 9000 | 0.277% | 82950 | (5303) | 88253 | MSI |
|  Republic of Panama (D11) | 12/20/26 | 1.000%(Q) | 2000 | 0.544% | 12430 | (1178) | 13608 | MSI |
|  Republic of Peru (D11) | 12/20/26 | 1.000%(Q) | 2000 | 0.224% | 19630 | (1178) | 20808 | MSI |
|  Republic of Philippines (D11) | 12/20/26 | 1.000%(Q) | 2000 | 0.207% | 20007 | (1178) | 21185 | MSI |
|  Republic of South Africa (D11) | 12/20/26 | 1.000%(Q) | 11000 | 0.312% | 97095 | (6482) | 103577 | MSI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 145

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Republic of Turkey (D11) | 12/20/26 | 1.000%(Q) | 12000 | 0.912% | $25094 | $(7071) | $32165 | MSI |
|  State of Qatar (D11) | 12/20/26 | 1.000%(Q) | 2000 | 0.074% | 23016 | (1178) | 24194 | MSI |
|  United Mexican States (D11) | 12/20/26 | 1.000%(Q) | 11000 | 0.284% | 100553 | (6482) | 107035 | MSI |
|  Emirate of Abu Dhabi (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.069% | 23137 | (214) | 23351 | MSI |
|  Federation of Malaysia (D12) | 12/20/26 | 1.000%(Q) | 4000 | 0.128% | 43592 | (428) | 44020 | MSI |
|  Federative Republic of Brazil (D12) | 12/20/26 | 1.000%(Q) | 12000 | 0.499% | 80666 | (1284) | 81950 | MSI |
|  Kingdom of Saudi Arabia (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.237% | 19327 | (214) | 19541 | MSI |
|  People's Republic of China (D12) | 12/20/26 | 1.000%(Q) | 12000 | 0.220% | 118328 | (1284) | 119612 | MSI |
|  Republic of Argentina (D12) | 12/20/26 | 1.000%(Q) | 2000 | 5.706% | (99279) | (214) | (99065) | MSI |
|  Republic of Chile (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.196% | 20272 | (214) | 20486 | MSI |
|  Republic of Colombia (D12) | 12/20/26 | 1.000%(Q) | 5000 | 0.821% | 15534 | (535) | 16069 | MSI |
|  Republic of Indonesia (D12) | 12/20/26 | 1.000%(Q) | 9000 | 0.277% | 82951 | (963) | 83914 | MSI |
|  Republic of Panama (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.544% | 12429 | (214) | 12643 | MSI |
|  Republic of Peru (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.224% | 19630 | (214) | 19844 | MSI |
|  Republic of Philippines (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.207% | 20007 | (214) | 20221 | MSI |
|  Republic of South Africa (D12) | 12/20/26 | 1.000%(Q) | 11000 | 0.312% | 97096 | (1177) | 98273 | MSI |
|  Republic of Turkey (D12) | 12/20/26 | 1.000%(Q) | 12000 | 0.912% | 25095 | (1284) | 26379 | MSI |
|  State of Qatar (D12) | 12/20/26 | 1.000%(Q) | 2000 | 0.074% | 23016 | (214) | 23230 | MSI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  United Mexican States (D12) | 12/20/26 | 1.000%(Q) | 11000 | 0.284% | $100554 | $(1177) | $101731 | MSI |
|  Emirate of Abu Dhabi (D13) | 12/20/26 | 1.000%(Q) | 4000 | 0.069% | &nbsp;&nbsp;&nbsp;&nbsp;46274 | (428) | 46702 | MSI |
|  Federation of Malaysia (D13) | 12/20/26 | 1.000%(Q) | 8000 | 0.128% | &nbsp;&nbsp;&nbsp;&nbsp;87184 | (856) | 88040 | MSI |
|  Federative Republic of Brazil (D13) | 12/20/26 | 1.000%(Q) | 24000 | 0.499% | 161330 | (2569) | 163899 | MSI |
|  Kingdom of Saudi Arabia (D13) | 12/20/26 | 1.000%(Q) | 4000 | 0.237% | &nbsp;&nbsp;&nbsp;&nbsp;38654 | (428) | 39082 | MSI |
|  People's Republic of China (D13) | 12/20/26 | 1.000%(Q) | 24000 | 0.220% | 236655 | (2569) | 239224 | MSI |
|  Republic of Argentina (D13) | 12/20/26 | 1.000%(Q) | 4000 | 5.706% | (198558) | (428) | (198130) | MSI |
|  Republic of Chile (D13) | 12/20/26 | 1.000%(Q) | 4000 | 0.196% | &nbsp;&nbsp;&nbsp;&nbsp;40543 | (428) | 40971 | MSI |
|  Republic of Colombia (D13) | 12/20/26 | 1.000%(Q) | 10000 | 0.821% | &nbsp;&nbsp;&nbsp;&nbsp;31069 | (1070) | 32139 | MSI |
|  Republic of Indonesia (D13) | 12/20/26 | 1.000%(Q) | 18000 | 0.277% | 165900 | (1927) | 167827 | MSI |
|  Republic of Panama (D13) | 12/20/26 | 1.000%(Q) | 4000 | 0.544% | &nbsp;&nbsp;&nbsp;&nbsp;24859 | (428) | 25287 | MSI |
|  Republic of Peru (D13) | 12/20/26 | 1.000%(Q) | 4000 | 0.224% | &nbsp;&nbsp;&nbsp;&nbsp;39259 | (428) | 39687 | MSI |
|  Republic of Philippines (D13) | 12/20/26 | 1.000%(Q) | 4000 | 0.207% | &nbsp;&nbsp;&nbsp;&nbsp;40013 | (428) | 40441 | MSI |
|  Republic of South Africa (D13) | 12/20/26 | 1.000%(Q) | 22000 | 0.312% | 194192 | (2355) | 196547 | MSI |
|  Republic of Turkey (D13) | 12/20/26 | 1.000%(Q) | 24000 | 0.912% | &nbsp;&nbsp;&nbsp;&nbsp;50189 | (2569) | 52758 | MSI |
|  State of Qatar (D13) | 12/20/26 | 1.000%(Q) | 4000 | 0.074% | &nbsp;&nbsp;&nbsp;&nbsp;46032 | (428) | 46460 | MSI |
|  United Mexican States (D13) | 12/20/26 | 1.000%(Q) | 22000 | 0.284% | 201107 | (2355) | 203462 | MSI |
|  Emirate of Abu Dhabi (D14) | 06/20/26 | 1.000%(Q) | 1500 | 0.058% | &nbsp;&nbsp;&nbsp;&nbsp;10614 | (107) | 10721 | BARC |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 147

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Federation of Malaysia (D14) | 06/20/26 | 1.000%(Q) | 3000 | 0.117% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20096 | $(213) | $20309 | BARC |
|  Federative Republic of Brazil (D14) | 06/20/26 | 1.000%(Q) | 9000 | 0.430% | 42427 | (640) | 43067 | BARC |
|  Kingdom of Saudi Arabia (D14) | 06/20/26 | 1.000%(Q) | 1500 | 0.193% | 9326 | (107) | 9433 | BARC |
|  People's Republic of China (D14) | 06/20/26 | 1.000%(Q) | 9000 | 0.197% | 55720 | (640) | 56360 | BARC |
|  Republic of Argentina (D14) | 06/20/26 | 1.000%(Q) | 1500 | 5.202% | (37408) | (107) | (37301) | BARC |
|  Republic of Chile (D14) | 06/20/26 | 1.000%(Q) | 1500 | 0.146% | 9770 | (107) | 9877 | BARC |
|  Republic of Colombia (D14) | 06/20/26 | 1.000%(Q) | 3750 | 0.724% | 10700 | (266) | 10966 | BARC |
|  Republic of Indonesia (D14) | 06/20/26 | 1.000%(Q) | 6750 | 0.255% | 39291 | (480) | 39771 | BARC |
|  Republic of Panama (D14) | 06/20/26 | 1.000%(Q) | 1500 | 0.478% | 6617 | (107) | 6724 | BARC |
|  Republic of Peru (D14) | 06/20/26 | 1.000%(Q) | 1500 | 0.178% | 9465 | (107) | 9572 | BARC |
|  Republic of Philippines (D14) | 06/20/26 | 1.000%(Q) | 1500 | 0.196% | 9298 | (107) | 9405 | BARC |
|  Republic of South Africa (D14) | 06/20/26 | 1.000%(Q) | 7500 | 0.196% | 46480 | (533) | 47013 | BARC |
|  Republic of Turkey (D14) | 06/20/26 | 1.000%(Q) | 9000 | 0.589% | 33368 | (640) | 34008 | BARC |
|  State of Qatar (D14) | 06/20/26 | 1.000%(Q) | 1500 | 0.069% | 10510 | (107) | 10617 | BARC |
|  United Mexican States (D14) | 06/20/26 | 1.000%(Q) | 9000 | 0.203% | 55357 | (640) | 55997 | BARC |
|  Emirate of Abu Dhabi (D15) | 12/20/26 | 1.000%(Q) | 300 | 0.069% | 3471 | (38) | 3509 | BOA |
|  Federation of Malaysia (D15) | 12/20/26 | 1.000%(Q) | 600 | 0.128% | 6539 | (76) | 6615 | BOA |
|  Federative Republic of Brazil (D15) | 12/20/26 | 1.000%(Q) | 1800 | 0.499% | 12100 | (229) | 12329 | BOA |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed<br>Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Kingdom of Saudi Arabia (D15) | 12/20/26 | 1.000 %(Q) | 300 | 0.237% | $2899 | $(38) | $2937 | BOA |
|  People's Republic of China (D15) | 12/20/26 | 1.000 %(Q) | 1800 | 0.220% | 17749 | (229) | 17978 | BOA |
|  Republic of Argentina (D15) | 12/20/26 | 1.000 %(Q) | 300 | 5.706% | (14892) | (38) | (14854) | BOA |
|  Republic of Chile (D15) | 12/20/26 | 1.000 %(Q) | 300 | 0.196% | 3041 | (38) | 3079 | BOA |
|  Republic of Colombia (D15) | 12/20/26 | 1.000 %(Q) | 750 | 0.821% | 2330 | (96) | 2426 | BOA |
|  Republic of Indonesia (D15) | 12/20/26 | 1.000 %(Q) | 1350 | 0.277% | 12442 | (172) | 12614 | BOA |
|  Republic of Panama (D15) | 12/20/26 | 1.000 %(Q) | 300 | 0.544% | 1865 | (38) | 1903 | BOA |
|  Republic of Peru (D15) | 12/20/26 | 1.000 %(Q) | 300 | 0.224% | 2945 | (38) | 2983 | BOA |
|  Republic of Philippines (D15) | 12/20/26 | 1.000 %(Q) | 300 | 0.207% | 3001 | (38) | 3039 | BOA |
|  Republic of South Africa (D15) | 12/20/26 | 1.000 %(Q) | 1650 | 0.312% | 14564 | (210) | 14774 | BOA |
|  Republic of Turkey (D15) | 12/20/26 | 1.000 %(Q) | 1800 | 0.912% | 3764 | (229) | 3993 | BOA |
|  State of Qatar (D15) | 12/20/26 | 1.000 %(Q) | 300 | 0.074% | 3453 | (38) | 3491 | BOA |
|  United Mexican States (D15) | 12/20/26 | 1.000 %(Q) | 1650 | 0.284% | 15083 | (210) | 15293 | BOA |
|  Arab Republic of Egypt (D16) | 06/20/27 | 1.000 %(Q) | 1000 | 2.049% | (15366) | (820) | (14546) | BOA |
|  Emirate of Abu Dhabi (D16) | 06/20/27 | 1.000 %(Q) | 1000 | 0.093% | 15634 | (820) | 16454 | BOA |
|  Federation of Malaysia (D16) | 06/20/27 | 1.000 %(Q) | 1500 | 0.162% | 21784 | (1230) | 23014 | BOA |
|  Federative Republic of Brazil (D16) | 06/20/27 | 1.000 %(Q) | 6000 | 0.569% | 47907 | (4918) | 52825 | BOA |
|  Kingdom of Saudi Arabia (D16) | 06/20/27 | 1.000 %(Q) | 1000 | 0.285% | 12548 | (820) | 13368 | BOA |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 149

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  People's Republic of China (D16) | 06/20/27 | 1.000%(Q) | 6000 | 0.244% | $79171 | $(4918) | $84089 | BOA |
|  Republic of Argentina (D16) | 06/20/27 | 1.000%(Q) | 1000 | 6.642% | (83802) | (820) | (82982) | BOA |
|  Republic of Chile (D16) | 06/20/27 | 1.000%(Q) | 1500 | 0.237% | 19969 | (1230) | 21199 | BOA |
|  Republic of Colombia (D16) | 06/20/27 | 1.000%(Q) | 3000 | 0.959% | 5303 | (2459) | 7762 | BOA |
|  Republic of Indonesia (D16) | 06/20/27 | 1.000%(Q) | 4500 | 0.343% | 52241 | (3689) | 55930 | BOA |
|  Republic of Panama (D16) | 06/20/27 | 1.000%(Q) | 1000 | 0.597% | 7537 | (820) | 8357 | BOA |
|  Republic of Peru (D16) | 06/20/27 | 1.000%(Q) | 1500 | 0.257% | 19481 | (1230) | 20711 | BOA |
|  Republic of Philippines (D16) | 06/20/27 | 1.000%(Q) | 1000 | 0.253% | 13049 | (820) | 13869 | BOA |
|  Republic of South Africa (D16) | 06/20/27 | 1.000%(Q) | 6000 | 0.492% | 55347 | (4918) | 60265 | BOA |
|  Republic of Turkey (D16) | 06/20/27 | 1.000%(Q) | 6000 | 1.180% | (10477) | (4918) | (5559) | BOA |
|  State of Qatar (D16) | 06/20/27 | 1.000%(Q) | 1000 | 0.091% | 15668 | (820) | 16488 | BOA |
|  United Mexican States (D16) | 06/20/27 | 1.000%(Q) | 6000 | 0.362% | 67877 | (4918) | 72795 | BOA |
|  Air France-KLM (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.350% | 10039 | (114) | 10153 | CITI |
|  Altice Finco SA (D28) | 12/20/25 | 0.500%(Q) | 13187 | 36.440% | (622278) | (114) | (622164) | CITI |
|  Anglo American PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.125% | 14116 | (114) | 14230 | CITI |
|  ArcelorMittal SA (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.177% | 13182 | (114) | 13296 | CITI |
|  Ardagh Packaging Finance PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 337.263% | (3611510) | (114) | (3611396) | CITI |
|  AT&T, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.217% | 12450 | (114) | 12564 | CITI |
|  Avient Corp. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.249% | 11876 | (114) | 11990 | CITI |
|  Avis Budget Group, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.685% | 3970 | (114) | 4084 | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Ball Corp. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.234% | $12150 | $(114) | $12264 | CITI |
|  Bank of America Corp. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.228% | 12249 | (114) | 12363 | CITI |
|  Barclays Bank PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.206% | 12649 | (114) | 12763 | CITI |
|  Beazer Homes USA, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.398% | 9169 | (114) | 9283 | CITI |
|  BNP Paribas SA (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.223% | 12350 | (114) | 12464 | CITI |
|  British American Tobacco PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.098% | 14608 | (114) | 14722 | CITI |
|  CCO Holdings LLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.569% | 6063 | (114) | 6177 | CITI |
|  Ceconomy AG (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.335% | 10307 | (114) | 10421 | CITI |
|  Cellnex Telecom SA (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.148% | 13698 | (114) | 13812 | CITI |
|  Clariant AG (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.233% | 12161 | (114) | 12275 | CITI |
|  Commerzbank AG (D28)^ | 12/20/25 | 0.500%(Q) | 13187 | \* | 13721 | (114) | 13835 | CITI |
|  Constellium SE (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.824% | 1442 | (114) | 1556 | CITI |
|  Continental AG (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.136% | 13921 | (114) | 14035 | CITI |
|  DaVita, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.350% | 10035 | (114) | 10149 | CITI |
|  Dell, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.080% | 14930 | (114) | 15044 | CITI |
|  Deutsche Lufthansa AG (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.273% | 11441 | (114) | 11555 | CITI |
|  Devon Energy Corp. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.190% | 12941 | (114) | 13055 | CITI |
|  eG Global Finance PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.378% | 9534 | (114) | 9648 | CITI |
|  Elis SA (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.148% | 13698 | (114) | 13812 | CITI |
|  Elo SA (D28) | 12/20/25 | 0.500%(Q) | 6593 | 0.187% | 6501 | (57) | 6558 | CITI |
|  Expedia Group, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.101% | 14561 | (114) | 14675 | CITI |
|  Ford Motor Co. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.453% | 8169 | (114) | 8283 | CITI |
|  Ford Motor Co. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.424% | 8702 | (114) | 8816 | CITI |
|  Forvia SE (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.347% | 10098 | (114) | 10212 | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 151

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  General Electric Co. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.055% | $15383 | $(114) | $15497 | CITI |
|  General Motors Co. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.221% | 12379 | (114) | 12493 | CITI |
|  Genworth Holdings, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.268% | 11535 | (114) | 11649 | CITI |
|  Glencore International AG (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.167% | 13361 | (114) | 13475 | CITI |
|  Goldman Sachs Group, Inc. (The) (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.261% | 11648 | (114) | 11762 | CITI |
|  Goodyear Tire & Rubber Co. (The) (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.670% | 4238 | (114) | 4352 | CITI |
|  Grifols SA (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.890% | 260 | (114) | 374 | CITI |
|  HCA, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.112% | 14356 | (114) | 14470 | CITI |
|  HeidelbergCement AG (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.124% | 14147 | (114) | 14261 | CITI |
|  HP, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.109% | 14409 | (114) | 14523 | CITI |
|  Iceland Bondco PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.923% | (335) | (114) | (221) | CITI |
|  Jaguar Land Rover Automotive PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.714% | 3446 | (114) | 3560 | CITI |
|  JPMorgan Chase & Co. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.174% | 13233 | (114) | 13347 | CITI |
|  KB Home (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.249% | 11873 | (114) | 11987 | CITI |
|  Kraft Heinz Foods Co. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.095% | 14664 | (114) | 14778 | CITI |
|  Loxam SAS (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.774% | 2349 | (114) | 2463 | CITI |
|  Macy's, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.505% | 7227 | (114) | 7341 | CITI |
|  Marks & Spencer Group PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.149% | 13694 | (114) | 13808 | CITI |
|  Marriott International, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.115% | 14300 | (114) | 14414 | CITI |
|  MGIC Investment Corp. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.116% | 14278 | (114) | 14392 | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Morgan Stanley (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.221% | $12380 | $(114) | $12494 | CITI |
|  Naturgy Energy Group SA (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.140% | 13843 | (114) | 13957 | CITI |
|  NatWest Group PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.207% | 12637 | (114) | 12751 | CITI |
|  New Immo Holding SA (D28) | 12/20/25 | 0.500%(Q) | 6593 | 0.665% | 2166 | (1073) | 3239 | CITI |
|  Nokia OYJ (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.101% | 14554 | (114) | 14668 | CITI |
|  Novafives SAS (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.302% | 10909 | (114) | 11023 | CITI |
|  Olin Corp. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.289% | 11148 | (114) | 11262 | CITI |
|  Optics Bidco SpA (D28) | 12/20/25 | 0.500%(Q) | 6593 | 0.446% | 4152 | (431) | 4583 | CITI |
|  Paramount Global (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.172% | 13270 | (114) | 13384 | CITI |
|  Radian Group, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.163% | 13440 | (114) | 13554 | CITI |
|  Renault SA (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.232% | 12175 | (114) | 12289 | CITI |
|  Rolls-Royce Holdings PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.085% | 14842 | (114) | 14956 | CITI |
|  Schaeffler AG (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.228% | 12259 | (114) | 12373 | CITI |
|  Sealed Air Corp. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.224% | 12332 | (114) | 12446 | CITI |
|  Societe Generale SA (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.218% | 12436 | (114) | 12550 | CITI |
|  Sprint Communications LLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.201% | 12751 | (114) | 12865 | CITI |
|  Stellantis NV (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.266% | 11558 | (114) | 11672 | CITI |
|  Stena AB (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.557% | 6293 | (114) | 6407 | CITI |
|  Stonegate Pub Co. Financing PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.543% | 6541 | (114) | 6655 | CITI |
|  Sunrise HoldCo IV BV (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.238% | 12078 | (114) | 12192 | CITI |
|  Telecom Italia SpA (D28) | 12/20/25 | 0.500%(Q) | 6593 | 0.294% | 5531 | (57) | 5588 | CITI |
|  Telefonaktiebolaget LM Ericsson (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.114% | 14326 | (114) | 14440 | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 153

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Tenet Healthcare Corp. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.155% | $13573 | $(114) | $13687 | CITI |
|  Tesla, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.204% | 12680 | (114) | 12794 | CITI |
|  Teva Pharmaceutical Industries Ltd. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.184% | 13053 | (114) | 13167 | CITI |
|  thyssenkrupp AG (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.138% | 13879 | (114) | 13993 | CITI |
|  T-Mobile USA, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.147% | 13718 | (114) | 13832 | CITI |
|  TUI AG (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.229% | 12227 | (114) | 12341 | CITI |
|  Unibail-Rodamco-Westfield SE (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.168% | 13339 | (114) | 13453 | CITI |
|  UniCredit SpA (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.291% | 11106 | (114) | 11220 | CITI |
|  United Group BV (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.869% | 637 | (114) | 751 | CITI |
|  Valeo SE (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.379% | 9510 | (114) | 9624 | CITI |
|  Verizon Communications, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.205% | 12666 | (114) | 12780 | CITI |
|  Virgin Media Finance PLC (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.974% | (1259) | (114) | (1145) | CITI |
|  Volkswagen AG (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.274% | 11414 | (114) | 11528 | CITI |
|  Walt Disney Co. (The) (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.116% | 14279 | (114) | 14393 | CITI |
|  Wells Fargo & Co. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.187% | 12996 | (114) | 13110 | CITI |
|  Yum! Brands, Inc. (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.136% | 13919 | (114) | 14033 | CITI |
|  Ziggo Bond Co. BV (D28) | 12/20/25 | 0.500%(Q) | 13187 | 0.692% | 3840 | (114) | 3954 | CITI |
|  ADLER Real Estate GmbH (D29) | 06/20/27 | 0.500%(Q) | 5682 | 2.537% | (175049) | (653) | (174396) | CITI |
|  ADT Security Corp. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.452% | 7528 | (653) | 8181 | CITI |
|  Air France-KLM (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.586% | (4632) | (653) | (3979) | CITI |
|  Allwyn Entertainment Financing UK PLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.101% | (50902) | (653) | (50249) | CITI |
|  Ally Financial, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.671% | (12304) | (653) | (11651) | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  American Airlines Group, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 2.790% | $(199864) | $(653) | $(199211) | CITI |
|  American Axle & Manufacturing, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.662% | (100755) | (653) | (100102) | CITI |
|  ArcelorMittal SA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.329% | 18678 | (653) | 19331 | CITI |
|  Avis Budget Group, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.579% | (93573) | (653) | (92920) | CITI |
|  Barclays Bank PLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.547% | (1109) | (653) | (456) | CITI |
|  Bath & Body Works, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.468% | 6016 | (653) | 6669 | CITI |
|  Bellis Acquisition Co. PLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.759% | (109469) | (653) | (108816) | CITI |
|  BNP Paribas SA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.386% | 13514 | (653) | 14167 | CITI |
|  Bombardier, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.472% | 5697 | (653) | 6350 | CITI |
|  Boyd Gaming Corp. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.556% | (1874) | (653) | (1221) | CITI |
|  Carnival Corp. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.406% | 11666 | (653) | 12319 | CITI |
|  CCO Holdings LLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.031% | (44715) | (653) | (44062) | CITI |
|  Cleveland-Cliffs, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.787% | (22776) | (653) | (22123) | CITI |
|  Cloud Software Group, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.819% | (25674) | (653) | (25021) | CITI |
|  CMA CGM SA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.824% | (26065) | (653) | (25412) | CITI |
|  Commerzbank AG (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.394% | 12789 | (653) | 13442 | CITI |
|  Constellium SE (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.045% | (45911) | (653) | (45258) | CITI |
|  CPI Property Group SA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.241% | (63503) | (653) | (62850) | CITI |
|  Deutsche Bank AG (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.468% | 6022 | (653) | 6675 | CITI |
|  Deutsche Lufthansa AG (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.412% | 11118 | (653) | 11771 | CITI |
|  Domtar Corp. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 9.231% | (728762) | (653) | (728109) | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 155

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br> Spread at <br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br> (Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Dufry One BV (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.545% | $(879) | $(653) | $(226) | CITI |
|  DXC Technology Co. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.428% | 9708 | (653) | 10361 | CITI |
|  Elo SA (D29) | 06/20/27 | 0.500%(Q) | 2841 | 0.296% | 10850 | (327) | 11177 | CITI |
|  Fibercop SpA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.676% | (12722) | (653) | (12069) | CITI |
|  Ford Motor Credit Co. LLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.848% | (28206) | (653) | (27553) | CITI |
|  Forvia SE (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.658% | (11169) | (653) | (10516) | CITI |
|  General Motors Co. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.405% | 11770 | (653) | 12423 | CITI |
|  Grifols SA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.547% | (90685) | (653) | (90032) | CITI |
|  Hapag-Lloyd AG (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.832% | (26756) | (653) | (26103) | CITI |
|  HUB International Ltd. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.362% | 15639 | (653) | 16292 | CITI |
|  Iceland Bondco PLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.928% | (124556) | (653) | (123903) | CITI |
|  Iliad Holding SAS (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.940% | (36540) | (653) | (35887) | CITI |
|  INEOS Finance PLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 4.408% | (334877) | (653) | (334224) | CITI |
|  INEOS Quattro Finance 2 PLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 5.937% | (462710) | (653) | (462057) | CITI |
|  International Game Technology PLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.439% | 8660 | (653) | 9313 | CITI |
|  Jaguar Land Rover Automotive PLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.072% | (48393) | (653) | (47740) | CITI |
|  Kaixo Bondco Telecom SA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.480% | 4941 | (653) | 5594 | CITI |
|  KB Home (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.616% | (7341) | (653) | (6688) | CITI |
|  Kohl's Corp. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 2.413% | (167212) | (653) | (166559) | CITI |
|  Lanxess AG (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.484% | 4565 | (653) | 5218 | CITI |
|  LifePoint Health, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.839% | (27429) | (653) | (26776) | CITI |
|  Loxam SAS (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.040% | (45600) | (653) | (44947) | CITI |
|  Murphy Oil Corp. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.690% | (14039) | (653) | (13386) | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br> October 31, <br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br> (Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Nabors Industries, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.301% | $(68831) | $(653) | $(68178) | CITI |
|  NCL Corp. Ltd. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.675% | (12632) | (653) | (11979) | CITI |
|  New Immo Holding SA (D29) | 06/20/27 | 0.500%(Q) | 2841 | 1.165% | (28347) | (646) | (27701) | CITI |
|  Nexi SpA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.834% | (27010) | (653) | (26357) | CITI |
|  Nordstrom, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.821% | (25776) | (653) | (25123) | CITI |
|  NRG Energy, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.466% | 6231 | (653) | 6884 | CITI |
|  OI European Group BV (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.308% | (69492) | (653) | (68839) | CITI |
|  Olin Corp. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.620% | (7739) | (653) | (7086) | CITI |
|  OneMain Finance Corp. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.888% | (31845) | (653) | (31192) | CITI |
|  Organon & Co. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 3.506% | (260495) | (653) | (259842) | CITI |
|  Pachelbel Bidco SpA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.915% | (34289) | (653) | (33636) | CITI |
|  Paramount Global (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.338% | 17889 | (653) | 18542 | CITI |
|  Pitney Bowes, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 1.045% | (45987) | (653) | (45334) | CITI |
|  Post Holdings, Inc. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.485% | 4536 | (653) | 5189 | CITI |
|  Renault SA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.425% | 10001 | (653) | 10654 | CITI |
|  Rossini Sarl (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.808% | (24629) | (653) | (23976) | CITI |
|  Saipem Finance International BV (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.388% | 13282 | (653) | 13935 | CITI |
|  Schaeffler AG (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.451% | 7640 | (653) | 8293 | CITI |
|  Sealed Air Corp. (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.401% | 12179 | (653) | 12832 | CITI |
|  Sirius XM Radio LLC (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.750% | (19462) | (653) | (18809) | CITI |
|  Societe Generale SA (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.418% | 10588 | (653) | 11241 | CITI |
|  Stellantis NV (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.458% | 6950 | (653) | 7603 | CITI |
|  Stena AB (D29) | 06/20/27 | 0.500%(Q) | 5682 | 0.933% | (35862) | (653) | (35209) | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 157

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional Amount<br>(000)#(3)** | **Notional Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Sunrise HoldCo IV BV (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.463% | $6541 | $(653) | $7194 | CITI |
|  TeamSystem SpA (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 1.208% | (60522) | (653) | (59869) | CITI |
|  TEGNA, Inc. (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.181% | 32109 | (653) | 32762 | CITI |
|  Telecom Italia SpA (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.399% | 12301 | (653) | 12954 | CITI |
|  Tenet Healthcare Corp. (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.331% | 18494 | (653) | 19147 | CITI |
|  Teva Pharmaceutical Industries Ltd. (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.403% | 11994 | (653) | 12647 | CITI |
|  thyssenkrupp AG (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.278% | 23312 | (653) | 23965 | CITI |
|  TUI AG (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.792% | (23260) | (653) | (22607) | CITI |
|  United Airlines Holdings, Inc. (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.753% | (19709) | (653) | (19056) | CITI |
|  United Group BV (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 1.235% | (62917) | (653) | (62264) | CITI |
|  Univision Communications, Inc. (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.749% | (19372) | (653) | (18719) | CITI |
|  Valeo SE (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.600% | (5899) | (653) | (5246) | CITI |
|  Virgin Media Finance PLC (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 1.486% | (85262) | (653) | (84609) | CITI |
|  Volkswagen AG (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.386% | 13510 | (653) | 14163 | CITI |
|  Volvo Car AB (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 0.581% | (4191) | (653) | (3538) | CITI |
|  ZF Europe Finance BV (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 2.446% | (169512) | (653) | (168859) | CITI |
|  Ziggo Bond Co. BV (D29) | 06/20/27 | 0.500%(Q) |  | 5682 | 1.569% | (92667) | (653) | (92014) | CITI |
|  ADT Security Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.452% | 8324 | (728) | 9052 | CITI |
|  Aegon Ltd. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.212% | 32541 | (728) | 33269 | CITI |
|  Air France-KLM (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.586% | (5213) | (728) | (4485) | CITI |
|  Ally Financial, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.671% | (13752) | (728) | (13024) | CITI |
|  American Axle & Manufacturing, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.662% | (112192) | (728) | (111464) | CITI |
|  Amkor Technology, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.340% | 19646 | (728) | 20374 | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Aramark Services, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.343% | $19322 | $(728) | $20050 | CITI |
|  Ashland LLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.454% | 8080 | (728) | 8808 | CITI |
|  Avient Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.555% | (2075) | (728) | (1347) | CITI |
|  Avis Budget Group, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.579% | (104205) | (728) | (103477) | CITI |
|  Banco Bilbao Vizcaya Argentaria SA (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.317% | 22010 | (728) | 22738 | CITI |
|  Barclays Bank PLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.528% | 584 | (728) | 1312 | CITI |
|  Bath & Body Works, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.468% | 6640 | (728) | 7368 | CITI |
|  Beazer Homes USA, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.271% | (73835) | (728) | (73107) | CITI |
|  Bombardier, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.472% | 6286 | (728) | 7014 | CITI |
|  Boparan Finance PLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.072% | (53945) | (728) | (53217) | CITI |
|  Boyd Gaming Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.556% | (2141) | (728) | (1413) | CITI |
|  Caesars Entertainment, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.180% | (64614) | (728) | (63886) | CITI |
|  Carnival Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.406% | 12928 | (728) | 13656 | CITI |
|  CCO Holdings LLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.031% | (49827) | (728) | (49099) | CITI |
|  Ceconomy AG (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.460% | 7487 | (728) | 8215 | CITI |
|  Cleveland-Cliffs, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.787% | (25408) | (728) | (24680) | CITI |
|  CMA CGM SA (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.824% | (29066) | (728) | (28338) | CITI |
|  Constellium SE (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.045% | (51152) | (728) | (50424) | CITI |
|  DaVita, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.456% | 7915 | (728) | 8643 | CITI |
|  Delta Air Lines, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.451% | 8352 | (728) | 9080 | CITI |
|  Deutsche Bank AG (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.454% | 8097 | (728) | 8825 | CITI |
|  eG Global Finance PLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.841% | (30904) | (728) | (30176) | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 159

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Electrolux AB (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.511% | $2300 | $(728) | $3028 | CITI |
|  Elo SA (D30) | 06/20/27 | 0.500%(Q) | EUR | 2700 | 0.296% | 12049 | (364) | 12413 | CITI |
|  Federative Republic of Brazil (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.569% | (3491) | (728) | (2763) | CITI |
|  Fibercop SpA (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.676% | (14217) | (728) | (13489) | CITI |
|  Ford Motor Credit Co. LLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.836% | (30285) | (728) | (29557) | CITI |
|  Ford Motor Credit Co. LLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.848% | (31449) | (728) | (30721) | CITI |
|  Forvia SE (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.658% | (12490) | (728) | (11762) | CITI |
|  Gap, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.415% | 12081 | (728) | 12809 | CITI |
|  Genworth Holdings, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.450% | 8546 | (728) | 9274 | CITI |
|  Goodyear Tire & Rubber Co. (The) (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.364% | (82898) | (728) | (82170) | CITI |
|  Grifols SA (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.547% | (100988) | (728) | (100260) | CITI |
|  Hapag-Lloyd AG (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.832% | (29835) | (728) | (29107) | CITI |
|  Iceland Bondco PLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.928% | (138689) | (728) | (137961) | CITI |
|  Iron Mountain, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.321% | 21496 | (728) | 22224 | CITI |
|  Jaguar Land Rover Automotive PLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.072% | (53920) | (728) | (53192) | CITI |
| K. Hovnanian Enterprises, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.978% | (44504) | (728) | (43776) | CITI |
|  KB Home (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.616% | (8229) | (728) | (7501) | CITI |
|  Kingdom of Bahrain (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.699% | (16647) | (728) | (15919) | CITI |
|  Lamb Weston Holdings, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.351% | 18493 | (728) | 19221 | CITI |
|  Lanxess AG (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.484% | 5025 | (728) | 5753 | CITI |
|  Lincoln National Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.479% | 5545 | (728) | 6273 | CITI |
|  Lumen Technologies, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.633% | (109556) | (728) | (108828) | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional Amount<br>(000)#(3)** | **Notional Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  MGM Resorts International (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.788% | $(25513) | $(728) | $(24785) | CITI |
|  Monitchem Holdco 3 SA (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 4.123% | (348088) | (728) | (347360) | CITI |
|  Murphy Oil Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.690% | (15683) | (728) | (14955) | CITI |
|  Navient Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.201% | (66799) | (728) | (66071) | CITI |
|  NCL Corp. Ltd. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.675% | (14117) | (728) | (13389) | CITI |
|  New Immo Holding SA (D30) | 06/20/27 | 0.500%(Q) |  | 2700 | 1.165% | (26941) | (614) | (26327) | CITI |
|  Newell Brands, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.947% | (140771) | (728) | (140043) | CITI |
|  Nexi SpA (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.834% | (30117) | (728) | (29389) | CITI |
|  Nordstrom, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.821% | (28743) | (728) | (28015) | CITI |
|  NRG Energy, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.466% | 6880 | (728) | 7608 | CITI |
|  OI European Group BV (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.308% | (77403) | (728) | (76675) | CITI |
|  Olin Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.620% | (8673) | (728) | (7945) | CITI |
|  OneMain Finance Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.888% | (35504) | (728) | (34776) | CITI |
|  Petrobras Global Finance BV (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.642% | (10834) | (728) | (10106) | CITI |
|  Petroleos Mexicanos (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.495% | (95994) | (728) | (95266) | CITI |
|  PG&E Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.957% | (42446) | (728) | (41718) | CITI |
|  Picard Bondco SA (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.094% | (56096) | (728) | (55368) | CITI |
|  Pitney Bowes, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.045% | (51243) | (728) | (50515) | CITI |
|  Post Holdings, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.485% | 4991 | (728) | 5719 | CITI |
|  PostNL NV (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.509% | 2570 | (728) | 3298 | CITI |
|  Premier Foods Finance PLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.043% | (50941) | (728) | (50213) | CITI |
|  Rakuten Group, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.831% | (29826) | (728) | (29098) | CITI |
|  Republic of Colombia (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.959% | (42621) | (728) | (41893) | CITI |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 161

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br> **(000)#(3)** | **Notional**<br>**Amount**<br> **(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Republic of Panama (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.555% | $(2138) | $(728) | $(1410) | CITI |
|  Republic of South Africa (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.492% | 4253 | (728) | 4981 | CITI |
|  Republic of Turkey (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.054% | (52241) | (728) | (51513) | CITI |
|  Royal Caribbean Cruises Ltd. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.331% | 20574 | (728) | 21302 | CITI |
|  Schaeffler AG (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.451% | 8445 | (728) | 9173 | CITI |
|  SES SA (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.375% | 16089 | (728) | 16817 | CITI |
|  SoftBank Group Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.456% | (91967) | (728) | (91239) | CITI |
|  Southwest Airlines Co. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.467% | 6801 | (728) | 7529 | CITI |
|  Stellantis NV (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.458% | 7678 | (728) | 8406 | CITI |
|  Stena AB (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.933% | (39971) | (728) | (39243) | CITI |
|  Sunrise HoldCo IV BV (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.463% | 7223 | (728) | 7951 | CITI |
|  TEGNA, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.181% | 35684 | (728) | 36412 | CITI |
|  Telecom Italia SpA (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.399% | 13636 | (728) | 14364 | CITI |
|  Tenet Healthcare Corp. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.331% | 20529 | (728) | 21257 | CITI |
|  Teva Pharmaceutical Industries Ltd. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.403% | 13293 | (728) | 14021 | CITI |
|  TransDigm, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.429% | 10592 | (728) | 11320 | CITI |
|  TUI AG (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.792% | (25948) | (728) | (25220) | CITI |
|  UniCredit SpA (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.326% | 21040 | (728) | 21768 | CITI |
|  United Airlines Holdings, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.753% | (21993) | (728) | (21265) | CITI |
|  United Group BV (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.235% | (70082) | (728) | (69354) | CITI |
|  United Mexican States (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.362% | 17439 | (728) | 18167 | CITI |
|  Uniti Group, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.518% | (97981) | (728) | (97253) | CITI |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference** <br> **Entity/** <br> **Obligation** | **Termination<br>Date** | **Fixed** <br>**Rate** | **Notional**<br>**Amount**<br> **(000)#(3)** | **Notional**<br>**Amount**<br> **(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair** <br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** | **OTC Packaged Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)\*\*(cont'd.):** |
|  Univision Communications, Inc. (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.749% | $(21619) | $(728) | $(20891) | CITI |
|  Valeo SE (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.600% | (6623) | (728) | (5895) | CITI |
|  Virgin Media Finance PLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.486% | (94951) | (728) | (94223) | CITI |
|  Vistra Operations Co. LLC (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.573% | (3932) | (728) | (3204) | CITI |
|  Volvo Car AB (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 0.581% | (4723) | (728) | (3995) | CITI |
|  Ziggo Bond Co. BV (D30) | 06/20/27 | 0.500%(Q) | EUR | 5400 | 1.569% | (103196) | (728) | (102468) | CITI |
|  |  |  |  |  |  | $(827046) | $(681205) | $(145841) |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br> **Amount**<br> **(000)#(3)** | **Notional**<br> **Amount**<br> **(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices— Buy Protection(1)\*\*:** |
|  CDX.EM.34.V3 (D01) | 12/20/25 | 1.000%(Q) |  | 89240 | $(152444) | $56 | $(152500) | MSI |
|  CDX.EM.34.V3 (D02) | 12/20/25 | 1.000%(Q) |  | 92000 | (157159) | (806) | (156353) | CITI |
|  CDX.EM.34.V3 (D03) | 12/20/25 | 1.000%(Q) |  | 184000 | (314318) | (1612) | (312706) | MSI |
|  CDX.EM.34.V3 (D04) | 12/20/25 | 1.000%(Q) |  | 184000 | (314318) | (1612) | (312706) | MSI |
|  CDX.EM.36.V3 (D07) | 12/20/26 | 1.000%(Q) |  | 23000 | (157830) | 7445 | (165275) | BOA |
|  CDX.EM.36.V3 (D08) | 12/20/26 | 1.000%(Q) |  | 184000 | (1262636) | 53324 | (1315960) | CITI |
|  CDX.EM.36.V3 (D09) | 12/20/26 | 1.000%(Q) |  | 92000 | (631318) | 31025 | (662343) | MSI |
|  CDX.EM.36.V3 (D10) | 12/20/26 | 1.000%(Q) |  | 460000 | (3156589) | 242383 | (3398972) | BARC |
|  CDX.EM.36.V3 (D11) | 12/20/26 | 1.000%(Q) |  | 92000 | (631318) | 38860 | (670178) | MSI |
|  CDX.EM.36.V3 (D12) | 12/20/26 | 1.000%(Q) |  | 92000 | (631317) | (12309) | (619008) | MSI |
|  CDX.EM.36.V3 (D13) | 12/20/26 | 1.000%(Q) |  | 184000 | (1262636) | 6401 | (1269037) | MSI |
|  CDX.EM.35.V3 (D14) | 06/20/26 | 1.000%(Q) |  | 69000 | (372318) | 4903 | (377221) | BARC |
|  CDX.EM.36.V3 (D15) | 12/20/26 | 1.000%(Q) |  | 13800 | (94697) | (1572) | (93125) | BOA |
|  CDX.EM.37.V2 (D16) | 06/20/27 | 1.000%(Q) |  | 49000 | (350150) | 14345 | (364495) | BOA |
|  CDX.San Jose.0-1% (D28)^ | 12/20/25 | 0.500%(Q) |  | 7219 | 3694543 | 62 | 3694481 | CITI |
|  CDX.San Jose.10-15% (D28)^ | 12/20/25 | 0.500%(Q) |  | 60000 | (75406) | 517 | (75923) | CITI |
|  CDX.San Jose.1-5% (D28)^ | 12/20/25 | 0.500%(Q) |  | 48000 | 1290305 | 414 | 1289891 | CITI |
|  CDX.San Jose.15-100% (D28)^ | 12/20/25 | 0.500%(Q) |  | 998376 | (1277463) | (23272) | (1254191) | CITI |
|  CDX.San Jose.5-10% (D28)^ | 12/20/25 | 0.500%(Q) |  | 60000 | (62686) | 517 | (63203) | CITI |
|  CDX.Zermatt.0-5% (D29)^ | 06/20/27 | 0.500%(Q) |  | 25000 | 5433180 | 2874 | 5430306 | CITI |
|  CDX.Zermatt.10-15% (D29)^ | 06/20/27 | 0.500%(Q) |  | 25000 | 81612 | 2874 | 78738 | CITI |
|  CDX.Zermatt.15-100% (D29)^ | 06/20/27 | 0.500%(Q) |  | 425000 | (2816199) | (117521) | (2698678) | CITI |
|  CDX.Zermatt.5-10% (D29)^ | 06/20/27 | 0.500%(Q) |  | 25000 | 481292 | 2874 | 478418 | CITI |
|  CDX.Paris.0-5% (D30)^ | 06/20/27 | 0.500%(Q) | EUR | 27000 | 5469703 | 3640 | 5466063 | CITI |
|  CDX.Paris.10-15% (D30)^ | 06/20/27 | 0.500%(Q) | EUR | 27000 | 36916 | 3640 | 33276 | CITI |
|  CDX.Paris.15-100% (D30)^ | 06/20/27 | 0.500%(Q) | EUR | 459000 | (3713833) | (148757) | (3565076) | CITI |
|  CDX.Paris.5-10% (D30)^ | 06/20/27 | 0.500%(Q) | EUR | 27000 | 386133 | 3640 | 382493 | CITI |
|  |  |  |  |  | $(560951) | $112333 | $(673284) |  |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 163

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Packaged Credit Default Swap Agreements on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices—Sell Protection(2)\*\*:** | **OTC Packaged Credit Default Swap Agreements on credit indices—Sell Protection(2)\*\*:** |
|  CDX.EM.35.V3 (D05) | 06/20/26 | 1.000%(Q) | 36800 | 0.322% | $198570 | $(9145) | $207715 | BOA |
|  CDX.EM.35.V3 (D06) | 06/20/26 | 1.000%(Q) | 4600 | 0.322% | 24821 | (1335) | 26156 | BOA |
|  CDX.EM.44.V1 (D17) | 12/20/30 | 1.000%(Q) | 400000 | 1.356% | (6029954) | (50070) | (5979884) | DB |
|  CDX.EM.44.V1 (D18) | 12/20/30 | 1.000%(Q) | 200000 | 1.356% | (3014977) | (35957) | (2979020) | DB |
|  CDX.EM.44.V1 (D19) | 12/20/30 | 1.000%(Q) | 100000 | 1.356% | (1507488) | (28935) | (1478553) | DB |
|  CDX.EM.44.V1 (D20) | 12/20/30 | 1.000%(Q) | 100000 | 1.356% | (1507489) | (31682) | (1475807) | BOA |
|  CDX.EM.44.V1 (D21) | 12/20/30 | 1.000%(Q) | 100000 | 1.356% | (1507489) | (31682) | (1475807) | BOA |
|  CDX.EM.44.V1 (D22) | 12/20/30 | 1.000%(Q) | 100000 | 1.356% | (1507489) | (39938) | (1467551) | BOA |
|  CDX.EM.HY.44.V1 (D23) | 12/20/30 | 1.000%(Q) | 100000 | 2.189% | (5153176) | (156745) | (4996431) | CITI |
|  CDX.EM.HY.44.V1 (D24) | 12/20/30 | 1.000%(Q) | 100000 | 2.189% | (5153175) | (162416) | (4990759) | DB |
|  CDX.EM.44.V1 (D25) | 12/20/30 | 1.000%(Q) | 200000 | 1.356% | (3014977) | (174439) | (2840538) | BOA |
|  CDX.EM.44.V1 (D26) | 12/20/30 | 1.000%(Q) | 200000 | 1.356% | (3014977) | (180055) | (2834922) | BOA |
|  CDX.EM.44.V1 (D27) | 12/20/30 | 1.000%(Q) | 250000 | 1.356% | (3768720) | (232095) | (3536625) | DB |
|  |  |  |  |  | $(34956520) | $(1134494) | $(33822026) |  |

---

\*\* The Fund entered into multiple credit default swap agreements in a packaged trade consisting of two parts. The Fund bought/sold protection on an Emerging Market CDX Index and bought/sold protection on the countries which comprise the index. The upfront premium is attached to the index of the trade for the Emerging Markets CDX package(s). Each swap is priced individually. If any of the component swaps are closed out early, the Index exposure will be reduced by an amount proportionate to the terminated swap(s). Individual packages in the tables above are denoted by the corresponding footnotes (D01 - D28). The Fund also bought/sold protection on a customized CDX Index and bought/sold protection on the corporate issuers which comprise the index. The upfront premium is attached to the index of the trade for the customized CDX package(s). Each swap is priced individually. The Index trades are divided into tranches differentiated by a percentage range representing the risk of default of the underlying issuers; individual tranches will be reduced according to corresponding aggregate rates of default. Individual packages in the tables above are denoted by the corresponding footnotes (D28 – D30). 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** | **OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:** |  |  |
|  GS_24-PCA | 08/02/27 | 1.650%(M) | 99728 | \* | $142467 | $(5171) | $147638 | GSI |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Value at<br>Trade Date** | **Value at<br>October 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** | **Centrally Cleared Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):** |
|  Republic of South Africa | 12/20/28 | 1.000%(Q) | 20000 | $376526 | $(109138) | $(485664) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):** |  |
|  China Development Bank | 06/20/29 | 1.000%(Q) | 34725 | $(845792) | $(258236) | $(587556) | JPM |
|  Gazprom PAO | 06/20/27 | 1.000%(Q) | 4600 | 887110 | 923641 | (36531) | JPM |
|  Hellenic Republic | 12/20/29 | 1.000%(Q) | 50000 | (1391242) | (938292) | (452950) | BARC |
|  Industrial and Commercial Bank of China Ltd. | 06/20/29 | 1.000%(Q) | 34725 | (913709) | (225440) | (688269) | JPM |
|  Israel Electric Corp. Ltd. | 09/20/28 | 1.000%(Q) | 3000 | (36764) | 42001 | (78765) | BARC |
|  Kingdom of Bahrain | 06/20/28 | 1.000%(Q) | 10000 | (10298) |  | (10298) | BARC |
|  Kingdom of Spain | 12/20/29 | 1.000%(Q) | 75000 | (2445160) | (2000307) | (444853) | BARC |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional**<br>**Amount**<br>**(000)#(3)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1)(cont'd.):** |  |
|  Petroleo Brasileiro SA | 06/20/29 | 1.000%(Q) | 5000 | $12587 | $88346 | $(75759) | MSI |
|  Petroleos Mexicanos | 12/20/25 | 2.795%(Q) | 53000 | (283305) |  | (283305) | CITI |
|  Petroleos Mexicanos | 12/20/25 | 1.000%(Q) | 15000 | (13290) | 50885 | (64175) | CITI |
|  Petroleos Mexicanos | 12/20/25 | 1.000%(Q) | 10000 | (8860) | 35207 | (44067) | CITI |
|  Petroleos Mexicanos | 03/20/27 | 1.000%(Q) | 20000 | 90189 | 483008 | (392819) | MSI |
|  Republic of France | 12/20/30 | 0.250%(Q) | 44260 | (180566) | (135828) | (44738) | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) | 66645 | (2165441) | (2584297) | 418856 | BARC |
|  Republic of Panama | 06/20/28 | 1.000%(Q) | 77905 | (586448) | (390397) | (196051) | DB |
|  Sasol Financing USA LLC | 06/20/29 | 1.000%(Q) | 8500 | 662369 | 545921 | 116448 | BARC |
|  Sasol Financing USA LLC | 06/20/29 | 1.000%(Q) | 6500 | 506518 | 451472 | 55046 | BARC |
|  |  |  |  | $(6722102) | $(3912316) | $(2809786) |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):** |  |
|  Alphabet, Inc. | 06/20/30 | 1.000%(Q) |  | 62830 | 0.297% | $1967038 | $1605575 | $361463 | GSI |
|  Bank of America Corp. | 12/20/25 | 1.000%(Q) |  | 63080 | 0.228% | 136987 | 60899 | 76088 | GSI |
|  Bank of Montreal^ | 11/20/29 | 1.250%(Q) |  | 18495 | \* | 96432 |  | 96432 | GSI |
|  Bank of Nova Scotia^ | 05/20/35 | 1.450%(Q) |  | 21000 | \* | (265595) | (25302) | (240293) | GSI |
|  Barclays Bank PLC | 06/20/26 | 1.000%(Q) | EUR | 60670 | 0.248% | 412998 | 306729 | 106269 | GSI |
|  Canadian Imperial Bank of Commerce^ | 06/20/28 | 1.100%(Q) |  | 14805 | \* | 86301 |  | 86301 | GSI |
|  Citigroup, Inc. | 12/20/25 | 1.000%(Q) |  | 63080 | 0.248% | 135253 | 61739 | 73514 | GSI |
|  Citigroup, Inc. | 12/20/26 | 1.000%(Q) |  | 82845 | 0.300% | 742232 | 648892 | 93340 | GSI |
|  Commerzbank AG | 12/20/25 | 1.000%(Q) | EUR | 20000 | 0.145% | 52837 | 28067 | 24770 | BARC |
|  Commerzbank AG | 12/20/25 | 1.000%(Q) | EUR | 18030 | 0.134% | 47955 | 25216 | 22739 | BARC |
|  Federative Republic of Brazil | 06/20/26 | 1.000%(Q) |  | 23805 | 0.430% | 112221 | 89750 | 22471 | BARC |
|  General Motors Co. | 06/20/26 | 5.000%(Q) |  | 14920 | 0.231% | 537076 | 368310 | 168766 | GSI |
|  Generalitat de Catalunya | 12/20/25 | 1.000%(Q) |  | 29800 | 0.110% | 71220 | (7637) | 78857 | DB |
|  Government of Japan | 06/20/28 | 1.000%(Q) |  | 35000 | 0.098% | 843265 | 643696 | 199569 | CITI |
|  Halliburton Co. | 12/20/26 | 1.000%(Q) |  | 27820 | 0.215% | 277221 | 60500 | 216721 | GSI |
|  Hellenic Republic | 06/20/27 | 1.000%(Q) |  | 12360 | 0.137% | 184511 | 140904 | 43607 | BARC |
|  Hellenic Republic | 12/20/27 | 1.000%(Q) |  | 9275 | 0.162% | 171429 | 125242 | 46187 | BARC |
|  Hellenic Republic | 12/20/30 | 1.000%(Q) |  | 50000 | 0.390% | 1492990 | 861452 | 631538 | BARC |
|  Kingdom of Norway | 12/20/25 | —%(Q) |  | 34920 | 0.032% | (1545) | (2319) | 774 | BARC |
|  Kingdom of Saudi Arabia | 03/20/26 | 1.000%(Q) |  | 9980 | 0.173% | 42769 | 29334 | 13435 | CITI |
|  Kingdom of Saudi Arabia | 06/20/26 | 1.000%(Q) |  | 9980 | 0.193% | 62052 | 46617 | 15435 | CITI |
|  Kingdom of Spain | 12/20/31 | 1.000%(Q) |  | 75000 | 0.292% | 3024083 | 2265915 | 758168 | BARC |
|  Millicom International Cellular SA^ | 12/20/25 | 1.000%(Q) |  | 5060 | \* | 10937 | (16374) | 27311 | BOA |
|  Morgan Stanley | 12/20/25 | 1.000%(Q) |  | 63080 | 0.221% | 137613 | 60899 | 76714 | GSI |
|  Oracle Corp. | 06/20/30 | 1.000%(Q) |  | 26535 | 0.778% | 279672 | 560364 | (280692) | GSI |
|  Pacific Life | 08/20/35 | 2.500%(Q) |  | 22200 | 2.794% | (434081) | (79) | (434002) | GSI |
|  People's Republic of China | 06/20/29 | 1.000%(Q) |  | 69450 | 0.314% | 1710579 | 627656 | 1082923 | JPM |
|  Petroleos Mexicanos^ | 12/20/25 | 3.795%(Q) |  | 53000 | \* | 515615 |  | 515615 | CITI |
|  Petroleos Mexicanos | 12/24/25 | 3.750%(M) |  | 12445 | 1.156% | 58243 |  | 58243 | GSI |
|  Petroleos Mexicanos^ | 03/23/26 | 4.100%(M) |  | 47330 | \* | 475180 |  | 475180 | GSI |
|  Petroleos Mexicanos^ | 05/07/26 | 4.750%(M) |  | 67072 | \* | 1449208 |  | 1449208 | GSI |
|  Petroleos Mexicanos | 12/20/28 | 1.000%(Q) |  | 10000 | 1.983% | (274567) | (548741) | 274174 | CITI |
|  Republic of Argentina | 12/20/26 | 5.000%(Q) |  | 20000 | \* | (35682) | (235555) | 199873 | MSI |
|  Republic of France | 06/20/26 | 5.000%(Q) | EUR | 10190 | 1.981% | 289367 | 186929 | 102438 | GSI |
|  Republic of France | 06/20/27 | 0.250%(Q) |  | 24010 | 0.130% | 52729 | 47993 | 4736 | BARC |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 165

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount**<br>**(000)#(3)** | **Notional<br>Amount**<br>**(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont'd.):** | **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.):** |
|  Republic of France | 12/20/30 | 0.250%(Q) |  | 44260 | 0.359% | $(214463) | $(279720) | $65257 | BARC |
|  Republic of France | 12/20/34 | 0.250%(Q) |  | 300 | 0.645% | (8994) | (9281) | 287 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 17370 | 0.670% | (577366) | (591048) | 13682 | BARC |
|  Republic of France | 06/20/35 | 0.250%(Q) |  | 11210 | 0.670% | (372612) | (394275) | 21663 | BARC |
|  Republic of Greece | 12/20/26 | 1.000%(Q) |  | 38913 | 0.090% | 440850 | 401657 | 39193 | BARC |
|  Republic of Italy | 12/20/30 | 1.000%(Q) |  | 66645 | 0.335% | 2165442 | 1936550 | 228892 | BARC |
|  Republic of Panama^ | 06/20/28 | 1.000%(Q) |  | 77905 | \* | (263275) | (580373) | 317098 | DB |
|  Republic of Romania | 12/20/26 | 1.000%(Q) |  | 4852 | 0.597% | 27269 | 27131 | 138 | BOA |
|  Republic of Serbia | 12/20/25 | 1.000%(Q) |  | 5700 | 0.387% | 11453 | (223) | 11676 | BNP |
|  Republic of Serbia | 06/20/29 | 1.000%(Q) |  | 7475 | 1.243% | (53052) | (111096) | 58044 | BARC |
|  Simon Property Group LP | 06/20/26 | 1.000%(Q) |  | 68920 | 0.124% | 462281 | 101333 | 360948 | GSI |
|  Slovak Republic | 12/20/27 | 1.000%(Q) |  | 17705 | 0.160% | 328048 | 305277 | 22771 | BARC |
|  SoftBank Group Corp. | 06/20/26 | 1.000%(Q) |  | 43535 | 0.972% | 56058 | (136284) | 192342 | GSI |
|  State of Qatar | 12/20/26 | 1.000%(Q) |  | 17805 | 0.074% | 204897 | 176070 | 28827 | BARC |
|  U.S. Treasury Notes | 12/20/25 | 0.250%(Q) | EUR | 113050 | 0.061% | 70276 | 25126 | 45150 | BARC |
|  U.S. Treasury Notes | 06/20/26 | 0.250%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75130 | 0.139% | 85535 | 73346 | 12189 | BARC |
|  U.S. Treasury Notes | 06/20/27 | 0.250%(Q) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900 | 0.235% | 15018 | (4674) | 19692 | BARC |
|  UnitedHealth Group, Inc. | 06/20/26 | 1.000%(Q) |  | 25055 | 0.134% | 165206 | 114641 | 50565 | GSI |
|  Verizon Communications, Inc. | 06/20/26 | 1.000%(Q) |  | 40810 | 0.207% | 252357 | 108367 | 143990 | GSI |
|  |  |  |  |  |  | $17259471 | $9179195 | $8080276 |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Entity/**<br> **Obligation** | **Termination<br>Date** | **Fixed**<br>**Rate** | **Notional<br>Amount<br>(000)#(3)** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2025(4)** | **Value at**<br>**Trade Date** | **Value at<br>October 31,<br>2025** | **Unrealized**<br>**Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** | **Centrally Cleared Credit Default Swap Agreements on credit indices - Sell Protection(2):** |
|  CDX.NA.HY.44.V1 | 06/20/30 | 5.000%(Q) | 750000 | 3.079% | $56416667 | $60949768 | $4533101 |
|  CDX.NA.HY.45.V1 | 12/20/30 | 5.000%(Q) | 500000 | 3.287% | 38280427 | 39108480 | 828053 |
|  CDX.NA.IG.45.V1 | 12/20/30 | 1.000%(Q) | 4000000 | 0.526% | 90155369 | 92952512 | 2797143 |
|  |  |  |  |  | $184852463 | $193010760 | $8158297 |

---

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

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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 October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional <br> Amount** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (000)#**  | **Termination**<br>**Date** | **Fixed**<br>**Rate** | **Floating**<br> **Rate** | **Value at<br>Trade Date** | **Value at<br>October 31,<br>2025** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** | **Centrally Cleared Interest Rate Swap Agreements:** |
| EUR | 74923 | 02/15/34 | 2.192%(A) | 1 Day EuroSTR(1)(A)/ 1.921% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924921 |
| GBP | 230000 | 05/08/26 | 1.000%(A) | 1 Day SONIA(1)(A)/ 3.969% | (10753886) | 8871492 | 19625378 |
| GBP | 35000 | 05/08/30 | 1.100%(A) | 1 Day SONIA(1)(A)/ 3.969% | (2401588) | 5375822 | 7777410 |
| GBP | 35625 | 05/08/31 | 1.150%(A) | 1 Day SONIA(1)(A)/3.969% | (1550973) | 6380062 | 7931035 |
|  | 781180 | 08/27/26 | 3.809%(T) | 1 Day SOFR(2)(T)/ 4.220% |  | (197128) | (197128) |
|  | 1458020 | 05/13/27 | 4.497%(A) | 1 Day SOFR(2)(A)/ 4.220% | 277372 | 22997813 | 22720441 |
|  | 607365 | 05/13/29 | 4.253%(A) | 1 Day SOFR(1)(A)/ 4.220% | (645788) | (17675185) | (17029397) |
|  | 462295 | 12/20/44 | 3.995%(A) | 1 Day SOFR(2)(A)/ 4.220% |  | (414504) | (414504) |
|  | 252990 | 12/16/49 | 3.805%(A) | 1 Day SOFR(2)(A)/ 4.220% | (1764280) | (8720079) | (6955799) |
|  | 72870 | 05/11/54 | 1.350%(A) | 1 Day SOFR(1)(A)/ 4.220% | 33262750 | 33732471 | 469721 |
|  | 938170 | 12/14/54 | 3.136%(A) | 1 Day SOFR(1)(A)/ 4.220% | 18553899 | 27422240 | 8868341 |
|  | 224000 | 12/16/54 | 3.719%(A) | 1 Day SOFR(1)(A)/ 4.220% | 1736344 | 10772081 | 9035737 |
|  | 352385 | 12/20/54 | 3.825%(A) | 1 Day SOFR(1)(A)/ 4.220% |  | 10041330 | 10041330 |
|  |  |  |  |  | $36713850 | $99511336 | $62797486 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Notional**<br> **Amount**<br> **(000)#** | **Termination<br>Date** | **Fixed<br>Rate** | **Floating**<br>**Rate** | **Fair**<br>**Value** | **Upfront<br>Premiums**<br>**Paid(Received)** | **Unrealized<br>Appreciation**<br>**(Depreciation)** | **Counterparty** |
|  **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** | **OTC Interest Rate Swap Agreements:** |  |  |  |  |  |
|  BRL 474,011 | 01/02/31 | 13.788%(T) | 1 Day BROIS(1)(T)/ 0.055% | $(2252640) | $— | $(2252640) | GSI |
|  BRL 474,011 | 01/02/31 | 13.940%(T) | 1 Day BROIS(2)(T)/ 0.055% | 2113974 |  | 2113974 | GSI |
|  BRL 961,569 | 01/02/31 | 14.190%(T) | 1 Day BROIS(1)(T)/ 0.055% | (8790435) |  | (8790435) | GSI |
|  BRL 961,569 | 01/02/31 | 14.340%(T) | 1 Day BROIS(2)(T)/ 0.055% | 8237536 | <u>—</u> | 8237536 | GSI |
|  |  |  |  | $(691565) | <u>$—</u> | $(691565) |  |

---

(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 October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Financing**<br>**Rate** | **Counterparty** | **Termination<br>Date** | **Long (Short)<br>Notional<br>Amount<br>(000)#(1)** | **Fair**<br>**Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized**<br>**Appreciation**<br>**(Depreciation)(2)** |
|  **OTC Total Return Swap Agreements:** |  |  |  |  |  |  |  |
|  Total Return Benchmark Bond Index(T) | 1 Day SOFR -55bps(T)/<br>3.670% | JPM | 12/19/25 | (34894) | $(1562722) | $— | $(1562722) |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -39bps(T)/<br>3.470% | GSI | 01/22/26 | (250133) | (9253218) |  | (9253218) |
|  Total Return Benchmark Bond Index(T) | 1 Day USOIS -30bps(T)/<br>3.560% | GSI | 04/20/26 | (171901) | 2697638 |  | 2697638 |
|  U.S. Treasury Bond(T) | 1 Day USOIS +24bps(T)/<br>4.100% | GSI | 01/23/26 | 245800 | 7816942 | <u>—</u> | 7816942 |
|  |  |  |  |  | $(301360) | <u>$—</u> | $(301360) |

---

(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.

See Notes to Financial Statements.

PGIM Total Return Bond Fund 167

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Premiums Paid** | **Premiums Received** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  OTC Swap Agreements | $15931910 | $(11604109) | $109763850 | $(107571346) |

---

#### 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** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and/or Foreign Currency**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Market Value**  |
|  CITI | $— | $80483029 |
|  JPS | <u>—</u> | <u>354552728</u> |
|  **Total** | <u>$—</u> | <u>$435035757</u> |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | $— | $376036287 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 9644726941 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Loans |  | 306233858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Cards |  | 88382631 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equipment |  | 70067313 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Loans |  | 902860122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other |  | 338940269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage-Backed Securities |  | 12176026 | 27295048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loans |  | 79415674 |  |
|  Commercial Mortgage-Backed Securities |  | 4717349972 |  |
|  Corporate Bonds |  | 15280948869 | 242286445 |
|  Floating Rate and Other Loans |  | 417492022 | 136050753 |
|  Municipal Bonds |  | 218135538 |  |
|  Residential Mortgage-Backed Securities |  | 2756868475 | 65402967 |
|  Sovereign Bonds |  | 1251965356 | 2530656 |
|  U.S. Government Agency Obligations |  | 11748442614 |  |
|  U.S. Treasury Obligations |  | 2169790169 |  |
|  Affiliated Exchange-Traded Funds | 116519521 |  |  |
|  Common Stocks | 46582376 | 41473595 | 1156823 |
|  Preferred Stocks | 7874160 |  | 1349168 |
|  Warrants |  | 15 | 1153 |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 2525088000 |  |  |
|  Options Purchased | 11150 | 463591 |  |
|  **Total** | $**2696075207** | $**50421769337** | $**476073013** |
|  **Liabilities** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Options Written | $— | $(19303) | $(22270) |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Options Written | $(5113) | $(2511227) | $— |
|  **Total** | $**(5113)** | $**(2530530)** | $**(22270)** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Unfunded Loan Commitments | $— | $70635 | $732531 |
|  Centrally Cleared Swaptions Purchased |  | 60939 |  |
|  Centrally Cleared Swaptions Written |  | 4237203 |  |
|  Futures Contracts | 138396671 |  |  |
|  OTC Bond Forward Contract |  | 5156250 |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | 85494424 |  |
|  OTC Packaged Credit Default Swap Agreements |  | 62089799 | 16887405 |
|  Centrally Cleared Credit Default Swap Agreements |  | 8158297 |  |
|  OTC Credit Default Swap Agreements |  | 19285803 | 2776140 |
|  Centrally Cleared Interest Rate Swap Agreements |  | 87394314 |  |
|  OTC Interest Rate Swap Agreements |  | 10351510 |  |
|  OTC Total Return Swap Agreements |  | 10514580 |  |
|  **Total** | $**138396671** | $**292813754** | $**20396076** |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $— | $(236207627) | $— |
|  Centrally Cleared Swaptions Purchased |  | (2186996) |  |
|  Centrally Cleared Swaptions Written |  | (138396) |  |
|  Futures Contracts | (2789503) |  |  |
|  OTC Forward Foreign Currency Exchange Contracts |  | (28321250) |  |
|  OTC Packaged Credit Default Swap Agreements |  | (74198223) | (7945587) |
|  Centrally Cleared Credit Default Swap Agreement |  | (485664) |  |
|  OTC Credit Default Swap Agreements |  | (10853237) | (528870) |
|  Centrally Cleared Interest Rate Swap Agreements |  | (24596828) |  |
|  OTC Interest Rate Swap Agreements |  | (11043075) |  |
|  OTC Total Return Swap Agreements | **—** | (10815940) | **—** |
|  **Total** | $**(2789503)** | $**(398847236)** | $**(8474457)** |

---

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

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

---

| | |
|:---|:---|
|  U.S. Government Agency Obligations | 22.5 |
|  Collateralized Loan Obligations | 18.5 |
|  Commercial Mortgage-Backed Securities | 9.1 |
|  Banks | 8.4 |
|  Residential Mortgage-Backed Securities | 5.5 |
|  Affiliated Mutual Funds (0.7% represents investments purchased with collateral from securities on loan) | 4.8 |
|  U.S. Treasury Obligations | 4.2 |
|  Sovereign Bonds | 2.4 |
|  Electric | 2.4 |
|  Pipelines | 2.2 |
|  Home Equity Loans | 1.7 |
|  Telecommunications | 1.7 |
|  Oil & Gas | 1.6 |
|  Healthcare-Services | 1.3 |
|  Aerospace & Defense | 0.9 |
|  Media | 0.8 |
|  Diversified Financial Services | 0.8 |

---

---

| | |
|:---|:---|
|  Auto Manufacturers | 0.8 |
|  Retail | 0.8 |
|  Commercial Services | 0.8 |
|  Automobiles | 0.7 |
|  Pharmaceuticals | 0.7 |
|  Other | 0.6 |
|  Agriculture | 0.6 |
|  Internet | 0.6 |
|  Foods | 0.6 |
|  Consumer Loans | 0.6 |
|  Semiconductors | 0.5 |
|  Insurance | 0.4 |
|  Real Estate Investment Trusts (REITs) | 0.4 |
|  Municipal Bonds | 0.4 |
|  Chemicals | 0.4 |
|  Airlines | 0.3 |
|  Auto Parts & Equipment | 0.3 |
|  Software | 0.3 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 169

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Mining | 0.3 |
|  Holding Companies-Diversified | 0.3 |
|  Leisure Time | 0.2 |
|  Affiliated Exchange-Traded Funds | 0.2 |
|  Engineering & Construction | 0.2 |
|  Healthcare-Products | 0.2 |
|  Lodging | 0.2 |
|  Machinery-Diversified | 0.2 |
|  Transportation | 0.2 |
|  Metal Fabricate/Hardware | 0.2 |
|  Credit Cards | 0.2 |
|  Beverages | 0.2 |
|  Student Loans | 0.2 |
|  Entertainment | 0.1 |
|  Equipment | 0.1 |
|  Multi-National | 0.1 |
|  Packaging & Containers | 0.1 |
|  Building Materials | 0.1 |
|  Investment Companies | 0.1 |
|  Gas | 0.1 |
|  Iron/Steel | 0.1 |
|  Oil, Gas & Consumable Fuels | 0.1 |
|  Computers | 0.1 |
|  Biotechnology | 0.1 |
|  Trucking & Leasing | 0.1 |
|  Home Builders | 0.1 |

---

---

| | |
|:---|:---|
|  Wireless Telecommunication Services | 0.1 |
|  Real Estate | 0.0 |
|  Electrical Components & Equipment | 0.0 |
|  Electronics | 0.0 |
|  Education | 0.0 |
|  Housewares | 0.0 |
|  Office/Business Equipment | 0.0 |
|  Capital Markets | 0.0 |
|  Cosmetics/Personal Care | 0.0 |
|  Interactive Media & Services | 0.0 |
|  Household Products/Wares | 0.0 |
|  Forest Products & Paper | 0.0 |
|  Oil & Gas Services | 0.0 |
|  Apparel | 0.0 |
|  Miscellaneous Manufacturing | 0.0 |
|  Hotels, Restaurants & Leisure | 0.0 |
|  Options Purchased | 0.0 |
|  | 102.8 |
|  Options Written | (0.0) |
|  Liabilities in excess of other assets | (2.8) |
|  | 100.0 |

---

\* Less than 0.05% 

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

Fair values of derivative instruments as of October 31, 2025 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**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 and swaptions | $12456439 \* | Due from/to broker-variation margin swaps and swaptions | $2811056 \* |
|  Credit contracts | Premiums paid for OTC swap agreements | 15931910 | Premiums received for OTC swap agreements | 11604109 |
|  Credit contracts | Unaffiliated investments | 460523 | Options written outstanding, at value | 2511227 |
|  Credit contracts | Unrealized appreciation on OTC swap agreements | 88897760 | Unrealized depreciation on OTC swap agreements | 85712331 |
|  Foreign exchange contracts | Unrealized appreciation on OTC forward foreign currency exchange contracts | 85494424 | Unrealized depreciation on OTC forward foreign currency exchange contracts | 28321250 |
|  Interest rate contracts | Due from/to broker-variation margin futures | 138396671 \* | Due from/to broker-variation margin futures | 2789503 \* |
|  Interest rate contracts | Due from/to broker-variation margin swaps | 87394314 \* | Due from/to broker-variation margin swaps | 24596828 \* |
|  Interest rate contracts | Unaffiliated investments | 14218 | Options written outstanding, at value | 46686 |
|  Interest rate contracts | Unrealized appreciation on OTC bond forward contracts | 5156250 |  |  |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for<br>as hedging instruments,<br>carried at fair value**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Interest rate contracts | Unrealized appreciation on OTC swap agreements | $20866090 | Unrealized depreciation on OTC swap agreements | $21859015 |
|  |  | $455068599 |  | $180252005 |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended October 31, 2025 are as follows:

#### Amount of Realized Gain (Loss) on Derivatives Recognized in Income

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for as hedging**<br> **<u>instruments, carried at fair value</u>** | **Options<br>Purchased(1)** | **Options<br>Written** | **Futures** | **Forward<br>& Cross<br>Currency<br>Exchange<br>Contracts** | **Swaps** |
|  Credit contracts | $(126890996) | $1439526852 | $— | $— | $(1338474258) |
|  Foreign exchange contracts |  |  |  | (242093583) |  |
|  Interest rate contracts | 2941128 | 1690465 | (330899257) |  | 10229957 |
|  **Total** | $(123949868) | $1441217317 | $(330899257) | $(242093583) | $(1328244301) |

---

(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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **<u>carried at fair value</u>** | **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 | $(3567192) | $5291568 | $— | $— | $— | $929542 |
|  Foreign exchange contracts |  |  |  |  | 27452314 |  |
|  Interest rate contracts | (1818732) | 1048419 | 451930585 | 5156250 |  | 2322398 |
|  **Total** | $(5385924) | $6339987 | $451930585 | $5156250 | $27452314 | $3251940 |

---

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

For the year ended October 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Options Purchased (1) | $13492224 |
| &nbsp;&nbsp; Options Written (2) | 10617702833 |
| &nbsp;&nbsp; Futures Contracts - Long Positions (2) | 16297274446 |
| &nbsp;&nbsp; Futures Contracts - Short Positions (2) | 1134256818 |
| &nbsp;&nbsp; Bond Forward Contracts - Purchased (2) | 80000000 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Purchased (3) | 2448485170 |
| &nbsp;&nbsp; Forward Foreign Currency Exchange Contracts - Sold (3) | 8414339843 |
| &nbsp;&nbsp; Cross Currency Exchange Contracts (4) | 8899033 |
| &nbsp;&nbsp; Interest Rate Swap Agreements (2) | 8904555801 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Buy Protection (2) | 7269172432 |
| &nbsp;&nbsp; Credit Default Swap Agreements - Sell Protection (2) | 10727556588 |
| &nbsp;&nbsp; Total Return Swap Agreements (2) | 582974700 |

---

\* Average volume is based on average quarter end balances for the year ended October 31, 2025.

(1) Cost.

(2) Notional Amount in USD.

(3) Value at Settlement Date.

(4) Value at Trade Date.

See Notes to Financial Statements.

PGIM Total Return Bond Fund 171

------

PGIM Total Return Bond Fund

Schedule of Investments (continued)

as of October 31, 2025

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
The Fund invested in OTC derivatives 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 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> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets/(Liabilities)**  | **Collateral<br> Pledged/(Received)(2)** | **Net**<br> **Amount** |
| &nbsp;&nbsp; Securities on Loan | $366287071 | $(366287071) | $— |

---

#### 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 | $14783471 | $(14333633) | $449838 | $(449838) | $— |
| BNP | 1870165 | (1095858) | 774307 | (774307) |  |
| BNY | 5579769 |  | 5579769 | (3221273) | 2358496 |
| BOA | 20565530 | (19186718) | 1378812 | (1325634) | 53178 |
| CITI | 42138567 | (37282151) | 4856416 | (4856416) |  |
| DB | 36890726 | (30894475) | 5996251 |  | 5996251 |
| GSI | 29447427 | (21701850) | 7745577 |  | 7745577 |
| HSBC | 1975120 | (2726730) | (751610) | 281373 | (470237) |
| JPM | 6636567 | (6878087) | (241520) | 241520 |  |
| MSI | 16407823 | (11072818) | 5335005 | (5335005) |  |
| RBC |  | (145792) | (145792) | 145792 |  |
| SCB | 2577737 | (2282017) | 295720 | (295720) |  |
| SSB | 21613261 | (1143773) | 20469488 | (14802000) | 5667488 |
| TD | 652162 | (131406) | 520756 |  | 520756 |
| UAG | 15671700 | (1174197) | 14497503 | (9831736) | 4665767 |
|  | $216810025 | $(150049505) | $66760520 | $(40223244) | $26537276 |

---

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

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

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Statement of Assets & Liabilities

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $366,287,071: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $51,493,598,101) | $50952310036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,641,069,283) | 2641607521 |
| &nbsp;&nbsp; Cash | 126706 |
| &nbsp;&nbsp; Foreign currency, at value (cost $32,346,465) | 31888314 |
| &nbsp;&nbsp; Receivable for investments sold | 1306076769 |
| &nbsp;&nbsp; Dividends and interest receivable | 336816192 |
| &nbsp;&nbsp; Unrealized appreciation on OTC swap agreements | 109763850 |
| &nbsp;&nbsp; Unrealized appreciation on OTC forward foreign currency exchange contracts | 85494424 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 67407982 |
| &nbsp;&nbsp; Premiums paid for OTC swap agreements | 15931910 |
| &nbsp;&nbsp; Unrealized appreciation on OTC bond forward contracts | 5156250 |
| &nbsp;&nbsp; Unrealized appreciation on unfunded loan commitments | 803166 |
| &nbsp;&nbsp; Prepaid expenses | 317277 |
| &nbsp;&nbsp; **Total Assets** | 55553700397 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 2392042187 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 374243275 |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $236,826,250) | 236207627 |
| &nbsp;&nbsp; Due to broker—variation margin swaps and swaptions | 147792944 |
| &nbsp;&nbsp; Unrealized depreciation on OTC swap agreements | 107571346 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 78378632 |
| &nbsp;&nbsp; Unrealized depreciation on OTC forward foreign currency exchange contracts | 28321250 |
| &nbsp;&nbsp; Management fee payable | 16822034 |
| &nbsp;&nbsp; Dividends and Distributions payable | 15606963 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 14805642 |
| &nbsp;&nbsp; Premiums received for OTC swap agreements | 11604109 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 4972474 |
| &nbsp;&nbsp; Options written outstanding, at value (premiums received $6,521,565) | 2557913 |
| &nbsp;&nbsp; Distribution fee payable | 848019 |
| &nbsp;&nbsp; Directors' fees payable | 87082 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 78026 |
| &nbsp;&nbsp; **Total Liabilities** | 3431939523 |
| &nbsp;&nbsp; **Net Assets** | $52121760874 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, at par | $4270171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 59859171452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (7741680749) |
| &nbsp;&nbsp; **Net assets, October 31, 2025** | $52121760874 |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 173

------

PGIM Total Return Bond Fund

Statement of Assets & Liabilities (continued)

as of October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share,<br> ($2,313,273,710 ÷ 189,010,327 shares of common stock issued and outstanding) | $12.24 |
| &nbsp;&nbsp; Maximum sales charge (3.25% of offering price) | 0.41 |
| &nbsp;&nbsp; Maximum offering price to public | $12.65 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($270,915,165 ÷ 22,157,886 shares of common stock issued and outstanding) | $12.23 |
| &nbsp;&nbsp; **Class R** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($275,639,616 ÷ 22,477,024 shares of common stock issued and outstanding) | $12.26 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($25,974,357,541 ÷ 2,129,682,623 shares of common stock issued and outstanding) | $12.20 |
| &nbsp;&nbsp; **Class R2** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($38,517,000 ÷ 3,155,007 shares of common stock issued and outstanding) | $12.21 |
| &nbsp;&nbsp; **Class R4** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($53,834,595 ÷ 4,408,819 shares of common stock issued and outstanding) | $12.21 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($23,195,223,247 ÷ 1,899,278,985 shares of common stock issued and outstanding) | $12.21 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Statement of Operations

Year Ended October 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $2475812520 |
| &nbsp;&nbsp; Affiliated dividend income | 60073774 |
| &nbsp;&nbsp; Unaffiliated dividend income | 4759389 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $662,275) | 663447 |
| &nbsp;&nbsp; **Total income** | 2541309130 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 191008844 |
| &nbsp;&nbsp; Distribution fee(a) | 10705077 |
| &nbsp;&nbsp; Shareholder servicing fees(a) | 84372 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $609,024)(a) | 28954538 |
| &nbsp;&nbsp; Custodian and accounting fees | 2454984 |
| &nbsp;&nbsp; Shareholders' reports | 1652896 |
| &nbsp;&nbsp; Directors' fees | 641376 |
| &nbsp;&nbsp; Registration fees(a) | 511150 |
| &nbsp;&nbsp; Professional fees | 437520 |
| &nbsp;&nbsp; SEC registration fees | 410986 |
| &nbsp;&nbsp; Audit fee | 76763 |
| &nbsp;&nbsp; Miscellaneous | 620311 |
| &nbsp;&nbsp; **Total expenses** | 237558817 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (4649420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (700342) |
| &nbsp;&nbsp; **Net expenses** | 232209055 |
| &nbsp;&nbsp; Net investment income (loss) | 2309100075 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $(43969)) | (599405934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 24162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (330899257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contract transactions | (242093583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written transactions | 1441217317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreement transactions | (1328244301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (115141665) |
|  | (1174543261) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $423,896) | 1640054284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 451930585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond forward contracts | 5156250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward and cross currency contracts | 27452314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 6339987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap agreements | 3251940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 559430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitments | 152742 |
|  | 2134897532 |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | 960354271 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3269454346 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class Z** | **Class R2** | **Class R4** | **Class R6** |
|  Distribution fee | 5592262 | 2913456 | 2101027 |  | 98332 |  |  |
|  Shareholder servicing fees |  |  |  |  | 39333 | 45039 |  |
|  Transfer agent's fees and expenses | 2492005 | 266407 | 357344 | 25134753 | 65915 | 70140 | 567974 |
|  Registration fees | 44702 | 26474 | 21541 | 235054 | 16766 | 16166 | 150447 |
|  Fee waiver and/or expense reimbursement | (159277) | (20726) | (62537) | (2093692) | (26473) | (21922) | (2264793) |
|  Distribution fee waiver |  |  | (700342) |  |  |  |  |

---

See Notes to Financial Statements.

PGIM Total Return Bond Fund 175

------

PGIM Total Return Bond Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**October 31,** | **Year Ended**<br>**October 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $2309100075 | $2179203537 |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions | (1174543261) | (850435681) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 2134897532 | 3725128124 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3269454346 | 5053895980 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (84512384) | (90829938) |
| &nbsp;&nbsp; Class C | (9162942) | (12076209) |
| &nbsp;&nbsp; Class R | (9966386) | (13107550) |
| &nbsp;&nbsp; Class Z | (1003536329) | (1030449804) |
| &nbsp;&nbsp; Class R2 | (1440176) | (1655462) |
| &nbsp;&nbsp; Class R4 | (1744535) | (2319513) |
| &nbsp;&nbsp; Class R6 | (888649574) | (981611617) |
|  | (1999012326) | (2132050093) |
| &nbsp;&nbsp; Tax return of capital distributions |  |  |
| &nbsp;&nbsp; Class A | (13262401) | (1437763) |
| &nbsp;&nbsp; Class C | (1437927) | (191156) |
| &nbsp;&nbsp; Class R | (1564009) | (207482) |
| &nbsp;&nbsp; Class Z | (157483429) | (16311176) |
| &nbsp;&nbsp; Class R2 | (226005) | (26205) |
| &nbsp;&nbsp; Class R4 | (273767) | (36716) |
| &nbsp;&nbsp; Class R6 | (139454426) | (15538108) |
|  | (313701964) | (33748606) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 14456263447 | 17867354631 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2148704124 | 2025940839 |
| &nbsp;&nbsp; Cost of shares purchased | (14720040822) | (13031553471) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1884926749 | 6861741999 |
| &nbsp;&nbsp; Total increase (decrease) | 2841666805 | 9749839280 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 49280094069 | 39530254789 |
| &nbsp;&nbsp; End of year | $52121760874 | $49280094069 |

---

See Notes to Financial Statements.

------

PGIM Total Return Bond Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $12.01 | $11.19 | $11.59 | $14.59 | $14.76 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.52 | 0.54 | 0.49 | 0.35 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.24 | 0.82 | (0.23) | (2.91) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.76 | 1.36 | 0.26 | (2.56) | 0.18 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.45) | (0.53) | (0.61) | (0.44) | (0.35) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.08) | (0.01) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.53) | (0.54) | (0.66) | (0.44) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $12.24 | $12.01 | $11.19 | $11.59 | $14.59 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 6.45% | 12.28% | 2.10% | (17.86)% | 1.24% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $2313274 | $2206338 | $1824759 | $2008053 | $2758270 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $2236905 | $2042292 | $2035470 | $2296656 | $3625405 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.75% | 0.76% | 0.76% | 0.75% | 0.76% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.76% | 0.77% | 0.78% | 0.76% | 0.78% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.36% | 4.55% | 4.15% | 2.68% | 2.11% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup><br>| 91% | 113% | 310% | 130% | 46% |

---

(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 Total Return Bond Fund 177

------

PGIM Total Return Bond Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $11.99 | $11.17 | $11.58 | $14.57 | $14.74 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.44 | 0.45 | 0.40 | 0.26 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.24 | 0.82 | (0.23) | (2.91) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.68 | 1.27 | 0.17 | (2.65) | 0.08 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.36) | (0.44) | (0.53) | (0.34) | (0.25) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.08) | (0.01) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.44) | (0.45) | (0.58) | (0.34) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $12.23 | $11.99 | $11.17 | $11.58 | $14.57 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 5.76% | 11.46% | 1.27% | (18.42)% | 0.52% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $270915 | $322437 | $310104 | $356761 | $624724 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $291346 | $324413 | $338939 | $487082 | $705707 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.49% | 1.50% | 1.49% | 1.49% | 1.47% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.50% | 1.51% | 1.50% | 1.50% | 1.47% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.63% | 3.81% | 3.41% | 1.93% | 1.39% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 91% | 113% | 310% | 130% | 46% |

---

(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 Total Return Bond Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $12.03 | $11.21 | $11.62 | $14.62 | $14.79 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.49 | 0.51 | 0.46 | 0.32 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.24 | 0.82 | (0.23) | (2.91) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.73 | 1.33 | 0.23 | (2.59) | 0.15 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.42) | (0.50) | (0.59) | (0.41) | (0.32) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.08) | (0.01) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.50) | (0.51) | (0.64) | (0.41) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $12.26 | $12.03 | $11.21 | $11.62 | $14.62 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 6.17% | 11.98% | 1.77% | (18.03)% | 0.99% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $275640 | $298219 | $304132 | $338271 | $503005 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $280137 | $311709 | $332133 | $423633 | $521465 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 1.28% | 1.28% | 1.29% | 1.30% | 1.29% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.11% | 4.30% | 3.89% | 2.42% | 1.85% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 91% | 113% | 310% | 130% | 46% |

---

(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 Total Return Bond Fund 179

------

PGIM Total Return Bond Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $11.96 | $11.15 | $11.55 | $14.54 | $14.71 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.55 | 0.57 | 0.52 | 0.39 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.24 | 0.81 | (0.23) | (2.91) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.79 | 1.38 | 0.29 | (2.52) | 0.22 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.47) | (0.56) | (0.64) | (0.47) | (0.39) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.08) | (0.01) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.55) | (0.57) | (0.69) | (0.47) | (0.39) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $12.20 | $11.96 | $11.15 | $11.55 | $14.54 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 6.82% | 12.51% | 2.28% | (17.57)% | 1.51% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $25974358 | $24451209 | $18260271 | $16247522 | $27785966 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $25051254 | $21919268 | $17843531 | $21834025 | $32125666 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.50% | 0.50% | 0.51% | 0.52% | 0.51% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.63% | 4.81% | 4.43% | 2.92% | 2.37% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 91% | 113% | 310% | 130% | 46% |

---

(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 Total Return Bond Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R2 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $11.98 | $11.16 | $11.56 | $14.55 | $14.72 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.51 | 0.53 | 0.47 | 0.34 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.23 | 0.81 | (0.22) | (2.91) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.74 | 1.34 | 0.25 | (2.57) | 0.16 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.43) | (0.51) | (0.60) | (0.42) | (0.33) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.08) | (0.01) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.51) | (0.52) | (0.65) | (0.42) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $12.21 | $11.98 | $11.16 | $11.56 | $14.55 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 6.31% | 12.15% | 1.88% | (17.89)% | 1.10% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $38517 | $42583 | $33851 | $38733 | $54918 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $39333 | $38417 | $37134 | $47445 | $75003 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.89% | 0.89% | 0.89% | 0.89% | 0.89% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.96% | 0.97% | 0.95% | 0.96% | 0.93% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.23% | 4.41% | 4.01% | 2.54% | 1.98% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 91% | 113% | 310% | 130% | 46% |

---

(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 Total Return Bond Fund 181

------

PGIM Total Return Bond Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R4 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $11.98 | $11.16 | $11.57 | $14.55 | $14.73 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.54 | 0.56 | 0.50 | 0.37 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.23 | 0.81 | (0.23) | (2.90) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.77 | 1.37 | 0.27 | (2.53) | 0.19 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.46) | (0.54) | (0.63) | (0.45) | (0.37) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.08) | (0.01) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.54) | (0.55) | (0.68) | (0.45) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $12.21 | $11.98 | $11.16 | $11.57 | $14.55 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 6.57% | 12.43% | 2.13% | (17.68)% | 1.29% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $53835 | $44366 | $49884 | $65262 | $103030 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $45039 | $50744 | $60376 | $88897 | $114912 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.69% | 0.68% | 0.68% | 0.68% | 0.66% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.47% | 4.67% | 4.26% | 2.77% | 2.23% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 91% | 113% | 310% | 130% | 46% |

---

(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 Total Return Bond Fund

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $11.98 | $11.16 | $11.57 | $14.56 | $14.73 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.57 | 0.59 | 0.53 | 0.40 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.23 | 0.81 | (0.23) | (2.90) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.80 | 1.40 | 0.30 | (2.50) | 0.24 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.49) | (0.57) | (0.66) | (0.49) | (0.41) |
| &nbsp;&nbsp;&nbsp;Tax return of capital distributions | (0.08) | (0.01) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.57) | (0.58) | (0.71) | (0.49) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $12.21 | $11.98 | $11.16 | $11.57 | $14.56 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(b)</sup>:** | 6.84% | 12.71% | 2.39% | (17.53)% | 1.61% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $23195223 | $21914943 | $18747254 | $18996401 | $25136248 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $21716208 | $20421250 | $19675230 | $22463818 | $23688250 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.73% | 4.91% | 4.52% | 3.05% | 2.47% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)(e)</sup> | 91% | 113% | 310% | 130% | 46% |

---

(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 Total Return Bond Fund 183

------

Notes to Financial Statements

**1.** **Organization** 

Prudential Investment Portfolios, Inc. 17 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Maryland Corporation. These financial statements relate only to the following series of the RIC: PGIM Short Duration Multi-Sector Bond Fund and PGIM Total Return Bond Fund (each, a "Fund" and collectively, the Funds"). The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| &nbsp;&nbsp; PGIM Short Duration Multi-Sector Bond Fund<br> ("Short Duration Multi-Sector Bond")<br>| Total return. |
| &nbsp;&nbsp; PGIM Total Return Bond Fund<br> ("Total Return Bond")<br>| Total return. |

---

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

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

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 Directors (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.

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 Funds utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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 Funds' 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 Funds utilize the market approach when quoted prices in broker-dealer markets are available but also include consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing 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.

------

Notes to Financial Statements (continued)

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. Notwithstanding the above, the Funds do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

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

*Bond Forward Contracts:* Certain Funds invested in bond forward contracts which are primarily used to hedge their 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. Certain Funds enter into forward currency contracts, as defined in the prospectus, in order to hedge their exposure to changes in foreign currency exchange rates on their foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Funds' maximum risk of loss from counterparty credit risk is the net value of the

------

cash flows to be received from the counterparty at the end of the contract's life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

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

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

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

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

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

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

------

Notes to Financial Statements (continued)

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

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

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

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

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

*Currency Swaps:* Certain Funds entered into currency swap agreements primarily to gain yield exposure on foreign bonds. Currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates.

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

*Floating Rate and Other Loans:* Certain Funds invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans, revolvers, and other instruments issued in the floating rate and other loans market. The Funds acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Funds generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Funds generally will have a contractual relationship only with the lender, not with the

------

relevant borrower. As a result, the Funds generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Funds may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Funds will assume the credit risk of both the borrower and the institution selling the participation to the Funds.

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

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

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

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

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

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

------

Notes to Financial Statements (continued)

*Warrants:* Certain Funds 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 Funds until exercised, sold or expired. Warrants are valued at fair value in accordance with the Board approved fair valuation procedures.

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

*Delayed-Delivery Transactions:* Certain Funds purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value ("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 forfeit their eligibility to realize future gains (losses) with respect to the security.

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

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

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

------

waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

*Taxes:* It is each Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute 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** | **Frequency** |
|  Net Investment Income |  | Monthly |
|  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 entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services.

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended October 31, 2025, 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; Short Duration Multi-Sector Bond | 0.32% of average daily net assets up to $5 billion;<br> 0.31% of average daily net assets over $5 billion. | 0.32% |
| &nbsp;&nbsp; Total Return Bond | 0.44% of average daily net assets up to $1 billion;<br> 0.42% of average daily net assets from $1 billion to<br> $3 billion;<br> 0.40% of average daily net assets from $3 billion to $5 billion;<br> 0.39% of average daily net assets from $5 billion to $10 billion;<br> 0.38% of average daily net assets from $10 billion to<br> $50 billion;<br> 0.37% of average daily net assets from $50 billion to<br> $100 billion; and<br> 0.36% of average daily net assets over $100 billion. | 0.38 |

---

The Manager has contractually agreed, through February 28, 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. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year

------

Notes to Financial Statements (continued)

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

---

| | |
|:---|:---|
| **Fund** | **Class Expense <br>Limitation** |
|  Short Duration Multi-Sector Bond - Class A | 0.85% |
|  Short Duration Multi-Sector Bond - Class C | 1.60 |
|  Short Duration Multi-Sector Bond - Class Z | 0.39 |
|  Short Duration Multi-Sector Bond - Class R6 | 0.32 |
|  Total Return Bond - Class A | 0.76 |
|  Total Return Bond - Class C | 1.51 |
|  Total Return Bond - Class R | 1.01 |
|  Total Return Bond - Class Z | 0.49 |
|  Total Return Bond - Class R2 | 0.89 |
|  Total Return Bond - Class R4 | 0.64 |
|  Total Return Bond - Class R6 | 0.39 |

---

Separately, the Manager has contractually agreed that to the extent the Fund invests in an ETF advised by PGIM Investments ("PGIM ETF"), the Manager will waive any management fees it receives from the Fund in an amount equal to the unitary management fee received by PGIM Investments from the PGIM ETF attributable to the Fund's investment in such PGIM ETF. This waiver will be effective at any time the Fund is invested in the PGIM ETF and will remain in effect for so long as the Fund is invested in the PGIM ETF, unless earlier terminated by agreement of the Board of the Fund.

The RIC, on behalf of each Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of each Fund, as applicable. Each Fund compensates PIMS for distributing and servicing each Fund's Class A, Class C, Class R and Class R2 shares, as applicable, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through February 28, 2027 to limit such fees on certain classes based on the average net assets. The distribution fees are accrued daily and payable monthly.

The Total Return Bond Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to compensate Prudential Mutual Fund Services LLC ("PMFS"), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Gross Distribution Fee** | **Net Distribution Fee** | **Shareholder Service Fee** |
|  Short Duration Multi-Sector Bond - Class A | 0.25% | 0.25% | N/A% |
|  Short Duration Multi-Sector Bond - Class C | 1.00 | 1.00 | N/A |
|  Short Duration Multi-Sector Bond - Class Z | N/A | N/A | N/A |
|  Short Duration Multi-Sector Bond - Class R6 | N/A | N/A | N/A |
|  Total Return Bond - Class A | 0.25 | 0.25 | N/A |
|  Total Return Bond - Class C | 1.00 | 1.00 | N/A |
|  Total Return Bond - Class R | 0.75 | 0.50 | N/A |
|  Total Return Bond - Class Z | N/A | N/A | N/A |
|  Total Return Bond - Class R2 | 0.25 | 0.25 | 0.10 |
|  Total Return Bond - Class R4 | N/A | N/A | 0.10 |
|  Total Return Bond - Class R6 | N/A | N/A | N/A |

---

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

------

are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Fund** | **FESL** | **CDSC** |
|  Short Duration Multi-Sector Bond - Class A | $626190 | $164657 |
|  Short Duration Multi-Sector Bond - Class C |  | 9353 |
|  Total Return Bond - Class A | 1280499 | 86906 |
|  Total Return Bond - Class C |  | 31705 |

---

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

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

PMFS serves as each Fund's transfer agent and shareholder servicing agent. Transfer agent's and shareholder servicing agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | $6744284017 | $5294096173 |
| &nbsp;&nbsp; Total Return Bond | 44244677045 | 43160931329 |

---

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

#### Short Duration Multi-Sector Bond:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of**<br> **Year** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** | **Change**<br> **in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF |  |
| &nbsp;&nbsp; $15230160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131363629 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $443133 | $— | $147036922 | 2856750 | $3398244 | $23884 |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF | &nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 23093134 |  | 82611 |  | 23175745 | 651370 | 143939 |  |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 71801893 |  | 168587 |  | 71970480 | 1425000 | 14446 |  |
| &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 8926472 |  | (8489) |  | 8917983 | 175000 | 5125 |  |
| &nbsp;&nbsp; $15230160 | $235185128 | $— | $685842 | $— | $251101130 |  | $3561754 | $23884 |

---

------

Notes to Financial Statements (continued)

#### Short Duration Multi-Sector Bond (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of<br> Year** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change**<br> **in<br>Unrealized<br>Gain**<br> (Loss) | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> |  |
| &nbsp;&nbsp; $73740659 | $2207897531 | $2096669938 | $— | $— | $184968252 | 184968252 | $4179401 | $— |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42499583 | 596946163 | 595228461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980 | (16234) | 44206031 | 44232571 | 128593<sup>(1)</sup> |  |
| &nbsp;&nbsp; $116240242 | $2804843694 | $2691898399 | $4980 | $(16234) | $229174283 |  | $4307994 | $— |
| &nbsp;&nbsp; $131470402 | $3040028822 | $2691898399 | $690822 | $(16234) | $480275413 |  | $7869748 | $23884 |
| **Total Return Bond:** | **Total Return Bond:** | **Total Return Bond:** | **Total Return Bond:** | **Total Return Bond:** | **Total Return Bond:** | **Total Return Bond:** | **Total Return Bond:** |  |
| **Value,<br> Beginning<br> of<br> Year** | **Cost of<br>Purchases** | **Proceeds**<br> **from Sales** | **Change**<br> **in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,**<br> **End**<br> **of**<br> **Year** | **Shares,**<br> **End**<br> **of**<br> **Year** | **Income** | **Capital**<br> **Gain<br>Distributions** |
| &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** | &nbsp;&nbsp; **Long-Term Investments - Affiliated Exchange-Traded Funds<sup>(wa)</sup>:** |  |  |
| &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF | &nbsp;&nbsp; PGIM AAA CLO ETF |  |
| &nbsp;&nbsp; $25526517 | $68236000 | $— | $310231 | $— | $94072748 | 1827720 | $3801434 | $24162 |
| &nbsp;&nbsp; PGIM Active High Yield Bond ETF  | &nbsp;&nbsp; PGIM Active High Yield Bond ETF  | &nbsp;&nbsp; PGIM Active High Yield Bond ETF  | &nbsp;&nbsp; PGIM Active High Yield Bond ETF  | &nbsp;&nbsp; PGIM Active High Yield Bond ETF  | &nbsp;&nbsp; PGIM Active High Yield Bond ETF  | &nbsp;&nbsp; PGIM Active High Yield Bond ETF  | &nbsp;&nbsp; PGIM Active High Yield Bond ETF  |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 14788608 |  | 48252 |  | 14836860 | 417000 | 208996 |  |
| &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 0-5 Year ETF |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3779028 |  | 8892 |  | 3787920 | 75000 |  |  |
| &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF | &nbsp;&nbsp; PGIM Corporate Bond 5-10 Year ETF |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3823898 |  | (1905) |  | 3821993 | 75000 | 10251 |  |
| &nbsp;&nbsp; $25526517 | $90627534 | $— | $365470 | &nbsp;&nbsp;&nbsp;&nbsp;$— | $116519521 |  | $4020681 | $24162 |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> | &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.282%)<sup>(wa)</sup> |  |
| &nbsp;&nbsp; 524073951 | 12738083715 | 11112928849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 2149228817 | 2149228817 | 56053093 |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> | &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.349%)<sup>(b)(wa)</sup> |  |
| &nbsp;&nbsp; 257037030  | 2330800468 | 2211992772 | 58426 | (43969) | 375859183 | 376084834 | 662275<sup>(1)</sup> |  |
| &nbsp;&nbsp; $781110981 | $15068884183 | $13324921621 | $58426 | $(43969) | $2525088000 |  | $56715368 | $— |
| &nbsp;&nbsp; $806637498 | $15159511717 | $13324921621 | $423896 | $(43969) | $2641607521 |  | $60736049 | $24162 |

---

(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 October 31, 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; Short Duration Multi-Sector Bond | $320269929 | $— | $9349175 | $329619104 |
| &nbsp;&nbsp; Total Return Bond | 1999012326 |  | 313701964 | 2312714290 |

---

------

For the year ended October 31, 2024, 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; Short Duration Multi-Sector Bond | $177989236 | $— | $— | $177989236 |
| &nbsp;&nbsp; Total Return Bond | 2132050093 |  | 33748606 | 2165798699 |

---

As of October 31, 2025, there were no accumulated undistributed earnings on a tax basis.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross Unrealized<br>Appreciation** | **Gross Unrealized<br>Depreciation** | **Net**<br> **Unrealized Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | $7146751210 | $137961215 | $(107275874) | $30685341 |
| &nbsp;&nbsp; Total Return Bond | 54254267542 | 1328165715 | (1949578308) | (621412593) |

---

The difference between GAAP and tax basis is primarily attributable to the difference in the treatment of market discount, amortization of premiums, deferred losses on wash sales, mark-to-market of futures contracts, swaps and other GAAP to tax differences.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** | **Capital Loss<br> Carryforward Utilized** |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | $199823000 | $— |
| &nbsp;&nbsp; Total Return Bond | 7034366000 |  |

---

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2025 are subject to such review.

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

The Short Duration Multi-Sector Bond Fund offers Class A, Class C, Class Z and Class R6 shares. The Total Return Bond Fund offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 2.25% for Short Duration Multi-Sector Bond Fund and 3.25% for Total Return Bond Fund. For Short Duration Multi-Sector Bond Fund, investors who purchase $250,000 or more of Class A shares and sell those shares within 18 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. For Total Return Bond Fund, investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The RIC is authorized to issue 50,500,000,000 shares of common stock, $0.001 par value per share. The authorized shares of each Fund are currently classified and designated as follows:

---

| | |
|:---|:---|
| <br> **Fund**<br>| <br> **Number of Shares** |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond - Class A | 250000000 |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond - Class C | 50000000 |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond - Class Z | 1500000000 |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond - Class T | 25000000 |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond - Class R6 | 1500000000 |

---

------

Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| <br> **Fund**<br>| <br> **Number of Shares** |
| &nbsp;&nbsp; Total Return Bond - Class A | 2200000000 |
| &nbsp;&nbsp; Total Return Bond - Class B | 5000000 |
| &nbsp;&nbsp; Total Return Bond - Class C | 500000000 |
| &nbsp;&nbsp; Total Return Bond - Class R | 500000000 |
| &nbsp;&nbsp; Total Return Bond - Class Z | 23000000000 |
| &nbsp;&nbsp; Total Return Bond - Class T | 470000000 |
| &nbsp;&nbsp; Total Return Bond - Class R2 | 400000000 |
| &nbsp;&nbsp; Total Return Bond - Class R4 | 400000000 |
| &nbsp;&nbsp; Total Return Bond - Class R6 | 19700000000 |

---

The Funds currently do not have any Class B or Class T shares outstanding, as applicable.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br> Outstanding Shares** |
| &nbsp;&nbsp; Total Return Bond–Class Z | 405061 | 0.1% |
| &nbsp;&nbsp; Total Return Bond–Class R6 | 7913308 | 0.4 |

---

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; Short Duration Multi-Sector Bond |  | —% |
| &nbsp;&nbsp; Total Return Bond |  |  |
| &nbsp;&nbsp; **Unaffiliated:** |  |  |
| &nbsp;&nbsp; Short Duration Multi-Sector Bond | 6 | 83.3 |
| &nbsp;&nbsp; Total Return Bond | 7 | 65.5 |

---

Transactions in shares of common stock were as follows:

#### Short Duration Multi-Sector Bond:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 43680819 | $388330622 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3605513 | 32049434 |
| &nbsp;&nbsp; Shares purchased | (23835242) | (211886077) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 23451090 | 208493979 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1420781 | 12628978 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1563761) | (13906416) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 23308110 | $207216541 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 50906049 | $448656371 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1809933 | 15946773 |
| &nbsp;&nbsp; Shares purchased | (22058434) | (194098457) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 30657548 | 270504687 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 924049 | 8139491 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1467241) | (12891792) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 30114356 | $265752386 |

---

------

#### Short Duration Multi-Sector Bond (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2229858 | $19834008 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 227159 | 2019702 |
| &nbsp;&nbsp; Shares purchased | (1026213) | (9125364) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1430804 | 12728346 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (395539) | (3517423) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1035265 | $9210923 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2815046 | $24831837 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 123394 | 1087222 |
| &nbsp;&nbsp; Shares purchased | (713096) | (6270619) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2225344 | 19648440 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (256422) | (2263293) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1968922 | $17385147 |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 233467124 | $2082069640 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 18398098 | 164165930 |
| &nbsp;&nbsp; Shares purchased | (134552459) | (1200209762) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 117312763 | 1046025808 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 2904167 | 25944248 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (5195271) | (46200134) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 115021659 | $1025769922 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 230047273 | $2033805905 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 9513854 | 84125198 |
| &nbsp;&nbsp; Shares purchased | (92589589) | (817926387) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 146971538 | 1300004716 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 1164315 | 10266999 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (7540881) | (67686768) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 140594972 | $1242584947 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 126385369 | $1123572971 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 13334167 | 118586399 |
| &nbsp;&nbsp; Shares purchased | (64895823) | (577226606) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 74823713 | 664932764 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4668127 | 41353523 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1830254) | (16302776) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 77661586 | $689983511 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 101763775 | $895947582 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 8037435 | 70813075 |
| &nbsp;&nbsp; Shares purchased | (54900670) | (482968376) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 54900540 | 483792281 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 7372137 | 65974112 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (174669) | (1538749) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 62098008 | $548227644 |

---

------

Notes to Financial Statements (continued)

#### Total Return Bond:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 49088292 | $589351743 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7596930 | 91520865 |
| &nbsp;&nbsp; Shares purchased | (53837426) | (646132226) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2847796 | 34740382 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 8283875 | 99416106 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (5888663) | (70737740) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 5243008 | $63418748 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 61393773 | $736030152 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 7188659 | 85990872 |
| &nbsp;&nbsp; Shares purchased | (51092118) | (609287510) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 17490314 | 212733514 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 8361281 | 99893870 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (5224597) | (62372786) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 20626998 | $250254598 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2878869 | $34560146 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 833897 | 10033559 |
| &nbsp;&nbsp; Shares purchased | (5114326) | (61296554) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1401560) | (16702849) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3323878) | (39816754) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (4725438) | $(56519603) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 7542910 | $90177749 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 965177 | 11527869 |
| &nbsp;&nbsp; Shares purchased | (5687778) | (67717677) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2820309 | 33987941 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (3689749) | (44068208) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (869440) | $(10080267) |
| &nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2534677 | $30501603 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 954668 | 11524846 |
| &nbsp;&nbsp; Shares purchased | (5801219) | (69820821) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2311874) | (27794372) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (712) | (8497) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2312586) | $(27802869) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 3064058 | $36782128 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1110377 | 13301619 |
| &nbsp;&nbsp; Shares purchased | (6514000) | (78003339) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2339565) | (27919592) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (7162) | (85842) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2346727) | $(28005434) |

---

------

#### Total Return Bond (cont'd.):

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 653338196 | $7826417164 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 89428450 | 1073647655 |
| &nbsp;&nbsp; Shares purchased | (664381652) | (7941253655) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 78384994 | 958811164 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 19190590 | 230069323 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (11555618) | (138848399) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 86019966 | $1050032088 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 856670876 | $10218646742 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 81699371 | 974088708 |
| &nbsp;&nbsp; Shares purchased | (519167690) | (6172377851) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 419202557 | 5020357599 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 5802554 | 69041015 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (19572980) | (238593971) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 405432131 | $4850804643 |
| &nbsp;&nbsp; **Class R2** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 813409 | $9751141 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 138371 | 1662373 |
| &nbsp;&nbsp; Shares purchased | (1352441) | (16145414) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (400661) | $(4731900) |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1508122 | $17852002 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 140499 | 1677456 |
| &nbsp;&nbsp; Shares purchased | (1126920) | (13422286) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 521701 | $6107172 |
| &nbsp;&nbsp; **Class R4** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1824026 | $21954976 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 103715 | 1247141 |
| &nbsp;&nbsp; Shares purchased | (1221722) | (14660788) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 706019 | 8541329 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (861) | (10312) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 705158 | $8531017 |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 1919944 | $22873681 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 109953 | 1311743 |
| &nbsp;&nbsp; Shares purchased | (2796245) | (33230723) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (766348) | $(9045299) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended October 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 495401957 | $5943726674 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 79759696 | 959067685 |
| &nbsp;&nbsp; Shares purchased | (498385645) | (5970731364) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 76776008 | 932062995 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 7658745 | 92336049 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (14349595) | (172399776) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 70085158 | $851999268 |

---

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Year ended October 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 565834136 | $6744992177 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 78595022 | 938042572 |
| &nbsp;&nbsp; Shares purchased | (509158881) | (6057514085) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 135270277 | 1625520664 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 15666658 | 192385520 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (1359723) | (16199598) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 149577212 | $1801706586 |

---

**8.** **Borrowings** 

The RIC, on behalf of each Fund, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the 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 Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent |

---

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

The Funds did not utilize the SCA during the year ended October 31, 2025.

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

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

---

| | | |
|:---|:---|:---|
| **Risks** | **Short Duration<br>Multi-Sector<br>Bond** | **Total Return <br>Bond** |
| &nbsp;&nbsp; Collateralized Loan Obligations | X | X |
| &nbsp;&nbsp; Covenant-Lite | X | X |
| &nbsp;&nbsp; Credit | X | X |
| &nbsp;&nbsp; Currency | X | X |
| &nbsp;&nbsp; Debt Obligations | X | X |
| &nbsp;&nbsp; Derivatives | X | X |
| &nbsp;&nbsp; Economic and Market Events | X | X |
| &nbsp;&nbsp; Emerging Markets | X | X |
| &nbsp;&nbsp; Floating Rate and Other Loans | X | X |
| &nbsp;&nbsp; Foreign Securities | X | X |
| &nbsp;&nbsp; Increase in Expenses | X | X |
| &nbsp;&nbsp; Interest Rate | X | X |

---

------

---

| | | |
|:---|:---|:---|
| **Risks** | **Short Duration<br>Multi-Sector<br>Bond** | **Total Return <br>Bond** |
| &nbsp;&nbsp; Junk Bonds | X | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X |
| &nbsp;&nbsp; Liquidity | X | X |
| &nbsp;&nbsp; Management | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X |
| &nbsp;&nbsp; Market | X | X |
| &nbsp;&nbsp; Mortgage-Backed and Asset-Backed Securities | X | X |
| &nbsp;&nbsp; Portfolio Turnover | X | X |
| &nbsp;&nbsp; Structured Products | X | X |
| &nbsp;&nbsp; U.S. Government and Agency Securities | X | X |

---

*Collateralized Loan Obligations ("CLOs") Risk:* CLOs are subject to credit, interest rate, valuation, and prepayment and extension risks. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. The market value of CLOs may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets.

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

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

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

*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 Funds. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Funds will depend on its subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Funds and therefore may magnify or otherwise increase investment losses to the Funds. The Funds' 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.

------

Notes to Financial Statements (continued)

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

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

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

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

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

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

------

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

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

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

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

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

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

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

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets.

------

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.

*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 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.

*Structured Products Risk:* Holders of structured product securities bear risks of the underlying investments, index or reference obligation. Certain structured products may be thinly traded or have a limited trading market, and as a result may be characterized as illiquid. The possible lack of a liquid secondary market for structured securities and the resulting inability of the Fund to sell a structured security could expose the Fund to losses and could make structured securities more difficult for the Fund to value accurately, which may also result in additional costs. Structured products are also subject to credit risk; the assets backing the structured product may be insufficient to pay interest or principal. In addition to the general risks associated with investments in fixed income, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured securities are generally privately negotiated debt obligations where the principal and/or interest or value of the structured security is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate ("reference instrument"), and changes in the reference instrument or security may cause significant price fluctuations, or could cause the interest rate on the structured security to be reduced to zero. Holders of structured products indirectly bear risks associated with the reference instrument, are subject to counterparty risk and typically do not have direct rights against the reference instrument. Structured products may also entail structural complexity and documentation risk and there is no guarantee that the courts or administrators will interpret the priority of principal and interest payments as expected.

U. *S. Government and Agency Securities Risk:* U.S. Treasury obligations are backed by the "full faith and credit" of the U. S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the

------

U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

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

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

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

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

------

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential Investment Portfolios, Inc. 17 and Shareholders of PGIM Short Duration Multi-Sector Bond Fund and PGIM Total Return Bond Fund

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Short Duration Multi-Sector Bond Fund and PGIM Total Return Bond Fund (constituting Prudential Investment Portfolios, Inc. 17, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (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 October 31, 2025, 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 October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 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 October 31, 2025 by correspondence with the custodian, transfer agents, issuers of privately held securities, agent banks and brokers; 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 opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

December 19, 2025

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.

------

Approval of Advisory Agreements

#### PGIM Short Duration Multi-Sector Bond Fund

#### The Fund's Board of Directors
The Board of Directors (the "Board") of PGIM Short Duration Multi-Sector Bond Fund1 (the "Fund") consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

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

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

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

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

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

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

<sup>1</sup> PGIM Short Duration Multi-Sector Bond Fund is a series of Prudential Investment Portfolios, Inc. 17.

PGIM Short Duration Multi-Sector Bond Fund

------

Approval of Advisory Agreements (continued)

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

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

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

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

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

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

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

Visit our website at pgim.com/investments

------

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

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

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

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

---

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

• The Board and PGIM Investments agreed to retain the existing contractual expense cap that (exclusive of certain fees and expenses) caps total annual operating expenses at 0.85% for Class A shares, 1.60% for Class C shares, 0.39% for Class Z shares and 0.32% for Class R6 shares through February 28, 2026.

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

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

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

\* \* \*

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

PGIM Short Duration Multi-Sector Bond Fund

------

Approval of Advisory Agreements

#### PGIM Total Return Bond Fund

#### The Fund's Board of Directors
The Board of Directors (the "Board") of PGIM Total Return Bond Fund<sup>2</sup> (the "Fund") consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

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

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

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

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

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

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

<sup>2</sup> PGIM Total Return Bond Fund is a series of Prudential Investment Portfolios, Inc. 17. 

Visit our website at pgim.com/investments

------

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

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

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

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

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

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

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

PGIM Total Return Bond Fund

------

Approval of Advisory Agreements (continued)

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

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

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended October 31, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

---

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

---

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

• The Board and PGIM Investments agreed to retain the Fund's existing contractual expense cap, such that total annual operating expenses (exclusive of certain fees and expenses) are capped at 0.76% for Class A shares, 1.51% for Class C shares, 1.01% for Class R shares, 0.49% for Class Z shares, 0.89% for Class R2 shares, 0.64% for Class R4 shares, and 0.39% for Class R6 shares through February 28, 2026.

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

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

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

\* \* \*

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

Visit our website at pgim.com/investments

------

---

| | | |
|:---|:---|:---|
| Item 12 | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable. | 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. | 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. | 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. | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors. |
| Item 16 | Controls and Procedures | 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. | (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. | (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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable. |
| Item 18 | Recovery of Erroneously Awarded Compensation – Not applicable. | Recovery of Erroneously Awarded Compensation – Not applicable. |
| Item 19 | Exhibits | Exhibits |
|  | (a)(1) | [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d19277dex99codeeth.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.](d19277dex99cert.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.](d19277dex99906cert.htm) |

---

------

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

---

| | |
|:---|:---|
| Registrant: | <u>Prudential Investment Portfolios, Inc. 17</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | December 19, 2025 |

---

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

---

| | |
|:---|:---|
| By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | December 19, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | December 19, 2025 |

---

## 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:

------

&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.

------

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.

------

**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

------

**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, Inc. 17** 

Annual period ending 10/31/25

File No. 811-07215

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

I, Stuart S. Parker, certify that:

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

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

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

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

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

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

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

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

------

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

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

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

December 19, 2025

---

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

---

------

Item 19

**Prudential Investment Portfolios, Inc. 17** 

Annual period ending 10/31/25

File No. 811-07215

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

I, Christian J. Kelly, certify that:

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

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

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

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

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

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

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

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

------

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

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

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

December 19, 2025

---

| |
|:---|
| <u>/s/ Christian J. Kelly</u> |
| Christian J. Kelly |
| Chief Financial Officer |
| (Principal Financial Officer) |

---

## Exhibit 99.906

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios, Inc. 17</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| December 19, 2025 |  |
|  | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| December 19, 2025 |  |
|  | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

---

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