Target Portfolio Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-07064
Exact name of registrant as specified in charter:	The Target Portfolio Trust
Address of principal executive offices:	655 Broad Street, 17th Floor Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French 655 Broad Street, 17th Floor Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	7/31/2020
Date of reporting period:	1/31/2020

Item 1 – Reports to Stockholders

PGIM CORPORATE BOND FUND

SEMIANNUAL REPORT

JANUARY 31, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of January 31, 2020 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies.^© 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Corporate Bond Fund informative and useful. The report covers performance for thesix-month period ended January 31, 2020.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Corporate Bond Fund

March 16, 2020

PGIM Corporate Bond Fund 3

Your Fund’s Performance

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.

	(without sales charges)	Average Annual Total Returns as of 1/31/20 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	5.97	10.42	N/A	N/A	4.34 (5/28/15)
Class C	5.59	12.20	N/A	N/A	4.25 (5/28/15)
Class R	5.85	13.77	N/A	N/A	4.76 (5/28/15)
Class Z	6.12	14.33	4.89	4.78	—
Class R6	6.12	14.33	N/A	N/A	5.28 (5/28/15)
Bloomberg Barclays US Credit Bond Index
	5.95	13.99	N/A	N/A	5.01

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class’ inception date.

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The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described in the table below.

	Class A	Class C	Class R	Class Z	Class R6
Maximum initial sales charge	3.25% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	For purchases prior to July 15, 2019: 1.00% on sales of $1 million or more made within 12 months of purchase For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	0.75% (0.50% currently)	None	None

PGIM Corporate Bond Fund 5

Your Fund’s Performance(continued)

Benchmark Definitions

Bloomberg Barclays US Credit Bond Index—The Bloomberg Barclays US Credit Bond Index measures the performance of investment-grade corporate debt and agency bonds that are dollar denominated and have a remaining maturity greater than one year.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.

Distributions and Yields as of 1/31/20
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.17	1.74	0.68
Class C	0.13	1.06	-0.36
Class R	0.16	1.55	-56.36
Class Z	0.19	2.04	1.38
Class R6	0.19	2.04	1.40

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements). The investor experience is represented by the SEC 30-Day Subsidized Yield.

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.

Credit Quality expressed as a percentage of total investments as of 1/31/20
AAA	7.8
AA	11.2
A	34.3
BBB	44.9
BB	1.2
Cash/Cash Equivalents	0.6
Total Investments	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, 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. These rating agencies are independent, and are widely used. Credit ratings are subject to change.

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Fees and Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended January 31, 2020. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During theSix-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period

PGIM Corporate Bond Fund 7

Fees and Expenses(continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PGIM Corporate Bond Fund		Beginning Account Value August 1, 2019		Ending Account Value January 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,059.70		0.80	%	$	4.14
	Hypothetical	$	1,000.00	$	1,021.11		0.80	%	$	4.06
Class C	Actual	$	1,000.00	$	1,055.90		1.55	%	$	8.01
	Hypothetical	$	1,000.00	$	1,017.34		1.55	%	$	7.86
Class R	Actual	$	1,000.00	$	1,058.50		1.05	%	$	5.43
	Hypothetical	$	1,000.00	$	1,019.86		1.05	%	$	5.33
Class Z	Actual	$	1,000.00	$	1,061.20		0.55	%	$	2.85
	Hypothetical	$	1,000.00	$	1,022.37		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,061.20		0.55	%	$	2.85
	Hypothetical	$	1,000.00	$	1,022.37		0.55	%	$	2.80

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2020, and divided by the 366 days in the Fund’s fiscal year ending July 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments(unaudited)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    98.4%
COMMERCIAL MORTGAGE-BACKED SECURITIES    6.5%
BANK, Series 2019-BN16, Class A3		3.741	%		02/15/52		200	$	224,613
Benchmark Mortgage Trust, Series2019-B09, Class A4		3.751			03/15/52		200		224,594
CCUBS Commercial Mortgage Trust, Series2017-C01, Class A3		3.283	(cc)		11/15/50		250		269,229
CFCRE Commercial Mortgage Trust, Series2016-C07, Class A2		3.585			12/10/54		300		326,961
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A3		3.050			04/10/49		250		263,945
DBJPM Mortgage Trust, Series2017-C06, Class A3		3.269			06/10/50		100		105,093
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP06, Class A4		3.224			07/15/50		100		107,359
Morgan Stanley Bank of America Merrill Lynch Trust,
Series2016-C29, Class A3		3.058			05/15/49		200		210,974
Series2016-C31, Class A4		2.840			11/15/49		300		314,436
Wells Fargo Commercial Mortgage Trust, Series2017-C40, Class A3		3.317			10/15/50		200		215,771
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,099,978)									2,262,975
CORPORATE BONDS    90.7%
Aerospace & Defense    0.5%
Boeing Co. (The),
Sr. Unsec’d. Notes		2.700			02/01/27		65		66,245
Sr. Unsec’d. Notes		3.200			03/01/29		30		31,551
United Technologies Corp., Sr. Unsec’d. Notes		3.950			08/16/25		60		66,273
									164,069
Agriculture    1.3%
Altria Group, Inc., Gtd. Notes		3.800			02/14/24		100		106,481

See Notes to Financial Statements.

PGIM Corporate Bond Fund 9

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Agriculture (cont’d.)
BAT Capital Corp. (United Kingdom), Gtd. Notes		4.390	%		08/15/37		50	$	52,083
BAT International Finance PLC (United Kingdom), Gtd. Notes, 144A		3.250			06/07/22		305		313,153
									471,717
Airlines    0.4%
Delta Air Lines, Inc., Sr. Unsec’d. Notes		2.875			03/13/20		130		130,089
Auto Manufacturers    3.0%
Daimler Finance North America LLC (Germany), Gtd. Notes, 144A		2.550			08/15/22		200		202,459
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		2.979			08/03/22		200		201,279
Sr. Unsec’d. Notes		3.350			11/01/22		265		269,030
General Motors Financial Co., Inc.,
Gtd. Notes		3.200			07/06/21		75		76,180
Gtd. Notes		3.550			04/09/21		30		30,532
Gtd. Notes		4.000			01/15/25		150		159,008
Sr. Unsec’d. Notes		4.200			11/06/21		100		103,675
									1,042,163
Auto Parts & Equipment    0.3%
ZF North America Capital, Inc. (Germany), Gtd. Notes, 144A		4.500			04/29/22		100		103,967
Banks    20.6%
Bank of America Corp.,
Sr. Unsec’d. Notes		3.419	(ff)		12/20/28		263		282,270
Sr. Unsec’d. Notes, MTN		3.550	(ff)		03/05/24		195		204,372
Sr. Unsec’d. Notes, MTN		3.824	(ff)		01/20/28		360		394,182
Sr. Unsec’d. Notes, MTN		4.330	(ff)		03/15/50		55		68,610
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		3.650			03/16/25		200		212,611
Sr. Unsec’d. Notes		4.610	(ff)		02/15/23		320		335,330
BNP Paribas SA (France), Sr. Unsec’d. Notes, 144A		3.052	(ff)		01/13/31		200		204,958

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
BPCE SA (France), Sr. Unsec’d. Notes, 144A		2.375	%		01/14/25			250	$	251,922
Citibank NA, Sr. Unsec’d. Notes		3.650			01/23/24			280		299,572
Citigroup, Inc.,
Jr. Sub. Notes, Series V		4.700	(ff)		—	(rr)		25		25,445
Sr. Unsec’d. Notes		3.200			10/21/26			150		159,036
Sub. Notes		4.600			03/09/26			300		336,223
Credit Agricole SA (France), Sr. Unsec’d. Notes, 144A		2.375			01/22/25			250		253,947
Credit Suisse Group Funding Guernsey Ltd. (Switzerland), Gtd. Notes		3.800			06/09/23			265		280,108
Danske Bank A/S (Denmark), Sr. Unsec’d. Notes, 144A		5.000			01/12/22			200		210,416
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes		3.950			02/27/23			100		103,713
Sr. Unsec’d. Notes, GMTN		3.375			05/12/21			80		81,170
Sr. Unsec’d. Notes, Series D		5.000			02/14/22			150		157,114
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		4.223	(ff)		05/01/29			100		112,676
Sub. Notes		5.150			05/22/45			150		194,157
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		5.240	(c)		—	(rr)		98		98,886
Sr. Unsec’d. Notes		3.200			06/15/26			390		414,837
Sr. Unsec’d. Notes		3.882	(ff)		07/24/38			95		108,532
Sr. Unsec’d. Notes		3.964	(ff)		11/15/48			145		173,481
Sr. Unsec’d. Notes		4.452	(ff)		12/05/29			350		407,273
Morgan Stanley,
Jr. Sub. Notes, Series H, 3 Month LIBOR + 3.610%		5.441	(c)		—	(rr)		250		251,577
Sr. Unsec’d. Notes, GMTN		4.431	(ff)		01/23/30			285		329,256
Sr. Unsec’d. Notes, MTN		3.971	(ff)		07/22/38			235		269,200
Santander UK Group Holdings PLC (United Kingdom), Sr. Unsec’d. Notes		3.373	(ff)		01/05/24			200		206,586
Societe Generale SA (France), Sr. Unsec’d. Notes, 144A, MTN		2.625			01/22/25			200		202,215

See Notes to Financial Statements.

PGIM Corporate Bond Fund 11

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
UBS Group AG (Switzerland), Sr. Unsec’d. Notes, 144A		4.125	%		09/24/25		200	$	220,821
Wells Fargo & Co., Sr. Unsec’d. Notes, MTN		3.000			02/19/25		350		367,652
									7,218,148
Beverages    2.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		4.900			02/01/46		130		161,454
Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		5.550			01/23/49		110		150,386
Constellation Brands, Inc., Gtd. Notes		5.250			11/15/48		50		64,979
Keurig Dr. Pepper, Inc.,
Gtd. Notes		4.057			05/25/23		180		192,106
Gtd. Notes		4.417			05/25/25		150		166,610
									735,535
Building Materials    0.2%
Johnson Controls International PLC, Sr. Unsec’d. Notes		4.950			07/02/64		54		61,356
Chemicals    1.0%
Celanese US Holdings LLC, Gtd. Notes		4.625			11/15/22		50		53,211
CF Industries, Inc., Gtd. Notes		5.375			03/15/44		20		22,525
Dow Chemical Co. (The), Sr. Unsec’d. Notes		5.550			11/30/48		50		64,087
Eastman Chemical Co., Sr. Unsec’d. Notes		3.600			08/15/22		49		50,889
LyondellBasell Industries NV, Sr. Unsec’d. Notes		4.625			02/26/55		60		65,309
Sherwin-Williams Co. (The), Sr. Unsec’d. Notes		2.950			08/15/29		90		93,294
									349,315

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services    3.4%
California Institute of Technology, Sr. Unsec’d. Notes		4.700	%		11/01/2111		50	$	64,111
Equifax, Inc., Sr. Unsec’d. Notes		2.300			06/01/21		10		10,045
Georgetown University (The), Unsec’d. Notes, Series A		5.215			10/01/2118		145		200,825
Global Payments, Inc., Sr. Unsec’d. Notes		3.800			04/01/21		100		101,982
IHS Markit Ltd., Gtd. Notes, 144A		4.750			02/15/25		300		331,608
Massachusetts Institute of Technology, Unsec’d. Notes		3.885			07/01/2116		100		123,673
Trustees of the University of Pennsylvania (The), Sr. Unsec’d. Notes		3.610			02/15/2119		320		365,437
									1,197,681
Computers    1.6%
Apple, Inc.,
Sr. Unsec’d. Notes		3.000			11/13/27		400		428,296
Sr. Unsec’d. Notes		4.650			02/23/46		100		130,326
									558,622
Diversified Financial Services    0.4%
Cantor Fitzgerald LP, Sr. Unsec’d. Notes, 144A		4.875			05/01/24		40		43,166
GE Capital International Funding Co. Unlimited Co., Gtd. Notes		4.418			11/15/35		80		90,065
									133,231
Electric    9.5%
Commonwealth Edison Co., First Mortgage		4.700			01/15/44		100		126,966
Dominion Energy, Inc., Jr. Sub. Notes		2.715			08/15/21		310		313,194
DTE Electric Co., General Ref. Mortgage		3.950			06/15/42		75		85,572

See Notes to Financial Statements.

PGIM Corporate Bond Fund 13

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Entergy Corp., Sr. Unsec’d. Notes		2.950	%		09/01/26		100	$	104,491
Eversource Energy, Sr. Unsec’d. Notes, Series K		2.750			03/15/22		95		96,818
FirstEnergy Corp., Sr. Unsec’d. Notes, Series B		3.900			07/15/27		75		81,948
FirstEnergy Transmission LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/44		100		131,734
Florida Power & Light Co., First Mortgage		3.700			12/01/47		100		116,201
MidAmerican Energy Co., First Mortgage		3.950			08/01/47		20		23,720
Nevada Power Co., General Ref. Mortgage, Series CC		3.700			05/01/29		300		333,322
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes		2.403			09/01/21		150		151,565
Gtd. Notes		2.800			01/15/23		120		123,232
PacifiCorp, First Mortgage		3.350			07/01/25		270		288,004
PPL Capital Funding, Inc., Gtd. Notes		4.700			06/01/43		100		119,277
PSEG Power LLC, Gtd. Notes		3.000			06/15/21		60		60,817
Public Service Co. of New Hampshire, First Mortgage		3.600			07/01/49		45		50,885
Public Service Electric & Gas Co., Sec’d. Notes, MTN		3.650			09/01/42		75		85,155
Puget Energy, Inc., Sr. Sec’d. Notes		3.650			05/15/25		400		422,113
RGS AEGCO Funding Corp., Sec’d. Notes, Series F		9.820			12/07/22		46		49,397
Rochester Gas & Electric Corp., First Mortgage, 144A		3.100			06/01/27		135		142,586
San Diego Gas & Electric Co., First Mortgage		4.300			04/01/42		75		86,058

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Sierra Pacific Power Co., General Ref. Mortgage		2.600	%		05/01/26		70	$	72,108
Southern California Edison Co., First Ref. Mortgage		5.500			03/15/40		200		260,938
									3,326,101
Foods    2.4%
Kraft Heinz Foods Co.,
Gtd. Notes		3.000			06/01/26		45		45,909
Gtd. Notes		4.375			06/01/46		55		56,736
Gtd. Notes		5.000			07/15/35		50		57,457
Gtd. Notes, 144A		3.750			04/01/30		50		52,908
Gtd. Notes, 144A		4.875			10/01/49		70		76,921
Kroger Co. (The),
Sr. Unsec’d. Notes		2.650			10/15/26		35		35,762
Sr. Unsec’d. Notes		2.800			08/01/22		10		10,237
Sr. Unsec’d. Notes		5.150			08/01/43		60		71,804
Mars, Inc.,
Gtd. Notes, 144A		3.200			04/01/30		80		87,229
Gtd. Notes, 144A		3.600			04/01/34		25		28,533
Tyson Foods, Inc.,
Sr. Unsec’d. Notes		4.000			03/01/26		180		198,458
Sr. Unsec’d. Notes		5.100			09/28/48		100		128,436
									850,390
Gas    1.1%
Atmos Energy Corp., Sr. Unsec’d. Notes		2.625			09/15/29		65		67,388
NiSource, Inc., Sr. Unsec’d. Notes		2.650			11/17/22		310		315,810
									383,198
Healthcare-Services    3.8%
Anthem, Inc., Sr. Unsec’d. Notes		4.625			05/15/42		100		115,551
HCA, Inc., Sr. Sec’d. Notes		5.000			03/15/24		100		110,680

See Notes to Financial Statements.

PGIM Corporate Bond Fund 15

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
HCA, Inc., (cont’d.)
Sr. Sec’d. Notes		5.250	%		06/15/49		100	$	116,329
Sr. Sec’d. Notes		5.500			06/15/47		25		29,691
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		3.600			02/01/25		250		265,654
Mayo Clinic,
Unsec’d. Notes		3.774			11/15/43		85		97,521
Unsec’d. Notes		4.000			11/15/47		80		93,375
Quest Diagnostics, Inc., Sr. Unsec’d. Notes		3.500			03/30/25		250		266,623
Texas Health Resources, Sec’d. Notes		4.330			11/15/55		130		161,076
UnitedHealth Group, Inc., Sr. Unsec’d. Notes		3.700			08/15/49		80		88,327
									1,344,827
Housewares    0.3%
Newell Brands, Inc., Sr. Unsec’d. Notes		4.000			12/01/24		100		103,750
Insurance    2.9%
American International Group, Inc., Sr. Unsec’d. Notes		4.375			01/15/55		150		170,938
Arch Capital Finance LLC, Gtd. Notes		5.031			12/15/46		100		131,969
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.450			08/15/27		100		106,974
Sr. Unsec’d. Notes		3.900			05/01/29		40		44,372
Liberty Mutual Group, Inc., Gtd. Notes, 144A		4.569			02/01/29		500		576,657
									1,030,910
Iron/Steel    0.1%
Steel Dynamics, Inc., Sr. Unsec’d. Notes		2.800			12/15/24		20		20,480

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media    4.3%
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Sec’d. Notes		6.384	%		10/23/35			180	$	234,039
Comcast Corp.,
Gtd. Notes		3.375			08/15/25			345		370,693
Gtd. Notes		4.150			10/15/28			15		17,205
Gtd. Notes		4.700			10/15/48	(a)		185		237,299
Discovery Communications LLC,
Gtd. Notes		3.500			06/15/22			100		103,478
Gtd. Notes		3.950			06/15/25			28		30,294
Gtd. Notes		4.950			05/15/42			100		114,179
ViacomCBS, Inc., Sr. Unsec’d. Notes		5.250			04/01/44			150		180,941
Walt Disney Co. (The), Gtd. Notes		7.625			11/30/28			150		212,909
										1,501,037
Mining    1.2%
Barrick North America Finance LLC (Canada), Gtd. Notes		7.500			09/15/38			75		109,565
Newmont Corp., Sr. Unsec’d. Notes		2.800			10/01/29			200		205,933
Teck Resources Ltd. (Canada), Sr. Unsec’d. Notes		5.400			02/01/43			100		106,495
										421,993
Miscellaneous Manufacturing    0.7%
Hillenbrand, Inc., Gtd. Notes		4.500			09/15/26			100		107,442
Pentair Finance Sarl, Gtd. Notes		4.500			07/01/29			65		71,594
Textron, Inc., Sr. Unsec’d. Notes		4.000			03/15/26			45		48,743
										227,779

See Notes to Financial Statements.

PGIM Corporate Bond Fund 17

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Office/Business Equipment    0.1%
Xerox Corp., Sr. Unsec’d. Notes		4.125	%		03/15/23		20	$	20,704
Oil & Gas    5.5%
Apache Corp., Sr. Unsec’d. Notes		3.250			04/15/22		102		104,178
Canadian Natural Resources Ltd. (Canada), Sr. Unsec’d. Notes		6.250			03/15/38		100		130,388
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		4.250			04/15/27		200		213,558
Sr. Unsec’d. Notes		5.250			06/15/37		75		82,227
Sr. Unsec’d. Notes		5.400			06/15/47		15		17,073
Concho Resources, Inc., Gtd. Notes		4.875			10/01/47		50		57,970
Devon Energy Corp., Sr. Unsec’d. Notes		5.000			06/15/45		55		63,340
Diamondback Energy, Inc., Gtd. Notes		2.875			12/01/24		75		76,299
Energen Corp., Sr. Unsec’d. Notes		4.625			09/01/21		170		175,322
EOG Resources, Inc., Sr. Unsec’d. Notes		3.900			04/01/35		200		227,502
Husky Energy, Inc. (Canada), Sr. Unsec’d. Notes		3.950			04/15/22		90		93,263
Noble Energy, Inc., Sr. Unsec’d. Notes		5.050			11/15/44		100		109,271
Occidental Petroleum Corp., Sr. Unsec’d. Notes		2.700			08/15/22		60		60,912
Petrobras Global Finance BV (Brazil), Gtd. Notes		5.999			01/27/28		65		75,797
Petroleos Mexicanos (Mexico),
Gtd. Notes		6.350			02/12/48		60		59,420
Gtd. Notes, 144A		5.950			01/28/31		100		101,501
Gtd. Notes, GMTN		6.750			09/21/47		80		81,041
Shell International Finance BV (Netherlands), Gtd. Notes		4.375			05/11/45		85		104,407
Total Capital International SA (France), Gtd. Notes		3.461			07/12/49		85		92,808
									1,926,277

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals    6.3%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.600	%		05/14/25		165	$	176,428
Sr. Unsec’d. Notes		4.875			11/14/48		110		131,639
Sr. Unsec’d. Notes, 144A		4.050			11/21/39		95		103,572
Sr. Unsec’d. Notes, 144A		4.250			11/21/49		150		164,049
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes, 144A		4.250			10/26/49		30		37,074
Sr. Unsec’d. Notes, 144A		4.625			05/15/44		200		252,729
Cigna Corp.,
Gtd. Notes		4.900			12/15/48		150		183,311
Gtd. Notes, 144A		3.050			11/30/22		300		308,923
CVS Health Corp.,
Sr. Unsec’d. Notes		4.300			03/25/28		125		138,681
Sr. Unsec’d. Notes		4.780			03/25/38		100		116,708
Sr. Unsec’d. Notes		5.125			07/20/45		100		120,775
McKesson Corp., Sr. Unsec’d. Notes		4.750			05/30/29		120		138,084
Mylan NV,
Gtd. Notes		3.950			06/15/26		140		149,370
Gtd. Notes		5.250			06/15/46		10		11,575
Mylan, Inc., Gtd. Notes		5.200			04/15/48		40		46,258
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		3.200			09/23/26		100		105,251
Teva Pharmaceutical Finance Netherlands III BV (Israel), Gtd. Notes		2.200			07/21/21		26		25,603
									2,210,030
Pipelines    6.7%
DCP Midstream Operating LP, Gtd. Notes, 144A		4.750			09/30/21		250		256,468
Energy Transfer Operating LP,
Gtd. Notes		5.000			05/15/50		45		46,253
Gtd. Notes		5.800			06/15/38		15		17,262
Gtd. Notes		6.250			04/15/49		15		17,796
Enterprise Products Operating LLC,
Gtd. Notes		2.800			01/31/30		150		151,851
Gtd. Notes		4.850			03/15/44		100		116,718

See Notes to Financial Statements.

PGIM Corporate Bond Fund 19

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Magellan Midstream Partners LP, Sr. Unsec’d. Notes		4.200	%		10/03/47		80	$	86,735
Midwest Connector Capital Co. LLC,
Gtd. Notes, 144A		3.625			04/01/22		90		92,774
Gtd. Notes, 144A		3.900			04/01/24		75		79,682
MPLX LP,
Sr. Unsec’d. Notes		4.000			03/15/28		45		47,230
Sr. Unsec’d. Notes		4.500			07/15/23		110		118,017
Sr. Unsec’d. Notes, 144A		3.500			12/01/22		35		36,344
Sr. Unsec’d. Notes, 144A		5.200			12/01/47		75		81,903
ONEOK, Inc.,
Gtd. Notes		4.350			03/15/29		2		2,194
Gtd. Notes		4.950			07/13/47		150		165,943
Plains All American Pipeline LP/PAA Finance Corp., Sr. Unsec’d. Notes		3.650			06/01/22		300		309,178
Sunoco Logistics Partners Operations LP, Gtd. Notes		5.400			10/01/47		150		161,619
Western Midstream Operating LP,
Sr. Unsec’d. Notes		4.000			07/01/22		300		308,547
Sr. Unsec’d. Notes		5.250			02/01/50		10		9,511
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		4.300			03/04/24		200		215,544
Sr. Unsec’d. Notes		5.100			09/15/45		30		33,393
									2,354,962
Real Estate    0.6%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada), Sr. Unsec’d. Notes, 144A		4.125			02/01/29		200		226,902
Real Estate Investment Trusts (REITs)    3.9%
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		3.650			06/15/24		75		79,627
Sr. Unsec’d. Notes		4.125			06/15/26		200		216,665
Healthpeak Properties, Inc., Sr. Unsec’d. Notes		3.000			01/15/30		145		149,330
Kimco Realty Corp., Sr. Unsec’d. Notes		3.400			11/01/22		75		77,926

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Realty Income Corp., Sr. Unsec’d. Notes		3.875	%		04/15/25		155	$	169,829
Sabra Health Care LP, Gtd. Notes		4.800			06/01/24		30		32,272
SITE Centers Corp., Sr. Unsec’d. Notes		3.625			02/01/25		306		321,293
Ventas Realty LP, Gtd. Notes		3.500			02/01/25		295		312,813
									1,359,755
Retail    0.6%
Dollar Tree, Inc., Sr. Unsec’d. Notes		4.000			05/15/25		200		216,685
Semiconductors    0.9%
Broadcom Corp./Broadcom Cayman Finance Ltd., Gtd. Notes		3.875			01/15/27		40		42,254
NXP BV/NXP Funding LLC (Netherlands), Gtd. Notes, 144A		4.625			06/15/22		200		211,474
QUALCOMM, Inc., Sr. Unsec’d. Notes		4.300			05/20/47		50		59,533
									313,261
Shipbuilding    0.3%
Huntington Ingalls Industries, Inc., Gtd. Notes		3.483			12/01/27		100		106,896
Software    1.3%
Microsoft Corp.,
Sr. Unsec’d. Notes		3.950			08/08/56		140		173,343
Sr. Unsec’d. Notes		4.000			02/12/55		30		37,224
Sr. Unsec’d. Notes		4.500			02/06/57		75		101,670
Oracle Corp.,
Sr. Unsec’d. Notes		3.900			05/15/35		45		52,200
Sr. Unsec’d. Notes		4.000			07/15/46		65		75,620
									440,057

See Notes to Financial Statements.

PGIM Corporate Bond Fund 21

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications    2.5%
AT&T, Inc.,
Sr. Unsec’d. Notes		3.875	%		01/15/26			200	$	217,538
Sr. Unsec’d. Notes		4.500			03/09/48			145		164,038
Sr. Unsec’d. Notes		4.850			03/01/39			65		77,251
Sr. Unsec’d. Notes		5.150			03/15/42			115		140,431
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		4.500			08/10/33			15		18,059
Sr. Unsec’d. Notes		5.012			04/15/49			190		251,134
										868,451
Transportation    0.7%
FedEx Corp., Gtd. Notes		4.500			02/01/65			100		104,289
Kansas City Southern, Gtd. Notes		4.700			05/01/48			125		155,922
										260,211
Trucking & Leasing    0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp., Sr. Unsec’d. Notes, 144A		3.650			07/29/21			65		66,632
TOTAL CORPORATE BONDS (cost $29,171,190)										31,747,181
MUNICIPAL BONDS    1.2%
Illinois    1.1%
State of Illinois, General Obligation Unlimited		5.100			06/01/33	(a)		340		382,439

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Texas    0.1%
Texas Private Activity Bond Surface Transportation Corp., Revenue Bonds, Series B		3.922	%		12/31/49		50	$	54,297
TOTAL MUNICIPAL BONDS (cost $412,232)									436,736
TOTAL LONG-TERM INVESTMENTS (cost $31,683,400)									34,446,892
						Shares
SHORT-TERM INVESTMENTS    2.2%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)							132,194		132,194
PGIM Institutional Money Market Fund (cost $623,392; includes $622,757 of cash collateral for securities on loan)(b)(w)							623,304		623,428
TOTAL SHORT-TERM INVESTMENTS (cost $755,586)									755,622
TOTAL INVESTMENTS    100.6% (cost $32,438,986)									35,202,514
Liabilities in excess of other assets(z)    (0.6)%									(194,684	)
NET ASSETS    100.0%								$	35,007,830

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

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.

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

REITs—Real Estate Investment Trust

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $612,413; cash collateral of $622,757 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

See Notes to Financial Statements.

PGIM Corporate Bond Fund 23

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2020.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

(rr) Perpetual security with no stated maturity date.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

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

Futures contracts outstanding at January 31, 2020:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	1	2 Year U.S. Treasury Notes		Mar. 2020	$	216,359	$	585
	1	10 Year U.S. Treasury Notes		Mar. 2020		131,656		1,795
	7	20 Year U.S. Treasury Bonds		Mar. 2020		1,144,719		21,766
								24,146
		Short Positions:
	12	5 Year U.S. Treasury Notes		Mar. 2020		1,443,844		(15,339	)
	6	30 Year U.S. Ultra Treasury Bonds		Mar. 2020		1,162,125		(39,681	)
								(55,020	)
							$	(30,874	)

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
Citigroup Global Markets, Inc.	$	200,000	$	—

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.

See Notes to Financial Statements.

24

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

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

The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:

	Level 1			Level 2		Level 3
Investments in Securities
Assets
Commercial Mortgage-Backed Securities	$	—		$	2,262,975	$	—
Corporate Bonds		—			31,747,181		—
Municipal Bonds		—			436,736		—
Affiliated Mutual Funds		755,622			—		—
Total	$	755,622		$	34,446,892	$	—
Other Financial Instruments*
Assets
Futures Contracts	$	24,146		$	—	$	—
Liabilities
Futures Contracts	$	(55,020	)	$	—	$	—

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2020 were as follows:

Banks	20.6	%
Electric	9.5
Pipelines	6.7
Commercial Mortgage-Backed Securities	6.5
Pharmaceuticals	6.3
Oil & Gas	5.5
Media	4.3
Real Estate Investment Trusts (REITs)	3.9
Healthcare-Services	3.8
Commercial Services	3.4
Auto Manufacturers	3.0
Insurance	2.9
Telecommunications	2.5
Foods	2.4

Affiliated Mutual Funds (1.8% represents investments purchased with collateral from securities on loan)	2.2	%
Beverages	2.1
Computers	1.6
Agriculture	1.3
Software	1.3
Municipal Bonds	1.2
Mining	1.2
Gas	1.1
Chemicals	1.0
Semiconductors	0.9
Transportation	0.7
Miscellaneous Manufacturing	0.7
Real Estate	0.6

See Notes to Financial Statements.

PGIM Corporate Bond Fund 25

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Industry Classification (continued):

Retail	0.6	%
Aerospace & Defense	0.5
Diversified Financial Services	0.4
Airlines	0.4
Shipbuilding	0.3
Auto Parts & Equipment	0.3
Housewares	0.3
Trucking & Leasing	0.2

Building Materials	0.2	%
Office/Business Equipment	0.1
Iron/Steel	0.1
	100.6
Liabilities in excess of other assets	(0.6	)
	100.0	%

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 type of risk associated with these derivative instruments is interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of January 31, 2020 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Due from/to broker— variation margin futures	$	24,146	*	Due from/to broker—variation margin futures	$	55,020	*

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

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2020 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	(2,026	)

See Notes to Financial Statements.

26

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Interest rate contracts	$	(57,787	)

For the six months ended January 31, 2020, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)		Futures Contracts— Short Positions(1)
$	2,009,065	$	3,168,412

(1) Notional Amount in USD.

The Fund invested in OTC derivatives and entered into other financial transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and other financial transactions, where the legal right toset-off exists, is presented in the summary below.

Description	Gross Market Value of Recognized Assets/ (Liabilities)		Collateral Pledged/ (Received)(1)			Net Amount
Securities on Loan	$	612,413	$	(612,413	)	$	—

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 27

Statement of Assets and Liabilities(unaudited)

as of January 31, 2020

Assets
Investments at value, including securities on loan of $612,413:
Unaffiliated investments (cost $31,683,400)	$	34,446,892
Affiliated investments (cost $755,586)		755,622
Dividends and interest receivable		309,706
Deposit with broker for centrally cleared/exchange-traded derivatives		200,000
Receivable for Fund shares sold		47,847
Due from Manager		9,927
Prepaid expenses and other assets		549
Total Assets		35,770,543
Liabilities
Payable to broker for collateral for securities on loan		622,757
Payable for Fund shares reacquired		73,693
Accrued expenses and other liabilities		54,384
Dividends payable		6,393
Due to broker—variation margin futures		2,549
Distribution fee payable		2,086
Affiliated transfer agent fee payable		851
Total Liabilities		762,713
Net Assets	$	35,007,830
Net assets were comprised of:
Shares of beneficial interest, at par	$	2,928
Paid-in capital in excess of par		32,944,816
Total distributable earnings (loss)		2,060,086
Net assets, January 31, 2020	$	35,007,830

See Notes to Financial Statements.

28

Class A
Net asset value and redemption price per share, ($3,339,702 ÷ 278,682 shares of beneficial interest issued and outstanding)	$	11.98
Maximum sales charge (3.25% of offering price)		0.40
Maximum offering price to public	$	12.38
Class C
Net asset value, offering price and redemption price per share,
($1,619,306 ÷ 135,435 shares of beneficial interest issued and outstanding)	$	11.96
Class R
Net asset value, offering price and redemption price per share,
($21,651 ÷ 1,811 shares of beneficial interest issued and outstanding)	$	11.95
Class Z
Net asset value, offering price and redemption price per share,
($20,719,462 ÷ 1,733,102 shares of beneficial interest issued and outstanding)	$	11.96
Class R6
Net asset value, offering price and redemption price per share,
($9,307,709 ÷ 778,598 shares of beneficial interest issued and outstanding)	$	11.95

See Notes to Financial Statements.

PGIM Corporate Bond Fund 29

Statement of Operations(unaudited)

Six Months Ended Ended January 31, 2020

Net Investment Income (Loss)
Income
Interest income	$	582,090
Affiliated dividend income		7,807
Income from securities lending, net (including affiliated income of $155)		490
Total income		590,387
Expenses
Management fee		75,461
Distribution fee(a)		11,671
Custodian and accounting fees		38,408
Registration fees(a)		34,729
Audit fee		18,332
Shareholders’ reports		17,012
Transfer agent’s fees and expenses (including affiliated expense of $2,405)(a)		14,187
Legal fees and expenses		9,370
Trustees’ fees		5,476
SEC registration fees		4,489
Miscellaneous		8,078
Total expenses		237,213
Less: Fee waiver and/or expense reimbursement(a)		(133,276	)
Distribution fee waiver(a)		(26	)
Net expenses		103,911
Net investment income (loss)		486,476
Realized And Unrealized Gain (Loss) On Investment Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $12)		177,678
Futures transactions		(2,026	)
		175,652
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $36)		1,304,997
Futures		(57,787	)
		1,247,210
Net gain (loss) on investment transactions		1,422,862
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,909,338

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

	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		3,579			8,014			78			—			—
Registration fees		7,022			6,961			6,961			6,824			6,961
Transfer agent’s fees and expenses		4,021			765			39			9,305			57
Fee waiver and/or expense reimbursement		(18,253	)		(11,758	)		(7,052	)		(66,350	)		(29,863	)
Distribution fee waiver		—			—			(26	)		—			—

See Notes to Financial Statements.

30

Statements of Changes in Net Assets (unaudited)

	Six Months Ended January 31, 2020			Year Ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	486,476		$	838,163
Net realized gain (loss) on investment transactions		175,652			(84,339	)
Net change in unrealized appreciation (depreciation) on investments		1,247,210			1,943,555
Net increase (decrease) in net assets resulting from operations		1,909,338			2,697,379
Dividends and Distributions
Distributions from distributable earnings
Class A		(42,202	)		(88,579	)
Class C		(17,499	)		(26,596	)
Class R		(282	)		(571	)
Class Z		(319,131	)		(598,906	)
Class R6		(144,921	)		(158,195	)
		(524,035	)		(872,847	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		6,386,455			12,767,604
Net asset value of shares issued in reinvestment of dividends and distributions		515,473			861,560
Cost of shares reacquired		(3,872,386	)		(6,653,904	)
Net increase (decrease) in net assets from Fund share transactions		3,029,542			6,975,260
Total increase (decrease)		4,414,845			8,799,792
Net Assets:
Beginning of period		30,592,985			21,793,193
End of period	$	35,007,830		$	30,592,985

See Notes to Financial Statements.

PGIM Corporate Bond Fund 31

Notes to Financial Statements(unaudited)

The Target Portfolio Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversifiedopen-end management investment company. The Trust currently consists of three series: PGIM Corporate Bond Fund, PGIM Core Bond Fund and PGIM QMASmall-Cap Value Fund (collectively the “Funds”).

These financial statements relate only to the PGIM Corporate Bond Fund (the “Fund”).

The investment objective of the Fund is high current income consistent with the preservation of principal.

1. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies.The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the 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. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingperiod-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

32

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurements and Disclosures.

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

Investments inopen-end,non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.

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; any available analyst media or other reports or information deemed

PGIM Corporate Bond Fund 33

Notes to Financial Statements(unaudited) (continued)

reliable by the Manager 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.

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

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

(i) market value of investment securities, other assets and liabilities—at the current rates of exchange;

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held

34

at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

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

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

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

Master Netting Arrangements:The Trust, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the

PGIM Corporate Bond Fund 35

Notes to Financial Statements(unaudited) (continued)

amount owed by the other party, the reporting party intends toset-off and the right ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

Forward currency contracts, forward rate agreements, written options, short sales, swaps and financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

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

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

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 theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and

36

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

Taxes:It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute 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:The Fund expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions from net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-in capital in excess of par, as appropriate.

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.

2. Agreements

The Trust, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Fund. The Manager administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund’s custodian and the Fund’s transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Corporate Bond Fund 37

Notes to Financial Statements(unaudited) (continued)

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Fund. The Manager pays for the services of PGIM, Inc., the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.45% average daily net assets up to and including $5 billion and 0.425% on average daily net assets assets exceeding $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.45% for the reporting period ended January 31, 2020.

The Manager has contractually agreed, through November 30, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.80% of average daily net assets for Class A shares, 1.55% of average daily net assets for Class C shares, 1.05% of average daily net assets for Class R shares, 0.55% of average daily net assets for Class Z shares, and 0.55% of average daily net assets for Class R6 shares. 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 similar 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 may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C and Class R shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 shares of the Fund.

38

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.25%, 1% and 0.75% of the average daily net assets of the Class A, Class C and Class R shares, respectively. PIMS has contractually agreed through November 30, 2020 to limit such fees to 0.50% of the average daily net assets of the Class R shares.

For the reporting period ended January 31, 2020, PIMS received $8,550 infront-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended January 31, 2020, PIMS received and $15 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission (“SEC”), the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. For the reporting period ended January 31, 2020, no17a-7 transactions were entered into by the Fund.

PGIM Corporate Bond Fund 39

Notes to Financial Statements(unaudited) (continued)

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2020, were $7,296,019 and $3,940,525, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended January 31, 2020, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	672,792	$	7,657,225	$	8,197,823	$	—	$	—	$	132,194		132,194	$	7,807
	PGIM Institutional Money Market Fund*
	—		1,509,797		886,417		36		12		623,428		623,304		155	**
$	672,792	$	9,167,022	$	9,084,240	$	36	$	12	$	755,622			$	7,962

* The Fund did not have any capital gain distributions during the reporting period.

** Represents the affiliated amount of securities lending income shown on the Statement of Operations.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2020 were as follows:

Tax Basis	$	32,533,035
Gross Unrealized Appreciation		2,672,235
Gross Unrealized Depreciation		(33,630	)
Net Unrealized Appreciation	$	2,638,605

The book basis may differ from tax basis due to certaintax-related adjustments.

For federal income tax purposes, the Fund had a capital loss carryforward as of July 31, 2019 of approximately $766,000 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.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax

40

authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 3.25%. Investors who purchase $1 million or more (prior to July 15, 2019, $500,000 or more on or after July 15, 2019) of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to afront-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 10 years after purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

The Trust has authorized an unlimited number of shares of beneficial interest of the Fund at

$0.001 par value per share.

As of January 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares		Percentage of Outstanding Shares
Class R		1,040		57	%
Class R6		778,598		100	%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	27%	3	59%

PGIM Corporate Bond Fund 41

Notes to Financial Statements(unaudited) (continued)

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended January 31, 2020:
Shares sold		78,965		$	927,474
Shares issued in reinvestment of dividends and distributions		3,424			40,336
Shares reacquired		(76,020	)		(886,234	)
Net increase (decrease) in shares outstanding before conversion		6,369			81,576
Shares issued upon conversion from other share class(es)		8,506			99,359
Shares reacquired upon conversion into other share class(es)		(2,167	)		(25,224	)
Net increase (decrease) in shares outstanding		12,708		$	155,711
Year ended July 31, 2019:
Shares sold		85,799		$	945,293
Shares issued in reinvestment of dividends and distributions		7,813			85,465
Shares reacquired		(72,058	)		(792,830	)
Net increase (decrease) in shares outstanding before conversion		21,554			237,928
Shares issued upon conversion from other share class(es)		9,542			102,398
Shares reacquired upon conversion into other share class(es)		(2,421	)		(26,572	)
Net increase (decrease) in shares outstanding		28,675		$	313,754
Class C
Six months ended January 31, 2020:
Shares sold		29,486		$	346,361
Shares issued in reinvestment of dividends and distributions		1,444			16,977
Shares reacquired		(16,482	)		(194,126	)
Net increase (decrease) in shares outstanding		14,448		$	169,212
Year ended July 31, 2019:
Shares sold		48,595		$	533,369
Shares issued in reinvestment of dividends and distributions		2,348			25,675
Shares reacquired		(16,771	)		(178,977	)
Net increase (decrease) in shares outstanding before conversion		34,172			380,067
Shares reacquired upon conversion into other share class(es)		(1,435	)		(15,570	)
Net increase (decrease) in shares outstanding		32,737		$	364,497
Class R
Six months ended January 31, 2020:
Shares sold		25		$	298
Shares issued in reinvestment of dividends and distributions		24			279
Shares reacquired		(1	)		(11	)
Net increase (decrease) in shares outstanding		48		$	566
Year ended July 31, 2019:
Shares sold		55		$	593
Shares issued in reinvestment of dividends and distributions		52			570
Shares reacquired		(28	)		(321	)
Net increase (decrease) in shares outstanding		79		$	842

42

Class Z	Shares			Amount
Six months ended January 31, 2020:
Shares sold		437,253		$	5,112,322
Shares issued in reinvestment of dividends and distributions		26,680			313,522
Shares reacquired		(239,653	)		(2,792,015	)
Net increase (decrease) in shares outstanding before conversion		224,280			2,633,829
Shares issued upon conversion from other share class(es)		2,172			25,224
Shares reacquired upon conversion into other share class(es)		(8,524	)		(99,359	)
Net increase (decrease) in shares outstanding		217,928		$	2,559,694
Year ended July 31, 2019:
Shares sold		301,526		$	3,288,349
Shares issued in reinvestment of dividends and distributions		54,309			591,655
Shares reacquired		(526,693	)		(5,681,776	)
Net increase (decrease) in shares outstanding before conversion		(170,858	)		(1,801,772	)
Shares issued upon conversion from other share class(es)		2,428			26,572
Shares reacquired upon conversion into other share class(es)		(8,127	)		(86,828	)
Net increase (decrease) in shares outstanding		(176,557	)	$	(1,862,028	)
Class R6
Six months ended January 31, 2020:
Shares issued in reinvestment of dividends and distributions		12,197		$	144,359
Net increase (decrease) in shares outstanding		12,197		$	144,359
Year ended July 31, 2019:
Shares sold		751,174		$	8,000,000
Shares issued in reinvestment of dividends and distributions		14,216			158,195
Net increase (decrease) in shares outstanding		765,390		$	8,158,195

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “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 reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 - 10/1/2020	10/4/2018 - 10/2/2019
Total Commitment	$900 million	$900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate 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

PGIM Corporate Bond Fund 43

Notes to Financial Statements(unaudited) (continued)

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 Funds in the SCA equitably.

The Fund utilized the SCA during the reporting period ended January 31, 2020. The average daily balance for the 1 day that the Fund had loans outstanding during the period was $366,000, borrowed at a weighted average interest rate of 3.46%. The maximum loan balance outstanding during the period was $366,000. At January 31, 2020, the Fund did not have an outstanding loan balance.

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Bond Obligations Risk:The Fund’s holdings, share price, yield and total return may 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 level and therefore would earn less income.

Derivatives Risk:Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. 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 OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

Interest Rate Risk:The value of an 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 securities. 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.” When interest rates rise, debt obligations may

44

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 face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk:The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. 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 may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. 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.

Market and Credit 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 an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

PGIM Corporate Bond Fund 45

Notes to Financial Statements(unaudited) (continued)

10. Subsequent Event

Subsequent to January 31, 2020 theCOVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak.

There are meaningful direct and indirect effects developing particularly with companies in which we invest, which may have an impact on the valuation of these companies. The Manager will continue to monitor the impact ofCOVID-19.

46

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended January 31,			Year Ended July 31,												May 28, 2015(a) through July 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.48			$10.81			$ 11.32			$11.46			$10.76			$10.94
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.34			0.32			0.32			0.29			0.04
Net realized and unrealized gain (loss) on investment transactions		0.51			0.69			(0.49	)		(0.13	)		0.71			(0.17	)
Total from investment operations		0.67			1.03			(0.17	)		0.19			1.00			(0.13	)
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.36	)		(0.34	)		(0.33	)		(0.30	)		(0.05	)
Net asset value, end of period		$11.98			$11.48			$ 10.81			$11.32			$11.46			$10.76
Total Return(c):		5.97%			9.73%			(1.51)%			1.77%			9.49%			(1.19)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$3,340			$3,053			$ 2,565			$1,802			$822			$71
Average net assets (000)		$2,848			$2,698			$ 2,200			$1,339			$269			$12
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.80%	(f)		0.80%			0.80%			0.80%			0.94%			0.98%	(f)
Expenses before waivers and/or expense reimbursement		2.07%	(f)		2.22%			2.25%			1.92%			1.77%			2.23%	(f)
Net investment income (loss)		2.72%	(f)		3.14%			2.89%			2.88%			2.64%			2.24%	(f)
Portfolio turnover rate(g)		22%			71%			70%			90%			165%			1,221%	(h)

(a) Commencement of operations.

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

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

(d) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

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

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 47

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended January 31,			Year Ended July 31,												May 28, 2015(a) through July 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.45			$10.79			$11.29			$11.43			$10.75			$10.94
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.26			0.24			0.24			0.20			0.03
Net realized and unrealized gain (loss) on investment transactions		0.52			0.68			(0.48	)		(0.13	)		0.70			(0.18	)
Total from investment operations		0.64			0.94			(0.24	)		0.11			0.90			(0.15	)
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		(0.28	)		(0.26	)		(0.25	)		(0.22	)		(0.04	)
Net asset value, end of period		$11.96			$11.45			$10.79			$11.29			$11.43			$10.75
Total Return(c):		5.59%			8.83%			(2.16	)%		1.01%			8.51%			(1.41)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,619			$1,386			$952			$1,095			$755			$15
Average net assets (000)		$1,594			$1,053			$1,050			$1,014			$369			$13
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.55%	(f)		1.55%			1.55%			1.55%			1.73%			1.87%	(f)
Expenses before waivers and/or expense reimbursement		3.02%	(f)		3.49%			3.54%			2.66%			2.56%			2.97%	(f)
Net investment income (loss)		1.97%	(f)		2.38%			2.12%			2.12%			1.84%			1.48%	(f)
Portfolio turnover rate(g)		22%			71%			70%			90%			165%			1,221%	(h)

(a) Commencement of operations.

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

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

(d) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

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

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

See Notes to Financial Statements.

48

Class R Shares
	Six Months Ended January 31,			Year Ended July 31,												May 28, 2015(a) through July 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.45			$10.79			$11.29			$11.43			$10.75			$10.94
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.31			0.29			0.29			0.25			0.03
Net realized and unrealized gain (loss) on investment transactions		0.51			0.68			(0.47	)		(0.12	)		0.70			(0.17	)
Total from investment operations		0.66			0.99			(0.18	)		0.17			0.95			(0.14	)
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.33	)		(0.32	)		(0.31	)		(0.27	)		(0.05	)
Net asset value, end of period		$11.95			$11.45			$10.79			$11.29			$11.43			$10.75
Total Return(c):		5.85%			9.37%			(1.67	)%		1.51%			9.04%			(1.32)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$22			$20			$18			$11			$11			$10
Average net assets (000)		$21			$19			$12			$11			$10			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.05%	(f)		1.05%			1.05%			1.05%			1.29%			1.36%	(f)
Expenses before waivers and/or expense reimbursement		68.60%	(f)		65.60%			109.57%			2.42%			2.12%			2.77%	(f)
Net investment income (loss)		2.47%	(f)		2.88%			2.66%			2.59%			2.32%			1.91%	(f)
Portfolio turnover rate(g)		22%			71%			70%			90%			165%			1,221%	(h)

(a) Commencement of operations.

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

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

(d) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

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

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 49

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended January 31,			Year Ended July 31,
	2020			2019			2018			2017			2016			2015(a)
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.45			$10.79			$11.29			$11.43			$10.76			$10.69
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.37			0.35			0.34			0.30			0.09
Net realized and unrealized gain (loss) on investment transactions		0.53			0.67			(0.48	)		(0.12	)		0.70			0.11
Total from investment operations		0.70			1.04			(0.13	)		0.22			1.00			0.20
Less Dividends and Distributions:						��
Dividends from net investment income		(0.19	)		(0.38	)		(0.37	)		(0.36	)		(0.33	)		(0.13	)
Net asset value, end of period		$11.96			$11.45			$10.79			$11.29			$11.43			$10.76
Total Return(c):		6.12%			9.92%			(1.18	)%		2.02%			9.47%			1.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$20,719			$17,356			$18,247			$19,869			$23,307			$44,174
Average net assets (000)		$19,881			$16,929			$20,078			$21,149			$33,438			$44,354
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.55%	(f)		0.55%			0.55%			0.55%			0.82%			0.91%
Expenses before waivers and/or expense reimbursement		1.21%	(f)		1.41%			1.32%			1.64%			1.27%			1.10%
Net investment income (loss)		2.97%	(f)		3.39%			3.12%			3.07%			2.79%			0.78%
Portfolio turnover rate(g)		22%			71%			70%			90%			165%			1,221%	(h)

(a) Class T shares were renamed Class Z shares effective May 28, 2015.

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

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

(d) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

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

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

See Notes to Financial Statements.

50

Class R6 Shares
	Six Months Ended January 31,			Year Ended July 31,												May 28, 2015(a) through July 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.45			$10.79			$11.29			$11.43			$10.75			$10.94
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.37			0.35			0.35			0.30			0.04
Net realized and unrealized gain (loss) on investment transactions		0.52			0.67			(0.48	)		(0.13	)		0.71			(0.18	)
Total from investment operations		0.69			1.04			(0.13	)		0.22			1.01			(0.14	)
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		(0.38	)		(0.37	)		(0.36	)		(0.33	)		(0.05	)
Net asset value, end of period		$11.95			$11.45			$10.79			$11.29			$11.43			$10.75
Total Return(c):		6.12%			9.92%			(1.18	)%		2.02%			9.57%			(1.25)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9,308			$8,778			$11			$11			$11			$10
Average net assets (000)		$9,013			$4,552			$11			$11			$10			$10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.55%	(f)		0.55%			0.55%			0.55%			0.79%			0.87%	(f)
Expenses before waivers and/or expense reimbursement		1.21%	(f)		1.42%			121.08%			1.53%			1.28%			1.88%	(f)
Net investment income (loss)		2.97%	(f)		3.39%			3.12%			3.10%			2.80%			2.39%	(f)
Portfolio turnover rate(g)		22%			71%			70%			90%			165%			1,221%	(h)

(a) Commencement of operations.

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

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

(d) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

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

(f) Annualized.

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

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 51

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Trustees has delegated to the Fund’s subadvisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available on the Fund’s website and on the Commission’s website at sec.gov.

TRUSTEES

Ellen S. Alberding• Kevin J. Bannon• Scott E. Benjamin• Linda W. Bynoe• Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland• Stuart S. Parker • Brian K. Reid• Grace C. Torres

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,TreasurerandPrincipal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman, Assistant Secretary• Melissa Gonzalez,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain a prospectus and summary prospectus by visiting our website atpgiminvestments.com or by calling(800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go topgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Corporate Bond Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website atsec.gov. Form N-PORT is filed with the Commission quarterly, and the Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter atsec.gov.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED
BY ANY BANK OR ANY BANK AFFILIATE

PGIM CORPORATE BOND FUND

SHARE CLASS	A	C	R	Z	R6
NASDAQ	PCWAX	PCWCX	PCWRX	TGMBX	PCWQX
CUSIP	875921694	875921686	875921660	875921702	875921678

MF229E2

PGIM QMA SMALL-CAP VALUE FUND

SEMIANNUAL REPORT

JANUARY 31, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of January 31, 2020 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company.^© 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM QMA Small-Cap Value Fund informative and useful. The report covers performance for thesix-month period ended January 31, 2020.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM QMA Small-Cap Value Fund

March 16, 2020

PGIM QMA Small-Cap Value Fund 3

Your Fund’s Performance

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.

	(without sales charges)	Average Annual Total Returns as of 1/31/20 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A	–1.38	–9.12		2.88		N/A		2.86 (2/14/14)
Class C	–1.93	–5.73		N/A		N/A		1.78 (6/19/15)
Class R	–1.50	–3.98		3.82		8.81		—
Class Z	–1.25	–3.48		4.38		9.38		—
Class R2	–1.42	–3.87		N/A		N/A		–6.33 (12/28/17)
Class R4	–1.30	–3.64		N/A		N/A		–6.10 (12/28/17)
Class R6	–1.19	–3.42		4.45		N/A		4.39 (9/25/14)
Russell 2000 Value Index
	1.89	4.38		—		—		—
Russell 2000 Index
	3.26	9.21		—		—		—
Average Annual Total Returns as of 1/31/20 Since Inception (%)
	Class A (2/14/14)	Class C (6/19/15)	Class R2 (12/28/17)		Class R4 (12/28/17)		Class R6 (9/25/14)
Russell 2000 Value Index
	6.24	6.18		0.43		0.43		7.23
Russell 2000 Index
	7.58	7.14		3.82		3.82		8.92

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class’ inception date.

4 Visit our website at pgiminvestments.com

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.

	Class A	Class C	Class R	Class Z	Class R2	Class R4	Class R6
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	0.75% (0.50% currently)	None	0.25%	None	None
Shareholder service fees	None	None	None	None	0.10%	0.10%	None

Benchmark Definitions

Russell 2000 Value Index—The Russell 2000^® Value Index is an unmanaged index which contains those securities in the Russell 2000 Index with a below-average growth orientation. Companies in this index generally have lower price-to-earnings ratios, higher dividend yields, and lower forecasted growth rates.

Russell 2000 Index—The Russell 2000^® Index is an unmanaged index of the 2,000 smallest US companies included in the Russell 3000^® Index. It gives an indication of how stock prices of smaller companies have performed.

Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.

PGIM QMA Small-Cap Value Fund 5

Your Fund’s Performance(continued)

Presentation of Fund Holdings

Ten Largest Holdings	Line of Business	% of Net Assets
Taylor Morrison Home Corp.	Household Durables	1.1%
Adient PLC	Auto Components	1.1%
TRI Pointe Group, Inc.	Household Durables	1.1%
Radian Group, Inc.	Thrifts & Mortgage Finance	1.1%
Hancock Whitney Corp.	Banks	1.0%
RLJ Lodging Trust	Equity Real Estate Investment Trusts (REITs)	1.0%
Valley National Bancorp	Banks	1.0%
Office Properties Income Trust	Equity Real Estate Investment Trusts (REITs)	1.0%
Triton International Ltd. (Bermuda)	Trading Companies & Distributors	1.0%
CNO Financial Group, Inc.	Insurance	0.9%

Holdings reflect only long-term investments and are subject to change.

6 Visit our website at pgiminvestments.com

Fees and Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended January 31, 2020. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period

PGIM QMA Small-Cap Value Fund 7

Fees and Expenses(continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PGIM QMASmall-Cap Value Fund		Beginning Account Value August 1, 2019		Ending Account Value January 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	986.20		1.10	%	$	5.49
	Hypothetical	$	1,000.00	$	1,019.61		1.10	%	$	5.58
Class C	Actual	$	1,000.00	$	980.70		2.19	%	$	10.90
	Hypothetical	$	1,000.00	$	1,014.13		2.19	%	$	11.09
Class R	Actual	$	1,000.00	$	985.00		1.30	%	$	6.49
	Hypothetical	$	1,000.00	$	1,018.60		1.30	%	$	6.60
Class Z	Actual	$	1,000.00	$	987.50		0.74	%	$	3.70
	Hypothetical	$	1,000.00	$	1,021.42		0.74	%	$	3.76
Class R2	Actual	$	1,000.00	$	985.80		1.15	%	$	5.74
	Hypothetical	$	1,000.00	$	1,019.36		1.15	%	$	5.84
Class R4	Actual	$	1,000.00	$	987.00		0.90	%	$	4.50
	Hypothetical	$	1,000.00	$	1,020.61		0.90	%	$	4.57
Class R6	Actual	$	1,000.00	$	988.10		0.65	%	$	3.25
	Hypothetical	$	1,000.00	$	1,021.87		0.65	%	$	3.30

* Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2020, and divided by the 366 days in the Fund's fiscal year ending July 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments(unaudited)

as of January 31, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    99.8%
COMMON STOCKS
Air Freight & Logistics    0.7%
Atlas Air Worldwide Holdings, Inc.*		229,528	$	5,129,951
Echo Global Logistics, Inc.*(a)		14,400		279,072
				5,409,023
Airlines    2.5%
Hawaiian Holdings, Inc.(a)		158,000		4,405,040
JetBlue Airways Corp.*		171,300		3,396,879
Mesa Air Group, Inc.*		140,400		1,199,016
SkyWest, Inc.		79,068		4,362,182
Spirit Airlines, Inc.*(a)		164,900		6,772,443
				20,135,560
Auto Components    4.3%
Adient PLC*		337,100		8,666,841
American Axle & Manufacturing Holdings, Inc.*(a)		711,600		6,575,183
Cooper Tire & Rubber Co.		182,400		4,831,776
Cooper-Standard Holdings, Inc.*(a)		104,800		2,779,296
Dana, Inc.		332,200		5,119,202
Modine Manufacturing Co.*		323,500		2,274,205
Tenneco, Inc. (Class A Stock)(a)		423,500		4,010,545
				34,257,048
Banks    22.1%
Ameris Bancorp		112,100		4,505,299
Atlantic Union Bankshares Corp.		53,200		1,792,308
Banner Corp.		25,900		1,335,145
Berkshire Hills Bancorp, Inc.		147,404		4,149,423
Boston Private Financial Holdings, Inc.		197,300		2,249,220
Bridge Bancorp, Inc.		6,400		194,240
Byline Bancorp, Inc.		37,900		731,470
Cadence BanCorp		342,200		5,348,586
Camden National Corp.		34,025		1,608,022
Cathay General Bancorp(a)		106,600		3,843,996
CenterState Bank Corp.		308,000		6,948,480
CNB Financial Corp.		41,599		1,229,666
Community Trust Bancorp, Inc.		93,066		4,071,637
ConnectOne Bancorp, Inc.		122,500		2,892,225
Customers Bancorp, Inc.*		235,630		5,037,769
Dime Community Bancshares, Inc.		73,383		1,424,364
Eagle Bancorp, Inc.		19,800		865,260

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 9

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Financial Institutions, Inc.		169,427	$	5,220,046
First Bancorp/Southern Pines NC		9,600		340,608
First Bancshares, Inc. (The)		5,000		172,100
First Busey Corp.		35,400		902,700
First Business Financial Services, Inc.		19,300		485,974
First Financial Bancorp		261,951		6,297,302
First Financial Corp.		89,659		3,741,470
First Foundation, Inc.		8,100		133,650
First Merchants Corp.		73,900		2,937,525
First Midwest Bancorp, Inc.		283,200		5,647,008
Flushing Financial Corp.		17,900		355,673
Fulton Financial Corp.(a)		301,700		4,968,999
Great Southern Bancorp, Inc.		37,363		2,126,328
Great Western Bancorp, Inc.		179,200		5,295,360
Hancock Whitney Corp.(a)		213,700		8,492,438
Hanmi Financial Corp.		134,578		2,263,602
Heartland Financial USA, Inc.(a)		111,404		5,448,770
Hilltop Holdings, Inc.		106,503		2,411,228
Home BancShares, Inc.(a)		198,700		3,799,144
Hope Bancorp, Inc.		455,716		6,336,731
Horizon Bancorp, Inc.		35,731		604,569
Independent Bank Group, Inc.		98,900		5,293,128
International Bancshares Corp.		85,582		3,371,931
Investors Bancorp, Inc.		83,100		1,004,264
Lakeland Bancorp, Inc.		163,427		2,654,054
Midland States Bancorp, Inc.		35,500		937,910
MidWestOne Financial Group, Inc.		25,562		826,675
Old National Bancorp		216,043		3,869,330
Pacific Premier Bancorp, Inc.		167,400		4,988,520
Peapack Gladstone Financial Corp.		96,079		2,808,389
Peoples Bancorp, Inc.		8,000		260,320
QCR Holdings, Inc.		33,800		1,389,180
Renasant Corp.		163,800		5,230,134
S&T Bancorp, Inc.		18,463		694,024
Sandy Spring Bancorp, Inc.		135,700		4,722,360
Simmons First National Corp. (Class A Stock)(a)		279,300		6,697,614
South State Corp.		7,400		559,514
United Bankshares, Inc.(a)		47,600		1,632,680
Univest Financial Corp.		36,800		914,112
Valley National Bancorp(a)		761,600		8,019,648
Veritex Holdings, Inc.		56,600		1,602,912
WesBanco, Inc.		123,848		4,101,846
				177,786,880

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets    1.2%
Oppenheimer Holdings, Inc. (Class A Stock)		88,000	$	2,424,400
Stifel Financial Corp.(a)		109,200		7,064,148
				9,488,548
Chemicals    1.1%
AdvanSix, Inc.*		11,500		215,280
Kraton Corp.*		160,300		2,636,935
Minerals Technologies, Inc.		37,100		2,008,223
Olin Corp.		189,000		2,810,430
Rayonier Advanced Materials, Inc.		294,700		907,676
				8,578,544
Commercial Services & Supplies    1.4%
ACCO Brands Corp.		723,941		6,254,850
ADT, Inc.(a)		153,800		953,560
Matthews International Corp. (Class A Stock)(a)		64,000		2,388,480
Quad/Graphics, Inc.(a)		234,671		997,352
VSE Corp.		22,300		693,753
				11,287,995
Construction & Engineering    0.1%
Tutor Perini Corp.*(a)		100,700		1,133,882
Consumer Finance    1.9%
Encore Capital Group, Inc.*(a)		138,691		4,708,559
EZCORP, Inc. (Class A Stock)*		263,200		1,637,104
Green Dot Corp. (Class A Stock)*		11,700		351,936
Nelnet, Inc. (Class A Stock)		107,853		6,175,663
Regional Management Corp.*		82,800		2,281,140
				15,154,402
Diversified Consumer Services    0.9%
Adtalem Global Education, Inc.*		23,400		807,534
Laureate Education, Inc. (Class A Stock)*		309,200		6,443,728
				7,251,262
Diversified Financial Services    0.4%
FGL Holdings		299,100		2,886,315

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 11

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components    1.2%
Avnet, Inc.		76,000	$	2,773,240
AVX Corp.		22,819		462,541
Sanmina Corp.*		36,100		1,149,424
TTM Technologies, Inc.*(a)		375,500		5,403,445
				9,788,650
Energy Equipment & Services    0.9%
Archrock, Inc.		132,600		1,107,210
Liberty Oilfield Services, Inc. (Class A Stock)(a)		74,700		633,456
National Energy Services Reunited Corp.*		16,200		106,758
Nine Energy Service, Inc.*(a)		39,600		191,664
ProPetro Holding Corp.*		315,100		3,069,074
Select Energy Services, Inc. (Class A Stock)*		308,700		2,148,552
				7,256,714
Equity Real Estate Investment Trusts (REITs)    10.6%
Apple Hospitality REIT, Inc.		76,400		1,147,528
Ashford Hospitality Trust, Inc.		1,461,920		3,596,323
Braemar Hotels & Resorts, Inc.		448,279		3,577,266
CBL & Associates Properties, Inc.		115,300		96,852
Cedar Realty Trust, Inc.		180,400		469,040
Chatham Lodging Trust		269,400		4,404,690
CoreCivic, Inc.		94,200		1,502,490
CorePoint Lodging, Inc.		173,600		1,588,440
DiamondRock Hospitality Co.		324,200		3,135,014
Diversified Healthcare Trust		683,100		5,273,532
Franklin Street Properties Corp.		589,600		4,480,960
Global Net Lease, Inc.		179,400		3,718,962
Hersha Hospitality Trust(a)		458,500		5,946,745
Jernigan Capital, Inc.(a)		215,500		4,307,845
Kite Realty Group Trust		227,900		3,919,880
Macerich Co. (The)(a)		27,100		604,601
Office Properties Income Trust		230,618		7,847,931
Park Hotels & Resorts, Inc.		133,000		2,918,020
Pebblebrook Hotel Trust		78,500		1,862,020
Pennsylvania Real Estate Investment Trust(a)		721,400		2,842,316
RLJ Lodging Trust		528,700		8,226,572
Sabra Health Care REIT, Inc.		161,100		3,463,650
Summit Hotel Properties, Inc.(a)		545,800		6,052,922
Washington Prime Group, Inc.(a)		983,000		2,958,830
Xenia Hotels & Resorts, Inc.		50,100		936,369
				84,878,798

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
Food & Staples Retailing    2.3%
Andersons, Inc. (The)(a)		75,500	$	1,707,810
Ingles Markets, Inc. (Class A Stock)(a)		151,605		6,320,413
SpartanNash Co.		431,390		5,254,330
United Natural Foods, Inc.*(a)		561,800		4,044,960
Weis Markets, Inc.		33,700		1,236,453
				18,563,966
Food Products    0.1%
B&G Foods, Inc.(a)		66,300		1,064,778
Health Care Providers & Services    0.7%
Covetrus, Inc.*(a)		51,900		638,370
Owens & Minor, Inc.(a)		760,010		4,757,663
				5,396,033
Hotels, Restaurants & Leisure 0.6%
Biglari Holdings, Inc. (Class B Stock)*		5,300		574,944
Del Taco Restaurants, Inc.*		73,000		550,420
RCI Hospitality Holdings, Inc.		31,500		558,495
Red Robin Gourmet Burgers, Inc.*(a)		85,000		2,793,950
				4,477,809
Household Durables    2.9%
Ethan Allen Interiors, Inc.		24,500		395,675
M/I Homes, Inc.*		7,400		328,486
Meritage Homes Corp.*		73,200		5,194,272
Taylor Morrison Home Corp.*		346,400		8,964,832
TRI Pointe Group, Inc.*		525,100		8,538,126
				23,421,391
Insurance    3.4%
American Equity Investment Life Holding Co.		263,977		6,971,632
CNO Financial Group, Inc.		404,400		7,113,396
Employers Holdings, Inc.		123,298		5,258,660
FBL Financial Group, Inc. (Class A Stock)		40,668		2,187,125
National General Holdings Corp.		34,300		746,711
National Western Life Group, Inc. (Class A Stock)		17,700		4,708,200
				26,985,724

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 13

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Interactive Media & Services    0.6%
Cars.com, Inc.*		397,500	$	4,638,825
Machinery    1.5%
Altra Industrial Motion Corp.		206,000		6,851,560
Gates Industrial Corp. PLC*		125,100		1,559,997
Lydall, Inc.*		118,800		2,428,272
NN, Inc.		175,700		1,516,291
Park-Ohio Holdings Corp.		2,800		82,320
				12,438,440
Marine    0.6%
Costamare, Inc. (Monaco)		624,000		4,948,320
Media    1.4%
Cumulus Media, Inc. (Class A Stock)*		33,500		469,000
Emerald Expositions Events, Inc.		260,100		2,712,843
Entercom Communications Corp. (Class A Stock)(a)		892,300		3,542,431
Gray Television, Inc.*(a)		223,000		4,522,440
Saga Communications, Inc. (Class A Stock)		3,310		100,359
TEGNA, Inc.		21,100		356,590
				11,703,663
Metals & Mining    1.5%
Commercial Metals Co.		33,900		696,645
Schnitzer Steel Industries, Inc. (Class A Stock)(a)		324,500		5,217,960
SunCoke Energy, Inc.		344,700		2,026,836
United States Steel Corp.(a)		242,700		2,201,289
Warrior Met Coal, Inc.		96,800		1,825,648
				11,968,378
Mortgage Real Estate Investment Trusts (REITs)    8.0%
AG Mortgage Investment Trust, Inc.		260,081		4,122,284
Anworth Mortgage Asset Corp.		236,200		845,596
Apollo Commercial Real Estate Finance, Inc.		332,083		6,070,477
Ares Commercial Real Estate Corp.		90,500		1,478,770
Arlington Asset Investment Corp. (Class A Stock)		308,996		1,755,097
ARMOUR Residential REIT, Inc.		240,700		4,635,882
Blackstone Mortgage Trust, Inc. (Class A Stock) (a)		102,800		3,926,960
Cherry Hill Mortgage Investment Corp.		176,500		2,711,040
Dynex Capital, Inc.(a)		199,935		3,562,842
Ellington Financial, Inc.		7,000		127,890
Exantas Capital Corp.		27,300		329,784

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Mortgage Real Estate Investment Trusts (REITs) (cont’d.)
Granite Point Mortgage Trust, Inc.		134,400	$	2,458,176
Great Ajax Corp.		26,800		404,412
Invesco Mortgage Capital, Inc.		340,126		5,948,804
KKR Real Estate Finance Trust, Inc.		133,400		2,808,070
Ladder Capital Corp.		156,168		2,865,683
New York Mortgage Trust, Inc.		250,100		1,588,135
PennyMac Mortgage Investment Trust		207,300		4,819,725
Ready Capital Corp.		63,500		1,036,320
Redwood Trust, Inc.		304,600		5,370,098
TPG RE Finance Trust, Inc.		167,800		3,434,866
Western Asset Mortgage Capital Corp.		407,200		4,320,392
				64,621,303
Multiline Retail    1.2%
Big Lots, Inc.		153,400		4,151,004
Dillard’s, Inc. (Class A Stock)(a)		96,600		5,865,552
				10,016,556
Oil, Gas & Consumable Fuels    6.0%
Amplify Energy Corp.		188,000		1,013,320
Antero Resources Corp.*(a)		208,400		385,540
Berry Petroleum Corp.		277,300		1,899,505
Bonanza Creek Energy, Inc.*		193,900		3,527,041
Callon Petroleum Co.*(a)		1,027,600		3,082,800
Cimarex Energy Co.		59,800		2,624,622
CNX Resources Corp.*(a)		617,500		4,464,525
CONSOL Energy, Inc.*		134,200		1,091,046
CVR Energy, Inc.		3,800		131,518
EQT Corp.		163,000		986,150
Extraction Oil & Gas, Inc.*		157,000		222,940
GasLog Ltd. (Monaco)		110,700		717,336
Gulfport Energy Corp.*(a)		943,600		1,462,580
Laredo Petroleum, Inc.*		676,800		1,164,096
Magnolia Oil & Gas Corp. (Class A Stock)*		275,200		2,895,104
Matador Resources Co.*(a)		411,800		6,041,106
Montage Resources Corp.*(a)		55,900		204,035
Murphy Oil Corp.(a)		98,700		2,068,752
Oasis Petroleum, Inc.*		60,200		135,450
Parsley Energy, Inc. (Class A Stock)		177,300		2,950,272
Peabody Energy Corp.		386,500		2,612,740
Penn Virginia Corp.*		91,100		1,946,807
Range Resources Corp.(a)		342,700		1,028,100
Ring Energy, Inc.*(a)		141,000		304,560

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 15

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Shares			Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
SFL Corp. Ltd. (Norway)		89,369		$	1,183,245
Southwestern Energy Co.*(a)		1,567,300			2,460,661
Talos Energy, Inc.*		60,400			1,325,176
					47,929,027
Paper & Forest Products    1.5%
Clearwater Paper Corp.*		118,300			3,336,060
Domtar Corp.(a)		83,300			2,900,506
Verso Corp. (Class A Stock)*		324,628			5,469,982
					11,706,548
Personal Products    0.5%
Edgewell Personal Care Co.*(a)		153,200			3,955,624
Pharmaceuticals    0.2%
Lannett Co., Inc.*(a)		218,600			1,779,404
Professional Services    0.7%
Kelly Services, Inc. (Class A Stock)		172,100			3,056,496
TrueBlue, Inc.*		110,900			2,429,819
					5,486,315
Real Estate Management & Development    0.9%
Altisource Portfolio Solutions SA*(a)		85,700			1,594,020
Realogy Holdings Corp.(a)		560,800			5,938,872
					7,532,892
Road & Rail    2.3%
ArcBest Corp.		200,600			4,475,386
Covenant Transportation Group, Inc. (Class A Stock)*(a)		161,100			2,043,553
Hertz Global Holdings, Inc.*		389,000			6,130,640
Knight-Swift Transportation Holdings, Inc.		84,900	��		3,148,092
Ryder System, Inc.		58,900			2,810,708
					18,608,379
Specialty Retail    5.8%
Abercrombie & Fitch Co. (Class A Stock)(a)		324,400			5,307,184
At Home Group, Inc.*(a)		468,700			2,652,842
Bed Bath & Beyond, Inc.(a)		486,200			6,928,350
Caleres, Inc.		34,900			612,495

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
Cato Corp. (The) (Class A Stock)		171,500	$	2,750,860
Citi Trends, Inc.		59,400		1,383,426
Conn’s, Inc.*(a)		276,400		2,421,264
Container Store Group, Inc. (The)*(a)		49,500		199,980
Genesco, Inc.*(a)		144,900		5,697,468
Group 1 Automotive, Inc.		12,600		1,269,702
Hibbett Sports, Inc.*		202,800		5,025,384
J. Jill, Inc.(a)		266,000		316,540
MarineMax, Inc.*		145,200		2,893,836
Office Depot, Inc.		882,900		1,960,038
Party City Holdco, Inc.*		448,500		1,291,680
Signet Jewelers Ltd.(a)		248,700		6,045,897
				46,756,946
Textiles, Apparel & Luxury Goods    0.2%
Fossil Group, Inc.*(a)		185,400		1,247,742
G-III Apparel Group Ltd.*(a)		22,200		604,062
				1,851,804
Thrifts & Mortgage Finance    3.9%
Federal Agricultural Mortgage Corp. (Class C Stock)		17,062		1,301,831
First Defiance Financial Corp.		87,382		2,568,157
Flagstar Bancorp, Inc.		106,600		3,756,584
Mr. Cooper Group, Inc.*		166,600		2,062,508
OceanFirst Financial Corp.		192,400		4,475,224
PennyMac Financial Services, Inc.		52,915		1,784,294
Provident Financial Services, Inc.		166,320		3,793,759
Radian Group, Inc.		347,666		8,514,340
WSFS Financial Corp.		85,600		3,414,584
				31,671,281
Tobacco    0.4%
Universal Corp.		58,000		3,082,700
Trading Companies & Distributors    3.1%
Air Lease Corp.(a)		65,800		2,825,452
Beacon Roofing Supply, Inc.*(a)		64,900		2,148,839
CAI International, Inc.*		236,206		6,424,803
GATX Corp.(a)		4,700		357,811
Rush Enterprises, Inc. (Class A Stock)		7,400		318,200
Textainer Group Holdings Ltd. (China)*		277,700		2,629,819

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 17

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors (cont’d.)
Triton International Ltd. (Bermuda)(a)		207,400	$	7,787,870
WESCO International, Inc.*		55,500		2,686,755
				25,179,549
Wireless Telecommunication Services    0.2%
Telephone & Data Systems, Inc.		61,500		1,394,820
TOTAL LONG-TERM INVESTMENTS (cost $857,512,570)				802,474,096
SHORT-TERM INVESTMENTS    22.1%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		316,079		316,079
PGIM Institutional Money Market Fund (cost $177,340,871; includes $177,034,685 of cash collateral for securities on loan)(b)(w)		177,337,729		177,373,197
TOTAL SHORT-TERM INVESTMENTS (cost $177,656,950)				177,689,276
TOTAL INVESTMENTS    121.9% (cost $1,035,169,520)				980,163,372
Liabilities in excess of other assets    (21.9)%				(176,167,965	)
NET ASSETS    100.0%			$	803,995,407

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

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $168,229,241; cash collateral of $177,034,685 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

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.

See Notes to Financial Statements.

18

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

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

The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Air Freight & Logistics	$	5,409,023	$	—	$	—
Airlines		20,135,560		—		—
Auto Components		34,257,048		—		—
Banks		177,786,880		—		—
Capital Markets		9,488,548		—		—
Chemicals		8,578,544		—		—
Commercial Services & Supplies		11,287,995		—		—
Construction & Engineering		1,133,882		—		—
Consumer Finance		15,154,402		—		—
Diversified Consumer Services		7,251,262		—		—
Diversified Financial Services		2,886,315		—		—
Electronic Equipment, Instruments & Components		9,788,650		—		—
Energy Equipment & Services		7,256,714		—		—
Equity Real Estate Investment Trusts (REITs)		84,878,798		—		—
Food & Staples Retailing		18,563,966		—		—
Food Products		1,064,778		—		—
Health Care Providers & Services		5,396,033		—		—
Hotels, Restaurants & Leisure		4,477,809		—		—
Household Durables		23,421,391		—		—
Insurance		26,985,724		—		—
Interactive Media & Services		4,638,825		—		—
Machinery		12,438,440		—		—
Marine		4,948,320		—		—
Media		11,703,663		—		—
Metals & Mining		11,968,378		—		—
Mortgage Real Estate Investment Trusts (REITs)		64,621,303		—		—
Multiline Retail		10,016,556		—		—
Oil, Gas & Consumable Fuels		47,929,027		—		—
Paper & Forest Products		11,706,548		—		—
Personal Products		3,955,624		—		—
Pharmaceuticals		1,779,404		—		—
Professional Services		5,486,315		—		—
Real Estate Management & Development		7,532,892		—		—
Road & Rail		18,608,379		—		—
Specialty Retail		46,756,946		—		—
Textiles, Apparel & Luxury Goods		1,851,804		—		—
Thrifts & Mortgage Finance		31,671,281		—		—
Tobacco		3,082,700		—		—
Trading Companies & Distributors		25,179,549		—		—

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 19

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Wireless Telecommunication Services	$	1,394,820	$	—	$	—
Affiliated Mutual Funds		177,689,276		—		—
Total	$	980,163,372	$	—	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2020 were as follows:

Banks	22.1	%
Affiliated Mutual Funds (22.0% represents investments purchased with collateral from securities on loan)	22.1
Equity Real Estate Investment Trusts (REITs)	10.6
Mortgage Real Estate Investment Trusts (REITs)	8.0
Oil, Gas & Consumable Fuels	6.0
Specialty Retail	5.8
Auto Components	4.3
Thrifts & Mortgage Finance	3.9
Insurance	3.4
Trading Companies & Distributors	3.1
Household Durables	2.9
Airlines	2.5
Road & Rail	2.3
Food & Staples Retailing	2.3
Consumer Finance	1.9
Machinery	1.5
Metals & Mining	1.5
Paper & Forest Products	1.5
Media	1.4
Commercial Services & Supplies	1.4
Multiline Retail	1.2
Electronic Equipment, Instruments & Components	1.2
Capital Markets	1.2

Chemicals	1.1	%
Real Estate Management & Development	0.9
Energy Equipment & Services	0.9
Diversified Consumer Services	0.9
Professional Services	0.7
Air Freight & Logistics	0.7
Health Care Providers & Services	0.7
Marine	0.6
Interactive Media & Services	0.6
Hotels, Restaurants & Leisure	0.6
Personal Products	0.5
Tobacco	0.4
Diversified Financial Services	0.4
Textiles, Apparel & Luxury Goods	0.2
Pharmaceuticals	0.2
Wireless Telecommunication Services	0.2
Construction & Engineering	0.1
Food Products	0.1
	121.9
Liabilities in excess of other assets	(21.9	)
	100.0	%

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right toset-off exists is presented in the summary below.

See Notes to Financial Statements.

20

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	168,229,241	$	(168,229,241	)	$	—

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

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 21

Statement of Assets & Liabilities(unaudited)

as of January 31, 2020

Assets
Investments at value, including securities on loan of $168,229,241:
Unaffiliated investments (cost $857,512,570)	$	802,474,096
Affiliated investments (cost $177,656,950)		177,689,276
Receivable for investments sold		1,846,293
Dividends and interest receivable		826,357
Receivable for Fund shares sold		736,005
Prepaid expenses		5,942
Total Assets		983,577,969
Liabilities
Payable to broker for collateral for securities on loan		177,034,685
Payable for Fund shares reacquired		1,444,905
Accrued expenses and other liabilities		517,581
Management fee payable		439,195
Distribution fee payable		86,243
Affiliated transfer agent fee payable		59,953
Total Liabilities		179,582,562
Net Assets	$	803,995,407
Net assets were comprised of:
Shares of beneficial interest, at par	$	52,425
Paid-in capital in excess of par		886,061,650
Total distributable earnings (loss)		(82,118,668	)
Net assets, January 31, 2020	$	803,995,407

See Notes to Financial Statements.

22

Class A
Net asset value, redemption price per share, ($103,848,826 ÷ 6,747,987 shares of beneficial interest issued and outstanding)	$	15.39
Maximum sales charge (5.50% of offering price)		0.90
Maximum offering price to public	$	16.29
Class C
Net asset value, offering price and redemption price per share, ($9,327,876 ÷ 603,028 shares of beneficial interest issued and outstanding)	$	15.47
Class R
Net asset value, offering price and redemption price per share, ($117,407,014 ÷ 7,739,219 shares of beneficial interest issued and outstanding)	$	15.17
Class Z
Net asset value, offering price and redemption price per share, ($287,302,298 ÷ 18,714,151 shares of beneficial interest issued and outstanding)	$	15.35
Class R2
Net asset value, offering price and redemption price per share, ($325,979 ÷ 21,221 shares of beneficial interest issued and outstanding)	$	15.36
Class R4
Net asset value, offering price and redemption price per share, ($1,308,227 ÷ 85,093 shares of beneficial interest issued and outstanding)	$	15.37
Class R6
Net asset value, offering price and redemption price per share, ($284,475,187 ÷ 18,514,353 shares of beneficial interest issued and outstanding)	$	15.37

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 23

Statement of Operations(unaudited)

Six Months Ended January 31, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $908 foreign withholding tax)	$	15,530,519
Income from securities lending, net (including affiliated income of $311,864)		547,189
Affiliated dividend income		7,214
Total income		16,084,922
Expenses
Management fee		3,009,441
Distribution fee(a)		702,923
Shareholder servicing fees(a)		183
Transfer agent’s fees and expenses (including affiliated expense of $174,244)(a)		454,810
Custodian and accounting fees		65,600
Registration fees(a)		53,240
Shareholders’ reports		47,558
Audit fee		16,091
Trustees’ fees		13,618
Legal fees and expenses		12,169
Miscellaneous		63,152
Total expenses		4,438,785
Less: Fee waiver and/or expense reimbursement(a)		(43,217	)
Distribution fee waiver(a)		(188,249	)
Net expenses		4,207,319
Net investment income (loss)		11,877,603
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $(15,253))		(17,378,798	)
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $12,216)		(11,762,746	)
Net gain (loss) on investment transactions		(29,141,544	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(17,263,941	)

(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		167,922			53,759			480,785			—			457			—			—
Shareholder servicing fees		—			—			—			—			183			—			—
Transfer agent’s fees and expenses		113,116			22,569			97,704			218,703			242			32			2,444
Registration fees		7,605			7,149			7,802			9,974			6,514			6,514			7,682
Fee waiver and/or expense reimbursement		(4,646	)		(341	)		(5,565	)		(20,798	)		(6,475	)		(5,392	)		—
Distribution fee waiver		(27,987	)		—			(160,262	)		—			—			—			—

See Notes to Financial Statements.

24

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2020			Year Ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	11,877,603		$	22,042,429
Net realized gain (loss) on investment transactions		(17,378,798	)		55,523,977
Net change in unrealized appreciation (depreciation) on investments		(11,762,746	)		(282,664,548	)
Net increase (decrease) in net assets resulting from operations		(17,263,941	)		(205,098,142	)
Dividends and Distributions
Distributions from distributable earnings
Class A		(5,992,876	)		(9,575,305	)
Class C		(469,895	)		(2,211,007	)
Class R		(6,576,700	)		(11,255,549	)
Class Z		(20,502,176	)		(60,412,692	)
Class R2		(18,357	)		(19,556	)
Class R4		(74,887	)		(766	)
Class R6		(18,877,072	)		(32,451,884	)
		(52,511,963	)		(115,926,759	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		79,651,936			222,921,605
Net asset value of shares issued in reinvestment of dividends and distributions		49,169,832			111,161,668
Cost of shares reacquired		(495,451,476	)		(347,999,658	)
Net increase (decrease) in net assets from Fund share transactions		(366,629,708	)		(13,916,385	)
Total increase (decrease)		(436,405,612	)		(334,941,286	)
Net Assets:
Beginning of period		1,240,401,019			1,575,342,305
End of period	$	803,995,407		$	1,240,401,019

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 25

Notes to Financial Statements(unaudited)

The Target Portfolio Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversifiedopen-end management investment company. The Trust currently consists of three series: PGIM Corporate Bond Fund, PGIM Core Bond Fund and PGIM QMASmall-Cap Value Fund (collectively the “Funds”).

These financial statements relate only to the PGIM QMASmall-Cap Value Fund (the “Fund”).

The investment objective of the Fund is above average capital appreciation.

1. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies.The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the 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. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingperiod-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

26

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820—Fair Value Measurements and Disclosures.

Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options, 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 valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments inopen-end,non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.

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; any available analyst media or other reports or information deemed reliable by the Manager 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.

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

PGIM QMASmall-Cap Value Fund 27

Notes to Financial Statements(unaudited)(continued)

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

Master Netting Arrangements:The Trust, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

28

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

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

Securities Transactions and Net Investment Income:Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. 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. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Taxes:It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute 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.

Tax reform legislation commonly referred to as the Tax Cuts and Jobs Act permits a direct REIT shareholder to claim a 20% “qualified business income” deduction for ordinary REIT dividends. The tax legislation did not expressly permit regulated investment companies (“RICs”) paying dividends attributable to such income to pass through this special treatment

PGIM QMASmall-Cap Value Fund 29

Notes to Financial Statements(unaudited) (continued)

to its shareholders. On January 18, 2019, the Internal Revenue Service issued final regulations that permit RICs to pass through “qualified REIT dividends” to their shareholders.

Dividends and Distributions:The Fund expects to pay dividends from net investment income and distributions from net realized capital gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-in capital in excess of par, as appropriate.

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.

2. Agreements

The Trust, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Fund. The Manager administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund’s custodian and the Fund’s transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with QMA LLC. The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Fund. In connection therewith, QMA is obligated to keep certain books and records of the Fund. The Manager pays for the services of QMA, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.60% average daily net assets up to $2 billion and 0.575% of the Fund’s

30

average daily net assets in excess of $2 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.60% for the reporting period ended January 31, 2020.

The Manger has contractually agreed to waive fees payable to PGIM Investments by the Fund in an amount up to 0.01% of the Fund’s average daily net assets through November 30, 2020, to the extent that the Fund’s net annual operating expenses and acquired fund fees and expenses (exclusive of taxes, interest, distribution and service(12b-1) fees and certain extraordinary expenses) exceed 0.68% of the Fund’s average daily net assets on an annualized basis. Separately, the Manager has contractually agreed, through November 30, 2020, to limit transfer agency, shareholder servicing,sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the total annual operating expenses to exceed 1.14% of average daily net assets for Class R2 shares or 0.89% of average daily net assets for Class R4 shares. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar 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 may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C, Class R and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 and Class R6 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 0.75% and 0.25% of the average daily net assets of the Class A, Class C, Class R and Class R2 shares, respectively. PIMS has contractually agreed through November 30, 2020 to reduce such fees to 0.25% and 0.50% of the average daily net assets of the Class A and Class R shares, respectively.

The Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares

PGIM QMASmall-Cap Value Fund 31

Notes to Financial Statements(unaudited) (continued)

are authorized to pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, as compensation for services rendered to the shareholders of such Class R2 and Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.

For the reporting period ended January 31, 2020, PIMS received $37,510 infront-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended January 31, 2020, PIMS received $0 and $15 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PGIM Investments, PIMS, PMFS and QMA are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

3. Other Transactions with Affiliates

PMFS serves as the Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. For the reporting period ended January 31, 2020, no17a-7 transactions were entered into by the Fund.

32

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2020, were $223,624,164 and $630,291,690, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended January 31, 2020, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	4,553,616	$	61,828,929	$	66,066,466	$	—	$	—		$	316,079		316,079	$	7,214
	PGIM Institutional Money Market Fund*
	156,319,638		452,288,979		431,232,383		12,216		(15,253	)		177,373,197		177,337,729		311,864	**
$	160,873,254	$	514,117,908	$	497,298,849	$	12,216	$	(15,253	)	$	177,689,276			$	319,078

* The Fund did not have any capital gain distributions during the reporting period.

** Represents the affiliated amount of securities lending income shown on the Statement of Operations.

5. Distributions and Tax Information

The Fund has a tax year end of October 31st.

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on theex-date.

The tax character of distributions paid during the tax year ended October 31, 2019 were $63,821,630 of ordinary income and $52,105,129 of long-term capital gains. The tax character of distributions paid during the tax year ended October 31, 2018 was $76,889,522 of ordinary income and $115,901,286 of long-term capital gains.

As of the latest tax year ended October 31, 2019, the accumulated undistributed earnings on a tax basis were $23,993,221 of ordinary income and $22,986,122 of long-term capital gains.

PGIM QMASmall-Cap Value Fund 33

Notes to Financial Statements(unaudited) (continued)

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of January 31, 2020 were as follows:

Tax Basis	$	1,028,031,755
Gross Unrealized Appreciation		89,279,108
Gross Unrealized Depreciation		(137,147,491	)
Net Unrealized Depreciation	$	(47,868,383	)

The book basis may differ from tax basis due to certaintax-related adjustments.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

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

34

As of January 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares		Percentage of Outstanding Shares
Class A		1,397		—	%*
Class R		6,976,620		90	%
Class Z		395,019		2	%
Class R2		568		3	%
Class R4		570		1	%

* Amount represents less than 1% of outstanding shares.

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
1	13%	4	38%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended January 31, 2020:
Shares sold		216,560		$	3,557,860
Shares issued in reinvestment of dividends and distributions		356,043			5,860,476
Shares reacquired		(842,606	)		(13,771,804	)
Net increase (decrease) in shares outstanding before conversion		(270,003	)		(4,353,468	)
Shares issued upon conversion from other share class(es)		13,977			230,118
Shares reacquired upon conversion into other share class(es)		(46,962	)		(772,433	)
Net increase (decrease) in shares outstanding		(302,988	)	$	(4,895,783	)
Year ended July 31, 2019:
Shares sold		505,377		$	8,904,793
Shares issued in reinvestment of dividends and distributions		611,259			9,327,812
Shares reacquired		(1,328,083	)		(22,999,915	)
Net increase (decrease) in shares outstanding before conversion		(211,447	)		(4,767,310	)
Shares issued upon conversion from other share class(es)		875,416			15,014,299
Shares reacquired upon conversion into other share class(es)		(128,779	)		(2,354,525	)
Net increase (decrease) in shares outstanding		535,190		$	7,892,464

PGIM QMASmall-Cap Value Fund 35

Notes to Financial Statements(unaudited) (continued)

Class C	Shares			Amount
Six months ended January 31, 2020:
Shares sold		32,207		$	525,535
Shares issued in reinvestment of dividends and distributions		28,079			465,265
Shares reacquired		(129,877	)		(2,102,348	)
Net increase (decrease) in shares outstanding before conversion		(69,591	)		(1,111,548	)
Shares reacquired upon conversion into other share class(es)		(11,145	)		(185,426	)
Net increase (decrease) in shares outstanding		(80,736	)	$	(1,296,974	)
Year ended July 31, 2019:
Shares sold		97,129		$	1,704,040
Shares issued in reinvestment of dividends and distributions		142,042			2,181,765
Shares reacquired		(429,017	)		(7,562,711	)
Net increase (decrease) in shares outstanding before conversion		(189,846	)		(3,676,906	)
Shares reacquired upon conversion into other share class(es)		(875,270	)		(15,109,932	)
Net increase (decrease) in shares outstanding		(1,065,116	)	$	(18,786,838	)
Class R
Six months ended January 31, 2020:
Shares sold		173,966		$	2,799,644
Shares issued in reinvestment of dividends and distributions		405,219			6,576,700
Shares reacquired		(1,412,038	)		(22,378,731	)
Net increase (decrease) in shares outstanding		(832,853	)	$	(13,002,387	)
Year ended July 31, 2019:
Shares sold		1,865,355		$	30,019,153
Shares issued in reinvestment of dividends and distributions		747,381			11,255,549
Shares reacquired		(1,904,957	)		(33,034,488	)
Net increase (decrease) in shares outstanding		707,779		$	8,240,214
Class Z
Six months ended January 31, 2020:
Shares sold		2,093,684		$	33,406,656
Shares issued in reinvestment of dividends and distributions		1,243,687			20,421,344
Shares reacquired		(18,936,754	)		(300,977,780	)
Net increase (decrease) in shares outstanding before conversion		(15,599,383	)		(247,149,780	)
Shares issued upon conversion from other share class(es)		51,334			845,489
Shares reacquired upon conversion into other share class(es)		(3,537,790	)		(60,772,663	)
Net increase (decrease) in shares outstanding		(19,085,839	)	$	(307,076,954	)
Year ended July 31, 2019:
Shares sold		6,552,669		$	113,039,784
Shares issued in reinvestment of dividends and distributions		3,680,081			56,010,840
Shares reacquired		(11,924,024	)		(205,679,642	)
Net increase (decrease) in shares outstanding before conversion		(1,691,274	)		(36,629,018	)
Shares issued upon conversion from other share class(es)		162,948			2,989,364
Shares reacquired upon conversion into other share class(es)		(36,132	)		(626,971	)
Net increase (decrease) in shares outstanding		(1,564,458	)	$	(34,266,625	)

36

Class R2	Shares			Amount
Six months ended January 31, 2020:
Shares sold		950		$	16,493
Shares issued in reinvestment of dividends and distributions		1,117			18,357
Shares reacquired		(3,673	)		(60,510	)
Net increase (decrease) in shares outstanding		(1,606	)	$	(25,660	)
Year ended July 31, 2019:
Shares sold		23,957		$	412,473
Shares issued in reinvestment of dividends and distributions		1,283			19,556
Shares reacquired		(3,296	)		(57,691	)
Net increase (decrease) in shares outstanding		21,944		$	374,338
Class R4
Six months ended January 31, 2020:
Shares sold		81,627		$	1,334,178
Shares issued in reinvestment of dividends and distributions		4,555			74,887
Shares reacquired		(1,629	)		(27,301	)
Net increase (decrease) in shares outstanding		84,553		$	1,381,764
Year ended July 31, 2019:
Shares issued in reinvestment of dividends and distributions		51		$	767
Net increase (decrease) in shares outstanding		51		$	767
Class R6
Six months ended January 31, 2020:
Shares sold		2,338,348		$	38,011,570
Shares issued in reinvestment of dividends and distributions		958,783			15,752,803
Shares reacquired		(9,642,231	)		(156,133,002	)
Net increase (decrease) in shares outstanding before conversion		(6,345,100	)		(102,368,629	)
Shares issued upon conversion from other share class(es)		3,526,466			60,654,915
Net increase (decrease) in shares outstanding		(2,818,634	)	$	(41,713,714	)
Year ended July 31, 2019:
Shares sold		3,950,123		$	68,841,362
Shares issued in reinvestment of dividends and distributions		2,125,107			32,365,379
Shares reacquired		(4,528,102	)		(78,665,211	)
Net increase (decrease) in shares outstanding before conversion		1,547,128			22,541,530
Shares issued upon conversion from other share class(es)		4,864			87,765
Net increase (decrease) in shares outstanding		1,551,992		$	22,629,295

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “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 reportingperiod-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$900 million	$900 million

PGIM QMASmall-Cap Value Fund 37

Notes to Financial Statements(unaudited) (continued)

	Current SCA	Prior SCA
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate 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 Funds in the SCA equitably.

The Fund utilized the SCA during the reporting period ended January 31, 2020. The average daily balance for the 88 days that the Fund had loans outstanding during the period was approximately $4,958,182, borrowed at a weighted average interest rate of 3.15%. The maximum loan outstanding amount during the period was $94,116,000. At January 31, 2020, the Fund did not have an outstanding loan amount.

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Equity and Equity-Related Securities Risks:The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. The Fund’s holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Market and Credit 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 an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

38

Risks of Investing in equity REITs:Real estate securities are subject to similar risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of payments that occur earlier or later than expected, and such loans may also includeso-called “subprime” mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.

In addition, investing in equity REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the equity REITs, while mortgage REITs may be affected by the quality of any credit extended. Equity REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Since equity REITs are relatively smaller in size when compared to the broader market, and smaller companies tend to be more volatile than larger companies, they may be more volatile and/or more illiquid than other types of equity securities. Equity REITs are subject to interest rate risks. Equity REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each equity REIT in which it invests, in addition to the expenses of the Fund.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

10. Subsequent Event

Subsequent to January 31, 2020 theCOVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak.

PGIM QMASmall-Cap Value Fund 39

Notes to Financial Statements(unaudited)(continued)

There are meaningful direct and indirect effects developing particularly with companies in which we invest, which may have an impact on the valuation of these companies. The Manager will continue to monitor the impact ofCOVID-19.

40

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended January 31,			Year Ended July 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.46			$20.95			$21.32			$18.16			$25.21			$26.70
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.23			0.26			0.26			0.32			0.46
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.34	)		(3.17	)		2.04			3.25			(0.07	)		0.78
Total from investment operations		(0.17	)		(2.94	)		2.30			3.51			0.25			1.24
Less Dividends and Distributions:
Dividends from net investment income		(0.48	)		(0.28	)		(0.31	)		(0.30	)		(0.55	)		(0.19	)
Distributions from net realized gains		(0.42	)		(1.27	)		(2.36	)		(0.05	)		(6.75	)		(2.54	)
Total dividends and distributions		(0.90	)		(1.55	)		(2.67	)		(0.35	)		(7.30	)		(2.73	)
Net asset value, end of period		$15.39			$16.46			$20.95			$21.32			$18.16			$25.21
Total Return(b):		(1.38)%			(13.47)%			11.31%			19.29%			3.98%			4.53%
Ratios/Supplemental Data:
Net assets, end of period (000)		$103,849			$116,090			$136,533			$132,512			$116,997			$138,855
Average net assets (000)		$111,340			$118,685			$133,270			$129,902			$121,788			$16,282
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.10%	(e)		1.07%			1.02%			0.96%			0.98%			1.14%
Expenses before waivers and/or expense reimbursement		1.16%	(e)		1.13%			1.08%			1.02%			1.04%			1.20%
Net investment income (loss)		2.10%	(e)		1.31%			1.27%			1.27%			1.67%			1.76%
Portfolio turnover rate(f)		22%			80%			70%			95%			72%			111%

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

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

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

(d) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 41

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended January 31,			Year Ended July 31,												June 19, 2015(a) through July 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$16.48			$20.95			$21.32			$18.18			$25.19			$26.36
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.12			0.10			0.10			0.17			0.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.35	)		(3.20	)		2.03			3.26			(0.06	)		(1.19	)
Total from investment operations		(0.27	)		(3.08	)		2.13			3.36			0.11			(1.17	)
Less Dividends and Distributions:
Dividends from net investment income		(0.32	)		(0.12	)		(0.14	)		(0.17	)		(0.37	)		-
Distributions from net realized gains		(0.42	)		(1.27	)		(2.36	)		(0.05	)		(6.75	)		-
Total dividends and distributions		(0.74	)		(1.39	)		(2.50	)		(0.22	)		(7.12	)		-
Net asset value, end of period		$15.47			$16.48			$20.95			$21.32			$18.18			$25.19
Total Return(c):		(1.93)%			(14.22)%			10.44%			18.43%			3.19%			(4.44)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9,328			$11,269			$36,638			$40,476			$30,257			$35,293
Average net assets (000)		$10,693			$24,635			$38,734			$41,745			$30,498			$33,702
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.19%	(f)		1.92%			1.81%			1.71%			1.73%			1.90%	(f)
Expenses before waivers and/or expense reimbursement		2.20%	(f)		1.93%			1.82%			1.72%			1.74%			1.91%	(f)
Net investment income (loss)		1.01%	(f)		0.66%			0.49%			0.49%			0.92%			0.75%	(f)
Portfolio turnover rate(g)		22%			80%			70%			95%			72%			111%

(a) Commencement of operations.

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

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

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

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

See Notes to Financial Statements.

42

Class R Shares
	Six Months Ended January 31,			Year Ended July 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.23			$20.66			$21.06			$17.95			$25.00			$26.51
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.20			0.21			0.21			0.26			0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.34	)		(3.13	)		2.01			3.21			(0.07	)		0.91
Total from investment operations		(0.19	)		(2.93	)		2.22			3.42			0.19			1.17
Less Dividends and Distributions:
Dividends from net investment income		(0.45	)		(0.23	)		(0.26	)		(0.26	)		(0.49	)		(0.14	)
Distributions from net realized gains		(0.42	)		(1.27	)		(2.36	)		(0.05	)		(6.75	)		(2.54	)
Total dividends and distributions		(0.87	)		(1.50	)		(2.62	)		(0.31	)		(7.24	)		(2.68	)
Net asset value, end of period		$15.17			$16.23			$20.66			$21.06			$17.95			$25.00
Total Return(b):		(1.50)%			(13.63)%			11.05%			19.00%			3.70%			4.29%
Ratios/Supplemental Data:
Net assets, end of period (000)		$117,407			$139,136			$162,502			$164,019			$152,186			$150,536
Average net assets (000)		$127,512			$143,139			$165,270			$159,240			$145,703			$152,743
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.30%	(e)		1.27%			1.26%			1.21%			1.23%			1.22%
Expenses before waivers and/or expense reimbursement		1.56%	(e)		1.53%			1.52%			1.47%			1.49%			1.48%
Net investment income (loss)		1.90%	(e)		1.16%			1.04%			1.03%			1.42%			0.99%
Portfolio turnover rate(f)		22%			80%			70%			95%			72%			111%

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

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

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

(d) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 43

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended January 31,			Year Ended July 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$16.46			$20.95			$21.32			$18.14			$25.22			$26.73
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.30			0.34			0.31			0.37			0.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.34	)		(3.18	)		2.02			3.27			(0.08	)		0.92
Total from investment operations		(0.14	)		(2.88	)		2.36			3.58			0.29			1.31
Less Dividends and Distributions:
Dividends from net investment income		(0.55	)		(0.34	)		(0.37	)		(0.35	)		(0.62	)		(0.28	)
Distributions from net realized gains		(0.42	)		(1.27	)		(2.36	)		(0.05	)		(6.75	)		(2.54	)
Total dividends and distributions		(0.97	)		(1.61	)		(2.73	)		(0.40	)		(7.37	)		(2.82	)
Net asset value, end of period		$15.35			$16.46			$20.95			$21.32			$18.14			$25.22
Total Return(b):		(1.25)%			(13.11)%			11.65%			19.66%			4.20%			4.79%
Ratios/Supplemental Data:
Net assets, end of period (000)		$287,302			$622,093			$824,748			$981,061			$829,360			$1,077,790
Average net assets (000)		$435,498			$698,954			$862,416			$940,720			$811,529			$1,828,713
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.74%(e)			0.69%			0.69%			0.71%			0.73%			0.72%
Expenses before waivers and/or expense reimbursement		0.75%(e)			0.70%			0.70%			0.72%			0.74%			0.72%
Net investment income (loss)		2.48%(e)			1.72%			1.62%			1.51%			1.93%			1.48%
Portfolio turnover rate(f)		22%			80%			70%			95%			72%			111%

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

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

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

(d) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

44

Class R2 Shares
	Six Months Ended January 31, 2020			Year Ended July 31, 2019			December 28, 2017(a) through July 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$16.43			$20.91			$20.44
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.23			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.34	)		(3.18	)		0.38
Total from investment operations		(0.17	)		(2.95	)		0.47
Less Dividends and Distributions:
Dividends from net investment income		(0.48	)		(0.26	)		-
Distributions from net realized gains		(0.42	)		(1.27	)		-
Total dividends and distributions		(0.90	)		(1.53	)		-
Net asset value, end of period		$15.36			$16.43			$20.91
Total Return(c):		(1.42	)%		(13.54	)%		2.30%
Ratios/Supplemental Data:
Net assets, end of period (000)		$326			$375			$18
Average net assets (000)		$364			$184			$14
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.15%	(e)		1.14%			1.14%	(e)
Expenses before waivers and/or expense reimbursement		4.69%	(e)		8.15%			187.96%	(e)
Net investment income (loss)		2.04%	(e)		1.35%			0.72%	(e)
Portfolio turnover rate(f)		22%			80%			70%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 45

Financial Highlights(unaudited) (continued)

Class R4 Shares
	Six Months Ended January 31, 2020			Year Ended July 31, 2019			December 28, 2017(a) through July 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$16.46			$20.94			$20.44
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.27			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.31	)		(3.18	)		0.39
Total from investment operations		(0.15	)		(2.91	)		0.50
Less Dividends and Distributions:
Dividends from net investment income		(0.52	)		(0.30	)		-
Distributions from net realized gains		(0.42	)		(1.27	)		-
Total dividends and distributions		(0.94	)		(1.57	)		-
Net asset value, end of period		$15.37			$16.46			$20.94
Total Return(c):		(1.30)%			(13.31)%			2.45%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,308			$9			$10
Average net assets (000)		$913			$9			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.90%	(e)		0.89%			0.89%	(e)
Expenses before waivers and/or expense reimbursement		2.07%	(e)		140.80%			270.32%	(e)
Net investment income (loss)		1.88%	(e)		1.51%			0.95%	(e)
Portfolio turnover rate(f)		22%			80%			70%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

46

Class R6 Shares
	Six Months Ended January 31,			Year Ended July 31,												September 25, 2014(a) through July 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$16.47			$20.97			$21.34			$18.15			$25.23			$26.68
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.31			0.34			0.32			0.36			0.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.33	)		(3.19	)		2.04			3.28			(0.05	)		1.01
Total from investment operations		(0.12	)		(2.88	)		2.38			3.60			0.31			1.37
Less Dividends and Distributions:
Dividends from net investment income		(0.56	)		(0.35	)		(0.39	)		(0.36	)		(0.64	)		(0.28	)
Distributions from net realized gains		(0.42	)		(1.27	)		(2.36	)		(0.05	)		(6.75	)		(2.54	)
Total dividends and distributions		(0.98	)		(1.62	)		(2.75	)		(0.41	)		(7.39	)		(2.82	)
Net asset value, end of period		$15.37			$16.47			$20.97			$21.34			$18.15			$25.23
Total Return(c):		(1.19)%			(13.09)%			11.72%			19.77%			4.29%			5.04%
Ratios/Supplemental Data:
Net assets, end of period (000)		$284,475			$351,429			$414,892			$268,695			$231,801			$121,283
Average net assets (000)		$311,375			$372,557			$361,244			$263,763			$187,644			$36,516
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.65%	(f)		0.63%			0.63%			0.64%			0.66%			0.70%	(f)
Expenses before waivers and/or expense reimbursement		0.65%	(f)		0.63%			0.63%			0.64%			0.66%			0.70%	(f)
Net investment income (loss)		2.55%	(f)		1.78%			1.64%			1.58%			1.96%			1.67%	(f)
Portfolio turnover rate(g)		22%			80%			70%			95%			72%			111%

(a) Commencement of operations.

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

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

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

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

See Notes to Financial Statements.

PGIM QMASmall-Cap Value Fund 47

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Trustees has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available on the Fund’s website and on the Commission’s website at sec.gov.

TRUSTEES

Ellen S. Alberding• Kevin J. Bannon• Scott E. Benjamin• Linda W. Bynoe• Barry H. Evans• Keith F. Hartstein • Laurie Simon Hodrick• Michael S. Hyland• Stuart S. Parker• Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary• Melissa Gonzalez,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain a prospectus and summary prospectus by visiting our website atpgiminvestments.com or by calling(800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go topgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM QMA Small-Cap Value Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website atsec.gov. Form N-PORT is filed with the Commission quarterly, and the Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter atsec.gov.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED
BY ANY BANK OR ANY BANK AFFILIATE

PGIM QMA SMALL-CAP VALUE FUND

SHARE CLASS	A	C	R	Z	R2	R4	R6
NASDAQ	TSVAX	TRACX	TSVRX	TASVX	PSVDX	PSVKX	TSVQX
CUSIP	875921785	875921710	875921843	875921306	875921611	875921595	875921777

MF232E2

PGIM CORE BOND FUND

SEMIANNUAL REPORT

JANUARY 31, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	7
Holdings and Financial Statements	9

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of January 31, 2020 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PIMS and PGIM are Prudential Financial companies.^© 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgiminvestments.com

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for PGIM Core Bond Fund informative and useful. The report covers performance for thesix-month period ended January 31, 2020.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Core Bond Fund

March 16, 2020

PGIM Core Bond Fund 3

Your Fund’s Performance

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.

	(without sales charges)	Average Annual Total Returns as of 1/31/20 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)		Ten Years (%)	Since Inception (%)
Class A	4.33	6.41	N/A		N/A	2.65 (2/17/15)
Class C	3.83	8.05	N/A		N/A	2.56 (2/17/15)
Class R	4.09	9.60	N/A		N/A	3.06 (2/17/15)
Class Z	4.49	10.30	3.18		3.52	—
Class R6	4.51	10.35	N/A	��	N/A	3.64 (2/17/15)
Bloomberg Barclays US Aggregate Bond Index
	4.20	9.64	N/A		N/A	3.26

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class’ inception date.

4 Visit our website at pgiminvestments.com

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described in the table below.

	Class A	Class C	Class R	Class Z	Class R6
Maximum initial sales charge	3.25% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	For purchases prior to July 15, 2019: 1.00% on sales of $1 million or more made within 12 months of purchase. For purchases on or after July 15, 2019: 1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	0.75% (0.50% currently)	None	None

Benchmark Definitions

Bloomberg Barclays US Aggregate Bond Index—The Bloomberg Barclays US Aggregate Bond Index is unmanaged and represents securities that are SEC registered, taxable, and dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

PGIM Core Bond Fund 5

Your Fund’s Performance(continued)

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.

Distributions and Yields as of 1/31/20
	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.13	1.97	1.93
Class C	0.10	1.26	0.97
Class R	0.12	1.73	–76.25
Class Z	0.15	2.36	2.22
Class R6	0.15	2.37	2.32

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements). The investor experience is represented by the SEC 30-Day Subsidized Yield.

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.

Credit Quality expressed as a percentage of total investments as of 1/31/20 (%)
AAA	61.9
AA	7.4
A	14.8
BBB	12.9
BB	0.1
Not Rated	2.2
Cash Equivalents	0.7
Total Investments	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, 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. These rating agencies are independent, and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

6 Visit our website at pgiminvestments.com

Fees and Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended January 31, 2020. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period

PGIM Core Bond Fund 7

Fees and Expenses(continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PGIM Core Bond Fund		Beginning Account  Value August 1,  2019		Ending Account Value January 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,043.30		0.69	%	$	3.54
	Hypothetical	$	1,000.00	$	1,021.67		0.69	%	$	3.51
Class C	Actual	$	1,000.00	$	1,038.30		1.45	%	$	7.43
	Hypothetical	$	1,000.00	$	1,017.85		1.45	%	$	7.35
Class R	Actual	$	1,000.00	$	1,040.90		0.95	%	$	4.87
	Hypothetical	$	1,000.00	$	1,020.36		0.95	%	$	4.82
Class Z	Actual	$	1,000.00	$	1,044.90		0.38	%	$	1.95
	Hypothetical	$	1,000.00	$	1,023.23		0.38	%	$	1.93
Class R6	Actual	$	1,000.00	$	1,045.10		0.35	%	$	1.80
	Hypothetical	$	1,000.00	$	1,023.38		0.35	%	$	1.78

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2020, and divided by the 366 days in the Fund’s fiscal year ending July 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgiminvestments.com

Schedule of Investments(unaudited)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    99.2%
ASSET-BACKED SECURITIES    17.8%
Automobiles    4.2%
AmeriCredit Automobile Receivables Trust,
Series2018-01, Class C		3.500	%		01/18/24		500	$	515,765
Series2019-01, Class B		3.130			02/18/25		300		307,738
Series2019-01, Class C		3.360			02/18/25		400		414,839
Series2019-02, Class C		2.740			04/18/25		700		715,684
Series2019-03, Class C		2.320			07/18/25		1,700		1,714,930
Avis Budget Rental Car Funding AESOP LLC,
Series2016-01A, Class A, 144A		2.990			06/20/22		900		912,272
Series2018-01A, Class A, 144A		3.700			09/20/24		1,100		1,165,409
Series2018-02A, Class A, 144A		4.000			03/20/25		500		538,824
Series2019-02A, Class A, 144A		3.350			09/22/25		1,100		1,164,652
Series2019-03A, Class A, 144A		2.360			03/20/26		1,700		1,725,233
Series2020-01A, Class A, 144A		2.330			08/20/26		1,200		1,217,490
Drive Auto Receivables Trust, Series2019-03, Class B		2.650			02/15/24		500		503,997
Ford Credit Auto Owner Trust,
Series2017-02, Class A, 144A		2.360			03/15/29		1,600		1,626,447
Series2018-01, Class A, 144A		3.190			07/15/31		2,000		2,109,854
Series2018-02, Class A, 144A		3.470			01/15/30		1,100		1,163,638
Series2019-01, Class A, 144A		3.520			07/15/30		2,000		2,134,198
Ford Credit Floorplan Master Owner Trust,
Series2017-03, Class A		2.480			09/15/24		500		510,209
Series2018-02, Class A		3.170			03/15/25		4,000		4,181,114
Series2019-02, Class A		3.060			04/15/26		500		525,045
GM Financial Consumer Automobile Receivables Trust, Series 2018-04, Class C		3.620			06/17/24		200		209,258
GMF Floorplan Owner Revolving Trust, Series 2019-02, Class A, 144A		2.900			04/15/26		2,000		2,077,416
OneMain Direct Auto Receivables Trust,
Series2017-02A, Class B, 144A		2.550			11/14/23		1,600		1,600,866
Series2017-02A, Class C, 144A		2.820			07/15/24		400		400,827
Series2018-01A, Class A, 144A		3.430			12/16/24		1,800		1,836,453
Series2019-01A, Class A, 144A		3.630			09/14/27		1,900		2,001,109
Santander Drive Auto Receivables Trust,
Series2018-05, Class C		3.810			12/16/24		800		812,175
Series2019-02, Class C		2.900			10/15/24		1,300		1,318,868
Series2019-03, Class B		2.280			09/15/23		1,900		1,910,558
Series2019-03, Class C		2.490			10/15/25		800		808,873
Toyota Auto Loan Extended Note Trust, Series 2019-01A, Class A, 144A		2.560			11/25/31		2,100		2,175,722

See Notes to Financial Statements.

PGIM Core Bond Fund 9

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Automobiles (cont’d.)
World Omni Select Auto Trust,
Series2019-A, Class B		2.170	%		12/15/25		1,675	$	1,675,211
Series2019-A, Class C		2.380			12/15/25		300		299,474
									40,274,148
Collateralized Loan Obligations    9.2%
AIG CLO Ltd. (Cayman Islands), Series2019-02A, Class A, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)		3.230	(c)		10/25/32		2,000		2,005,346
Allegro CLO Ltd. (Cayman Islands), Series2019-02A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)		3.227	(c)		01/19/33		5,000		5,000,993
ALM Ltd. (Cayman Islands), Series2013-08A, Class A1R, 144A, 3 Month LIBOR + 1.490% (Cap N/A, Floor 1.490%)		3.321	(c)		10/15/28		250		250,329
Anchorage Capital CLO Ltd. (Cayman Islands),
Series2015-06A, Class AR, 144A, 3 Month LIBOR + 1.270% (Cap N/A, Floor 0.000%)		3.101	(c)		07/15/30		750		747,927
Series2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)		3.192	(c)		07/22/32		1,500		1,500,813
Apidos CLO (Cayman Islands), Series2015-23A, Class A1R, 144A, 3 Month LIBOR + 0.820% (Cap N/A, Floor 0.820%)		2.651	(c)		01/15/27		1,250		1,251,267
ArrowMark Colorado Holdings (Cayman Islands), Series2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		3.111	(c)		07/15/29		250		250,112
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)		3.103	(c)		07/16/29		750		750,368
Series2017-08A, Class A, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 0.000%)		3.143	(c)		01/16/30		250		250,661
Ballyrock CLO Ltd. (Cayman Islands),
Series2016-01A, Class AR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)		3.181	(c)		10/15/28		1,500		1,500,955
Series2019-02A, Class A1A, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		3.148	(c)		11/20/30		1,000		1,000,379
Battalion CLO Ltd. (Cayman Islands),
Series2014-07A, Class A1RR, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 0.000%)		2.876	(c)		07/17/28		1,250		1,250,466
Series2015-08A, Class A1R, 144A, 3 Month LIBOR + 1.340% (Cap N/A, Floor 0.000%)		3.159	(c)		07/18/30		250		249,830

See Notes to Financial Statements.

10

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		3.081	%(c)		10/15/30		500	$	499,933
Series2019-18A, Class A, 144A, 3 Month LIBOR + 1.340% (Cap N/A, Floor 1.340%)		3.249	(c)		10/15/32		1,250		1,250,211
BlueMountain CLO Ltd. (Cayman Islands), Series2015-01A, Class A1R, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 0.000%)		3.178	(c)		04/13/27		239		239,030
Canyon Capital CLO Ltd. (Cayman Islands), Series2015-01A, Class AS, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		3.081	(c)		04/15/29		750		749,634
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands), Series2015-05A, Class A1R, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		3.139	(c)		01/20/32		1,500		1,500,638
Carlyle US CLO Ltd. (Cayman Islands),
Series2017-01A, Class A1B, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%)		3.049	(c)		04/20/31		750		749,463
Series2018-01A, Class A1, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 0.000%)		2.839	(c)		04/20/31		1,000		995,643
CIFC Funding Ltd. (Cayman Islands),
Series2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		3.036	(c)		10/17/31		1,000		999,175
Series2017-01A, Class AR, 144A		—	(p)		04/23/29		2,500		2,500,472
Elevation CLO Ltd. (Cayman Islands),
Series2014-03A, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)		3.011	(c)		10/15/26		146		146,095
Series2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)		3.051	(c)		07/15/30		750		748,057
Greywolf CLO Ltd. (Cayman Islands), Series2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		2.824	(c)		04/26/31		1,000		995,595
Highbridge Loan Management Ltd. (Cayman Islands), Series2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)		2.891	(c)		02/05/31		250		249,828
HPS Loan Management Ltd. (Cayman Islands), Series15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		3.122	(c)		07/22/32		1,250		1,251,037
ICG US CLO Ltd. (Cayman Islands), Series2017-02A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		3.086	(c)		10/23/29		500		500,398

See Notes to Financial Statements.

PGIM Core Bond Fund 11

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
KKR CLO Ltd. (Cayman Islands), Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)		3.011	%(c)		01/15/31		500	$	499,768
Limerock CLO LLC (Cayman Islands), Series2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)		3.019	(c)		10/20/26		208		207,745
Madison Park Funding Ltd. (Cayman Islands), Series2016-21A, Class A1AR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)		3.181	(c)		10/15/32		1,750		1,750,105
MidOcean Credit CLO (Cayman Islands),
Series2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)		2.939	(c)		04/21/31		1,000		994,958
Series2016-05A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)		2.939	(c)		07/19/28		3,000		3,001,309
Series2018-08A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		3.049	(c)		02/20/31		1,500		1,494,829
Series2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		2.969	(c)		07/20/31		1,250		1,240,598
Mountain View CLO LLC (Cayman Islands), Series2017-02A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		3.053	(c)		01/16/31		1,250		1,243,729
Mountain View CLO Ltd. (Cayman Islands),
Series2013-01A, Class AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		3.098	(c)		10/12/30		500		498,745
Series2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)		2.951	(c)		07/15/31		2,000		1,999,966
Neuberger Berman CLO Ltd. (Cayman Islands), Series 2017-16SA, Class A, 144A, 3 Month LIBOR + 0.850% (Cap N/A, Floor 0.000%)		2.681	(c)		01/15/28		1,000		1,000,410
Northwoods Capital Ltd. (Cayman Islands), Series2019-20A, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		3.221	(c)		01/25/30		2,500		2,503,157
OCP CLO Ltd. (Cayman Islands),
Series2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)		3.091	(c)		07/15/30		250		250,077
Series2019-17A, Class A1, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)		3.149	(c)		07/20/32		2,500		2,501,760
Octagon Investment Partners 45 Ltd. (Cayman Islands), Series2019-01A, Class A, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)		3.159	(c)		10/15/32		2,000		2,000,411

See Notes to Financial Statements.

12

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
OZLM Funding Ltd. (Cayman Islands), Series2013-04A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		3.052	%(c)		10/22/30		1,000	$	996,797
OZLM Ltd. (Cayman Islands),
Series2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		3.020	(c)		10/30/30		500		499,272
Series2016-15A, Class A1, 144A, 3 Month LIBOR + 1.490% (Cap N/A, Floor 0.000%)		3.309	(c)		01/20/29		750		749,949
Series2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)		3.209	(c)		07/20/32		1,250		1,249,543
Palmer Square CLO Ltd. (Cayman Islands),
Series2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)		2.966	(c)		01/17/31		1,000		997,671
Series2015-02A, Class A1AR, 144A, 3 Month LIBOR + 1.270% (Cap N/A, Floor 0.000%)		3.097	(c)		07/20/30		500		500,613
Palmer Square Loan Funding Ltd. (Cayman Islands), Series2020-01A, Class A1, 144A		—	(p)		02/20/28		2,500		2,500,002
Romark CLO Ltd. (Cayman Islands), Series2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%)		2.969	(c)		07/25/31		250		249,324
RomarkWM-R Ltd. (Cayman Islands), Series2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		2.849	(c)		04/20/31		1,000		993,238
Silvermore CLO Ltd. (Cayman Islands), Series2014-01A, Class A1R, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 0.000%)		3.080	(c)		05/15/26		240		240,687
Sound Point CLO Ltd. (Cayman Islands),
Series2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		2.864	(c)		01/26/31		1,000		993,832
Series2016-02A, Class AR, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 1.290%)		3.109	(c)		10/20/28		250		249,819
Series2016-03A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		2.956	(c)		01/23/29		3,000		2,998,480
Series2017-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		2.956	(c)		01/23/29		2,750		2,749,000
Series2017-02A, Class A, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		3.074	(c)		07/25/30		500		498,385
Series2019-01A, Class A, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 1.370%)		3.189	(c)		01/20/32		3,250		3,252,086
Telos CLO Ltd. (Cayman Islands), Series2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)		3.076	(c)		01/17/30		1,000		994,991

See Notes to Financial Statements.

PGIM Core Bond Fund 13

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
TICP CLO Ltd. (Cayman Islands),
Series2017-07A, Class AS, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 1.230%)		3.061	%(c)		07/15/29		250	$	250,052
Series2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%)		2.959	(c)		01/20/31		1,000		1,001,223
Trimaran Cavu Ltd. (Cayman Islands), Series2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)		3.279	(c)		07/20/32		1,250		1,247,577
Trinitas CLO Ltd. (Cayman Islands), Series2017-06A, Class AR, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)		2.964	(c)		07/25/29		5,000		4,989,579
Vibrant CLO Ltd. (Cayman Islands), Series2016-05A, Class AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		3.069	(c)		01/20/29		3,000		2,999,382
Voya CLO Ltd. (Cayman Islands),
Series2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		3.041	(c)		10/15/30		750		749,912
Series2015-01A, Class A1R, 144A, 3 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)		2.719	(c)		01/18/29		1,000		999,839
Series2016-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		2.889	(c)		01/20/31		1,000		996,908
Wellfleet CLO Ltd. (Cayman Islands), Series2018-01A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		2.936	(c)		07/17/31		2,500		2,487,394
York CLO Ltd. (Cayman Islands), Series2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		2.952	(c)		01/22/31		500		499,775
Zais CLO Ltd. (Cayman Islands),
Series2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 0.000%)		3.201	(c)		07/15/29		250		248,618
Series2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%)		3.121	(c)		04/15/30		250		247,350
Series2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)		2.781	(c)		04/15/29		750		742,234
									88,745,754
Consumer Loans    0.5%
OneMain Financial Issuance Trust,
Series2017-01A, Class A2, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)		2.477	(c)		09/14/32		664		664,656
Series2018-01A, Class A, 144A		3.300			03/14/29		260		264,816

See Notes to Financial Statements.

14

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans (cont’d.)
Oportun Funding LLC,
Series2018-C, Class A, 144A		4.100	%		10/08/24		500	$	510,025
Series2018-D, Class A, 144A		4.150			12/09/24		400		409,929
SoFi Consumer Loan Program Trust, Series2019-04, Class A, 144A		2.450			08/25/28		1,871		1,879,563
Springleaf Funding Trust,
Series2016-AA, Class A, 144A		2.900			11/15/29		136		135,590
Series2017-AA, Class A, 144A		2.680			07/15/30		700		701,872
									4,566,451
Credit Cards    0.3%
Citibank Credit Card Issuance Trust, Series2018-A07, Class A7		3.960			10/13/30		2,100		2,418,924
Equipment    0.4%
MMAF Equipment Finance LLC,
Series2017-AA, Class A4, 144A		2.410			08/16/24		600		605,903
Series2017-B, Class A5, 144A		2.720			06/15/40		800		825,624
Series2018-A, Class A4, 144A		3.390			01/10/25		500		517,195
Series2018-A, Class A5, 144A		3.610			03/10/42		200		208,927
Series2019-A, Class A5, 144A		3.080			11/12/41		800		835,770
Series2019-B, Class A5, 144A		2.290			11/12/41		1,200		1,220,289
									4,213,708
Home Equity Loans    0.1%
Option One Mortgage Loan Trust, Series2005-03, Class M2, 1 Month LIBOR + 0.735% (Cap N/A, Floor 0.490%)		2.396	(c)		08/25/35		1,168		1,168,262
Manufactured Housing    0.1%
Towd Point Mortgage Trust, Series 2019-MH01, Class A1, 144A		3.000	(cc)		11/25/58		1,272		1,285,421
Other    0.2%
Sierra Timeshare Receivables Funding LLC,
Series2019-02A, Class A, 144A		2.590			05/20/36		911		919,887
Series2019-03A, Class A, 144A		2.340			08/20/36		1,238		1,245,355
									2,165,242

See Notes to Financial Statements.

PGIM Core Bond Fund 15

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities    0.9%
Credit Suisse Mortgage Trust, Series 2018-RPL08, Class A1, 144A		4.125	%(cc)		07/25/58		328	$	331,491
Legacy Mortgage Asset Trust,
Series 2019-GS01, Class A1, 144A		4.000	(cc)		01/25/59		166		168,298
Series 2019-GS02, Class A1, 144A		3.750	(cc)		01/25/59		350		353,264
Series 2019-GS03, Class A1, 144A		3.750	(cc)		04/25/59		182		184,258
Series 2019-GS04, Class A1, 144A		3.438	(cc)		05/25/59		556		559,696
Series 2019-SL01, Class A, 144A		4.000	(cc)		12/28/54		219		220,835
Mill City Mortgage Loan Trust,
Series2017-03, Class A1, 144A		2.750	(cc)		01/25/61		438		442,526
Series2018-01, Class A1, 144A		3.250	(cc)		05/25/62		588		601,978
RAAC Series Trust, Series 2007-SP03, Class A1, 1 Month LIBOR + 1.200% (Cap 14.000%, Floor 1.200%)		2.861	(c)		09/25/47		147		147,581
Towd Point Mortgage Trust,
Series2017-04, Class A1, 144A		2.750	(cc)		06/25/57		992		1,010,651
Series2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)		2.261	(c)		02/25/57		672		670,877
Series2017-06, Class A1, 144A		2.750	(cc)		10/25/57		734		745,227
Series2018-01, Class A1, 144A		3.000	(cc)		01/25/58		841		856,654
Series2018-02, Class A1, 144A		3.250	(cc)		03/25/58		850		870,764
Series2018-05, Class A1, 144A		3.250	(cc)		07/25/58		250		259,777
Series2019-04, Class A1, 144A		2.900	(cc)		10/25/59		769		790,583
Series 2019-HY03, Class A1A, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)		2.661	(c)		10/25/59		463		465,388
									8,679,848
Student Loans    1.9%
Commonbond Student Loan Trust,
Series2017-BGS, Class A1, 144A		2.680			09/25/42		570		574,290
Series2018-AGS, Class A1, 144A		3.210			02/25/44		439		451,763
Laurel Road Prime Student Loan Trust,
Series2017-C, Class A2B, 144A		2.810			11/25/42		456		462,994
Series2018-B, Class A2FX, 144A		3.540			05/26/43		828		857,696
Series2019-A, Class A2FX, 144A		2.730			10/25/48		500		509,675
Navient Private Education Refi Loan Trust,
Series2018-A, Class A2, 144A		3.190			02/18/42		1,300		1,327,025
Series2018-CA, Class A2, 144A		3.520			06/16/42		600		617,394
Series2019-CA, Class A2, 144A		3.130			02/15/68		800		818,332
Series2019-EA, Class A2A, 144A		2.640			05/15/68		800		815,530
Series2019-FA, Class A2, 144A		2.600			08/15/68		1,600		1,628,384
Series2019-GA, Class A, 144A		2.400			10/15/68		3,100		3,135,477

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Student Loans (cont’d.)
SoFi Professional Loan Program LLC,
Series2017-F, Class A2FX, 144A		2.840	%		01/25/41		1,600	$	1,633,726
Series2019-A, Class A2FX, 144A		3.690			06/15/48		1,300		1,376,442
Series2019-C, Class A2FX, 144A		2.370			11/16/48		1,100		1,106,452
SoFi Professional Loan Program Trust,
Series2018-B, Class A1FX, 144A		2.640			08/25/47		256		257,300
Series2018-B, Class A2FX, 144A		3.340			08/25/47		1,000		1,036,383
Series2020-A, Class A2FX, 144A		2.540			05/15/46		1,500		1,528,152
									18,137,015
TOTAL ASSET-BACKED SECURITIES (cost $169,549,816)									171,654,773
COMMERCIAL MORTGAGE-BACKED SECURITIES    19.8%
Assurant Commercial Mortgage Trust, Series2016-01A, Class AS, 144A		3.172			05/15/49		300		312,155
BANK,
Series 2019-BN20, Class A2		2.758			09/15/61		6,800		7,075,996
Series 2019-BN23, Class A2		2.669			12/15/52		2,200		2,275,560
Series 2020-BN25, Class A4		2.399			01/15/63		3,800		3,867,563
BBCMS Mortgage Trust,
Series2016-ETC, Class A, 144A		2.937			08/14/36		500		514,476
Series 2018-TALL, Class A, 144A, 1 Month LIBOR + 0.722% (Cap N/A, Floor 0.722%)		2.398	(c)		03/15/37		6,000		5,984,810
Benchmark Mortgage Trust,
Series2018-B01, Class A4		3.402			01/15/51		2,000		2,173,806
Series2018-B03, Class A4		3.761			04/10/51		1,500		1,673,216
Series2019-B10, Class A3		3.455			03/15/62		2,500		2,748,900
BX Commercial Mortgage Trust, Series 2020-BXLP, Class A, 144A		—	(p)		12/15/29		2,800		2,802,575
Cantor Commercial Real Estate Lending, Series 2019-CF03, Class A3		2.752			01/15/53		2,900		3,025,150
CD Mortgage Trust,
Series 2016-CD01, Class A3		2.459			08/10/49		500		511,656
Series 2019-CD08, Class A3		2.657			08/15/57		2,700		2,790,086
CFCRE Commercial Mortgage Trust, Series2016-C07, Class A2		3.585			12/10/54		2,000		2,179,738
Citigroup Commercial Mortgage Trust,
Series 2015-GC27, Class A4		2.878			02/10/48		1,100		1,141,612
Series2016-C03, Class A3		2.896			11/15/49		900		947,999
Series2017-P08, Class A3		3.203			09/15/50		1,700		1,821,134
Series2019-C07, Class A3		2.860			12/15/72		4,400		4,612,995

See Notes to Financial Statements.

PGIM Core Bond Fund 17

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Citigroup Commercial Mortgage Trust, (cont’d.)
Series 2019-GC41, Class A4		2.620	%		08/10/56		3,000	$	3,112,453
Commercial Mortgage Trust,
Series 2015-DC01, Class A5		3.350			02/10/48		1,510		1,608,199
Series 2015-PC01, Class A4		3.620			07/10/50		3,200		3,440,392
Series 2016-COR01, Class A3		2.826			10/10/49		800		835,309
CSAIL Commercial Mortgage Trust,
Series2015-C03, Class A4		3.718			08/15/48		5,343		5,807,432
Series2017-C08, Class A3		3.127			06/15/50		1,200		1,278,753
DBJPM Mortgage Trust, Series2016-C03, Class A4		2.632			08/10/49		650		673,444
FannieMae-Aces,
Series2016-M07, Class AB2		2.385			09/25/26		76		77,169
Series2016-M11, Class A2		2.369	(cc)		07/25/26		1,200		1,236,542
Series2016-M13, Class A2		2.565	(cc)		09/25/26		1,900		1,976,898
Series2017-M01, Class A2		2.497	(cc)		10/25/26		500		520,458
Series2017-M04, Class A2		2.672	(cc)		12/25/26		2,500		2,634,509
Series2017-M08, Class A2		3.061	(cc)		05/25/27		1,900		2,054,298
Series2018-M04, Class A2		3.146	(cc)		03/25/28		1,325		1,435,658
Series2018-M10, Class A1		3.497	(cc)		07/25/28		684		737,730
Series2018-M10, Class A2		3.497	(cc)		07/25/28		2,650		2,935,753
Series2019-M21, Class 3A1		2.100			06/25/34		7,159		7,069,119
Series2019-M22, Class A1		2.104			08/25/29		3,695		3,757,457
Series2019-M25, Class A1		2.142			11/25/29		4,388		4,418,652
FHLMC Multifamily Structured Pass-Through Certificates,
Series K057, Class AM		2.624			08/25/26		1,650		1,722,404
Series K068, Class AM		3.315			08/25/27		1,500		1,638,539
Series K069, Class AM		3.248	(cc)		09/25/27		300		326,512
Series K070, Class A2		3.303	(cc)		11/25/27		2,125		2,328,575
Series K070, Class AM		3.364			12/25/27		425		465,794
Series K074, Class A2		3.600			01/25/28		3,600		4,024,516
Series K075, Class AM		3.650	(cc)		02/25/28		1,075		1,199,920
Series K076, Class A2		3.900			04/25/28		2,800		3,187,435
Series K076, Class AM		3.900			04/25/28		800		908,264
Series K077, Class A2		3.850	(cc)		05/25/28		1,670		1,898,637
Series K077, Class AM		3.850	(cc)		05/25/28		340		385,014
Series K078, Class AM		3.920			06/25/28		1,025		1,166,510
Series K079, Class AM		3.930			06/25/28		1,350		1,537,370
Series K080, Class AM		3.986	(cc)		07/25/28		2,500		2,858,658
Series K081, Class AM		3.900	(cc)		08/25/28		1,100		1,251,637
Series K086, Class A2		3.859	(cc)		11/25/28		1,200		1,371,874
Series K086, Class AM		3.919	(cc)		12/25/28		350		399,343
Series K087, Class AM		3.832	(cc)		12/25/28		450		510,833
Series K089, Class AM		3.633	(cc)		01/25/29		11,315		12,685,912

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.)
Series K091, Class AM		3.566	%		03/25/29		2,000	$	2,237,917
Series K157, Class A2		3.990	(cc)		05/25/33		800		940,858
Series K730, Class AM		3.590	(cc)		01/25/25		4,100		4,442,591
Series KC03, Class A2		3.499			01/25/26		1,350		1,459,642
Series KW08, Class A2		3.600			01/25/29		4,500		5,058,293
Series W5FX, Class AFX		3.336	(cc)		04/25/28		770		844,333	��
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3		3.119			05/10/50		1,000		1,056,457
Series 2015-GC34, Class A3		3.244			10/10/48		4,400		4,651,931
JPMBB Commercial Mortgage Securities Trust, Series2015-C27, Class A3A1		2.920			02/15/48		1,065		1,112,181
JPMDB Commercial Mortgage Securities Trust, Series2017-C05, Class A4		3.414			03/15/50		1,400		1,508,779
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3		2.559			08/15/49		1,000		1,030,011
Series 2016-JP03, Class A4		2.627			08/15/49		700		725,343
Series 2017-JP05, Class A4		3.457			03/15/50		560		609,893
Series 2017-JP07, Class ASB		3.241			09/15/50		575		609,308
LCCM, Series 2017-LC26, Class A3, 144A		3.289			07/12/50		1,600		1,712,386
Morgan Stanley Bank of America Merrill Lynch Trust, Series2015-C20, Class A2		2.790			02/15/48		521		520,873
Morgan Stanley Capital I Trust,
Series 2016-BNK02, Class A3		2.791			11/15/49		900		940,475
Series 2016-UB11, Class A3		2.531			08/15/49		1,200		1,234,414
UBS Commercial Mortgage Trust,
Series2017-C02, Class ASB		3.264			08/15/50		800		847,987
Series2017-C03, Class ASB		3.215			08/15/50		900		953,300
Series2017-C05, Class A4		3.212			11/15/50		1,800		1,931,265
Series2018-C09, Class A3		3.854			03/15/51		750		841,335
Series2018-C14, Class A3		4.180			12/15/51		1,400		1,611,348
Series2019-C18, Class A3		2.782			12/15/52		4,400		4,583,376
UBS-Barclays Commercial Mortgage Trust, Series2013-C06, Class A4		3.244			04/10/46		101		105,036
Wells Fargo Commercial Mortgage Trust,
Series 2016-BNK01, Class A2		2.399			08/15/49		1,200		1,222,715
Series2016-C35, Class A3		2.674			07/15/48		1,900		1,972,644
Series 2016-NXS06, Class A3		2.642			11/15/49		1,500		1,550,130
Series2017-C38, Class A4		3.190			07/15/50		1,000		1,070,252
Series 2017-RB01, Class A4		3.374			03/15/50		1,400		1,516,441
Series2018-C46, Class A3		3.888			08/15/51		2,000		2,248,602
Series2019-C49, Class A3		3.749			03/15/52		3,000		3,267,527
Series2019-C50, Class A4		3.466			05/15/52		2,500		2,744,645

See Notes to Financial Statements.

PGIM Core Bond Fund 19

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Wells Fargo Commercial Mortgage Trust, (cont’d.)
Series2019-C52, Class A3		2.631	%		08/15/52			2,000	$	2,055,825
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $181,980,842)										191,155,512
CORPORATE BONDS    29.4%
Aerospace & Defense    0.3%
Boeing Co. (The), Sr. Unsec’d. Notes		3.750			02/01/50	(a)		830		897,251
Embraer Netherlands Finance BV (Brazil), Gtd. Notes		5.050			06/15/25			281		310,365
Embraer Overseas Ltd. (Brazil), Gtd. Notes, 144A		5.696			09/16/23			375		413,777
General Dynamics Corp., Gtd. Notes		2.875			05/11/20			645		646,947
L3Harris Technologies, Inc., Sr. Unsec’d. Notes		3.832			04/27/25			30		32,534
United Technologies Corp., Sr. Unsec’d. Notes		4.125			11/16/28			450		518,249
										2,819,123
Agriculture    0.3%
Altria Group, Inc., Gtd. Notes		2.850			08/09/22			100		102,403
BAT Capital Corp. (United Kingdom),
Gtd. Notes		2.789			09/06/24			1,890		1,932,331
Gtd. Notes		3.222			08/15/24			890		925,650
										2,960,384
Airlines    0.2%
American Airlines2013-2 Class A Pass-Through Trust, Pass-Through Certificates		4.950			07/15/24			137		143,679
American Airlines2015-1 Class A Pass-Through Trust, Pass-Through Certificates		3.375			11/01/28			81		85,947
Delta Air Lines, Inc.,
Sr. Unsec’d. Notes		2.875			03/13/20			285		285,195
Sr. Unsec’d. Notes		3.400			04/19/21			665		675,051

See Notes to Financial Statements.

20

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Airlines (cont’d.)
United Airlines2016-2 Class AA Pass-Through Trust, Pass-Through Certificates		2.875	%		04/07/30		358	$	366,366
United Airlines2019-2 Class AA Pass-Through Trust, Pass-Through Certificates		2.700			11/01/33		450		461,320
									2,017,558
Auto Manufacturers    0.7%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A		2.250			09/15/23		645		652,979
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		2.258	(c)		04/12/21		60		60,158
Gtd. Notes, 144A		3.100			04/12/21		80		81,322
Daimler Finance North America LLC (Germany),
Gtd. Notes, 144A		2.250			03/02/20		295		295,110
Gtd. Notes, 144A		3.100			05/04/20		295		295,956
Gtd. Notes, 144A		3.350			05/04/21		495		503,414
Ford Motor Co., Sr. Unsec’d. Notes		5.291			12/08/46		285		278,625
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		3.087			01/09/23		1,125		1,135,016
Sr. Unsec’d. Notes		3.336			03/18/21		515		520,127
Sr. Unsec’d. Notes		3.350			11/01/22		1,390		1,411,142
General Motors Financial Co., Inc.,
Gtd. Notes, 3 Month LIBOR + 0.850%		2.728	(c)		04/09/21		130		130,542
Gtd. Notes		3.450			04/10/22		180		184,659
Gtd. Notes		3.550			04/09/21		95		96,684
Gtd. Notes		3.850			01/05/28		490		509,514
Gtd. Notes		4.350			01/17/27		180		193,130
Gtd. Notes		5.250			03/01/26		375		422,354
Harley-Davidson Financial Services, Inc., Gtd. Notes, 144A, MTN		2.150			02/26/20		175		175,016
									6,945,748
Banks    8.5%
Banco Santander SA (Spain), Sr. Unsec’d. Notes		3.848			04/12/23		200		210,752
Bank of America Corp.,
Sr. Unsec’d. Notes, GMTN		3.593	(ff)		07/21/28		1,595		1,730,912
Sr. Unsec’d. Notes, MTN		3.499	(ff)		05/17/22		1,480		1,513,456
Sr. Unsec’d. Notes, MTN		3.824	(ff)		01/20/28		1,720		1,883,312
Sr. Unsec’d. Notes, MTN		3.974	(ff)		02/07/30		400		449,400
Sr. Unsec’d. Notes, MTN		4.125			01/22/24		200		217,294

See Notes to Financial Statements.

PGIM Core Bond Fund 21

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Bank of America Corp., (cont’d.)
Sr. Unsec’d. Notes, MTN		4.271	%(ff)		07/23/29		320	$	364,579
Sr. Unsec’d. Notes, MTN		4.330	(ff)		03/15/50		1,555		1,939,797
Sub. Notes, MTN		4.000			01/22/25		800		866,461
Sub. Notes, MTN		4.450			03/03/26		1,500		1,674,611
Bank of Montreal (Canada), Sr. Unsec’d. Notes, MTN		2.900			03/26/22		435		445,713
Bank of New York Mellon Corp. (The), Sr. Unsec’d. Notes, MTN		2.950			01/29/23		450		466,229
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		3.684			01/10/23		480		493,998
Sr. Unsec’d. Notes		3.932	(ff)		05/07/25		1,300		1,382,971
Sr. Unsec’d. Notes		4.375			01/12/26		200		220,944
Sr. Unsec’d. Notes, MTN		4.972	(ff)		05/16/29		400		463,732
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A		3.052	(ff)		01/13/31		1,080		1,106,775
Sr. Unsec’d. Notes, 144A, MTN		2.950			05/23/22		435		445,081
Sub. Notes, 144A, MTN		4.375			09/28/25		710		776,852
BPCE SA (France),
Sr. Unsec’d. Notes, 144A		2.375			01/14/25		2,650		2,670,371
Sr. Unsec’d. Notes, 144A, MTN		3.250			01/11/28		625		663,997
Capital One NA, Sr. Unsec’d. Notes		2.250			09/13/21		1,080		1,088,005
Citibank NA, Sr. Unsec’d. Notes		3.050			05/01/20		1,750		1,753,588
Citigroup, Inc.,
Sr. Unsec’d. Notes		2.666	(ff)		01/29/31		1,400		1,417,842
Sr. Unsec’d. Notes		3.200			10/21/26		290		307,469
Sr. Unsec’d. Notes		3.400			05/01/26		350		375,952
Sr. Unsec’d. Notes		3.520	(ff)		10/27/28		180		194,001
Sr. Unsec’d. Notes		3.668	(ff)		07/24/28		490		533,496
Sr. Unsec’d. Notes		3.887	(ff)		01/10/28		670		735,796
Sub. Notes		4.400			06/10/25		4,000		4,418,508
Sub. Notes		4.450			09/29/27		840		945,067
Sub. Notes		4.600			03/09/26		945		1,059,101
Sub. Notes		4.750			05/18/46		460		570,131
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A		2.593	(ff)		09/11/25		1,730		1,757,077
Sr. Unsec’d. Notes, 144A		3.869	(ff)		01/12/29		870		948,274
Sr. Unsec’d. Notes, 144A		4.282			01/09/28		350		387,728
Discover Bank, Sr. Unsec’d. Notes		4.200			08/08/23		250		267,898

See Notes to Financial Statements.

22

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		3.272	%(ff)		09/29/25		1,160	$	1,219,646
Sr. Unsec’d. Notes		3.500			01/23/25		75		79,873
Sr. Unsec’d. Notes		3.625			02/20/24		680		722,975
Sr. Unsec’d. Notes		3.691	(ff)		06/05/28		1,750		1,898,965
Sr. Unsec’d. Notes		3.850			01/26/27		475		515,698
Sr. Unsec’d. Notes		4.223	(ff)		05/01/29		155		174,647
Sr. Unsec’d. Notes, MTN		4.000			03/03/24		685		739,687
Sr. Unsec’d. Notes, Series D, MTN		6.000			06/15/20		215		218,234
Sub. Notes		4.250			10/21/25		250		275,943
Sub. Notes		5.150			05/22/45		335		433,617
HSBC Holdings PLC (United Kingdom), Sr. Unsec’d. Notes, 3 Month LIBOR + 0.600%		2.504	(c)		05/18/21		655		655,774
ING Groep NV (Netherlands), Sr. Unsec’d. Notes		3.550			04/09/24		200		212,077
Intesa Sanpaolo SpA (Italy), Sr. Unsec’d. Notes, 144A		4.000			09/23/29		1,790		1,885,643
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes		2.550			03/01/21		100		100,904
Sr. Unsec’d. Notes		2.950			10/01/26		410		431,324
Sr. Unsec’d. Notes		3.125			01/23/25		315		332,412
Sr. Unsec’d. Notes		3.200			01/25/23		100		104,196
Sr. Unsec’d. Notes		3.200			06/15/26		230		244,648
Sr. Unsec’d. Notes		3.300			04/01/26		4,000		4,278,076
Sr. Unsec’d. Notes		3.509	(ff)		01/23/29		210		227,901
Sr. Unsec’d. Notes		3.625			05/13/24		875		938,112
Sr. Unsec’d. Notes		3.964	(ff)		11/15/48		355		424,730
Sr. Unsec’d. Notes		4.005	(ff)		04/23/29		3,585		4,014,312
Sub. Notes		3.875			09/10/24		375		405,587
Sub. Notes		4.250			10/01/27		375		424,485
JPMorgan Chase Bank NA, Sr. Unsec’d. Notes		3.086	(ff)		04/26/21		2,000		2,006,028
KeyBank NA, Sr. Unsec’d. Notes		2.250			03/16/20		305		305,176
Lloyds Bank PLC (United Kingdom), Gtd. Notes		3.300			05/07/21		1,000		1,020,445
Mitsubishi UFJ Financial Group, Inc. (Japan), Sr. Unsec’d. Notes		2.623			07/18/22		2,400		2,445,309
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN		3.750			02/25/23		315		333,178
Sr. Unsec’d. Notes, GMTN		3.772	(ff)		01/24/29		760		837,530
Sr. Unsec’d. Notes, GMTN		3.875			01/27/26		470		515,227

See Notes to Financial Statements.

PGIM Core Bond Fund 23

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date				Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Morgan Stanley, (cont’d.)
Sr. Unsec’d. Notes, GMTN		4.000	%		07/23/25		��		455	$	500,484
Sr. Unsec’d. Notes, GMTN		4.431	(ff)		01/23/30	(a)			1,200		1,386,341
Sr. Unsec’d. Notes, MTN		2.720	(ff)		07/22/25				1,500		1,544,008
Sr. Unsec’d. Notes, MTN		3.591	(ff)		07/22/28				310		336,452
Sr. Unsec’d. Notes, Series F, MTN		3.875			04/29/24				365		393,511
Sub. Notes, GMTN		4.350			09/08/26				3,800		4,236,703
Royal Bank of Scotland Group PLC (United Kingdom),
Sr. Unsec’d. Notes		3.875			09/12/23				220		232,615
Sr. Unsec’d. Notes		4.445	(ff)		05/08/30				720		815,636
Santander UK Group Holdings PLC (United Kingdom), Sr. Unsec’d. Notes		3.571			01/10/23				430		441,984
State Bank of India (India), Sr. Unsec’d. Notes, 144A		4.375			01/24/24				630		671,340
Sumitomo Mitsui Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes		2.348			01/15/25				2,520		2,551,335
Sr. Unsec’d. Notes		2.442			10/19/21				235		237,845
Svenska Handelsbanken AB (Sweden), Gtd. Notes, MTN		1.875			09/07/21				465		466,919
Truist Financial Corp., Sr. Unsec’d. Notes		2.700			01/27/22				350		356,203
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A		2.859	(ff)		08/15/23				570		582,057
Sr. Unsec’d. Notes, 144A		3.000			04/15/21				345		350,268
Sr. Unsec’d. Notes, 144A		3.126	(ff)		08/13/30				1,180		1,235,130
											81,508,360
Beverages    0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		4.700			02/01/36				180		216,321
Gtd. Notes		4.900			02/01/46				650		807,270
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		5.450			01/23/39				975		1,272,006
Gtd. Notes		5.550			01/23/49				900		1,230,431
Constellation Brands, Inc., Gtd. Notes		4.650			11/15/28				450		520,214
Keurig Dr. Pepper, Inc., Gtd. Notes		3.551			05/25/21				370		378,606
											4,424,848

See Notes to Financial Statements.

24

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Biotechnology    0.0%
Gilead Sciences, Inc., Sr. Unsec’d. Notes		2.500	%		09/01/23			220	$	225,311
Building Materials    0.2%
Martin Marietta Materials, Inc., Sr. Unsec’d. Notes		4.250			12/15/47			395		438,879
Owens Corning, Sr. Unsec’d. Notes		4.400			01/30/48	(a)		825		864,064
Vulcan Materials Co., Sr. Unsec’d. Notes		4.700			03/01/48			750		890,703
										2,193,646
Chemicals    0.4%
Braskem Netherlands Finance BV (Brazil), Gtd. Notes, 144A		5.875			01/31/50			270		279,699
CNAC HK Finbridge Co. Ltd. (China), Gtd. Notes		3.500			07/19/22			1,375		1,407,764
Eastman Chemical Co., Sr. Unsec’d. Notes		4.650			10/15/44			260		289,689
LYB International Finance BV, Gtd. Notes		4.000			07/15/23			250		266,982
LyondellBasell Industries NV, Sr. Unsec’d. Notes		5.750			04/15/24			310		354,574
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.125			03/15/35			40		43,737
Sr. Unsec’d. Notes		5.250			01/15/45			340		418,924
Sasol Financing USA LLC (South Africa), Gtd. Notes		5.875			03/27/24			200		214,513
SASOL Financing USA LLC (South Africa), Gtd. Notes		6.500			09/27/28			400		447,792
										3,723,674
Commercial Services    1.0%
Cintas Corp. No. 2, Gtd. Notes		2.900			04/01/22			385		394,262
ERAC USA Finance LLC,
Gtd. Notes, 144A		2.700			11/01/23			580		594,154
Gtd. Notes, 144A		3.300			10/15/22			750		773,508
Gtd. Notes, 144A		4.500			02/15/45			75		86,844

See Notes to Financial Statements.

PGIM Core Bond Fund 25

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
Experian Finance PLC (United Kingdom), Gtd. Notes, 144A		2.750	%		03/08/30		1,735	$	1,764,852
Global Payments, Inc., Sr. Unsec’d. Notes		2.650			02/15/25		575		589,075
Massachusetts Institute of Technology, Unsec’d. Notes		3.885			07/01/2116		700		865,713
PayPal Holdings, Inc., Sr. Unsec’d. Notes		2.850			10/01/29		1,790		1,845,104
President & Fellows of Harvard College, Unsec’d. Notes		3.300			07/15/56		160		180,840
Trustees of Boston College, Unsec’d. Notes		3.129			07/01/52		637		658,747
University of Notre Dame du Lac, Unsec’d. Notes		3.394			02/15/48		365		415,483
University of Southern California, Unsec’d. Notes		3.028			10/01/39		310		333,820
Verisk Analytics, Inc., Sr. Unsec’d. Notes		4.125			03/15/29		1,185		1,331,837
									9,834,239
Computers    0.4%
Apple, Inc., Sr. Unsec’d. Notes		3.850			08/04/46		525		615,246
Hewlett Packard Enterprise Co., Sr. Unsec’d. Notes, 3 Month LIBOR + 0.680%		2.567	(c)		03/12/21		3,330		3,344,828
									3,960,074
Diversified Financial Services    0.4%
American Express Co., Sr. Unsec’d. Notes		3.375			05/17/21		1,400		1,428,835
Capital One Financial Corp.,
Sr. Unsec’d. Notes		2.500			05/12/20		700		700,848
Sr. Unsec’d. Notes		3.450			04/30/21		370		377,149
Jefferies Group LLC, Sr. Unsec’d. Notes		6.450			06/08/27		150		181,489
Private Export Funding Corp., Sr. Unsec’d. Notes, 144A		2.650			02/16/21		630		635,719
Synchrony Financial, Sr. Unsec’d. Notes		2.700			02/03/20		495		495,000
									3,819,040

See Notes to Financial Statements.

26

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric    3.6%
AEP Transmission Co. LLC, Sr. Unsec’d. Notes		4.250	%		09/15/48		830	$	1,014,466
Alabama Power Co., Sr. Unsec’d. Notes		2.800			04/01/25		75		78,221
Ameren Illinois Co., First Mortgage		3.700			12/01/47		625		716,704
Baltimore Gas & Electric Co., Sr. Unsec’d. Notes		3.200			09/15/49		100		103,404
CenterPoint Energy Houston Electric LLC, General Ref. Mortgage, Series Z		2.400			09/01/26		190		193,861
CenterPoint Energy, Inc., Sr. Unsec’d. Notes		3.700			09/01/49		495		516,575
Cleco Corporate Holdings LLC, Sr. Unsec’d. Notes, 144A		3.375			09/15/29		305		311,037
Commonwealth Edison Co.,
First Mortgage		3.700			03/01/45		40		44,940
First Mortgage		4.000			03/01/48		115		135,802
First Mortgage, Series 123		3.750			08/15/47		775		877,624
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series C		4.300			12/01/56		40		48,119
Sr. Unsec’d. Notes, Series E		4.650			12/01/48		720		923,276
Consumers Energy Co., First Mortgage		3.250			08/15/46		155		166,827
Delmarva Power & Light Co., First Mortgage		4.150			05/15/45		60		70,850
Dominion Energy, Inc.,
Sr. Unsec’d. Notes, Series A		4.600			03/15/49		365		444,322
Sr. Unsec’d. Notes, Series D		2.850			08/15/26		55		56,923
DTE Electric Co., General Ref. Mortgage, Series A		4.050			05/15/48		370		445,342
DTE Energy Co., Sr. Unsec’d. Notes		2.850			10/01/26		350		361,815
Duke Energy Corp.,
Sr. Unsec’d. Notes		2.650			09/01/26		145		149,233
Sr. Unsec’d. Notes		3.950			08/15/47		185		206,689
Duke Energy Florida LLC,
First Mortgage		3.200			01/15/27		600		643,363
First Mortgage		3.400			10/01/46		185		199,406
First Mortgage		4.200			07/15/48		205		251,190
Duke Energy Progress LLC, First Mortgage		3.700			10/15/46		75		83,912

See Notes to Financial Statements.

PGIM Core Bond Fund 27

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Emera US Finance LP (Canada), Gtd. Notes		3.550	%		06/15/26			75	$	80,036
Enel Finance International NV (Italy),
Gtd. Notes, 144A		2.650			09/10/24			960		977,570
Gtd. Notes, 144A		3.500			04/06/28			475		498,445
Gtd. Notes, 144A		3.625			05/25/27			230		245,037
Engie Energia Chile SA (Chile), Sr. Unsec’d. Notes, 144A		3.400			01/28/30			200		202,094
Entergy Corp.,
Sr. Unsec’d. Notes		4.000			07/15/22	(a)		260		272,201
Sr. Unsec’d. Notes		5.125			09/15/20			250		252,865
Entergy Louisiana LLC, Sec’d. Notes		4.000			03/15/33			170		199,201
Entergy Texas, Inc., First Mortgage		4.500			03/30/39			1,000		1,203,621
Evergy, Inc., Sr. Unsec’d. Notes		2.450			09/15/24			2,135		2,170,371
Eversource Energy, Sr. Unsec’d. Notes, Series M		3.300			01/15/28			335		355,156
Florida Power & Light Co., First Mortgage		3.150			10/01/49			1,420		1,509,949
Fortis, Inc. (Canada), Sr. Unsec’d. Notes		3.055			10/04/26			217		226,519
Georgia Power Co., Sr. Unsec’d. Notes, Series B		2.650			09/15/29			1,005		1,021,952
Israel Electric Corp. Ltd. (Israel), Sr. Sec’d. Notes, 144A, GMTN		4.250			08/14/28			235		258,682
MidAmerican Energy Co., First Mortgage		3.950			08/01/47			225		266,852
Monongahela Power Co., First Mortgage, 144A		4.100			04/15/24			851		919,143
NextEra Energy Capital Holdings, Inc., Gtd. Notes		2.403			09/01/21			2,100		2,121,913
Ohio Power Co., Sr. Unsec’d. Notes		4.150			04/01/48			250		301,348
Oncor Electric Delivery Co. LLC, Sr. Sec’d. Notes		2.950			04/01/25			60		63,167
PECO Energy Co.,
First Mortgage		3.000			09/15/49			180		183,386
First Ref. Mortgage		4.800			10/15/43			120		151,595
Pennsylvania Electric Co., Sr. Unsec’d. Notes, 144A		3.600			06/01/29			1,435		1,562,384

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
PPL Capital Funding, Inc.,
Gtd. Notes		4.000	%		09/15/47		330	$	358,068
Gtd. Notes		5.000			03/15/44		170		208,041
PPL Electric Utilities Corp., First Mortgage		3.000			10/01/49		235		236,489
Public Service Co. of Colorado,
First Mortgage		3.200			03/01/50		720		764,770
First Mortgage		4.100			06/15/48		235		288,451
Public Service Electric & Gas Co.,
First Mortgage, MTN		2.250			09/15/26		370		377,469
First Mortgage, MTN		3.200			05/15/29		1,265		1,372,993
First Mortgage, MTN		3.600			12/01/47		95		107,389
First Mortgage, MTN		3.700			05/01/28		590		658,859
Puget Sound Energy, Inc., Sr. Sec’d. Notes		3.250			09/15/49		535		565,101
San Diego Gas & Electric Co., First Mortgage		4.150			05/15/48		420		495,344
Sempra Energy, Sr. Unsec’d. Notes		2.400			03/15/20		135		135,068
Southern California Edison Co., First Mortgage		3.650			02/01/50		290		306,551
Southwestern Electric Power Co., Sr. Unsec’d. Notes, Series K		2.750			10/01/26		675		692,373
Southwestern Public Service Co., First Mortgage		3.700			08/15/47		355		396,573
SP PowerAssets Ltd. (Singapore), Sr. Unsec’d. Notes, 144A, MTN		3.000			09/26/27		465		494,648
Union Electric Co., Sr. Sec’d. Notes		3.650			04/15/45		50		55,759
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes		4.600			12/01/48		460		595,940
Sr. Unsec’d. Notes, Series A		3.500			03/15/27		535		583,095
Sr. Unsec’d. Notes, Series C		4.000			11/15/46		175		204,242
Vistra Operations Co. LLC, Sr. Sec’d. Notes, 144A		3.550			07/15/24		1,515		1,565,723
Wisconsin Power & Light Co., Sr. Unsec’d. Notes		3.050			10/15/27		535		568,022
Xcel Energy, Inc., Sr. Unsec’d. Notes		3.350			12/01/26		510		546,909
									34,665,265

See Notes to Financial Statements.

PGIM Core Bond Fund 29

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electronics    0.1%
FLIR Systems, Inc., Sr. Unsec’d. Notes		3.125	%		06/15/21			275	$	277,937
Trimble, Inc., Sr. Unsec’d. Notes		4.150			06/15/23			770		819,090
										1,097,027
Engineering & Construction    0.1%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A		3.875			04/30/28			200		208,703
Sr. Sec’d. Notes, 144A		4.250			10/31/26			200		215,833
Sr. Sec’d. Notes, 144A		5.500			07/31/47			600		658,078
										1,082,614
Foods    0.8%
Ahold Finance USA LLC (Netherlands), Gtd. Notes		6.875			05/01/29			280		379,638
J.M. Smucker Co. (The), Sr. Unsec’d. Notes		3.000			03/15/22			115		117,656
Kraft Heinz Foods Co.,
Gtd. Notes		3.000			06/01/26			110		112,221
Gtd. Notes		3.375			06/15/21			605		617,288
Gtd. Notes		4.375			06/01/46			35		36,105
Gtd. Notes		5.000			07/15/35			75		86,186
Gtd. Notes, 144A		3.750			04/01/30	(a)		870		920,608
Gtd. Notes, 144A		4.875			10/01/49			1,390		1,527,423
Kroger Co. (The),
Sr. Unsec’d. Notes		3.300			01/15/21			285		288,532
Sr. Unsec’d. Notes		3.875			10/15/46			65		66,074
Mars, Inc., Gtd. Notes, 144A		3.950			04/01/49			580		693,384
Mondelez International Holdings Netherlands BV, Gtd. Notes, 144A		2.000			10/28/21			500		501,801
Mondelez International, Inc., Sr. Unsec’d. Notes		3.000			05/07/20			390		391,082
Tyson Foods, Inc.,
Sr. Unsec’d. Notes		2.250			08/23/21			985		993,070
Sr. Unsec’d. Notes		5.100			09/28/48			710		911,892
										7,642,960

See Notes to Financial Statements.

30

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Forest Products & Paper    0.0%
Georgia-Pacific LLC, Sr. Unsec’d. Notes, 144A		3.600	%		03/01/25		220	$	235,736
Gas    0.3%
Atmos Energy Corp., Sr. Unsec’d. Notes		3.375			09/15/49		1,200		1,294,281
CenterPoint Energy Resources Corp., Sr. Unsec’d. Notes		4.100			09/01/47		305		342,539
Piedmont Natural Gas Co., Inc., Sr. Unsec’d. Notes		3.500			06/01/29		440		482,852
Southern Co. Gas Capital Corp., Gtd. Notes		2.450			10/01/23		555		564,314
									2,683,986
Healthcare-Products    0.0%
Medtronic, Inc., Gtd. Notes		4.375			03/15/35		235		292,012
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		2.950			09/19/26		105		110,258
									402,270
Healthcare-Services    1.1%
Aetna, Inc.,
Sr. Unsec’d. Notes		3.500			11/15/24		100		106,253
Sr. Unsec’d. Notes		4.500			05/15/42		1,000		1,123,953
Sr. Unsec’d. Notes		6.750			12/15/37		170		239,856
AHS Hospital Corp., Unsec’d. Notes		5.024			07/01/45		200		266,444
Allina Health System, Unsec’d. Notes		3.887			04/15/49		250		285,197
Ascension Health,
Sr. Unsec’d. Notes, Series B		3.106			11/15/39		265		274,161
Unsec’d. Notes		4.847			11/15/53		500		660,945
Humana, Inc., Sr. Unsec’d. Notes		2.500			12/15/20		620		623,224
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		2.950			12/01/29		1,595		1,633,740
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		4.200			07/01/55		75		94,387

See Notes to Financial Statements.

PGIM Core Bond Fund 31

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Mount Sinai Hospitals Group, Inc., Sec’d. Notes, Series 2019		3.737	%		07/01/49		1,795	$	1,947,070
New York and Presbyterian Hospital (The), Unsec’d. Notes		4.024			08/01/45		40		47,382
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A		2.532			10/01/29		420		426,974
Unsec’d. Notes, Series H		2.746			10/01/26		40		42,639
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes		2.950			06/30/30		1,910		1,956,271
Sr. Unsec’d. Notes		3.500			03/30/25		190		202,633
RWJ Barnabas Health, Inc., Sr. Unsec’d. Notes		3.949			07/01/46		175		196,144
Stanford Health Care, Unsec’d. Notes		3.795			11/15/48		450		528,429
UnitedHealth Group, Inc., Sr. Unsec’d. Notes		3.750			07/15/25		90		98,473
									10,754,175
Housewares    0.0%
Newell Brands, Inc., Sr. Unsec’d. Notes		4.200			04/01/26		35		36,532
Insurance    0.8%
American International Group, Inc.,
Sr. Unsec’d. Notes		3.750			07/10/25		410		444,710
Sr. Unsec’d. Notes		4.500			07/16/44		410		486,360
Arch Capital Finance LLC, Gtd. Notes		5.031			12/15/46		95		125,371
Arch Capital Group US, Inc., Gtd. Notes		5.144			11/01/43		100		131,105
CNA Financial Corp., Sr. Unsec’d. Notes		3.950			05/15/24		1,170		1,260,632
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		3.951			10/15/50		450		491,437
Gtd. Notes, 144A		4.500			06/15/49		185		221,591
Lincoln National Corp., Sr. Unsec’d. Notes		6.300			10/09/37		115		157,633
Markel Corp.,
Sr. Unsec’d. Notes		3.350			09/17/29		1,625		1,713,233
Sr. Unsec’d. Notes		3.625			03/30/23		400		420,175
Sr. Unsec’d. Notes		4.150			09/17/50		1,310		1,451,411

See Notes to Financial Statements.

32

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Markel Corp., (cont’d.) Sr. Unsec’d. Notes		5.000	%		04/05/46		350	$	429,629
New York Life Global Funding, Sec’d. Notes, 144A		1.950			02/11/20		225		225,007
Principal Financial Group, Inc.,
Gtd. Notes		3.100			11/15/26		105		110,702
Gtd. Notes		4.300			11/15/46		140		167,366
Gtd. Notes		4.350			05/15/43		85		100,439
Teachers Insurance & Annuity Association of America, Sub. Notes, 144A		4.900			09/15/44		120		153,877
									8,090,678
Iron/Steel    0.2%
Steel Dynamics, Inc., Sr. Unsec’d. Notes		3.450			04/15/30		1,950		2,012,605
Lodging    0.2%
Las Vegas Sands Corp., Sr. Unsec’d. Notes		3.500			08/18/26		1,230		1,285,627
Marriott International, Inc., Sr. Unsec’d. Notes, Series R		3.125			06/15/26		250		261,728
									1,547,355
Machinery-Diversified    0.1%
Deere & Co., Sr. Unsec’d. Notes		2.875			09/07/49		620		624,439
Rockwell Automation, Inc.,
Sr. Unsec’d. Notes		2.050			03/01/20		270		270,025
Sr. Unsec’d. Notes		2.875			03/01/25		115		120,186
Xylem, Inc., Sr. Unsec’d. Notes		3.250			11/01/26		70		74,102
									1,088,752
Media    1.2%
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		4.800			03/01/50		335		358,896
Sr. Sec’d. Notes		5.375			05/01/47		530		606,092
Sr. Sec’d. Notes		6.384			10/23/35		2,480		3,224,540

See Notes to Financial Statements.

PGIM Core Bond Fund 33

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Charter Communications Operating LLC/Charter Communications Operating Capital, (cont’d.)
Sr. Sec’d. Notes		6.484	%		10/23/45			95	$	123,192
Sr. Sec’d. Notes		6.834			10/23/55			250		334,149
Comcast Corp.,
Gtd. Notes		4.150			10/15/28			805		923,364
Gtd. Notes		4.250			10/15/30			275		322,759
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A		3.150			08/15/24			800		835,116
Sr. Unsec’d. Notes, 144A		3.350			09/15/26			195		206,139
Sr. Unsec’d. Notes, 144A		3.500			08/15/27			1,500		1,599,862
Sr. Unsec’d. Notes, 144A		4.600			08/15/47	(a)		500		582,643
Discovery Communications LLC, Gtd. Notes		5.200			09/20/47			177		209,436
Time Warner Cable LLC, Sr. Sec’d. Notes		5.500			09/01/41			150		171,434
ViacomCBS, Inc., Sr. Unsec’d. Notes		4.375			03/15/43			1,500		1,631,765
Walt Disney Co. (The), Gtd. Notes		6.400			12/15/35			512		757,481
										11,886,868
Mining    0.2%
Barrick North America Finance LLC (Canada), Gtd. Notes		5.750			05/01/43			190		256,157
Newmont Corp., Sr. Unsec’d. Notes		2.800			10/01/29			1,270		1,307,678
Southern Copper Corp. (Peru), Sr. Unsec’d. Notes		6.750			04/16/40			100		137,307
										1,701,142
Multi-National    0.1%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes		2.125			09/27/21			300		300,986
Sr. Unsec’d. Notes		2.750			01/06/23			185		188,671
Sr. Unsec’d. Notes		3.250			02/11/22			95		97,328
North American Development Bank (Supranational Bank), Sr. Unsec’d. Notes		4.375			02/11/20			100		100,145
										687,130

See Notes to Financial Statements.

34

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Office/Business Equipment 0.0%
Xerox Corp., Sr. Unsec’d. Notes		2.750	%		09/01/20		137	$	136,998
Oil & Gas    2.1%
Apache Corp., Sr. Unsec’d. Notes		3.250			04/15/22		202		206,313
BP Capital Markets America, Inc., Gtd. Notes		3.790			02/06/24		855		917,573
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes		2.950			01/15/23		1,310		1,346,539
Sr. Unsec’d. Notes		6.250			03/15/38		175		228,179
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		5.400			06/15/47		384		437,065
Sr. Unsec’d. Notes		6.750			11/15/39		350		440,769
Chevron Corp., Sr. Unsec’d. Notes		1.961			03/03/20		125		125,017
CNOOC Finance Ltd. (China), Gtd. Notes		2.875			09/30/29		1,085		1,114,635
Concho Resources, Inc.,
Gtd. Notes		3.750			10/01/27		2,000		2,114,621
Gtd. Notes		4.875			10/01/47		55		63,767
Continental Resources, Inc.,
Gtd. Notes		3.800			06/01/24		2,300		2,395,513
Gtd. Notes		4.500			04/15/23		725		766,333
Helmerich & Payne, Inc., Sr. Unsec’d. Notes		4.650			03/15/25		1,190		1,312,190
Husky Energy, Inc. (Canada),
Sr. Unsec’d. Notes		4.000			04/15/24		150		160,289
Sr. Unsec’d. Notes		6.800			09/15/37		200		263,712
KazMunayGas National Co. JSC (Kazakhstan), Sr. Unsec’d. Notes, 144A		4.750			04/24/25		200		220,861
Marathon Petroleum Corp., Sr. Unsec’d. Notes		3.800			04/01/28		380		405,737
Noble Energy, Inc.,
Sr. Unsec’d. Notes		3.900			11/15/24		425		453,894
Sr. Unsec’d. Notes		5.050			11/15/44		435		475,331
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		2.600			08/13/21		235		237,391
Sr. Unsec’d. Notes		7.500			05/01/31		100		133,708
Sr. Unsec’d. Notes		7.875			09/15/31		250		339,015
Ovintiv, Inc., Gtd. Notes		6.500			08/15/34		200		230,405

See Notes to Financial Statements.

PGIM Core Bond Fund 35

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Petroleos Mexicanos (Mexico),
Gtd. Notes		5.500	%		01/21/21			70	$	72,955
Gtd. Notes		6.350			02/12/48			154		152,511
Gtd. Notes		6.500			03/13/27			800		866,713
Gtd. Notes, 144A		6.490			01/23/27			1,048		1,138,295
Gtd. Notes, 144A		7.690			01/23/50			398		436,921
Gtd. Notes, GMTN		6.750			09/21/47			1,305		1,321,988
Gtd. Notes, GMTN		6.875			08/04/26			390		439,619
Sinopec Group Overseas Development 2015 Ltd. (China), Gtd. Notes, 144A		2.500			04/28/20			200		200,094
Sinopec Group Overseas Development 2018 Ltd. (China), Gtd. Notes, 144A		3.680			08/08/49	(a)		585		643,154
Valero Energy Corp., Sr. Unsec’d. Notes		3.400			09/15/26			220		233,144
										19,894,251
Oil & Gas Services    0.1%
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A		3.900			05/17/28			487		525,696
Sr. Unsec’d. Notes, 144A		4.000			12/21/25			33		36,164
Schlumberger Investment SA, Gtd. Notes, 144A		3.300			09/14/21			200		204,334
										766,194
Packaging & Containers    0.1%
WestRock RKT LLC, Gtd. Notes		4.000			03/01/23			540		568,410
WRKCo, Inc., Gtd. Notes		4.650			03/15/26			560		631,371
										1,199,781
Pharmaceuticals    1.7%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.600			05/14/25			105		112,273
Sr. Unsec’d. Notes		4.500			05/14/35			550		635,821
Sr. Unsec’d. Notes		4.700			05/14/45			1,330		1,535,404
Sr. Unsec’d. Notes, 144A		4.250			11/21/49			2,295		2,509,954

See Notes to Financial Statements.

36

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Allergan Funding SCS, Gtd. Notes		4.550	%		03/15/35			360	$	415,026
AmerisourceBergen Corp., Sr. Unsec’d. Notes		3.250			03/01/25			55		57,881
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.630%		2.577	(c)		06/25/21			335		336,555
Gtd. Notes, 144A		3.500			06/25/21			200		204,337
Bayer US Finance LLC (Germany), Gtd. Notes, 144A		3.000			10/08/21			150		152,938
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes, 144A		3.250			08/15/22			125		129,793
Sr. Unsec’d. Notes, 144A		4.125			06/15/39			115		138,015
Sr. Unsec’d. Notes, 144A		4.250			10/26/49			395		488,136
Sr. Unsec’d. Notes, 144A		4.350			11/15/47			475		593,024
Sr. Unsec’d. Notes, 144A		5.000			08/15/45			230		307,721
Cigna Corp.,
Gtd. Notes		4.375			10/15/28			1,950		2,204,733
Gtd. Notes, 144A		3.250			04/15/25			270		283,751
Gtd. Notes, 144A		3.400			03/01/27			325		343,624
Gtd. Notes, 144A		4.500			02/25/26			700		782,977
CVS Health Corp.,
Sr. Unsec’d. Notes		4.300			03/25/28	(a)		2,025		2,246,636
Sr. Unsec’d. Notes		4.780			03/25/38			85		99,202
Sr. Unsec’d. Notes		5.125			07/20/45			465		561,602
Sr. Unsec’d. Notes		5.300			12/05/43			155		189,174
Mylan, Inc., Gtd. Notes		5.200			04/15/48			195		225,510
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes		2.875			09/23/23			225		231,683
Gtd. Notes		3.200			09/23/26			1,220		1,284,056
										16,069,826
Pipelines    1.3%
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., Gtd. Notes, 144A		4.150			08/15/26			555		589,923
DCP Midstream Operating LP,
Gtd. Notes, 144A		4.750			09/30/21			50		51,294
Gtd. Notes, 144A		5.350			03/15/20			150		150,266
Energy Transfer Operating LP,
Gtd. Notes		4.950			06/15/28			430		477,688

See Notes to Financial Statements.

PGIM Core Bond Fund 37

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Energy Transfer Operating LP, (cont’d.)
Gtd. Notes		5.000	%		05/15/50	(a)		565	$	580,735
Gtd. Notes		6.250			04/15/49			910		1,079,641
Enterprise Products Operating LLC,
Gtd. Notes		3.700			01/31/51			445		447,976
Gtd. Notes		3.950			01/31/60			485		495,264
Florida Gas Transmission Co. LLC, Sr. Unsec’d. Notes, 144A		5.450			07/15/20			600		609,271
Magellan Midstream Partners LP, Sr. Unsec’d. Notes		4.200			03/15/45			275		285,938
MPLX LP,
Sr. Unsec’d. Notes		4.000			02/15/25			130		138,039
Sr. Unsec’d. Notes		4.500			04/15/38			270		279,344
Sr. Unsec’d. Notes		4.875			06/01/25			200		221,673
Sr. Unsec’d. Notes		5.200			03/01/47			5		5,547
Sr. Unsec’d. Notes		5.500			02/15/49			210		240,450
ONEOK Partners LP, Gtd. Notes		6.125			02/01/41			300		374,185
ONEOK, Inc.,
Gtd. Notes		4.450			09/01/49			1,000		1,039,579
Gtd. Notes		4.950			07/13/47			85		94,034
Phillips 66 Partners LP, Sr. Unsec’d. Notes		3.550			10/01/26			310		330,813
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		3.550			12/15/29			350		348,903
Sr. Unsec’d. Notes		4.650			10/15/25			1,000		1,091,078
Sr. Unsec’d. Notes		4.700			06/15/44			170		164,305
Sr. Unsec’d. Notes		5.150			06/01/42			105		105,199
Spectra Energy Partners LP, Gtd. Notes		3.375			10/15/26			140		148,532
Texas Eastern Transmission LP, Sr. Unsec’d. Notes, 144A		3.500			01/15/28			300		313,567
Transcontinental Gas Pipe Line Co. LLC, Sr. Unsec’d. Notes		4.600			03/15/48			500		555,883
Western Midstream Operating LP,
Sr. Unsec’d. Notes		4.000			07/01/22			665		683,946
Sr. Unsec’d. Notes		5.300			03/01/48			320		285,521
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		4.000			09/15/25			350		376,392
Sr. Unsec’d. Notes		4.300			03/04/24			325		350,259

See Notes to Financial Statements.

38

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Williams Cos., Inc. (The), (cont’d.)
Sr. Unsec’d. Notes		4.850	%		03/01/48		55	$	59,331
Sr. Unsec’d. Notes		5.400			03/04/44		400		449,503
									12,424,079
Real Estate Investment Trusts (REITs)    0.7%
Healthpeak Properties, Inc., Sr. Unsec’d. Notes		3.250			07/15/26		1,000		1,060,222
Simon Property Group LP, Sr. Unsec’d. Notes		2.000			09/13/24		2,300		2,318,099
Welltower, Inc.,
Sr. Unsec’d. Notes		2.700			02/15/27		775		794,436
Sr. Unsec’d. Notes		3.625			03/15/24		1,500		1,594,569
Weyerhaeuser Co., Sr. Unsec’d. Notes		4.625			09/15/23		425		462,456
									6,229,782
Retail    0.2%
Alimentation Couche-Tard, Inc. (Canada), Gtd. Notes, 144A		3.550			07/26/27		940		1,000,814
Dollar Tree, Inc.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.700%		2.536	(c)		04/17/20		111		111,034
Sr. Unsec’d. Notes		4.200			05/15/28		850		933,839
									2,045,687
Semiconductors    0.1%
Broadcom, Inc.,
Gtd. Notes, 144A		3.125			04/15/21		485		491,997
Gtd. Notes, 144A		3.125			10/15/22		375		384,839
									876,836
Software    0.2%
Electronic Arts, Inc., Sr. Unsec’d. Notes		3.700			03/01/21		200		203,757
Microsoft Corp., Sr. Unsec’d. Notes		3.950			08/08/56		405		501,457

See Notes to Financial Statements.

PGIM Core Bond Fund 39

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Software (cont’d.)
Microsoft Corp., (cont’d.)
Sr. Unsec’d. Notes		4.450	%		11/03/45			191	$	247,786
Sr. Unsec’d. Notes		4.500			02/06/57			840		1,138,697
										2,091,697
Telecommunications    1.1%
AT&T, Inc.,
Sr. Unsec’d. Notes		3.400			06/15/22			850		880,190
Sr. Unsec’d. Notes		3.400			05/15/25			275		292,078
Sr. Unsec’d. Notes		3.600			07/15/25			50		53,733
Sr. Unsec’d. Notes		3.800			02/15/27			200		217,785
Sr. Unsec’d. Notes		4.300			02/15/30			170		192,277
Sr. Unsec’d. Notes		4.500			05/15/35			60		68,914
Sr. Unsec’d. Notes		4.550			03/09/49			575		655,378
Sr. Unsec’d. Notes		4.850			03/01/39			2,100		2,495,784
Sr. Unsec’d. Notes		4.900			08/15/37			550		653,689
Sr. Unsec’d. Notes		5.250			03/01/37			445		544,639
Sr. Unsec’d. Notes		5.450			03/01/47	(a)		685		870,766
Level 3 Financing, Inc., Sr. Sec’d. Notes, 144A		3.400			03/01/27			2,000		2,061,228
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		4.500			08/10/33			290		349,129
Sr. Unsec’d. Notes		4.600			04/01/21			100		103,360
Sr. Unsec’d. Notes		4.862			08/21/46			1,025		1,322,141
										10,761,091
Transportation    0.1%
CSX Corp., Sr. Unsec’d. Notes		2.600			11/01/26			420		436,437
Ryder System, Inc., Sr. Unsec’d. Notes, MTN		2.650			03/02/20			110		110,041
										546,478

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Water    0.0%
American Water Capital Corp.,
Sr. Unsec’d. Notes		3.750	%		09/01/47			25	$	27,905
Sr. Unsec’d. Notes		4.000			12/01/46			145		166,590
										194,495
TOTAL CORPORATE BONDS (cost $266,740,146)										283,284,295
MUNICIPAL BONDS    0.9%
Alabama    0.0%
Alabama Economic Settlement Authority, Taxable, Revenue Bonds, Series B		4.263			09/15/32			40		45,756
California    0.2%
Bay Area Toll Authority, Taxable, Revenue Bonds		2.574			04/01/31			1,405		1,453,065
City of Los Angeles Department of Airports, Taxable, Revenue Bonds, BABs		6.582			05/15/39			300		408,450
University of California,
Taxable, Revenue Bonds, Series AP		3.931			05/15/45			30		33,782
Taxable, Revenue Bonds, Series J		4.131			05/15/45			30		34,985
										1,930,282
Illinois    0.2%
State of Illinois,
General Obligation Unlimited, Series A		5.000			10/01/22			110		119,864
General Obligation Unlimited, Series D		5.000			11/01/22			895		976,060
General Obligation Unlimited, Taxable		5.100			06/01/33	(a)		450		506,169
										1,602,093
New Jersey    0.1%
New Jersey Turnpike Authority, Taxable, Revenue Bonds, BABs, Series A		7.102			01/01/41			250		402,335
North Carolina    0.1%
North Carolina State Education Assistance Authority, Taxable, Revenue Bonds, 3 Month LIBOR + 0.800%		2.594	(c)		07/25/36			700		688,184

See Notes to Financial Statements.

PGIM Core Bond Fund 41

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Pennsylvania    0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs		6.105	%		12/01/39		70	$	100,260
Revenue Bonds, BABs, Series B		5.511			12/01/45		150		211,577
									311,837
Texas    0.3%
City of San Antonio TX Electric & Gas Systems Revenue, Revenue Bonds, BABs		5.985			02/01/39		775		1,107,165
Grand Parkway Transportation Corp., Taxable, Revenue Bonds, Series E		5.184			10/01/42		775		1,056,534
Permanent University Fund - University of Texas System, Taxable, Revenue Bonds, Series A		3.376			07/01/47		555		630,480
Texas Private Activity Bond Surface Transportation Corp., Taxable, Revenue Bonds, Series B		3.922			12/31/49		340		369,223
									3,163,402
Virginia    0.0%
University of Virginia, Taxable, Revenue Bonds, Series C		4.179			09/01/2117		130		167,180
TOTAL MUNICIPAL BONDS (cost $7,797,196)									8,311,069
RESIDENTIAL MORTGAGE-BACKED SECURITIES    4.4%
Alternative Loan Trust, Series2003-J03, Class 2A1		6.250			12/25/33		4		4,002
Banc of America Funding Trust, Series2015-R04, Class 4A1, 144A		3.500	(cc)		01/27/30		55		55,246
BCAP LLC Trust, Series 2011-RR04, Class 7A1, 144A		5.250			04/26/37		205		173,180
Bellemeade Re Ltd. (Bermuda),
Series2017-01, Class M1, 144A, 1 Month LIBOR + 1.700% (Cap N/A, Floor 0.000%)		3.361	(c)		10/25/27		44		43,723
Series2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		3.261	(c)		04/25/28		287		287,345
Series2018-02A, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)		2.611	(c)		08/25/28		1		955
Series2019-02A, Class M1A, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)		2.661	(c)		04/25/29		97		96,615
Series2019-03A, Class M1A, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		2.761	(c)		07/25/29		537		537,049

See Notes to Financial Statements.

42

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bellemeade Re Ltd. (Bermuda), (cont’d.)
Series2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)		3.261	%(c)		07/25/29		450	$	453,550
CIM Trust,
Series2017-02, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 2.000%)		3.781	(c)		12/25/57		456		461,825
Series2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 0.000%)		3.781	(c)		01/25/57		612		625,955
Series2017-06, Class A1, 144A		3.015	(cc)		06/25/57		869		878,494
Series2017-08, Class A1, 144A		3.000	(cc)		12/25/65		683		686,969
Credit Suisse First Boston Mortgage Securities Corp., Series2003-08, Class 5A1		6.500			04/25/33		4		3,763
Credit Suisse Mortgage Trust, Series2019-11R, Class 1A1, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)		3.131	(c)		09/25/45		1,335		1,341,740
Eagle Re Ltd. (Bermuda),
Series2019-01, Class M1A, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		2.911	(c)		04/25/29		44		44,501
Series2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)		3.461	(c)		04/25/29		150		150,514
Fannie Mae REMICS,
Series2011-141, Class MZ		4.500			01/25/42		690		753,650
Series2014-11, Class VB		4.500			04/25/42		500		560,558
Freddie Mac REMICS, Series 4777, Class CB		3.500			10/15/45		1,503		1,547,628
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-DNA04, Class M2, 1 Month LIBOR + 1.300% (Cap N/A, Floor 1.300%)		2.961	(c)		03/25/29		89		89,093
Series 2016-HQA04, Class M2, 1 Month LIBOR + 1.300% (Cap N/A, Floor 0.000%)		2.961	(c)		04/25/29		138		138,353
Series 2017-DNA01, Class M1, 1 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		2.861	(c)		07/25/29		222		222,400
Series 2017-DNA03, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)		2.411	(c)		03/25/30		726		726,706
Series 2019-HRP01, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)		2.411	(c)		02/25/49		232		231,769
Freddie Mac Structured Pass-Through Certificates, SeriesT-59, Class 1A2		7.000			10/25/43		101		122,898
GCAT LLC, Series2019-04, Class A1, 144A		3.228	(cc)		11/26/49		2,925		2,940,651
Gosforth Funding PLC (United Kingdom), Series2018-01A, Class A1, 144A, 3 Month LIBOR + 0.450% (Cap N/A, Floor 0.000%)		2.360	(c)		08/25/60		529		528,440

See Notes to Financial Statements.

PGIM Core Bond Fund 43

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Government National Mortgage Assoc.,
Series2013-99, Class AX		3.000	%(cc)		07/20/43		1,493	$	1,553,046
Series2017-101, Class AB		2.500			07/20/47		1,109		1,131,445
Series2018-07, Class GA		3.000			02/20/47		1,023		1,050,261
GSR Mortgage Loan Trust, Series 2005-AR06, Class 2A1		4.100	(cc)		09/25/35		34		34,222
Holmes Master Issuer PLC (United Kingdom), Series2018-01A, Class A2, 144A, 3 Month LIBOR + 0.360% (Cap N/A, Floor 0.000%)		2.191	(c)		10/15/54		360		359,959
Home Re Ltd. (Bermuda), Series2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		3.311	(c)		05/25/29		154		154,057
Lanark Master Issuer PLC (United Kingdom), Series2018-01A, Class 1A, 144A, 3 Month LIBOR + 0.420% (Cap N/A, Floor 0.000%)		2.319	(c)		12/22/69		372		371,715
Legacy Mortgage Asset Trust,
Series 2019-GS06, Class A1, 144A		3.000	(cc)		06/25/59		289		290,759
Series 2019-PR01, Class A1, 144A		3.858	(cc)		09/25/59		1,657		1,658,641
Series 2020-GS01, Class A1, 144A		2.882	(cc)		10/25/59		1,100		1,102,583
LSTAR Securities Investment Trust, Series2019-02, Class A1, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 0.000%)		3.210	(c)		04/01/24		210		210,066
MetLife Securitization Trust, Series2018-01A, Class A, 144A		3.750	(cc)		03/25/57		244		256,003
Mill City Mortgage Loan Trust, Series2019-01, Class A1, 144A		3.250	(cc)		10/25/69		399		411,237
Mortgage Insurance-Linked Notes, Series2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)		2.610	(c)		02/25/30		200		200,073
MRA Issuance Trust, Series2019-03, 144A, 1 Month LIBOR + 1.150%		2.841	(c)		11/10/20		5,000		5,000,000
New Residential Mortgage Loan Trust,
Series2018-01A, Class A1A, 144A		4.000	(cc)		12/25/57		467		488,330
Series2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		2.411	(c)		01/25/48		188		187,666
Oaktown Re III Ltd. (Bermuda), Series2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)		3.061	(c)		07/25/29		276		276,362
OBX Trust, Series2018-01, Class A2, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.000%)		2.311	(c)		06/25/57		428		427,549
Park Avenue Funding Trust,
Series2019-01, Class PT, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)		3.161	(c)		11/27/20		276		274,005

See Notes to Financial Statements.

44

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Park Avenue Funding Trust, (cont’d.)
Series2019-03, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 1.500%)		4.411	%(c)		01/27/21		691	$	689,670
Series2019-04, Class PT, 144A, 1 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)		3.149	(c)		05/27/21		6,119		6,153,247
Radnor Re Ltd. (Bermuda), Series2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		3.061	(c)		03/25/28		166		165,920
Seasoned Credit Risk Transfer Trust, Series2019-02, Class MA		3.500			08/25/58		1,311		1,382,496
Sequoia Mortgage Trust 10, Series 10, Class 2A1, 1 Month LIBOR + 0.760% (Cap 11.750%, Floor 0.380%)		2.418	(c)		10/20/27		31		30,019
STACR Trust, Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)		2.411	(c)		09/25/48		231		231,493
Station Place Securitization Trust, Series 2019-WL01, Class A, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.650%)		2.311	(c)		08/25/52		4,375		4,375,973
Structured Asset Mortgage Investments II Trust, Series 2005-AR05, Class A1, 1 Month LIBOR + 0.250% (Cap 11.000%, Floor 0.250%)		1.908	(c)		07/19/35		33		31,081
WaMu Mortgage Pass-Through Certificates Series Trust,
Series 2002-AR06, Class A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT+ 1.400% (Cap N/A, Floor 1.400%)		3.545	(c)		06/25/42		59		59,145
Series 2002-AR09, Class 1A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT+ 1.400% (Cap N/A, Floor 1.400%)		3.545	(c)		08/25/42		4		4,433
Series 2005-AR13, Class A1A1, 1 Month LIBOR + 0.290% (Cap 10.500%, Floor 0.290%)		1.951	(c)		10/25/45		448		433,693
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $42,395,127)									42,702,721
SOVEREIGN BONDS    1.0%
Abu Dhabi Government International Bond (United Arab Emirates), Sr. Unsec’d. Notes, 144A		3.125			10/11/27		840		892,877
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes		4.375			07/12/21		200		206,875
Sr. Unsec’d. Notes		5.000			06/15/45		370		449,313
Sr. Unsec’d. Notes		7.375			09/18/37		175		257,986
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A		3.875			02/01/28		290		309,024

See Notes to Financial Statements.

PGIM Core Bond Fund 45

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS (Continued)
Export-Import Bank of India (India), (cont’d.)
Sr. Unsec’d. Notes, EMTN		2.750	%		04/01/20		400	$	400,374
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		4.450			02/11/24		200		216,901
Sr. Unsec’d. Notes, EMTN		3.750			04/25/22		200		206,977
Sr. Unsec’d. Notes, EMTN		4.750			01/08/26		200		224,032
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN		1.750			09/05/24		200		200,347
Sr. Unsec’d. Notes, 144A, MTN		2.125			10/25/23		200		203,045
Sr. Unsec’d. Notes, 144A, MTN		2.625			04/20/22		400		408,005
Sr. Unsec’d. Notes, 144A, MTN		3.000			03/12/24		400		419,824
Lithuania Government International Bond (Lithuania), Sr. Unsec’d. Notes, 144A		6.125			03/09/21		260		272,093
Panama Government International Bond (Panama), Sr. Unsec’d. Notes		4.500			04/16/50		200		246,578
Province of Alberta (Canada), Sr. Unsec’d. Notes		3.300			03/15/28		335		374,171
Province of Manitoba (Canada),
Sr. Unsec’d. Notes		2.125			06/22/26		100		102,626
Sr. Unsec’d. Notes, Series GX		2.600			04/16/24		140		145,892
Province of Quebec (Canada), Unsec’d. Notes, MTN		7.140			02/27/26		100		128,484
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A		3.875			04/23/23		335		354,613
Sr. Unsec’d. Notes, 144A		5.103			04/23/48		370		491,193
Republic of Poland Government International Bond (Poland), Sr. Unsec’d. Notes		3.000			03/17/23		100		103,958
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN		2.375			10/26/21		435		438,709
Sr. Unsec’d. Notes, 144A, MTN		2.875			03/04/23		460		473,627
Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		320		348,644
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes, 144A		2.500			06/08/22		400		407,150
Sr. Unsec’d. Notes, 144A		3.250			06/01/23		200		209,939
Turkey Government International Bond (Turkey), Sr. Unsec’d. Notes		7.000			06/05/20		250		253,543
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes		4.975			04/20/55		540		672,165
Sr. Unsec’d. Notes		5.100			06/18/50		60		75,750
TOTAL SOVEREIGN BONDS (cost $8,905,258)									9,494,715

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS    24.2%
Federal Home Loan Mortgage Corp.		2.000	%		01/01/32		760	$	765,477
Federal Home Loan Mortgage Corp.		2.500			01/01/29		513		523,908
Federal Home Loan Mortgage Corp.		2.500			07/01/31		692		706,937
Federal Home Loan Mortgage Corp.		2.500			01/01/32		350		357,857
Federal Home Loan Mortgage Corp.		2.500			10/01/32		917		936,409
Federal Home Loan Mortgage Corp.		2.500			12/01/32		1,765		1,800,635
Federal Home Loan Mortgage Corp.		2.500			09/01/46		480		486,997
Federal Home Loan Mortgage Corp.		2.500			11/01/49		1,282		1,290,599
Federal Home Loan Mortgage Corp.		3.000			02/01/32		1,514		1,566,498
Federal Home Loan Mortgage Corp.		3.000			01/01/37		398		413,250
Federal Home Loan Mortgage Corp.		3.000			12/01/37		199		205,820
Federal Home Loan Mortgage Corp.		3.000			07/01/43		595		617,921
Federal Home Loan Mortgage Corp.		3.000			06/01/46		1,389		1,434,819
Federal Home Loan Mortgage Corp.		3.000			12/01/46		1,148		1,185,933
Federal Home Loan Mortgage Corp.		3.000			01/01/47		1,246		1,287,111
Federal Home Loan Mortgage Corp.		3.000			10/01/49		2,505		2,562,058
Federal Home Loan Mortgage Corp.		3.000			11/01/49		2,016		2,062,602
Federal Home Loan Mortgage Corp.		3.000			12/01/49		3,509		3,589,735
Federal Home Loan Mortgage Corp.		3.500			11/01/37		410		428,641
Federal Home Loan Mortgage Corp.		3.500			06/01/42		532		563,022
Federal Home Loan Mortgage Corp.		3.500			09/01/42		659		696,544
Federal Home Loan Mortgage Corp.		3.500			10/01/42		733		775,398
Federal Home Loan Mortgage Corp.		3.500			06/01/43		367		387,878
Federal Home Loan Mortgage Corp.		3.500			05/01/45		541		568,028
Federal Home Loan Mortgage Corp.		3.500			01/01/47		387		404,454
Federal Home Loan Mortgage Corp.		3.500			02/01/47		1,010		1,056,253
Federal Home Loan Mortgage Corp.		3.500			11/01/47		821		857,220
Federal Home Loan Mortgage Corp.		3.500			08/01/48		485		501,841
Federal Home Loan Mortgage Corp.		3.500			10/01/48		1,937		2,003,737
Federal Home Loan Mortgage Corp.		3.500			01/01/49		944		976,697
Federal Home Loan Mortgage Corp.		3.500			05/01/49		1,000		1,031,900
Federal Home Loan Mortgage Corp.		3.500			12/01/49		221		228,383
Federal Home Loan Mortgage Corp.		4.000			12/01/40		179		192,949
Federal Home Loan Mortgage Corp.		4.000			01/01/41		369		396,932
Federal Home Loan Mortgage Corp.		4.000			04/01/42		557		600,701
Federal Home Loan Mortgage Corp.		4.000			10/01/45		292		311,864
Federal Home Loan Mortgage Corp.		4.000			02/01/46		4,445		4,785,220
Federal Home Loan Mortgage Corp.		4.000			05/01/46		327		346,720
Federal Home Loan Mortgage Corp.		4.000			08/01/46		370		394,749
Federal Home Loan Mortgage Corp.		4.000			11/01/47		410		432,963
Federal Home Loan Mortgage Corp.		4.000			04/01/48		766		802,200
Federal Home Loan Mortgage Corp.		4.000			05/01/48		774		810,678
Federal Home Loan Mortgage Corp.		4.000			07/01/48		1,216		1,273,018
Federal Home Loan Mortgage Corp.		4.500			06/01/42		174		189,474
Federal Home Loan Mortgage Corp.		4.500			09/01/44		217		236,154

See Notes to Financial Statements.

PGIM Core Bond Fund 47

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.		4.500	%		07/01/45			556	$	606,611
Federal Home Loan Mortgage Corp.		4.500			04/01/47			3,456		3,694,383
Federal Home Loan Mortgage Corp.		4.500			07/01/47			344		368,188
Federal Home Loan Mortgage Corp.		4.500			07/01/47			715		764,531
Federal Home Loan Mortgage Corp.		4.500			11/01/47			1,387		1,483,047
Federal Home Loan Mortgage Corp.		4.500			02/01/48			400		427,224
Federal Home Loan Mortgage Corp.		4.500			07/01/48			1,182		1,252,849
Federal Home Loan Mortgage Corp.		5.000			08/01/40			323		358,983
Federal Home Loan Mortgage Corp.		5.000			12/01/47			554		595,956
Federal Home Loan Mortgage Corp.		5.000			02/01/48			758		812,916
Federal National Mortgage Assoc.		1.625			01/07/25			1,545		1,559,397
Federal National Mortgage Assoc.		2.000			10/01/34			1,138		1,137,443
Federal National Mortgage Assoc.		2.375			01/19/23			280		288,033
Federal National Mortgage Assoc.		2.500			02/05/24	(k)		645		673,281
Federal National Mortgage Assoc.		2.500			05/01/30			472		481,277
Federal National Mortgage Assoc.		2.500			04/01/31			1,394		1,424,346
Federal National Mortgage Assoc.		2.500			11/01/31			347		354,029
Federal National Mortgage Assoc.		2.500			02/01/43			137		139,652
Federal National Mortgage Assoc.		2.500			09/01/46			406		412,024
Federal National Mortgage Assoc.		2.500			10/01/46			304		308,882
Federal National Mortgage Assoc.		2.500			10/01/46			397		403,053
Federal National Mortgage Assoc.		2.500			09/01/49			722		727,250
Federal National Mortgage Assoc.		2.500			10/01/49			498		501,711
Federal National Mortgage Assoc.		2.500			11/01/49			2,488		2,505,464
Federal National Mortgage Assoc.		3.000			TBA			2,000		2,043,140
Federal National Mortgage Assoc., Cost of Funds for the 11th District of San Francisco + 2.000% (Cap 9.375%, Floor 2.000%)		3.000	(c)		08/01/24			6		6,441
Federal National Mortgage Assoc.		3.000			06/01/30			292		302,379
Federal National Mortgage Assoc.		3.000			05/01/31			135		139,788
Federal National Mortgage Assoc.		3.000			12/01/31			385		397,902
Federal National Mortgage Assoc.		3.000			05/01/32			385		397,942
Federal National Mortgage Assoc.		3.000			09/01/32			182		187,821
Federal National Mortgage Assoc.		3.000			11/01/36			338		350,261
Federal National Mortgage Assoc.		3.000			10/01/42			326		338,799
Federal National Mortgage Assoc.		3.000			10/01/42			562		584,287
Federal National Mortgage Assoc.		3.000			02/01/43			332		345,129
Federal National Mortgage Assoc.		3.000			04/01/43			590		612,036
Federal National Mortgage Assoc.		3.000			06/01/43			748		776,181
Federal National Mortgage Assoc.		3.000			12/01/45			916		951,875
Federal National Mortgage Assoc.		3.000			05/01/46			1,857		1,917,492
Federal National Mortgage Assoc.		3.000			10/01/46			5,470		5,646,846
Federal National Mortgage Assoc.		3.000			03/01/47			1,184		1,222,486
Federal National Mortgage Assoc.		3.000			04/01/47			2,842		2,933,489
Federal National Mortgage Assoc.		3.000			12/01/49			993		1,015,993

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		3.500	%		12/01/29			191	$	200,464
Federal National Mortgage Assoc.		3.500			12/01/30			172		179,408
Federal National Mortgage Assoc.		3.500			07/01/31			942		990,412
Federal National Mortgage Assoc.		3.500			08/01/31			631		658,436
Federal National Mortgage Assoc.		3.500			02/01/33			382		399,761
Federal National Mortgage Assoc.		3.500			05/01/33			208		217,201
Federal National Mortgage Assoc.		3.500			10/01/41			224		236,821
Federal National Mortgage Assoc.		3.500			04/01/42			467		493,904
Federal National Mortgage Assoc.		3.500			05/01/42			468		494,951
Federal National Mortgage Assoc.		3.500			05/01/42			2,276		2,405,827
Federal National Mortgage Assoc.		3.500			06/01/42			1,063		1,108,890
Federal National Mortgage Assoc.		3.500			10/01/42			562		593,608
Federal National Mortgage Assoc.		3.500			10/01/42			764		807,960
Federal National Mortgage Assoc.		3.500			10/01/42			1,235		1,305,825
Federal National Mortgage Assoc.		3.500			06/01/43			367		387,968
Federal National Mortgage Assoc.		3.500			06/01/45			524		549,642
Federal National Mortgage Assoc.		3.500			06/01/45			1,051		1,103,290
Federal National Mortgage Assoc.		3.500			09/01/45			662		694,798
Federal National Mortgage Assoc.		3.500			10/01/45			903		948,428
Federal National Mortgage Assoc.		3.500			01/01/46			304		319,284
Federal National Mortgage Assoc.		3.500			01/01/46			706		741,079
Federal National Mortgage Assoc.		3.500			04/01/46	(k)		9,253		9,667,807
Federal National Mortgage Assoc.		3.500			11/01/46			370		386,333
Federal National Mortgage Assoc.		3.500			07/01/47			991		1,033,429
Federal National Mortgage Assoc.		3.500			08/01/47			483		503,938
Federal National Mortgage Assoc.		3.500			11/01/47			3,985		4,156,528
Federal National Mortgage Assoc.		3.500			01/01/48			666		694,622
Federal National Mortgage Assoc.		3.500			01/01/48			857		894,074
Federal National Mortgage Assoc.		3.500			08/01/48			2,120		2,193,129
Federal National Mortgage Assoc.		3.500			10/01/48			1,516		1,568,588
Federal National Mortgage Assoc.		3.500			11/01/48			787		820,663
Federal National Mortgage Assoc.		3.500			06/01/49			2,683		2,775,772
Federal National Mortgage Assoc.		3.500			06/01/49			3,211		3,314,059
Federal National Mortgage Assoc.		3.500			06/01/49			4,396		4,546,982
Federal National Mortgage Assoc.		3.500			07/01/49			568		586,183
Federal National Mortgage Assoc.		3.500			08/01/49			11,813		12,192,986
Federal National Mortgage Assoc.		4.000			09/01/40			348		374,951
Federal National Mortgage Assoc.		4.000			11/01/40			1,818		1,956,512
Federal National Mortgage Assoc.		4.000			02/01/41			625		672,901
Federal National Mortgage Assoc.		4.000			02/01/41			885		952,240
Federal National Mortgage Assoc.		4.000			12/01/41			519		558,283
Federal National Mortgage Assoc.		4.000			10/01/43			525		565,150
Federal National Mortgage Assoc.		4.000			09/01/44			343		365,657
Federal National Mortgage Assoc.		4.000			10/01/44			800		853,399
Federal National Mortgage Assoc.		4.000			12/01/45			281		299,641

See Notes to Financial Statements.

PGIM Core Bond Fund 49

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

	Interest Rate			Maturity Date			Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		4.000	%		04/01/46			355	$	375,967
Federal National Mortgage Assoc.		4.000			08/01/46			548		580,443
Federal National Mortgage Assoc.		4.000			09/01/46			2,902		3,075,078
Federal National Mortgage Assoc.		4.000			02/01/47			2,253		2,387,050
Federal National Mortgage Assoc.		4.000			03/01/47			1,442		1,540,427
Federal National Mortgage Assoc.		4.000			06/01/47			1,312		1,385,073
Federal National Mortgage Assoc.		4.000			10/01/47			375		396,282
Federal National Mortgage Assoc.		4.000			11/01/47			779		822,283
Federal National Mortgage Assoc.		4.000			12/01/47			776		819,743
Federal National Mortgage Assoc.		4.000			02/01/48			764		806,657
Federal National Mortgage Assoc.		4.000			10/01/48			696		746,940
Federal National Mortgage Assoc.		4.500			08/01/40			159		173,920
Federal National Mortgage Assoc.		4.500			04/01/41			179		195,213
Federal National Mortgage Assoc.		4.500			06/01/41			448		488,983
Federal National Mortgage Assoc.		4.500			08/01/41			248		271,311
Federal National Mortgage Assoc.		4.500			08/01/41			584		638,401
Federal National Mortgage Assoc.		4.500			08/01/44			477		518,928
Federal National Mortgage Assoc.		4.500			01/01/45			298		325,244
Federal National Mortgage Assoc.		4.500			11/01/47			471		503,065
Federal National Mortgage Assoc.		4.500			06/01/48			925		979,980
Federal National Mortgage Assoc.		4.500			12/01/48			911		966,981
Federal National Mortgage Assoc.		4.500			02/01/49			317		336,417
Federal National Mortgage Assoc.		5.000			09/01/30			35		37,417
Federal National Mortgage Assoc.		5.000			03/01/42			544		604,167
Federal National Mortgage Assoc.		5.000			10/01/47			753		808,653
Federal National Mortgage Assoc.		5.000			01/01/48			119		127,208
Federal National Mortgage Assoc.		5.500			01/01/40			206		232,797
Federal National Mortgage Assoc., Cost of Funds for the 11th District of San Francisco + 1.250% (Cap 12.724%, Floor 5.692%)		5.692	(c)		12/01/30			1		681
Federal National Mortgage Assoc.		6.000			10/01/36			120		138,788
Federal National Mortgage Assoc.		6.000			07/01/41			123		142,641
Federal National Mortgage Assoc.		6.625			11/15/30	(k)		485		713,547
Federal National Mortgage Assoc.		7.125			01/15/30	(k)		80		119,167
Government National Mortgage Assoc.		2.500			12/20/46			740		755,144
Government National Mortgage Assoc.		3.000			07/20/42			921		956,078
Government National Mortgage Assoc.		3.000			03/20/43			636		660,991
Government National Mortgage Assoc.		3.000			08/20/43			122		126,583
Government National Mortgage Assoc.		3.000			09/20/43			233		242,132
Government National Mortgage Assoc.		3.000			01/20/44			213		220,812
Government National Mortgage Assoc.		3.000			05/20/45			318		329,215
Government National Mortgage Assoc.		3.000			08/15/45			307		317,444
Government National Mortgage Assoc.		3.000			05/20/46			2,067		2,140,688
Government National Mortgage Assoc.		3.000			07/20/46			1,387		1,436,816
Government National Mortgage Assoc.		3.000			08/20/46			180		186,395

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		3.000	%		10/20/46		332	$	343,732
Government National Mortgage Assoc.		3.000			03/20/47		1,925		1,993,771
Government National Mortgage Assoc.		3.000			01/20/48		299		308,866
Government National Mortgage Assoc.		3.000			08/20/48		3,848		3,978,970
Government National Mortgage Assoc.		3.500			01/15/42		153		161,053
Government National Mortgage Assoc.		3.500			12/20/42		441		465,564
Government National Mortgage Assoc.		3.500			01/20/43		646		682,152
Government National Mortgage Assoc.		3.500			02/20/43		293		309,482
Government National Mortgage Assoc.		3.500			08/20/43		1,134		1,194,548
Government National Mortgage Assoc.		3.500			10/20/43		1,481		1,561,118
Government National Mortgage Assoc.		3.500			03/20/45		200		209,075
Government National Mortgage Assoc.		3.500			04/20/45		1,173		1,226,319
Government National Mortgage Assoc.		3.500			04/20/46		2,231		2,332,743
Government National Mortgage Assoc.		3.500			07/20/46		1,460		1,525,877
Government National Mortgage Assoc.		3.500			10/20/46		2,685		2,806,931
Government National Mortgage Assoc.		3.500			12/20/46		2,490		2,603,634
Government National Mortgage Assoc.		3.500			01/20/47		812		848,860
Government National Mortgage Assoc.		3.500			05/20/47		1,791		1,865,211
Government National Mortgage Assoc.		3.500			11/20/47		1,321		1,376,250
Government National Mortgage Assoc.		3.500			01/20/48		957		996,565
Government National Mortgage Assoc.		3.500			10/20/48		621		644,649
Government National Mortgage Assoc.		3.500			11/20/48		1,109		1,151,703
Government National Mortgage Assoc.		3.500			02/20/49		1,522		1,580,699
Government National Mortgage Assoc.		3.500			05/20/49		1,025		1,062,279
Government National Mortgage Assoc.		4.000			12/20/40		378		404,602
Government National Mortgage Assoc.		4.000			06/20/41		148		158,091
Government National Mortgage Assoc.		4.000			11/15/41		208		221,784
Government National Mortgage Assoc.		4.000			12/20/42		318		340,623
Government National Mortgage Assoc.		4.000			04/20/43		236		252,429
Government National Mortgage Assoc.		4.000			10/20/43		234		248,899
Government National Mortgage Assoc.		4.000			12/20/43		499		530,095
Government National Mortgage Assoc.		4.000			09/20/44		286		302,696
Government National Mortgage Assoc.		4.000			08/20/45		572		604,182
Government National Mortgage Assoc.		4.000			10/20/45		266		280,952
Government National Mortgage Assoc.		4.000			03/20/46		512		540,534
Government National Mortgage Assoc.		4.000			11/20/46		399		420,625
Government National Mortgage Assoc.		4.000			03/20/47		445		468,960
Government National Mortgage Assoc.		4.000			05/20/47		722		758,914
Government National Mortgage Assoc.		4.000			07/20/47		2,946		3,096,710
Government National Mortgage Assoc.		4.000			11/20/47		1,805		1,897,061
Government National Mortgage Assoc.		4.000			12/20/47		459		482,665
Government National Mortgage Assoc.		4.000			07/20/48		1,072		1,117,923
Government National Mortgage Assoc.		4.000			08/20/48		366		381,714
Government National Mortgage Assoc.		4.000			09/20/48		916		955,291
Government National Mortgage Assoc.		4.000			11/20/48		392		408,734

See Notes to Financial Statements.

PGIM Core Bond Fund 51

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Description	Interest Rate			Maturity Date			Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		4.000	%		02/20/49			1,135	$	1,184,270
Government National Mortgage Assoc.		4.500			12/20/41			714		770,784
Government National Mortgage Assoc.		4.500			10/20/43			117		127,199
Government National Mortgage Assoc.		4.500			01/20/44			144		156,083
Government National Mortgage Assoc.		4.500			04/20/44			507		549,389
Government National Mortgage Assoc.		4.500			03/20/45			129		139,764
Government National Mortgage Assoc.		4.500			07/20/46			300		324,810
Government National Mortgage Assoc.		4.500			08/20/46			252		272,626
Government National Mortgage Assoc.		4.500			11/20/46			242		262,393
Government National Mortgage Assoc.		4.500			01/20/48			290		306,992
Government National Mortgage Assoc.		4.500			02/20/48			1,962		2,078,674
Government National Mortgage Assoc.		4.500			03/20/48			207		219,771
Government National Mortgage Assoc.		4.500			07/20/48			401		421,830
Government National Mortgage Assoc.		4.500			08/20/48			143		150,750
Government National Mortgage Assoc.		4.500			12/20/48			810		851,384
Government National Mortgage Assoc.		5.000			10/20/37			9		10,093
Government National Mortgage Assoc.		5.000			09/20/40			138		151,761
Government National Mortgage Assoc.		5.000			04/20/45			73		80,670
Government National Mortgage Assoc.		5.000			08/20/45			294		321,596
Government National Mortgage Assoc.		6.000			12/15/39			177		205,338
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $230,003,481)										233,592,247
U.S. TREASURY OBLIGATIONS    1.7%
U.S. Treasury Strips Coupon		2.222	(s)		02/15/41			1,590		1,038,717
U.S. Treasury Strips Coupon		2.226	(s)		05/15/39			1,730		1,182,347
U.S. Treasury Strips Coupon		2.324	(s)		05/15/42			6,220		3,907,909
U.S. Treasury Strips Coupon		2.340	(s)		02/15/43			3,590		2,206,448
U.S. Treasury Strips Coupon		2.346	(s)		11/15/40			760		499,344
U.S. Treasury Strips Coupon		2.375	(s)		11/15/41			755		482,728
U.S. Treasury Strips Coupon		2.380	(s)		05/15/41			1,590		1,029,090
U.S. Treasury Strips Coupon		2.397	(s)		11/15/43			2,087		1,257,418
U.S. Treasury Strips Coupon		2.434	(s)		11/15/45			575		331,995
U.S. Treasury Strips Coupon		2.436	(s)		02/15/46			415		238,122
U.S. Treasury Strips Coupon		2.524	(s)		11/15/39	(k)		3,150		2,126,742
U.S. Treasury Strips Coupon		2.570	(s)		02/15/31	(k)		2,110		1,749,075
TOTAL U.S. TREASURY OBLIGATIONS (cost $15,048,721)										16,049,935
TOTAL LONG-TERM INVESTMENTS (cost $922,420,587)										956,245,267

See Notes to Financial Statements.

52

Description	Shares		Value
SHORT-TERM INVESTMENTS    3.3%
AFFILIATED MUTUAL FUNDS    3.3%
PGIM Core Ultra Short Bond Fund(w)		23,843,688	$	23,843,688
PGIM Institutional Money Market Fund (cost $7,671,700; includes $7,660,429 of cash collateral for securities on loan)(b)(w)		7,670,992		7,672,527
TOTAL AFFILIATED MUTUAL FUNDS (cost $31,515,388)				31,516,215
OPTIONS PURCHASED*~    0.0% (cost $6,721)				211,138
TOTAL SHORT-TERM INVESTMENTS (cost $31,522,109)				31,727,353
TOTAL INVESTMENTS    102.5% (cost $953,942,696)				987,972,620
Liabilities in excess of other assets(z)    (2.5)%				(23,950,733	)
NET ASSETS    100.0%			$	964,021,887

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

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.

Aces—Alternative Credit Enhancements Securities

BABs—Build America Bonds

CLO—Collateralized Loan Obligation

CMS—Constant Maturity Swap

EMTN—Euro Medium Term Note

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

OTC—Over-the-counter

REITs—Real Estate Investment Trust

REMICS—Real Estate Mortgage Investment Conduit Security

STACR—Structured Agency Credit Risk

Strips—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

* Non-income producing security.

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

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $7,495,156; cash collateral of $7,660,429 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2020.

See Notes to Financial Statements.

PGIM Core Bond Fund 53

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

(cc) Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

(p) Interest rate not available as of January 31, 2020.

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

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund.

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

Forward Commitment Contracts

U.S. Government Agency Obligations	Interest Rate			Maturity Date		Settlement Date		Principal Amount (000)#			Value
Government National Mortgage Assoc. (proceeds receivable $1,030,469)		3.500	%		TBA		02/20/20		(1,000	)	$	(1,031,120	)

Options Purchased:

OTC Traded

Description	Call/ Put	Counterparty	Expiration Date		Strike			Contracts		Notional Amount (000)#		Value
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/12/21		0.11	%		—		1,177	$	14,272
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		07/13/21		0.11	%		—		1,144		13,851
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/16/21		0.15	%		—		2,860		32,583
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		08/20/21		0.15	%		—		5,678		66,494
2- Year 10 CMS Curve CAP	Call	Bank of America, N.A.		09/13/21		0.14	%		—		5,760		71,041
2- Year 10 CMS Curve CAP	Call	Barclays Bank PLC		11/09/21		0.21	%		—		1,144		12,897
Total Options Purchased (cost $ 6,721)												$	211,138

Futures contracts outstanding at January 31, 2020:

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	24	2 Year U.S. Treasury Notes		Mar. 2020	$	5,192,625	$	11,210
	1,127	5 Year U.S. Treasury Notes		Mar. 2020		135,600,989		1,388,250
	144	20 Year U.S. Treasury Bonds		Mar. 2020		23,548,500		832,931
	213	30 Year U.S. Ultra Treasury Bonds		Mar. 2020		41,255,438		1,575,481
								3,807,872

See Notes to Financial Statements.

54

Futures contracts outstanding at January 31, 2020 (continued):

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Short Positions:
	411	10 Year U.S. Treasury Notes		Mar. 2020	$	54,110,719	$	(1,085,692	)
	45	10 Year U.S. Ultra Treasury Notes		Mar. 2020		6,554,531		(22,806	)
								(1,108,498	)
							$	2,699,374

Credit default swap agreement outstanding at January 31, 2020:

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at January 31, 2020(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on asset-backed securities—Sell Protection(2):

Towd Point Mortgage Trust

07/25/56

0.450%(M)

5,934

*

$

371

$

—

$

371

Citigroup Global Markets, Inc.

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at January 31, 2020(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on credit indices—Sell Protection(2):

CMBX.NA.6.AA

05/11/63

1.500%(M)

2,000

*

$

41,860

$

(24,113

)

$

65,973

Morgan Stanley &Co. International PLC

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.

See Notes to Financial Statements.

PGIM Core Bond Fund 55

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

(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 includeup-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 January 31, 2020:

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at January 31, 2020			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements:
	4,092		03/31/21		2.173%(A)	1 Day USOIS(2)(A)	$	(1,376	)	$	46,641		$	48,017
	29,565		06/15/21		1.830%(S)	3 Month LIBOR(2)(Q)		—			134,046			134,046
	215		09/15/21		1.381%(S)	3 Month LIBOR(2)(Q)		—			(284	)		(284	)
	685		05/31/22		2.353%(A)	1 Day USOIS(1)(A)		—			(20,212	)		(20,212	)
	1,215		02/15/24		2.115%(S)	3 Month LIBOR(1)(Q)		3,113			(44,694	)		(47,807	)
	1		02/15/24		2.151%(S)	3 Month LIBOR(1)(Q)		—			(38	)		(38	)
	3,080		02/15/24		2.167%(S)	3 Month LIBOR(1)(Q)		(17,091	)		(120,324	)		(103,233	)
	1,580		02/15/24		2.183%(S)	3 Month LIBOR(1)(Q)		(3,010	)		(62,873	)		(59,863	)
	11,460		03/29/24		1.949%(A)	1 Day USOIS(1)(A)		—			(380,192	)		(380,192	)
	7,212		05/31/24		1.350%(A)	1 Day USOIS(1)(A)		—			(74,816	)		(74,816	)
	1,120		08/15/24		2.168%(S)	3 Month LIBOR(1)(Q)		—			(48,259	)		(48,259	)
	9,600		08/15/24		2.170%(S)	3 Month LIBOR(1)(Q)		29,514			(414,431	)		(443,945	)
	3,450		08/15/24		2.176%(S)	3 Month LIBOR(1)(Q)		11,173			(149,873	)		(161,046	)
	5,535		11/15/24		2.334%(S)	3 Month LIBOR(1)(Q)		18,482			(263,371	)		(281,853	)

See Notes to Financial Statements.

56

Interest rate swap agreements outstanding at January 31, 2020 (continued):

Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at January 31, 2020			Unrealized Appreciaton (Depreciation)
	Centrally Cleared Interest Rate Swap Agreements (cont’d.):
	3,095		02/12/25		2.408%(A)	1 Day USOIS(1)(A)	$	—		$	(204,941	)	$	(204,941	)
	3,923		05/31/25		2.998%(S)	3 Month LIBOR(1)(Q)		(2,549	)		(343,334	)		(340,785	)
	1,310		07/31/25		2.802%(A)	1 Day USOIS(1)(A)		—			(124,474	)		(124,474	)
	3,090		07/31/25		3.105%(S)	3 Month LIBOR(1)(Q)		2,438			(290,565	)		(293,003	)
	5,651		07/31/25		3.109%(S)	3 Month LIBOR(1)(Q)		219			(532,715	)		(532,934	)
	2,554		01/31/26		2.269%(A)	1 Day USOIS(1)(A)		(8,036	)		(169,588	)		(161,552	)
	1,502		04/30/26		1.876%(S)	3 Month LIBOR(1)(Q)		(6,010	)		(54,320	)		(48,310	)
	1,447		02/15/27		1.824%(A)	1 Day USOIS(1)(A)		19,731			(61,504	)		(81,235	)
	390		02/15/27		1.899%(A)	1 Day USOIS(1)(A)		495			(18,864	)		(19,359	)
	395	��	02/15/27		1.965%(A)	1 Day USOIS(1)(A)		—			(21,137	)		(21,137	)
	920		02/15/27		2.067%(A)	1 Day USOIS(1)(A)		(543	)		(56,596	)		(56,053	)
	9,797		08/15/28		2.579%(A)	1 Day USOIS(1)(A)		(178,462	)		(1,140,299	)		(961,837	)
	2,296		08/15/28		2.835%(S)	3 Month LIBOR(1)(Q)		(10,355	)		(283,436	)		(273,081	)
	9,298		08/15/29		1.611%(A)	1 Day USOIS(1)(A)		2,944			(317,466	)		(320,410	)
	145		11/15/43		2.659%(S)	3 Month LIBOR(1)(Q)		—			(29,229	)		(29,229	)
	1,270		08/09/49		1.508%(A)	1 Day USOIS(1)(A)		—			(14,053	)		(14,053	)
							$	(139,323	)	$	(5,061,201	)	$	(4,921,878	)

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

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

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

	Premiums Paid		Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swap Agreement	$	—	$	(24,113	)	$	66,344	$	—

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
Citigroup Global Markets, Inc.	$	1,361,000	$	3,578,713

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.

See Notes to Financial Statements.

PGIM Core Bond Fund 57

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

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

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

The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Asset-Backed Securities
Automobiles	$	—		$	40,274,148		$	—
Collateralized Loan Obligations		—			88,745,754			—
Consumer Loans		—			4,566,451			—
Credit Cards		—			2,418,924			—
Equipment		—			4,213,708			—
Home Equity Loans		—			1,168,262			—
Manufactured Housing		—			1,285,421			—
Other		—			2,165,242			—
Residential Mortgage-Backed Securities		—			8,679,848			—
Student Loans		—			18,137,015			—
Commercial Mortgage-Backed Securities		—			191,155,512			—
Corporate Bonds		—			283,284,295			—
Municipal Bonds		—			8,311,069			—
Residential Mortgage-Backed Securities		—			42,702,721			—
Sovereign Bonds		—			9,494,715			—
U.S. Government Agency Obligations		—			233,592,247			—
U.S. Treasury Obligations		—			16,049,935			—
Affiliated Mutual Funds		31,516,215			—			—
Options Purchased		—			211,138			—
Total	$	31,516,215		$	956,456,405		$	—
Other Financial Instruments*
Assets
Futures Contracts	$	3,807,872		$	—		$	—
OTC Credit Default Swap Agreements		—			42,231			—
Centrally Cleared Interest Rate Swap Agreements		—			182,063			—
Total	$	3,807,872		$	224,294		$	—
Liabilities
Forward Commitment Contract	$	—		$	(1,031,120	)	$	—
Futures Contracts		(1,108,497	)		—			—
Centrally Cleared Interest Rate Swap Agreements		—			(5,103,941	)		—
Total	$	(1,108,497	)	$	(6,135,061	)	$	—

See Notes to Financial Statements.

58

* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards and centrally cleared swap contracts are recorded at net 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 January 31, 2020 were as follows:

U.S. Government Agency Obligations	24.2	%
Commercial Mortgage-Backed Securities	19.8
Collateralized Loan Obligations	9.2
Banks	8.5
Residential Mortgage-Backed Securities	5.3
Automobiles	4.2
Electric	3.6
Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan)	3.3
Oil & Gas	2.1
Student Loans	1.9
Pharmaceuticals	1.7
U.S. Treasury Obligations	1.7
Pipelines	1.3
Media	1.2
Telecommunications	1.1
Healthcare-Services	1.1
Commercial Services	1.0
Sovereign Bonds	1.0
Municipal Bonds	0.9
Insurance	0.8
Foods	0.8
Auto Manufacturers	0.7
Real Estate Investment Trusts (REITs)	0.7
Consumer Loans	0.5
Beverages	0.5
Equipment	0.4
Computers	0.4
Diversified Financial Services	0.4
Chemicals	0.4
Agriculture	0.3
Aerospace & Defense	0.3
Gas	0.3

Credit Cards	0.3	%
Building Materials	0.2
Other	0.2
Software	0.2
Retail	0.2
Airlines	0.2
Iron/Steel	0.2
Mining	0.2
Lodging	0.2
Manufactured Housing	0.1
Packaging & Containers	0.1
Home Equity Loans	0.1
Electronics	0.1
Machinery-Diversified	0.1
Engineering & Construction	0.1
Semiconductors	0.1
Oil & Gas Services	0.1
Multi-National	0.1
Transportation	0.1
Healthcare-Products	0.0	*
Forest Products & Paper	0.0	*
Biotechnology	0.0	*
Options Purchased	0.0	*
Water	0.0	*
Office/Business Equipment	0.0	*
Housewares	0.0	*
	102.5
Liabilities in excess of other assets	(2.5	)
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

PGIM Core Bond Fund 59

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

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 contracts risk and interest rate contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of January 31, 2020 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	—	$	—		Premiums received for OTC swap agreements	$	24,113
Credit contracts	Unrealized appreciation on OTC swap agreements		66,344		—		—
Interest rate contracts	Due from/to broker— variation margin futures		3,807,872	*	Due from/to broker— variation margin futures		1,108,498	*
Interest rate contracts	Due from/to broker— variation margin swaps		182,063	*	Due from/to broker— variation margin swaps		5,103,941	*
Interest rate contracts	Unaffiliated investments		211,138		—		—
		$	4,267,417			$	6,236,552

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

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2020 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(1)			Options Written		Futures		Forward Rate Agreements			Swaps
Credit contracts	$	—		$	—	$	—	$	—		$	22,092
Interest rate contracts		(188,241	)		75,539		5,160,770		(153,633	)		(146,428	)
Total	$	(188,241	)	$	75,539	$	5,160,770	$	(153,633	)	$	(124,336	)

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

See Notes to Financial Statements.

60

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)		Options Written			Futures		Forward Rate Agreements		Swaps
Credit contracts	$	—	$	—		$	—	$	—	$	(675	)
Interest rate contracts		74,246		(38,994	)		659,629		16,647		(2,013,599	)
Total	$	74,246	$	(38,994	)	$	659,629	$	16,647	$	(2,014,274	)

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

For the six months ended January 31, 2020, the Fund’s average volume of derivative activities is as follows:

Options Purchased(1)		Options Written(2)		Futures Contracts— Long Positions(2)		Futures Contracts— Short Positions(2)
$	51,384	$	320,000	$	207,113,842	$	80,086,166

Forward Rate Agreements(2)		Interest Rate Swap Agreements(2)
$	20,533,333	$	118,718,000

Credit Default Swap Agreements— Sell Protection(2)
$	3,978,011

(1) Cost.

(2) Notional Amount in USD.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund invested in OTC derivatives and entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right toset-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)			Net Amount
Securities on Loan	$	7,495,156	$	(7,495,156	)	$	—

See Notes to Financial Statements.

PGIM Core Bond Fund 61

Schedule of Investments(unaudited) (continued)

as of January 31, 2020

Offsetting of OTC derivative assets and liabilities:

Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)		Net Amount
Bank of America, N.A.	$	170,118	$	—		$	170,118	$	—	$	170,118
Barclays Bank PLC		41,020		—			41,020		—		41,020
Citigroup Global Markets, Inc.		371		—			371		—		371
Morgan Stanley & Co. International PLC		65,973		(24,113	)		41,860		—		41,860
	$	277,482	$	(24,113	)	$	253,369	$	—	$	253,369

(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.

62

Statement of Assets and Liabilities(unaudited)

as of January 31, 2020

Assets
Investments at value, including securities on loan of $7,495,156:
Unaffiliated investments (cost $922,427,308)	$	956,456,405
Affiliated investments (cost $31,515,388)		31,516,215
Receivable for investments sold		5,602,884
Dividends and interest receivable		4,176,644
Receivable for Fund shares sold		3,474,924
Deposit with broker for centrally cleared/exchange-traded derivatives		1,361,000
Due from broker—variation margin futures		292,000
Unrealized appreciation on OTC swap agreements		66,344
Prepaid expenses and other assets		3,179
Total Assets		1,002,949,595
Liabilities
Payable for investments purchased		28,039,808
Payable to broker for collateral for securities on loan		7,660,429
Payable for Fund shares reacquired		1,480,193
Forward commitment contracts, at value (proceeds receivable $1,030,469)		1,031,120
Due to broker—variation margin swaps		199,858
Management fee payable		194,297
Dividends payable		151,375
Accrued expenses and other liabilities		112,293
Distribution fee payable		30,765
Premiums received for OTC swap agreements		24,113
Affiliated transfer agent fee payable		3,457
Total Liabilities		38,927,708
Net Assets	$	964,021,887
Net assets were comprised of:
Shares of beneficial interest, at par	$	92,811
Paid-in capital in excess of par		935,419,788
Total distributable earnings (loss)		28,509,288
Net assets, January 31, 2020	$	964,021,887

See Notes to Financial Statements.

PGIM Core Bond Fund 63

Statement of Assets and Liabilities(unaudited)

as of January 31, 2020

Class A
Net asset value and redemption price per share, ($127,340,577 ÷ 12,262,053 shares of beneficial interest issued and outstanding)	$	10.38
Maximum sales charge (3.25% of offering price)		0.35
Maximum offering price to public	$	10.73
Class C
Net asset value, offering price and redemption price per share,
($5,976,055 ÷ 575,075 shares of beneficial interest issued and outstanding)	$	10.39
Class R
Net asset value, offering price and redemption price per share,
($16,911 ÷ 1,629 shares of beneficial interest issued and outstanding)	$	10.38
Class Z
Net asset value, offering price and redemption price per share,
($214,299,563 ÷ 20,632,473 shares of beneficial interest issued and outstanding)	$	10.39
Class R6
Net asset value, offering price and redemption price per share,
($616,388,781 ÷ 59,340,015 shares of beneficial interest issued and outstanding)	$	10.39

See Notes to Financial Statements.

64

Statement of Operations(unaudited)

Six Months Ended Ended January 31, 2020

Net Investment Income (Loss)
Income
Interest income	$	11,812,261
Affiliated dividend income		268,346
Affiliated income from securities lending, net		7,437
Total income		12,088,044
Expenses
Management fee		1,410,881
Distribution fee(a)		146,820
Transfer agent’s fees and expenses (including affiliated expense of $8,515)(a)		120,099
Custodian and accounting fees		90,105
Registration fees(a)		49,193
Shareholders’ reports		44,860
Audit fee		31,837
Legal fees and expenses		11,095
Trustees’ fees		9,750
SEC registration fees		705
Miscellaneous		10,156
Total expenses		1,925,501
Less: Fee waiver and/or expense reimbursement(a)		(265,893	)
Distribution fee waiver(a)		(21	)
Net expenses		1,659,587
Net investment income (loss)		10,428,457
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $208)		368,672
Futures transactions		5,160,770
Forward rate agreement transactions		(153,633	)
Options written transactions		75,539
Swap agreement transactions		(124,336	)
Foreign currency transactions		(8	)
		5,327,004
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $415)		19,196,607
Futures		659,629
Forward rate agreements		16,647
Options written		(38,994	)
Swap agreements		(2,014,274	)
Foreign currencies		(4	)
		17,819,611
Net gain (loss) on investment and foreign currency transactions		23,146,615
Net Increase (Decrease) In Net Assets Resulting From Operations	$	33,575,072

See Notes to Financial Statements.

PGIM Core Bond Fund 65

Statement of Operations(unaudited)

Six Months Ended Ended January 31, 2020

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

	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		122,260			24,498			62			—			—
Transfer agent’s fees and expenses		38,481			2,687			39			78,011			881
Registration fees		8,110			7,641			7,548			8,586			17,308
Fee waiver and/or expense reimbursement		(21,207	)		(8,848	)		(7,580	)		(96,447	)		(131,811	)
Distribution fee waiver		—			—			(21	)		—			—

See Notes to Financial Statements.

66

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2020			Year Ended July 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	10,428,457		$	14,196,960
Net realized gain (loss) on investment and foreign currency transactions		5,327,004			4,453,559
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		17,819,611			21,176,914
Net increase (decrease) in net assets resulting from operations		33,575,072			39,827,433
Dividends and Distributions
Distributions from distributable earnings
Class A		(1,290,012	)		(1,755,631	)
Class C		(45,713	)		(79,023	)
Class R		(196	)		(415	)
Class Z		(2,882,011	)		(3,701,526	)
Class R6		(7,861,985	)		(10,042,604	)
		(12,079,917	)		(15,579,199	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		381,318,915			232,754,660
Net asset value of shares issued in reinvestment of dividends and distributions		11,907,320			15,560,437
Cost of shares reacquired		(61,468,471	)		(111,205,574	)
Net increase (decrease) in net assets from Fund share transactions		331,757,764			137,109,523
Total increase (decrease)		353,252,919			161,357,757
Net Assets:
Beginning of period		610,768,968			449,411,211
End of period	$	964,021,887		$	610,768,968

See Notes to Financial Statements.

PGIM Core Bond Fund 67

Notes to Financial Statements (unaudited) 

The Target Portfolio Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversifiedopen-end management investment company. The Trust currently consists of three series: PGIM Corporate Bond Fund, PGIM Core Bond Fund and PGIM QMASmall-Cap Value Fund (collectively the “Funds”).

These financial statements relate only to the PGIM Core Bond Fund (the “Fund”).

The investment objective of the Fund is total return.

1. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services —Investment Companies.The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation:The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the 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. The Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

For the fiscal reportingperiod-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820—Fair Value Measurements and Disclosures.

68

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

Investments inopen-end,non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

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

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited

PGIM Core Bond Fund 69

Notes to Financial Statements (unaudited) (continued)

to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.

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; any available analyst media or other reports or information deemed reliable by the Manager 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.

Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act

70

of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

Connecticut Avenue Securities (CAS) and Structured Agency Credit Risk (STACR):The Fund purchased government controlled Fannie Mae and Freddie Mac securities that transfer most of the cost of defaults to private investors including the Fund. These are insurance-like products that are called CAS by Fannie Mae and STACR securities by Freddie Mac. Payments on the securities are based primarily on the performance of a reference pool of underlying mortgages. With such securities, the Fund could lose some or all of its principal if the underlying mortgages experience credit defaults.

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

(i) market value of investment securities, other assets and liabilities—at the current rates of exchange;

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

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

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

Options:The Fund purchased or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of

PGIM Core Bond Fund 71

Notes to Financial Statements (unaudited) (continued)

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

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

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

Financial Futures Contracts:A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount.

72

This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

Forward Rate Agreements:Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Fund entered into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

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

Interest Rate Swaps:Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Fund used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate

PGIM Core Bond Fund 73

Notes to Financial Statements (unaudited) (continued)

payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

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

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

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and

74

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.

Master Netting Arrangements:The Trust, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

PGIM Core Bond Fund 75

Notes to Financial Statements (unaudited) (continued)

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.

As of January 31, 2020, the Fund has not met conditions under such agreements which give the counterparty the right to call for an early termination.

Forward currency contracts, forward rate agreements, written options, short sales, swaps and financial futures contracts involve elements of both market and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. Such risks may be mitigated by engaging in master netting arrangements.

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

Securities Lending:The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation

76

in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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 theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. 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. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Taxes:It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute 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:The Fund expects to declare dividends of its net investment income daily and pay such dividends monthly. Distributions from net realized capital and currency gains, if any, are declared and paid at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and

PGIM Core Bond Fund 77

Notes to Financial Statements (unaudited) (continued)

which may differ from generally accepted accounting principles, are recorded on theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) andpaid-in capital in excess of par, as appropriate.

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.

2. Agreements

The Trust, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Fund. The Manager administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund’s custodian and the Fund’s transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit. The subadvisory agreement provides that PGIM, Inc. will furnish investment advisory services in connection with the management of the Fund. In connection therewith, PGIM, Inc. is obligated to keep certain books and records of the Fund. The Manager pays for the services of PGIM, Inc., the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

Effective December 13, 2019, the management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.32% of the Fund’s average daily net assets up to $10 billion; and 0.31% of the Fund’s average daily net assets in excess of $10 billion. Prior to December 13, 2019, the management fee paid to the Manager was accrued daily and payable monthly at an annual rate of 0.35% of the Fund’s average daily net assets up to $10 billion; and 0.34% of the Fund’s average daily net assets in excess of $10 billion.The effective management fee rate before any waivers and/or expense reimbursements was 0.34% for the reporting period ended January 31, 2020.

78

Effective December 1, 2019, the Manager has contractually agreed, through November 30, 2020, to limit total annual fund operating expenses, after fee waivers and/or expense reimbursements to 0.70% of average daily net assets for Class A shares, 1.45% of average daily net assets for Class C shares, 0.95% of average daily net assets for Class R shares, 0.33% of average daily net assets for Class Z shares, and 0.32% of average daily net assets for Class R6 shares. Prior to December 1, 2019, the Manager had contractually agreed to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.70% of average daily net assets for Class A shares, 1.45% of average daily net assets for Class C shares, 0.95% of average daily net assets for Class R shares, 0.41% of average daily net assets for Class Z shares, and 0.36% of average daily net assets for Class R6 shares. 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. 0.70% of average daily net assets for Class A shares, 1.45% of average daily net assets for Class C shares, 0.95% of average daily net assets for Class R shares, 0.41% of average daily net assets for Class Z shares, and 0.36% of average daily net assets for Class R6 shares. 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 similar 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 may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C and Class R shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z or Class R6 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.25%, 1% and 0.75% of the average daily net assets of the Class A, Class C and Class R shares, respectively. PIMS has contractually agreed through November 30, 2020 to limit such fees to 0.50% of the average daily net assets of the Class R shares.

PGIM Core Bond Fund 79

Notes to Financial Statements (unaudited) (continued)

For the reporting period ended January 31, 2020, PIMS received $338,761 infront-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended January 31, 2020, PIMS received $29 and $123 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-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, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. For the reporting period ended January 31, 2020, no17a-7 transactions were entered into by the Fund.

80

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2020, were $533,739,488 and $173,891,316, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended January 31, 2020, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	38,407,250	$	283,988,428	$	298,551,990	$	—	$	—	$	23,843,688		23,843,688	$	268,346
	PGIM Institutional Money Market Fund*
	1,631,425		31,685,586		25,645,107		415		208		7,672,527		7,670,992		7,437	**
$	40,038,675	$	315,674,014	$	324,197,097	$	415	$	208	$	31,516,215			$	275,783

* The Fund did not have any capital gain distributions during the reporting period.

** Represents the affiliated amount of securities lending income shown on the Statement of Operations.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2020 were as follows:

Tax Basis	$	955,703,759
Gross Unrealized Appreciation		35,756,089
Gross Unrealized Depreciation		(5,667,500	)
Net Unrealized Appreciation	$	30,088,589

The book basis may differ from tax basis due to certaintax-related adjustments.

For federal income tax purposes, the Fund had a capital loss carryforward as of July 31, 2019 of approximately $3,444,000 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.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2019 are subject to such review.

PGIM Core Bond Fund 81

Notes to Financial Statements (unaudited) (continued)

6. Capital and Ownership

The Fund offers Class A, Class C, Class R, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-end sales charge of 3.25%. Investors who purchase $1 million or more (prior to July 15, 2019, $500,000 or more on or after July 15, 2019) of Class A shares and sell those shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on sales although these purchases are not subject to afront-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 10 years after purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

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

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

As of January 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares		Percentage of Outstanding Shares
Class R		1,119		69	%
Class R6		233,673		—	%

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

Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
—	—%	4	88%

82

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended January 31, 2020:
Shares sold		5,397,270		$	55,236,410
Shares issued in reinvestment of dividends and distributions		123,721			1,270,908
Shares reacquired		(797,946	)		(8,175,162	)
Net increase (decrease) in shares outstanding before conversion		4,723,045			48,332,156
Shares issued upon conversion from other share class(es)		37,939			386,087
Shares reacquired upon conversion into other share class(es)		(21,625	)		(220,719	)
Net increase (decrease) in shares outstanding		4,739,359		$	48,497,524
Year ended July 31, 2019:
Shares sold		3,011,197		$	29,465,083
Shares issued in reinvestment of dividends and distributions		179,181			1,751,520
Shares reacquired		(1,287,438	)		(12,464,558	)
Net increase (decrease) in shares outstanding before conversion		1,902,940			18,752,045
Shares issued upon conversion from other share class(es)		50,913			493,537
Shares reacquired upon conversion into other share class(es)		(33,254	)		(322,233	)
Net increase (decrease) in shares outstanding		1,920,599		$	18,923,349
Class C
Six months ended January 31, 2020:
Shares sold		254,145		$	2,605,361
Shares issued in reinvestment of dividends and distributions		4,396			45,177
Shares reacquired		(58,977	)		(604,845	)
Net increase (decrease) in shares outstanding before conversion		199,564			2,045,693
Shares reacquired upon conversion into other share class(es)		(24,714	)		(252,003	)
Net increase (decrease) in shares outstanding		174,850		$	1,793,690
Year ended July 31, 2019:
Shares sold		216,388		$	2,107,199
Shares issued in reinvestment of dividends and distributions		8,033			78,425
Shares reacquired		(166,834	)		(1,615,314	)
Net increase (decrease) in shares outstanding before conversion		57,587			570,310
Shares reacquired upon conversion into other share class(es)		(23,579	)		(229,869	)
Net increase (decrease) in shares outstanding		34,008		$	340,441
Class R
Six months ended January 31, 2020:
Shares sold		15		$	144
Shares issued in reinvestment of dividends and distributions		19			195
Shares reacquired		(1	)		(7	)
Net increase (decrease) in shares outstanding		33		$	332
Year ended July 31, 2019:
Shares sold		30		$	300
Shares issued in reinvestment of dividends and distributions		42			414
Shares reacquired		(25	)		(255	)
Net increase (decrease) in shares outstanding		47		$	459

PGIM Core Bond Fund 83

Notes to Financial Statements (unaudited) (continued)

Class Z	Shares			Amount
Six months ended January 31, 2020:
Shares sold		6,402,690		$	65,573,541
Shares issued in reinvestment of dividends and distributions		274,383			2,818,163
Shares reacquired		(2,175,515	)		(22,332,170	)
Net increase (decrease) in shares outstanding before conversion		4,501,558			46,059,534
Shares issued upon conversion from other share class(es)		23,624			242,192
Shares reacquired upon conversion into other share class(es)		(21,020	)		(214,573	)
Net increase (decrease) in shares outstanding		4,504,162		$	46,087,153
Year ended July 31, 2019:
Shares sold		7,865,642		$	77,391,227
Shares issued in reinvestment of dividends and distributions		377,379			3,688,179
Shares reacquired		(2,621,561	)		(25,498,883	)
Net increase (decrease) in shares outstanding before conversion		5,621,460			55,580,523
Shares issued upon conversion from other share class(es)		29,986			290,554
Shares reacquired upon conversion into other share class(es)		(44,517	)		(430,326	)
Net increase (decrease) in shares outstanding		5,606,929		$	55,440,751
Class R6
Six months ended January 31, 2020:
Shares sold		25,091,410		$	257,903,459
Shares issued in reinvestment of dividends and distributions		756,778			7,772,877
Shares reacquired		(2,962,772	)		(30,356,287	)
Net increase (decrease) in shares outstanding before conversion		22,885,416			235,320,049
Shares issued upon conversion from other share class(es)		15,735			160,413
Shares reacquired upon conversion into other share class(es)		(9,914	)		(101,397	)
Net increase (decrease) in shares outstanding		22,891,237		$	235,379,065
Year ended July 31, 2019:
Shares sold		12,640,134		$	123,790,851
Shares issued in reinvestment of dividends and distributions		1,027,886			10,041,899
Shares reacquired		(7,387,538	)		(71,626,564	)
Net increase (decrease) in shares outstanding before conversion		6,280,482			62,206,186
Shares issued upon conversion from other share class(es)		22,379			216,744
Shares reacquired upon conversion into other share class(es)		(1,904	)		(18,407	)
Net increase (decrease) in shares outstanding		6,300,957		$	62,404,523

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “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 reportingperiod-end as well as the prior SCA.

84

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 - 10/1/2020	10/4/2018 - 10/2/2019
Total Commitment	$ 900 million	$ 900 million
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate 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 Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended January 31, 2020.

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Bond Obligations Risk:The Fund’s holdings, share price, yield and total return may 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 level and therefore would earn less income.

Derivatives Risk:Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivative transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. 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 OTC derivative instruments will not have liquidity beyond the counterparty to the instrument. OTC derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

PGIM Core Bond Fund 85

Notes to Financial Statements (unaudited) (continued)

Foreign Securities Risk:The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than US markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability.

Interest Rate Risk:The value of an 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 securities. 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.” 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 face a heightened level of interest rate risk as a result of the U.S. Federal Reserve Board’s policies. The Fund’s investments may lose value if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Liquidity Risk:The Fund may invest in instruments that trade in lower volumes and are less liquid than other investments. Liquidity risk exists when particular investments made by the Fund are difficult to purchase or sell. Liquidity risk includes the risk that the Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. 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 may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment, the Fund may incur higher transaction costs when executing trade orders of a given size. The reduction in dealer market-making capacity in the fixed-income markets that has occurred in recent years also has the potential to reduce liquidity. 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.

Market and Credit 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 an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

86

U.S. Government and Agency Securities Risk:U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

10. Subsequent Event

Subsequent to January 31, 2020 theCOVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak.

There are meaningful direct and indirect effects developing particularly with companies in which we invest, which may have an impact on the valuation of these companies. The Manager will continue to monitor the impact ofCOVID-19.

PGIM Core Bond Fund 87

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended January 31,			Year Ended July 31,												February 17, 2015 through July 31,
	2020			2019			2018			2017			2016			2015(a)
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.09			$9.63			$9.99			$10.22			$9.88			$9.99
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.26			0.22			0.18			0.18			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.30			0.49			(0.33	)		(0.20	)		0.39			(0.09	)
Total from investment operations		0.42			0.75			(0.11	)		(0.02	)		0.57			-
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		(0.29	)		(0.25	)		(0.21	)		(0.20	)		(0.11	)
Tax return of capital distributions		-			-			-			-			(0.03	)		-
Distributions from net realized gains		-	(c)		-			-			-			-			-
Total dividends and distributions		(0.13	)		(0.29	)		(0.25	)		(0.21	)		(0.23	)		(0.11	)
Net asset value, end of period		$10.38			$10.09			$9.63			$9.99			$10.22			$9.88
Total Return(d):		4.33%			7.90%			(1.14)%			(0.13)%			5.91%			(0.05)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$127,341			$75,923			$53,967			$43,489			$17,437			$203
Average net assets (000)		$97,276			$59,735			$48,790			$38,131			$3,049			$78
Ratios to average net assets(e)(f)(g):
Expenses after waivers and/or expense reimbursement		0.69%	(h)		0.70%			0.70%			0.70%			0.70%			0.70%	(h)
Expenses before waivers and/or expense reimbursement		0.73%	(h)		0.82%			0.84%			0.89%			0.90%			1.16%	(h)
Net investment income (loss)		2.23%	(h)		2.66%			2.23%			1.77%			1.74%			1.97%	(h)
Portfolio turnover rate(i)(j)		59%			69%			172%			314%			224%			535%

(a) Commencement of operations.

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

(c) Less than $(0.005) per share.

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Does not include expenses of the investment companies in which the Fund invests.

(g) Effective March 9, 2015, the contractual distribution and service(12b-1) fees were reduced from 0.30% to 0.25% of the average daily net assets and the 0.05% contractual12b-1 fee waiver was terminated.

(h) Annualized.

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

See Notes to Financial Statements.

88

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

See Notes to Financial Statements.

PGIM Core Bond Fund 89

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended January 31,			Year Ended July 31,												February 17, 2015 through July 31,
	2020			2019			2018			2017			2016			2015(a)
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.10			$9.64			$9.99			$10.23			$9.89			$9.99
Income (loss) from investment operations:
Net investment income (loss)		0.08			0.19			0.14			0.10			0.11			0.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.31			0.48			(0.32	)		(0.20	)		0.39			(0.08	)
Total from investment operations		0.39			0.67			(0.18	)		(0.10	)		0.50			(0.03	)
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.21	)		(0.17	)		(0.14	)		(0.14	)		(0.07	)
Tax return of capital distributions		-			-			-			-			(0.02	)		-
Distributions from net realized gains		-	(c)		-			-			-			-			-
Total dividends and distributions		(0.10	)		(0.21	)		(0.17	)		(0.14	)		(0.16	)		(0.07	)
Net asset value, end of period		$10.39			$10.10			$9.64			$9.99			$10.23			$9.89
Total Return(d):		3.83%			7.09%			(1.78)%			(0.98)%			5.13%			(0.30)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,976			$4,042			$3,530			$3,486			$2,226			$63
Average net assets (000)		$4,873			$3,593			$3,635			$3,009			$880			$16
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		1.45%	(g)		1.45%			1.45%			1.45%			1.45%			1.45%	(g)
Expenses before waivers and/or expense reimbursement		1.81%	(g)		1.95%			1.99%			1.64%			1.69%			1.82%	(g)
Net investment income (loss)		1.48%	(g)		1.91%			1.47%			0.98%			1.08%			1.03%	(g)
Portfolio turnover rate(h)(i)		59%			69%			172%			314%			224%			535%

(a) Commencement of operations.

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

(c) Less than $(0.005) per share.

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Does not include expenses of the investment companies in which the Fund invests.

(g) Annualized.

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

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

See Notes to Financial Statements.

90

Class R Shares
	Six Months Ended January 31,			Year Ended July 31,												February 17, 2015 through July 31,
	2020			2019			2018			2017			2016			2015(a)
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.09			$9.63			$9.99			$10.23			$9.88			$9.99
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.23			0.20			0.15			0.16			0.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.31			0.49			(0.34	)		(0.20	)		0.41			(0.09	)
Total from investment operations		0.41			0.72			(0.14	)		(0.05	)		0.57			(0.02	)
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.26	)		(0.22	)		(0.19	)		(0.19	)		(0.09	)
Tax return of capital distributions		-			-			-			-			(0.03	)		-
Distributions from net realized gains		-	(c)		-			-			-			-			-
Total dividends and distributions		(0.12	)		(0.26	)		(0.22	)		(0.19	)		(0.22	)		(0.09	)
Net asset value, end of period		$10.38			$10.09			$9.63			$9.99			$10.23			$9.88
Total Return(d):		4.09%			7.63%			(1.39)%			(0.48)%			5.81%			(0.16)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$17			$16			$15			$11			$11			$10
Average net assets (000)		$16			$15			$13			$10			$10			$10
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		0.95%	(g)		0.95%			0.95%			0.95%			0.95%			0.95%	(g)
Expenses before waivers and/or expense reimbursement		92.73%	(g)		89.73%			113.11%			1.40%			1.52%			1.64%	(g)
Net investment income (loss)		2.00%	(g)		2.41%			1.99%			1.46%			1.66%			1.56%	(g)
Portfolio turnover rate(h)(i)		59%			69%			172%			314%			224%			535%

(a) Commencement of operations.

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

(c) Less than $(0.005) per share.

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Does not include expenses of the investment companies in which the Fund invests.

(g) Annualized.

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

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

See Notes to Financial Statements.

PGIM Core Bond Fund 91

Financial Highlights(unaudited) (continued)

Class Z Shares
	Six Months Ended January 31,			Year Ended July 31,
	2020			2019			2018			2017			2016			2015(a)
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.09			$9.63			$9.99			$10.23			$9.88			$10.13
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.28			0.24			0.19			0.21			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.32			0.49			(0.33	)		(0.19	)		0.40			(0.19	)
Total from investment operations		0.45			0.77			(0.09	)		-			0.61			-
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.31	)		(0.27	)		(0.24	)		(0.23	)		(0.25	)
Tax return of capital distributions		-			-			-			-			(0.03	)		-
Distributions from net realized gains		-	(c)		-			-			-			-			-
Total dividends and distributions		(0.15	)		(0.31	)		(0.27	)		(0.24	)		(0.26	)		(0.25	)
Net asset value, end of period		$10.39			$10.09			$9.63			$9.99			$10.23			$9.88
Total Return(d):		4.49%			8.17%			(0.90)%			0.02%			6.32%			(0.02)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$214,300			$162,803			$101,369			$82,297			$96,978			$103,725
Average net assets (000)		$194,355			$115,704			$84,455			$113,324			$93,861			$114,825
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		0.38%	(g)		0.44%			0.45%			0.45%			0.45%			0.61%
Expenses before waivers and/or expense reimbursement		0.48%	(g)		0.53%			0.52%			0.61%			0.75%			0.78%
Net investment income (loss)		2.56%	(g)		2.92%			2.48%			1.89%			2.15%			1.88%
Portfolio turnover rate(h)(i)		59%			69%			172%			314%			224%			535%

(a) Class T shares were renamed Class Z shares effective February 17, 2015.

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

(c) Less than $(0.005) per share.

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Does not include expenses of the investment companies in which the Fund invests.

(g) Annualized.

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

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

See Notes to Financial Statements.

92

Class R6 Shares
	Six Months Ended January 31,			Year Ended July 31,												February 17, 2015 through July 31,
	2020			2019			2018			2017			2016			2015(a)
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.10			$9.64			$9.99			$10.23			$9.88			$9.99
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.29			0.25			0.22			0.21			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.31			0.49			(0.32	)		(0.22	)		0.40			(0.08	)
Total from investment operations		0.44			0.78			(0.07	)		-			0.61			0.01
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.32	)		(0.28	)		(0.24	)		(0.23	)		(0.12	)
Tax return of capital distributions		-			-			-			-			(0.03	)		-
Distributions from net realized gains		-	(c)		-			-			-			-			-
Total dividends and distributions		(0.15	)		(0.32	)		(0.28	)		(0.24	)		(0.26	)		(0.12	)
Net asset value, end of period		$10.39			$10.10			$9.64			$9.99			$10.23			$9.88
Total Return(d):		4.51%			8.12%			(0.74)%			0.07%			6.32%			0.06%
Ratios/Supplemental Data:
Net assets, end of period (000)		$616,389			$367,985			$290,530			$201,345			$11			$10
Average net assets (000)		$526,813			$309,110			$254,525			$83,714			$10			$10
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		0.35%	(g)		0.39%			0.40%			0.40%			0.45%			0.45%	(g)
Expenses before waivers and/or expense reimbursement		0.40%	(g)		0.44%			0.45%			0.53%			0.67%			0.75%	(g)
Net investment income (loss)		2.57%	(g)		2.97%			2.54%			2.22%			2.15%			2.05%	(g)
Portfolio turnover rate(h)(i)		59%			69%			172%			314%			224%			535%

(a) Commencement of operations.

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

(c) Less than $(0.005) per share.

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Does not include expenses of the investment companies in which the Fund invests.

(g) Annualized.

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

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

See Notes to Financial Statements.

PGIM Core Bond Fund 93

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

PROXY VOTING

The Board of Trustees has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available on the Fund’s website and on the Commission’s website at sec.gov.

TRUSTEES

Ellen S. Alberding• Kevin J. Bannon• Scott E. Benjamin• Linda W. Bynoe• Barry H. Evans• Keith F. Hartstein • Laurie Simon Hodrick• Michael S. Hyland• Stuart S. Parker • Brian K. Reid• Grace C. Torres

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,TreasurerandPrincipal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,Chief Compliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,AssistantSecretary• Diana N. Huffman,Assistant Secretary•Melissa Gonzalez, Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer •Deborah Conway,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Fixed Income	655 Broad Street Newark, NJ 07102
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain a prospectus and summary prospectus by visiting our website atpgiminvestments.com or by calling(800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go topgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Core Bond Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website atsec.gov. Form N-PORT is filed with the Commission quarterly, and the Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter atsec.gov.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED
BY ANY BANK OR ANY BANK AFFILIATE

PGIM CORE BOND FUND

SHARE CLASS	A	C	R	Z	R6
NASDAQ	TPCAX	TPCCX	TPCRX	TAIBX	TPCQX
CUSIP	875921769	875921751	875921736	875921801	875921744

MF226E2

Item 2 – Code of Ethics — Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not required, as this is not an annual filing.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers ofClosed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

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

(b) There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities forClosed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

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

(2) Certifications pursuant to Section  302 of the Sarbanes-Oxley Act – Attached hereto asExhibitEX-99.CERT.

(3) Any written solicitation to purchase securities under Rule23c-1. – Not applicable.

(4) Registrant’s Independent Public Accountant, attached asExhibit 99.ACCT

(b) Certifications pursuant to Section  906 of the Sarbanes-Oxley Act – Attached hereto asExhibitEX-99.906CERT.

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:	The Target Portfolio Trust
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	March 18, 2020

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:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	March 18, 2020
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	March 18, 2020