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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-07064
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:	7/31/2020

Item 1 – Reports to Stockholders

PGIM CORPORATE BOND FUND

ANNUAL REPORT

JULY 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 (pgim.com/investments), 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 pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

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

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

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 annual report for the PGIM Corporate Bond Fund informative and useful. The report covers performance for the 12-month period that ended July 31, 2020.

During the first half of the period, the global economy remained healthy—particularly in the US—fueled by rising corporate profits and strong job growth. The outlook changed dramatically in March as the coronavirus outbreak quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth approximately $3 trillion that offered an economic lifeline to consumers and businesses.

While stocks climbed throughout the first half of the period, they fell significantly in March amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. As states reopened their economies in the spring and early summer, a strong equity market rally helped large-cap US and emerging market stocks post gains during the period, while US small caps and stocks in developed foreign markets declined.

The bond market overall—including US and global bonds as well as emerging market debt—rose during the period as investors sought safety in fixed income. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low. In March, the Fed took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 scale and investment expertise allow 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

September 15, 2020

PGIM Corporate Bond Fund 3

Your Fund’s Performance (unaudited)

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 at pgim.com/investments or by calling (800) 225-1852.

	Average Annual Total Returns as of 7/31/20
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A
(with sales charges)	7.00	5.20	N/A	4.77 (5/28/15)
(without sales charges)	10.59	5.90	N/A	5.44 (5/28/15)
Class C
(with sales charges)	8.79	5.08	N/A	4.62 (5/28/15)
(without sales charges)	9.79	5.08	N/A	4.62 (5/28/15)
Class R
(without sales charges)	10.34	5.60	N/A	5.13 (5/28/15)
Class Z
(without sales charges)	10.89	6.11	4.60	—
Class R6
(without sales charges)	10.89	6.13	N/A	5.65 (5/28/15)
Bloomberg Barclays US Credit Index
	11.86	6.05	5.36	5.62

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 pgim.com/investments

Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Bloomberg Barclays US Credit Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2010) and the account values at the end of the current fiscal year (July 31, 2020), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier and in the following paragraphs, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

PGIM Corporate Bond Fund 5

Your Fund’s Performance (continued)

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

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Benchmark Definitions

Bloomberg Barclays US Credit Index—The Bloomberg Barclays US Credit 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 7/31/20
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.34	1.43	0.33
Class C	0.25	0.75	-1.00
Class R	0.31	1.20	-132.96
Class Z	0.36	1.73	1.19
Class R6	0.36	1.73	1.23

*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 7/31/20
AAA	6.6
AA	10.1
A	33.7
BBB	38.8
BB	4.1
Cash/Cash Equivalents	6.7
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. Credit ratings are subject to change.

PGIM Corporate Bond Fund 7

Strategy and Performance Overview

How did the Fund perform?

The PGIM Corporate Bond Fund’s Class Z shares returned 10.89% in the 12-month reporting period that ended July 31, 2020, underperforming the 11.86% return of the Bloomberg Barclays US Credit Index (the Index).

What were the market conditions?

• Investment-grade corporate bonds posted strong results in the third quarter of 2019 amid continued (albeit low) growth, stable inflation, strong technicals, and central banks that appeared set to provide stimulus. Market sentiment was somewhat mixed, as escalating US-China trade tensions were offset by solid credit metrics and slowing merger-and-acquisition (M&A) activity.

• In the fourth quarter of 2019, investment-grade corporate bonds again generated positive returns, as underlying trends remained supportive. Credit metrics remained a bright spot amid strong profit margins and ample free cashflow. Positive (albeit moderating) economic growth, accommodative central banks, and investors’ ongoing search for yield contributed to tightening credit spreads. (Credit spreads are yield differentials between corporate bonds and US Treasury securities of comparable maturity.)

• During the first quarter of 2020, investment-grade corporate bonds succumbed to the unprecedented economic and business pressures resulting from the emergence of COVID-19 and a dramatic slide in oil prices. US corporate spreads rose to a high of approximately 375 basis points (bps) in mid-March before narrowing into quarter-end following aggressive actions from the Federal Reserve (the Fed). (One basis point equals 0.01%.)

• Investment-grade corporate bonds rebounded sharply in the second quarter of 2020, as the Fed’s aggressive stimulus actions—including a near-zero federal funds rate as well as primary and secondary credit facilities—significantly improved market liquidity. The Fed’s maneuvering to allow for the purchases of individual corporate bonds, in addition to its ongoing purchases of exchange-traded funds, sent a strong signal to the markets of its intent to not only provide a backstop but also to drive funding markets back to normal. At quarter end, however, a more cautious tone emerged as a spike in US virus counts raised the prospect of delayed reopenings and a more prolonged recovery, which weighed on the market.

• In July 2020, investment-grade corporate bonds continued to recover against the backdrop of better-than-feared corporate earnings, favorable vaccine headlines, additional steps toward reopening the US economy, improving market technicals, and ongoing support from the Fed. US corporate spreads ended the reporting period at 132 bps.

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What worked?

• Security selection in investment-grade corporate bonds was the largest contributor to the Fund’s relative performance during the reporting period, highlighted by positioning in the healthcare & pharmaceutical, automotive, and upstream energy sectors.

• Underweight positioning in emerging markets debt also added to performance.

• In individual security selection, the Fund benefited from underweights in Occidental Petroleum Corp. (upstream energy) and General Motors Co. (automotive) and its overweight in AbbVie Inc. (healthcare & pharmaceuticals).

What didn’t work?

• An overweight to commercial mortgage-backed securities and municipal bonds, as well as an underweight to investment-grade corporates on a spread duration contribution basis, hurt the Fund’s relative performance. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates. Spread duration is the change in a bond’s price for a 100-bps change in that bond’s spread versus a US Treasury security of similar maturity.)

• Security selection in municipal bonds and emerging markets debt was also a detractor.

• The Fund’s positioning in the midstream energy, foreign non-corporate, and telecom sectors detracted from performance.

• In individual security selection, the Fund’s overweights in Cenovus Energy Inc. (upstream energy), Oneok, Inc. (midstream energy), and Sunoco LP (midstream energy) limited results.

Did the Fund use derivatives?

The Fund’s investment strategy does not heavily rely on derivative strategies, although it does employ Treasury futures on a limited basis. Treasury futures are used to manage the Fund’s duration and interest rate risk. Using futures is more efficient than managing interest rate risk through the purchase and sale of cash corporate bonds. This derivative strategy added to the Fund’s performance for the reporting period.

Current outlook

• Looking forward, the technical backdrop appears strong with issuance expected to decline materially during the second half of 2020. Investor demand remains robust amid historically low yields globally while investment-grade corporate spreads remain relatively attractive. While the pandemic’s longer-term impact on the US and global economy remains uncertain and a possible second wave of infections represents a risk, macroeconomic data has shown sequential improvement and the level of fiscal and monetary policy globally is unprecedented.

PGIM Corporate Bond Fund 9

Strategy and Performance Overview (continued)

• While credit fundamentals have deteriorated with weaker corporate earnings, second-quarter results have been better than many market participants had feared. Furthermore, many companies have struck a cautiously optimistic tone, indicating expectations for sequential earnings improvement. PGIM Fixed Income remains cautious on certain sectors that are most exposed to the negative implications associated with the pandemic, but is looking to take advantage of spread compression in select higher-yielding BBB-rated bonds, distressed survivors, cyclical industries, and “off-the-run” bonds (i.e., older issues). PGIM Fixed Income continues to favor better-quality financials and electric utilities over industrials. Within industrials, BBB-rated issuers that are focused on preserving or improving credit metrics, liquidity, and ratings are favored over their much tighter-trading higher-quality peers, which may be more likely to pursue aggressive financial policies at the expense of their balance sheets.

• Potential risks to the investment-grade corporate bond market include a sustained global recession due to the coronavirus outbreak; geopolitical risks, especially in the Middle East; a return to more hostile trade tensions between the US and China; an increase in M&A activity; an equity market correction; and the potential for a non-business friendly President/Congress in 2020.

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Fees and Expenses (unaudited)

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 July 31, 2020. The example is for illustrative purposes only; you should consult the Fund’s 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 Corporate Bond Fund 11

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 February 1, 2020		Ending Account Value July 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,043.60		0.80	%	$	4.06
	Hypothetical	$	1,000.00	$	1,020.89		0.80	%	$	4.02
Class C	Actual	$	1,000.00	$	1,039.80		1.55	%	$	7.86
	Hypothetical	$	1,000.00	$	1,017.16		1.55	%	$	7.77
Class R	Actual	$	1,000.00	$	1,042.30		1.05	%	$	5.33
	Hypothetical	$	1,000.00	$	1,019.64		1.05	%	$	5.27
Class Z	Actual	$	1,000.00	$	1,044.90		0.55	%	$	2.80
	Hypothetical	$	1,000.00	$	1,022.13		0.55	%	$	2.77
Class R6	Actual	$	1,000.00	$	1,044.90		0.55	%	$	2.80
	Hypothetical	$	1,000.00	$	1,022.13		0.55	%	$	2.77

*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 182 days in the six-month period ended July 31, 2020, and divided by the 366 days in the Fund’s fiscal year ended 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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PGIM Corporate Bond Fund

Schedule of Investments

as of July 31, 2020

Description	Interest     Rate	Maturity   Date	Principal     Amount (000)#		Value
LONG-TERM INVESTMENTS    92.3%
COMMERCIAL MORTGAGE-BACKED SECURITIES    5.3%
BANK,
Series 2019-BN16, Class A3	3.741%	02/15/52		200	$	232,077
Benchmark Mortgage Trust,
Series 2019-B09, Class A4	3.751	03/15/52		200		232,043
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3	3.283(cc)	11/15/50		250		278,982
CFCRE Commercial Mortgage Trust,
Series 2016-C07, Class A2	3.585	12/10/54		300		327,604
Citigroup Commercial Mortgage Trust,
Series 2016-GC37, Class A3	3.050	04/10/49		250		266,284
DBJPM Mortgage Trust,
Series 2017-C06, Class A3	3.269	06/10/50		100		106,958
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP06, Class A4	3.224	07/15/50		100		111,094
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C29, Class A3	3.058	05/15/49		200		216,161
Series 2016-C31, Class A4	2.840	11/15/49		300		317,322
Wells Fargo Commercial Mortgage Trust,
Series 2017-C40, Class A3	3.317	10/15/50		200		220,232
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,099,919)						2,308,757
CORPORATE BONDS    86.0%
Aerospace & Defense    1.0%
Boeing Co. (The),
Sr. Unsec’d. Notes	2.700	02/01/27		65		63,008
Sr. Unsec’d. Notes	3.200	03/01/29		30		29,348
Sr. Unsec’d. Notes	5.805	05/01/50		80		93,843
Sr. Unsec’d. Notes	5.930	05/01/60		100		120,387
Lockheed Martin Corp.,
Sr. Unsec’d. Notes	2.800	06/15/50		50		56,436
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes	3.950	08/16/25		60		69,324
						432,346
Agriculture    1.2%
Altria Group, Inc.,
Gtd. Notes	3.800	02/14/24		100		109,918

See Notes to Financial Statements.

PGIM Corporate Bond Fund 13

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Agriculture (cont’d.)
Archer-Daniels-Midland Co.,
Sr. Unsec’d. Notes	3.250%	03/27/30		25	$	29,165
BAT Capital Corp. (United Kingdom),
Gtd. Notes	4.390	08/15/37		50		57,130
BAT International Finance PLC (United Kingdom),
Gtd. Notes, 144A	3.250	06/07/22		305		318,695
						514,908
Apparel    0.1%
Ralph Lauren Corp.,
Sr. Unsec’d. Notes	1.700	06/15/22		30		30,610
Auto Manufacturers    3.0%
Daimler Finance North America LLC (Germany),
Gtd. Notes, 144A	2.550	08/15/22		200		206,605
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes	2.979	08/03/22		200		201,132
Sr. Unsec’d. Notes	3.350	11/01/22		265		267,019
General Motors Co.,
Sr. Unsec’d. Notes	6.125	10/01/25		200		233,193
General Motors Financial Co., Inc.,
Gtd. Notes	3.200	07/06/21		75		76,217
Gtd. Notes	3.550	04/09/21		30		30,448
Gtd. Notes	4.000	01/15/25		150		160,308
Sr. Unsec’d. Notes	4.200	11/06/21		100		103,333
						1,278,255
Auto Parts & Equipment    0.2%
ZF North America Capital, Inc. (Germany),
Gtd. Notes, 144A	4.500	04/29/22		100		104,767
Banks    21.6%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes	2.746	05/28/25		200		211,262
Bank of America Corp.,
Sr. Unsec’d. Notes	2.592(ff)	04/29/31		300		321,802
Sr. Unsec’d. Notes	3.419(ff)	12/20/28		263		297,238
Sr. Unsec’d. Notes, MTN	2.676(ff)	06/19/41		250		266,248

See Notes to Financial Statements.

14

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 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	3.550%(ff)	03/05/24		195	$	208,867
Sr. Unsec’d. Notes, MTN	3.824(ff)	01/20/28		360		411,887
Sr. Unsec’d. Notes, MTN	4.330(ff)	03/15/50		55		74,708
Barclays Bank PLC (United Kingdom),
Sr. Unsec’d. Notes	1.700	05/12/22		200		204,051
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes	4.610(ff)	02/15/23		320		337,166
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A, MTN	3.052(ff)	01/13/31		200		218,080
BPCE SA (France),
Sr. Unsec’d. Notes, 144A	2.375	01/14/25		250		261,888
Citibank NA,
Sr. Unsec’d. Notes	3.650	01/23/24		280		309,021
Citigroup, Inc.,
Jr. Sub. Notes, Series V	4.700(ff)	–(rr)		25		24,007
Sr. Unsec’d. Notes	3.200	10/21/26		150		166,934
Sr. Unsec’d. Notes	4.412(ff)	03/31/31		300		364,893
Sub. Notes	4.600	03/09/26		300		348,126
Credit Suisse Group Funding Guernsey Ltd. (Switzerland),
Gtd. Notes	3.800	06/09/23		265		285,979
Danske Bank A/S (Denmark),
Sr. Unsec’d. Notes, 144A	5.000(ff)	01/12/23		200		209,873
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes	3.150	01/22/21		150		151,351
Sr. Unsec’d. Notes	3.950	02/27/23		100		105,247
Sr. Unsec’d. Notes, GMTN	3.375	05/12/21		80		81,293
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes	3.500	04/01/25		150		166,233
Sr. Unsec’d. Notes	4.223(ff)	05/01/29		100		118,005
Sub. Notes	5.150	05/22/45		150		208,096
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%	3.738(c)	–(rr)		98		93,780
Sr. Unsec’d. Notes	2.522(ff)	04/22/31		150		161,768
Sr. Unsec’d. Notes	3.125	01/23/25		520		569,766
Sr. Unsec’d. Notes	3.882(ff)	07/24/38		95		117,441
Sr. Unsec’d. Notes	3.964(ff)	11/15/48		145		187,889
Sr. Unsec’d. Notes	4.452(ff)	12/05/29		350		423,992
Sub. Notes	2.956(ff)	05/13/31		10		10,875

See Notes to Financial Statements.

PGIM Corporate Bond Fund 15

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN	4.431%(ff)	01/23/30		285	$	345,871
Sr. Unsec’d. Notes, MTN	3.622(ff)	04/01/31		250		292,955
Sr. Unsec’d. Notes, MTN	3.971(ff)	07/22/38		235		292,985
Santander UK Group Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes	3.373(ff)	01/05/24		200		210,648
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A, MTN	2.625	01/22/25		200		206,773
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A	4.125	09/24/25		200		229,818
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN	2.393(ff)	06/02/28		340		357,124
Sr. Unsec’d. Notes, MTN	2.572(ff)	02/11/31		25		26,537
Sr. Unsec’d. Notes, MTN	4.478(ff)	04/04/31		350		430,080
						9,310,557
Beverages    1.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	4.900	02/01/46		140		179,500
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	5.550	01/23/49		110		153,991
Constellation Brands, Inc.,
Gtd. Notes	5.250	11/15/48		50		71,306
Keurig Dr. Pepper, Inc.,
Gtd. Notes	4.417	05/25/25		150		175,389
						580,186
Building Materials    0.3%
Johnson Controls International PLC,
Sr. Unsec’d. Notes	4.950	07/02/64		54		69,362
Vulcan Materials Co.,
Sr. Unsec’d. Notes	3.500	06/01/30		40		45,147
						114,509

See Notes to Financial Statements.

16

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals    0.9%
Celanese US Holdings LLC,
Gtd. Notes	4.625%	11/15/22		50	$	53,669
CF Industries, Inc.,
Gtd. Notes	5.375	03/15/44		20		24,402
Dow Chemical Co. (The),
Sr. Unsec’d. Notes	5.550	11/30/48		50		68,890
Eastman Chemical Co.,
Sr. Unsec’d. Notes	3.600	08/15/22		49		51,268
LyondellBasell Industries NV,
Sr. Unsec’d. Notes	4.625	02/26/55		60		72,605
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes	2.950	08/15/29		90		100,347
						371,181
Commercial Services    3.9%
California Institute of Technology,
Sr. Unsec’d. Notes	4.700	11/01/2111		50		74,982
Duke University,
Unsec’d. Notes	2.832	10/01/55		90		102,636
Equifax, Inc.,
Sr. Unsec’d. Notes	2.300	06/01/21		10		10,140
Georgetown University (The),
Unsec’d. Notes, Series A	5.215	10/01/2118		145		206,957
Global Payments, Inc.,
Sr. Unsec’d. Notes	3.800	04/01/21		100		101,902
IHS Markit Ltd.,
Gtd. Notes, 144A	4.750	02/15/25		300		341,694
Massachusetts Institute of Technology,
Unsec’d. Notes	3.885	07/01/2116		100		135,654
Northwestern University,
Unsec’d. Notes	2.640	12/01/50		50		54,392
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes	3.610	02/15/2119		320		391,602
Verisk Analytics, Inc.,
Sr. Unsec’d. Notes	3.625	05/15/50		125		153,678
Yale University,
Unsec’d. Notes	2.402	04/15/50		85		92,767
						1,666,404

See Notes to Financial Statements.

PGIM Corporate Bond Fund 17

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Computers    0.9%
Apple, Inc.,
Sr. Unsec’d. Notes	4.650%	02/23/46		100	$	144,867
Genpact Luxembourg Sarl (Luxembourg),
Gtd. Notes	3.375	12/01/24		200		208,345
Leidos, Inc.,
Gtd. Notes, 144A	4.375	05/15/30		30		35,077
						388,289
Distribution/Wholesale    0.2%
W.W. Grainger, Inc.,
Sr. Unsec’d. Notes	1.850	02/15/25		100		105,194
Diversified Financial Services    0.8%
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A	4.875	05/01/24		40		43,335
GE Capital International Funding Co. Unlimited Co.,
Gtd. Notes	4.418	11/15/35		80		82,432
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes	1.851	07/16/25		200		203,061
						328,828
Electric    10.4%
Arizona Public Service Co.,
Sr. Unsec’d. Notes	3.350	05/15/50		75		87,514
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage	2.900	07/01/50		25		28,552
Commonwealth Edison Co.,
First Mortgage	4.700	01/15/44		100		139,669
Dominion Energy South Carolina, Inc.,
First Mortgage	4.600	06/15/43		150		202,791
Dominion Energy, Inc.,
Jr. Sub. Notes	2.715	08/15/21		310		316,625
DTE Electric Co.,
General Ref. Mortgage	3.950	06/15/42		75		90,080
Entergy Corp.,
Sr. Unsec’d. Notes	2.950	09/01/26		100		112,133
Eversource Energy,
Sr. Unsec’d. Notes, Series K	2.750	03/15/22		95		98,458

See Notes to Financial Statements.

18

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Exelon Generation Co. LLC,
Sr. Unsec’d. Notes	3.250%	06/01/25		80	$	88,362
FirstEnergy Corp.,
Sr. Unsec’d. Notes, Series B	3.900	07/15/27		75		82,356
FirstEnergy Transmission LLC,
Sr. Unsec’d. Notes, 144A	5.450	07/15/44		100		129,507
Florida Power & Light Co.,
First Mortgage	3.700	12/01/47		100		131,436
Interstate Power & Light Co.,
Sr. Unsec’d. Notes	2.300	06/01/30		150		158,632
MidAmerican Energy Co.,
First Mortgage	3.950	08/01/47		20		26,604
Mississippi Power Co.,
Sr. Unsec’d. Notes	4.250	03/15/42		140		170,609
Nevada Power Co.,
General Ref. Mortgage, Series CC	3.700	05/01/29		300		355,742
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes	2.250	06/01/30		75		80,781
Gtd. Notes	2.403	09/01/21		150		153,326
Gtd. Notes	2.800	01/15/23		120		126,344
PacifiCorp,
First Mortgage	3.350	07/01/25		270		299,480
PPL Capital Funding, Inc.,
Gtd. Notes	4.700	06/01/43		100		125,030
PPL Electric Utilities Corp.,
First Mortgage	4.750	07/15/43		150		208,742
PSEG Power LLC,
Gtd. Notes	3.000	06/15/21		60		61,252
Public Service Co. of New Hampshire,
First Mortgage	3.600	07/01/49		45		56,367
Public Service Electric & Gas Co.,
Sec’d. Notes, MTN	3.650	09/01/42		75		92,886
Puget Energy, Inc.,
Sr. Sec’d. Notes	3.650	05/15/25		400		426,988
RGS AEGCO Funding Corp.,
Sec’d. Notes, Series F	9.820	12/07/22		36		37,052
Rochester Gas & Electric Corp.,
First Mortgage, 144A	3.100	06/01/27		135		151,598
San Diego Gas & Electric Co.,
First Mortgage	4.300	04/01/42		75		94,006

See Notes to Financial Statements.

PGIM Corporate Bond Fund 19

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

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	$	76,313
Southern California Edison Co.,
First Ref. Mortgage	5.500	03/15/40		200		266,557
						4,475,792
Foods    1.7%
Kraft Heinz Foods Co.,
Gtd. Notes	3.000	06/01/26		45		47,567
Gtd. Notes	5.000	07/15/35		50		58,560
Kroger Co. (The),
Sr. Unsec’d. Notes	2.650	10/15/26		35		38,679
Sr. Unsec’d. Notes	5.150	08/01/43		60		80,873
Mars, Inc.,
Gtd. Notes, 144A	3.200	04/01/30		80		92,897
Gtd. Notes, 144A	3.600	04/01/34		25		30,793
Sr. Unsec’d. Notes, 144A	2.375	07/16/40		40		41,358
Tyson Foods, Inc.,
Sr. Unsec’d. Notes	4.000	03/01/26		180		207,764
Sr. Unsec’d. Notes	5.100	09/28/48		100		139,688
						738,179
Gas    0.2%
Atmos Energy Corp.,
Sr. Unsec’d. Notes	2.625	09/15/29		65		71,849
Healthcare-Services    3.8%
Anthem, Inc.,
Sr. Unsec’d. Notes	4.625	05/15/42		100		132,392
HCA, Inc.,
Sr. Sec’d. Notes	5.000	03/15/24		100		112,658
Sr. Sec’d. Notes	5.250	06/15/49		100		132,669
Sr. Sec’d. Notes	5.500	06/15/47		25		33,482
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes	3.600	02/01/25		250		278,492
Mayo Clinic,
Unsec’d. Notes	3.774	11/15/43		85		101,894
Unsec’d. Notes	4.000	11/15/47		80		101,442

See Notes to Financial Statements.

20

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
OhioHealth Corp.,
Unsec’d. Notes	3.042%	11/15/50		35	$	39,469
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes	3.500	03/30/25		250		278,592
Texas Health Resources,
Sec’d. Notes	4.330	11/15/55		130		176,199
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes	2.900	05/15/50		130		147,709
Sr. Unsec’d. Notes	3.700	08/15/49		80		102,672
						1,637,670
Housewares    0.2%
Newell Brands, Inc.,
Sr. Unsec’d. Notes	4.000	12/01/24		100		102,054
Insurance    2.6%
American International Group, Inc.,
Sr. Unsec’d. Notes	4.375	01/15/55		150		185,514
Arch Capital Finance LLC,
Gtd. Notes	5.031	12/15/46		100		134,725
CNA Financial Corp.,
Sr. Unsec’d. Notes	3.450	08/15/27		100		111,140
Sr. Unsec’d. Notes	3.900	05/01/29		40		45,632
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A	4.569	02/01/29		500		607,724
W.R. Berkley Corp.,
Sr. Unsec’d. Notes	4.000	05/12/50		50		59,974
						1,144,709
Iron/Steel    0.0%
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes	2.800	12/15/24		20		21,215
Media    3.9%
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	3.700	04/01/51		170		179,539
Sr. Sec’d. Notes	6.384	10/23/35		180		246,626

See Notes to Financial Statements.

PGIM Corporate Bond Fund 21

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Comcast Corp.,
Gtd. Notes	3.375%	08/15/25		345	$	388,258
Gtd. Notes	4.150	10/15/28		15		18,328
Gtd. Notes	4.700	10/15/48		185		264,929
Discovery Communications LLC,
Gtd. Notes	3.950	06/15/25		28		31,603
Gtd. Notes	4.650	05/15/50		45		54,057
Gtd. Notes	4.950	05/15/42		100		120,512
ViacomCBS, Inc.,
Sr. Unsec’d. Notes	5.250	04/01/44		150		177,703
Walt Disney Co. (The),
Gtd. Notes	7.625	11/30/28		150		214,093
						1,695,648
Mining    1.0%
Barrick North America Finance LLC (Canada),
Gtd. Notes	7.500	09/15/38		75		115,621
Newmont Corp.,
Gtd. Notes	2.800	10/01/29		200		220,587
Teck Resources Ltd. (Canada),
Sr. Unsec’d. Notes	5.400	02/01/43		100		102,892
						439,100
Miscellaneous Manufacturing    0.5%
Hillenbrand, Inc.,
Gtd. Notes	4.500	09/15/26		100		107,479
Pentair Finance Sarl,
Gtd. Notes	4.500	07/01/29		65		73,121
Textron, Inc.,
Sr. Unsec’d. Notes	4.000	03/15/26		45		48,722
						229,322
Office/Business Equipment    0.0%
Xerox Corp.,
Sr. Unsec’d. Notes	4.125	03/15/23		20		20,602

See Notes to Financial Statements.

22

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date		Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas    4.3%
Apache Corp.,
Sr. Unsec’d. Notes	3.250%		04/15/22		102	$	102,573
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes	6.250		03/15/38		100		126,200
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes	4.250		04/15/27		200		189,849
Sr. Unsec’d. Notes	5.250		06/15/37		75		68,718
Sr. Unsec’d. Notes	5.400		06/15/47		15		13,500
Concho Resources, Inc.,
Gtd. Notes	4.875		10/01/47		50		60,105
Devon Energy Corp.,
Sr. Unsec’d. Notes	5.000		06/15/45		55		54,326
Diamondback Energy, Inc.,
Gtd. Notes	2.875		12/01/24		75		76,222
Energen Corp.,
Sr. Unsec’d. Notes	4.625		09/01/21		170		172,145
EOG Resources, Inc.,
Sr. Unsec’d. Notes	4.950		04/15/50		120		164,192
Equinor ASA (Norway),
Gtd. Notes	2.375		05/22/30		80		85,922
Husky Energy, Inc. (Canada),
Sr. Unsec’d. Notes	3.950		04/15/22		90		92,548
Noble Energy, Inc.,
Sr. Unsec’d. Notes	5.050		11/15/44		100		133,449
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes	2.700		08/15/22		60		58,033
Sr. Unsec’d. Notes	5.147(s)		10/10/36		200		87,395
Petrobras Global Finance BV (Brazil),
Gtd. Notes	5.999		01/27/28		65		71,529
Petroleos Mexicanos (Mexico),
Gtd. Notes	6.350		02/12/48		60		47,293
Gtd. Notes, 144A	5.950		01/28/31		100		86,019
Gtd. Notes, MTN	6.750		09/21/47		80		65,139
Shell International Finance BV (Netherlands),
Gtd. Notes	4.375		05/11/45		85		111,757
							1,866,914

See Notes to Financial Statements.

PGIM Corporate Bond Fund 23

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date		Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals    5.7%
AbbVie, Inc.,
Sr. Unsec’d. Notes	3.600%		05/14/25		165	$	184,593
Sr. Unsec’d. Notes	4.875		11/14/48		110		150,036
Sr. Unsec’d. Notes, 144A	4.050		11/21/39		95		116,771
Sr. Unsec’d. Notes, 144A	4.250		11/21/49		150		191,824
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes	4.250		10/26/49		30		42,763
Sr. Unsec’d. Notes	4.625		05/15/44		200		283,819
Cigna Corp.,
Gtd. Notes	3.050		11/30/22		300		316,536
Gtd. Notes	4.900		12/15/48		150		211,071
CVS Health Corp.,
Sr. Unsec’d. Notes	4.300		03/25/28		125		148,111
Sr. Unsec’d. Notes	4.780		03/25/38		100		128,476
Sr. Unsec’d. Notes	5.125		07/20/45		100		135,893
McKesson Corp.,
Sr. Unsec’d. Notes	4.750		05/30/29		120		147,911
Mylan NV,
Gtd. Notes	3.950		06/15/26		140		159,864
Gtd. Notes	5.250		06/15/46		10		13,139
Mylan, Inc.,
Gtd. Notes	5.200		04/15/48		40		52,614
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes	3.200		09/23/26		100		112,369
Teva Pharmaceutical Finance Netherlands III BV (Israel),
Gtd. Notes	2.200		07/21/21		26		25,832
Upjohn, Inc.,
Gtd. Notes, 144A	3.850		06/22/40		25		28,576
Gtd. Notes, 144A	4.000		06/22/50		25		28,692
							2,478,890
Pipelines    6.2%
Colonial Enterprises, Inc.,
Gtd. Notes, 144A	3.250		05/15/30		90		99,483
DCP Midstream Operating LP,
Gtd. Notes, 144A	4.750		09/30/21		250		254,120
Energy Transfer Operating LP,
Gtd. Notes	5.000		05/15/50		45		44,625
Gtd. Notes	5.800		06/15/38		15		15,409

See Notes to Financial Statements.

24

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 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	6.250%		04/15/49		15	$	16,158
Enterprise Products Operating LLC,
Gtd. Notes	2.800		01/31/30		150		160,915
Gtd. Notes	4.850		03/15/44		100		120,951
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes	3.250		06/01/30		60		65,295
Sr. Unsec’d. Notes	4.200		10/03/47		80		89,713
Midwest Connector Capital Co. LLC,
Gtd. Notes, 144A	3.625		04/01/22		90		90,042
Gtd. Notes, 144A	3.900		04/01/24		75		75,409
MPLX LP,
Sr. Unsec’d. Notes	3.500		12/01/22		35		36,495
Sr. Unsec’d. Notes	4.000		03/15/28		45		48,986
Sr. Unsec’d. Notes	4.500		07/15/23		110		118,851
Sr. Unsec’d. Notes	5.200		12/01/47		75		82,617
ONEOK, Inc.,
Gtd. Notes	3.100		03/15/30		45		42,462
Gtd. Notes	4.350		03/15/29		2		2,059
Gtd. Notes	4.500		03/15/50		30		27,315
Gtd. Notes	4.950		07/13/47		150		146,128
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes	3.650		06/01/22		300		307,222
Sunoco Logistics Partners Operations LP,
Gtd. Notes	5.400		10/01/47		150		149,781
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes, 144A	3.950		05/15/50		80		90,903
Western Midstream Operating LP,
Sr. Unsec’d. Notes	4.000		07/01/22		300		309,819
Sr. Unsec’d. Notes	6.250		02/01/50		10		9,850
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	4.300		03/04/24		200		219,037
Sr. Unsec’d. Notes	5.100		09/15/45		30		35,450
							2,659,095
Real Estate    0.5%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada),
Sr. Unsec’d. Notes, 144A	4.125		02/01/29		200		225,555

See Notes to Financial Statements.

PGIM Corporate Bond Fund 25

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date		Principal     Amount (000)#			Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs)    2.9%
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	3.650%		06/15/24		75		$	78,301
Sr. Unsec’d. Notes	4.125		06/15/26		200			213,855
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes	3.000		01/15/30		145			156,772
Kimco Realty Corp.,
Sr. Unsec’d. Notes	3.400		11/01/22		75			79,477
Sabra Health Care LP,
Gtd. Notes	4.800		06/01/24		30			30,412
SITE Centers Corp.,
Sr. Unsec’d. Notes	3.625		02/01/25		306			312,498
Ventas Realty LP,
Gtd. Notes	3.500		02/01/25		295			316,468
Welltower, Inc.,
Sr. Unsec’d. Notes	2.750		01/15/31		50			51,071
								1,238,854
Retail    1.3%
AutoNation, Inc.,
Sr. Unsec’d. Notes	4.750		06/01/30		165			191,032
Dollar Tree, Inc.,
Sr. Unsec’d. Notes	4.000		05/15/25		200			227,385
Walgreens Boots Alliance, Inc.,
Sr. Unsec’d. Notes	4.100		04/15/50		150			156,673
								575,090
Semiconductors    0.8%
Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes	3.875		01/15/27		40			44,388
NXP BV/NXP Funding LLC (Netherlands),
Gtd. Notes, 144A	4.625		06/15/22		200			213,359
NXP BV/NXP Funding LLC/NXP USA, Inc. (Netherlands),
Gtd. Notes, 144A	3.150		05/01/27		75	��		81,492
								339,239

See Notes to Financial Statements.

26

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date	Principal     Amount (000)#		Value
CORPORATE BONDS (Continued)
Shipbuilding    0.3%
Huntington Ingalls Industries, Inc.,
Gtd. Notes	3.483%	12/01/27		100	$	110,865
Software    1.0%
Microsoft Corp.,
Sr. Unsec’d. Notes	2.675	06/01/60		137		151,802
Sr. Unsec’d. Notes	3.950	08/08/56		116		162,457
Oracle Corp.,
Sr. Unsec’d. Notes	3.900	05/15/35		45		56,487
Sr. Unsec’d. Notes	4.000	07/15/46		65		81,395
						452,141
Telecommunications    2.3%
AT&T, Inc.,
Sr. Unsec’d. Notes	3.100	02/01/43		60		61,752
Sr. Unsec’d. Notes	3.500	06/01/41		270		294,442
Sr. Unsec’d. Notes	4.500	03/09/48		145		177,178
Sr. Unsec’d. Notes	5.150	03/15/42		115		147,114
T-Mobile USA, Inc.,
Sr. Sec’d. Notes, 144A	4.500	04/15/50		15		18,719
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	5.012	04/15/49		190		281,248
						980,453
Transportation    0.2%
FedEx Corp.,
Gtd. Notes	4.500	02/01/65		100		107,761
Trucking & Leasing    0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A	3.650	07/29/21		65		66,735
Water    0.6%
American Water Capital Corp.,
Sr. Unsec’d. Notes	3.750	09/01/47		200		252,217
TOTAL CORPORATE BONDS (cost $33,290,642)						37,155,983

See Notes to Financial Statements.

PGIM Corporate Bond Fund 27

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest     Rate	Maturity   Date		Principal     Amount (000)#		Value
MUNICIPAL BONDS    1.0%
Illinois    0.8%
State of Illinois,
General Obligation Unlimited, Taxable(a)	5.100%		06/01/33		340	$	356,966
Texas  0.2%
Texas Private Activity Bond Surface Transportation Corp.,
Taxable, Revenue Bonds, Series B	3.922		12/31/49		50		55,153
TOTAL MUNICIPAL BONDS
(cost $411,616)							412,119
TOTAL LONG-TERM INVESTMENTS
(cost $35,802,177)							39,876,859
				Shares
SHORT-TERM INVESTMENTS    7.8%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)					3,010,529		3,010,529
PGIM Institutional Money Market Fund
(cost $355,874; includes $355,746 of cash collateral for securities on loan)(b)(w)					355,976		355,941
TOTAL SHORT-TERM INVESTMENTS
(cost $3,366,403)							3,366,470
TOTAL INVESTMENTS    100.1%
(cost $39,168,580)							43,243,329
Liabilities in excess of other assets(z)    (0.1)%							(40,371	)
NET ASSETS    100.0%						$	43,202,958

Below is a list of the abbreviation(s) used in the annual 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

LP—Limited Partnership

MTN—Medium Term Note

REITs—Real Estate Investment Trust

See Notes to Financial Statements.

28

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

# 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 $348,803; cash collateral of $355,746 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

(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:

Futures contracts outstanding at July 31, 2020:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
4	2 Year U.S. Treasury Notes		Sep. 2020	$	883,938		$    675
9	5 Year U.S. Treasury Notes		Sep. 2020		1,135,125		6,648
10	20 Year U.S. Treasury Bonds		Sep. 2020		1,822,812		46,375
							53,698
Short Positions:
1	10 Year U.S. Treasury Notes		Sep. 2020		140,078		(2,970)
5	30 Year U.S. Ultra Treasury Bonds		Sep. 2020		1,138,438		(47,513)
							(50,483)
							$  3,215

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	$—

See Notes to Financial Statements.

PGIM Corporate Bond Fund 29

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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

	Level 1			Level 2		Level 3
Investments in Securities
Assets
Commercial Mortgage-Backed Securities		$            —			$  2,308,757	$—
Corporate Bonds		—			37,155,983	—
Municipal Bonds		—			412,119	—
Affiliated Mutual Funds		3,366,470			—	—
Total		$3,366,470			$39,876,859	$—
Other Financial Instruments*
Assets
Futures Contracts		$     53,698			$              —	$—
Liabilities
Futures Contracts		$    (50,483	)		$              —	$—

* 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 July 31, 2020 were as follows (unaudited):

Banks	21.6	%	Oil & Gas	4.3	%
Electric	10.4		Media	3.9
Affiliated Mutual Funds (0.8% represents			Commercial Services	3.9
investments purchased with collateral from			Healthcare-Services	3.8
securities on loan)	7.8		Auto Manufacturers	3.0
Pipelines	6.2		Real Estate Investment Trusts (REITs)	2.9
Pharmaceuticals	5.7		Insurance	2.6
Commercial Mortgage-Backed Securities	5.3		Telecommunications	2.3

See Notes to Financial Statements.

30

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

Industry Classification (continued):

Foods	1.7	%	Transportation	0.2	%
Beverages	1.3		Distribution/Wholesale	0.2
Retail	1.3		Auto Parts & Equipment	0.2
Agriculture	1.2		Housewares	0.2
Software	1.0		Gas	0.2
Mining	1.0		Trucking & Leasing	0.2
Aerospace & Defense	1.0		Apparel	0.1
Municipal Bonds	1.0		Iron/Steel	0.0	*
Computers	0.9		Office/Business Equipment	0.0	*
Chemicals	0.9			100.1
Semiconductors	0.8		Liabilities in excess of other assets	(0.1	)
Diversified Financial Services	0.8			100.0	%
Water	0.6
Miscellaneous Manufacturing	0.5
Real Estate	0.5		*    Less than +/- 0.05%
Building Materials	0.3
Shipbuilding	0.3

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 July 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	$53,698*	Due from/to broker-variation margin futures	$50,483*

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 31

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2020

The effects of derivative instruments on the Statement of Operations for the year ended July 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		$	(80,323	)
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		$	(23,698	)

For the year ended July 31, 2020, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)	Futures Contracts— Short Positions(1)
$2,412,939	$3,125,994

(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 to set-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		$	348,803		$	(348,803	)		$	—

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

See Notes to Financial Statements.

32

Statement of Assets and Liabilities

as of July 31, 2020

Assets
Investments at value, including securities on loan of $348,803:
Unaffiliated investments (cost $35,802,177)	$39,876,859
Affiliated investments (cost $3,366,403)	3,366,470
Dividends and interest receivable	329,322
Deposit with broker for centrally cleared/exchange-traded derivatives	200,000
Receivable for Fund shares sold	78,389
Due from Manager	9,615
Due from broker—variation margin futures	703
Prepaid expenses and other assets	58
Total Assets	43,861,416
Liabilities
Payable to broker for collateral for securities on loan	355,746
Payable for investments purchased	134,859
Payable for Fund shares reacquired	71,377
Accrued expenses and other liabilities	49,275
Audit fee payable	36,429
Dividends payable	6,667
Distribution fee payable	2,503
Trustees’ fees payable	903
Affiliated transfer agent fee payable	699
Total Liabilities	658,458
Net Assets	$43,202,958
Net assets were comprised of:
Shares of beneficial interest, at par	$         3,509
Paid-in capital in excess of par	39,783,571
Total distributable earnings (loss)	3,415,878
Net assets, July 31, 2020	$43,202,958

See Notes to Financial Statements.

PGIM Corporate Bond Fund 33

Statement of Assets and Liabilities

as of July 31, 2020

Class A
Net asset value and redemption price per share,
($5,021,343 ÷ 406,901 shares of beneficial interest issued and outstanding)	$12.34
Maximum sales charge (3.25% of offering price)	0.41
Maximum offering price to public	$12.75
Class C
Net asset value, offering price and redemption price per share,
($1,783,036 ÷ 144,824 shares of beneficial interest issued and outstanding)	$12.31
Class R
Net asset value, offering price and redemption price per share,
($12,961 ÷ 1,053 shares of beneficial interest issued and outstanding)	$12.31
Class Z
Net asset value, offering price and redemption price per share,
($26,655,227 ÷ 2,165,347 shares of beneficial interest issued and outstanding)	$12.31
Class R6
Net asset value, offering price and redemption price per share,
($9,730,391 ÷ 790,463 shares of beneficial interest issued and outstanding)	$12.31

See Notes to Financial Statements.

34

Statement of Operations

Year Ended July 31, 2020

Net Investment Income (Loss)
Income
Interest income	$1,198,868
Affiliated dividend income	11,907
Income from securities lending, net (including affiliated income of $1,786)	2,652
Total income	1,213,427
Expenses
Management fee	157,489
Distribution fee(a)	24,566
Registration fees(a)	77,200
Custodian and accounting fees	70,060
Audit fee	36,428
Transfer agent’s fees and expenses (including affiliated expense of $4,609)(a)	30,963
Shareholders’ reports	30,933
Legal fees and expenses	22,035
Trustees’ fees	10,989
SEC registration fees	1,679
Miscellaneous	18,037
Total expenses	480,379
Less: Fee waiver and/or expense reimbursement(a)	(263,149	)
Distribution fee waiver(a)	(47	)
Net expenses	217,183
Net investment income (loss)	996,244
Realized And Unrealized Gain (Loss) On Investment Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(324))	298,709
Futures transactions	(80,323	)
	218,386
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $67)	2,616,218
Futures	(23,698	)
	2,592,520
Net gain (loss) on investment transactions	2,810,906
Net Increase (Decrease) In Net Assets Resulting From Operations	$3,807,150

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

	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		8,151			16,272			143			—			—
Registration fees		16,272			15,027			15,027			15,847			15,027
Transfer agent’s fees and expenses		5,087			1,714			75			23,967			120
Fee waiver and/or expense reimbursement		(35,522	)		(24,027	)		(15,190	)		(132,355	)		(56,055	)
Distribution fee waiver		—			—			(47	)		—			—

See Notes to Financial Statements.

PGIM Corporate Bond Fund 35

Statements of Changes in Net Assets

	Year Ended July 31,
	2020			2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	996,244		$	838,163
Net realized gain (loss) on investment transactions		218,386			(84,339	)
Net change in unrealized appreciation (depreciation) on investments		2,592,520			1,943,555
Net increase (decrease) in net assets resulting from operations		3,807,150			2,697,379
Dividends and Distributions
Distributions from distributable earnings
Class A		(93,118	)		(88,579	)
Class C		(34,439	)		(26,596	)
Class R		(502	)		(571	)
Class Z		(653,856	)		(598,906	)
Class R6		(284,140	)		(158,195	)
		(1,066,055	)		(872,847	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		20,079,708			12,767,604
Net asset value of shares issued in reinvestment of dividends and distributions		1,052,750			861,560
Cost of shares reacquired		(11,263,580	)		(6,653,904	)
Net increase (decrease) in net assets from Fund share transactions		9,868,878			6,975,260
Total increase (decrease)		12,609,973			8,799,792
Net Assets:
Beginning of year		30,592,985			21,793,193
End of year	$	43,202,958		$	30,592,985

See Notes to Financial Statements.

36

Notes to Financial Statements

1.    Organization

The Target Portfolio Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified open-end management investment company. The Trust currently consists of three series: PGIM Corporate Bond Fund, PGIM Core Bond Fund and PGIM QMA Small-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.

2.    Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following 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 reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

PGIM Corporate Bond Fund 37

Notes to Financial Statements (continued)

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 in open-end (other than exchange-traded mutual funds) 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

38

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 Rule 22e-4 under the 1940 Act, the Trust 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 Trust’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

PGIM Corporate Bond Fund 39

Notes to Financial Statements (continued)

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

40

Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. 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 the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and

PGIM Corporate Bond Fund 41

Notes to Financial Statements (continued)

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 the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3.    Agreements

The 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

42

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 subadvisory agreements with PGIM Limited and PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit (each a “subadviser” and collectively the “subadvisers”). The subadvisory agreements provide that the subadvisers will furnish investment advisory services in connection with the management of the Fund. In connection therewith, the subadvisers are obligated to keep certain books and records of the Fund. The Manager pays for the services of the subadvisers, 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 year ended July 31, 2020.

The Manager has contractually agreed, through November 30, 2021, 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 such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager 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.

PGIM Corporate Bond Fund 43

Notes to Financial Statements (continued)

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, 2021 to limit such fees to 0.50% of the average daily net assets of the Class R shares.

For the year ended July 31, 2020, PIMS received $9,852 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended July 31, 2020, PIMS received and $650 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., PGIM Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4.    Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core 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 Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission (“SEC”), the Trust’s Chief

44

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 such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures.

For the year ended July 31, 2020, the Fund’s purchase and sales transactions under Rule 17a-7 and realized gain as a result of 17a-7 sales transactions were as follows:

Fund	Purchases	Sales	Realized Loss
Corporate Bond	$—	$636,463	$(95,506)

5.    Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended July 31, 2020, were $15,367,198 and $8,193,034, respectively.

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

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income
	PGIM Core Ultra Short Bond Fund*
	$672,792		$20,036,785		$17,699,048		$—		$—		$3,010,529		3,010,529		$11,907
	PGIM Institutional Money Market Fund*
	—		2,060,151		1,703,953		67		(324)		355,941		355,976		1,786	**
	$672,792		$22,096,936		$19,403,001		$67		$(324)		$3,366,470				$13,693

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

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

6.    Distributions and Tax Information

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 the ex-date.

For the year ended July 31, 2020, the tax character of dividends paid by the Fund was $1,066,055 of ordinary income. For the year ended July 31, 2019, the tax character of dividends paid by the Fund was $872,847 of ordinary income.

As of July 31, 2020, the accumulated undistributed earnings on a tax basis was $77,303 of ordinary income.

PGIM Corporate Bond Fund 45

Notes to Financial Statements (continued)

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

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$39,270,766	$4,070,244	$(94,466)	$3,975,778

The differences between book basis and tax basis were primarily attributable to book/tax differences in the treatment of premium amortization and other book to tax differences.

For federal income tax purposes, the Fund had a capital loss carryforward as of July 31, 2020 of approximately $631,000 which can be carried forward for an unlimited period. The Fund utilized approximately $136,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended July 31, 2020. 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, 2020 are subject to such review.

7.    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 maximum front-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 a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 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.

46

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

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

As of July 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		1,053		100.0%
Class R6		790,463		100.0%

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	22.9%	3	65.7%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended July 31, 2020:
Shares sold		257,411		$	3,049,764
Shares issued in reinvestment of dividends and distributions		7,519			88,720
Shares reacquired		(128,858	)		(1,485,647	)
Net increase (decrease) in shares outstanding before conversion		136,072			1,652,837
Shares issued upon conversion from other share class(es)		10,025			117,723
Shares reacquired upon conversion into other share class(es)		(5,170	)		(61,651	)
Net increase (decrease) in shares outstanding		140,927		$	1,708,909
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

PGIM Corporate Bond Fund 47

Notes to Financial Statements (continued)

Class C	Shares			Amount
Year ended July 31, 2020:
Shares sold		63,461			$	744,061
Shares issued in reinvestment of dividends and distributions		2,866				33,677
Shares reacquired		(35,199	)			(416,669	)
Net increase (decrease) in shares outstanding before conversion		31,128				361,069
Shares reacquired upon conversion into other share class(es)		(7,291	)			(87,734	)
Net increase (decrease) in shares outstanding		23,837			$	273,335
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
Year ended July 31, 2020:
Shares sold		28			$	322
Shares issued in reinvestment of dividends and distributions		42				494
Shares reacquired		(780	)			(8,875	)
Net increase (decrease) in shares outstanding		(710	)		$	(8,059	)
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
Class Z
Year ended July 31, 2020:
Shares sold		1,395,014			$	16,285,561
Shares issued in reinvestment of dividends and distributions		54,927				646,133
Shares reacquired		(802,197	)			(9,352,389	)
Net increase (decrease) in shares outstanding before conversion		647,744				7,579,305
Shares issued upon conversion from other share class(es)		11,096				132,716
Shares reacquired upon conversion into other share class(es)		(8,667	)			(101,054	)
Net increase (decrease) in shares outstanding		650,173			$	7,610,967
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	)

48

Class R6	Shares		Amount
Year ended July 31, 2020:
Shares issued in reinvestment of dividends and distributions		24,062	$	283,726
Net increase (decrease) in shares outstanding		24,062	$	283,726
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

8.    Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “RICs”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$1,222,500,000*	$900,000,000
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) the one-month LIBOR rate or (3) zero percent	1.25% plus the higher of  (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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 RICs in the SCA equitably.

The Fund utilized the SCA during the year ended July 31, 2020. The average daily balance for the 6 days that the Fund had loans outstanding during the period was $659,167, borrowed at a weighted average interest rate of 1.62%. The maximum loan balance outstanding during the period was $987,000. At July 31, 2020, the Fund did not have an outstanding loan balance.

PGIM Corporate Bond Fund 49

Notes to Financial Statements (continued)

9.    Risks of Investing in the Fund

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

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 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.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all

50

or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential impact of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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

PGIM Corporate Bond Fund 51

Notes to Financial Statements (continued)

guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

52

Financial Highlights

Class A Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$11.48			$10.81			$11.32			$11.46			$10.76
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.34			0.32			0.32			0.29
Net realized and unrealized gain (loss) on investment transactions		0.89			0.69			(0.49	)		(0.13	)		0.71
Total from investment operations		1.20			1.03			(0.17	)		0.19			1.00
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.36	)		(0.34	)		(0.33	)		(0.30	)
Net asset value, end of year		$12.34			$11.48			$10.81			$11.32			$11.46
Total Return(b):		10.59	%		9.73	%		(1.51	)%		1.77	%		9.49	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$5,021			$3,053			$2,565			$1,802			$822
Average net assets (000)		$3,260			$2,698			$2,200			$1,339			$269
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.80	%		0.80	%		0.80	%		0.80	%		0.94	%
Expenses before waivers and/or expense reimbursement		1.89	%		2.22	%		2.25	%		1.92	%		1.77	%
Net investment income (loss)		2.66	%		3.14	%		2.89	%		2.88	%		2.64	%
Portfolio turnover rate(e)		50	%		71	%		70	%		90	%		165	%

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

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

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

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

(e) 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 Corporate Bond Fund 53

Financial Highlights (continued)

Class C Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$11.45			$10.79			$11.29			$11.43			$10.75
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.26			0.24			0.24			0.20
Net realized and unrealized gain (loss) on investment transactions		0.88			0.68			(0.48	)		(0.13	)		0.70
Total from investment operations		1.11			0.94			(0.24	)		0.11			0.90
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(0.28	)		(0.26	)		(0.25	)		(0.22	)
Net asset value, end of year		$12.31			$11.45			$10.79			$11.29			$11.43
Total Return(b):		9.79	%		8.83	%		(2.16	)%		1.01	%		8.51	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$1,783			$1,386			$952			$1,095			$755
Average net assets (000)		$1,627			$1,053			$1,050			$1,014			$369
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.55	%		1.55	%		1.55	%		1.55	%		1.73	%
Expenses before waivers and/or expense reimbursement		3.03	%		3.49	%		3.54	%		2.66	%		2.56	%
Net investment income (loss)		1.92	%		2.38	%		2.12	%		2.12	%		1.84	%
Portfolio turnover rate(e)		50	%		71	%		70	%		90	%		165	%

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

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

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

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

(e) 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.

54

Class R Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$11.45			$10.79			$11.29			$11.43			$10.75
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.31			0.29			0.29			0.25
Net realized and unrealized gain (loss) on investment transactions		0.87			0.68			(0.47	)		(0.12	)		0.70
Total from investment operations		1.16			0.99			(0.18	)		0.17			0.95
Less Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.33	)		(0.32	)		(0.31	)		(0.27	)
Net asset value, end of year		$12.31			$11.45			$10.79			$11.29			$11.43
Total Return(b):		10.34	%		9.37	%		(1.67	)%		1.51	%		9.04	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$13			$20			$18			$11			$11
Average net assets (000)		$19			$19			$12			$11			$10
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.05	%		1.05	%		1.05	%		1.05	%		1.29	%
Expenses before waivers and/or expense reimbursement		81.14	%		65.60	%		109.57	%		2.42	%		2.12	%
Net investment income (loss)		2.45	%		2.88	%		2.66	%		2.59	%		2.32	%
Portfolio turnover rate(e)		50	%		71	%		70	%		90	%		165	%

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

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

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

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

(e) 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 Corporate Bond Fund 55

Financial Highlights (continued)

Class Z Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$11.45			$10.79			$11.29			$11.43			$10.76
Income (loss) from investment operations:
Net investment income (loss)		0.34			0.37			0.35			0.34			0.30
Net realized and unrealized gain (loss) on investment transactions		0.88			0.67			(0.48	)		(0.12	)		0.70
Total from investment operations		1.22			1.04			(0.13	)		0.22			1.00
Less Dividends and Distributions:
Dividends from net investment income		(0.36	)		(0.38	)		(0.37	)		(0.36	)		(0.33	)
Net asset value, end of year		$12.31			$11.45			$10.79			$11.29			$11.43
Total Return(b):		10.89	%		9.92	%		(1.18	)%		2.02	%		9.47	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$26,655			$17,356			$18,247			$19,869			$23,307
Average net assets (000)		$21,000			$16,929			$20,078			$21,149			$33,438
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.55	%		0.55	%		0.55	%		0.55	%		0.82	%
Expenses before waivers and/or expense reimbursement		1.18	%		1.41	%		1.32	%		1.64	%		1.27	%
Net investment income (loss)		2.91	%		3.39	%		3.12	%		3.07	%		2.79	%
Portfolio turnover rate(e)		50	%		71	%		70	%		90	%		165	%

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

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

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

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

(e) 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.

56

Class R6 Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$11.45			$10.79			$11.29			$11.43			$10.75
Income (loss) from investment operations:
Net investment income (loss)		0.34			0.37			0.35			0.35			0.30
Net realized and unrealized gain (loss) on investment transactions		0.88			0.67			(0.48	)		(0.13	)		0.71
Total from investment operations		1.22			1.04			(0.13	)		0.22			1.01
Less Dividends and Distributions:
Dividends from net investment income		(0.36	)		(0.38	)		(0.37	)		(0.36	)		(0.33	)
Net asset value, end of year		$12.31			$11.45			$10.79			$11.29			$11.43
Total Return(b):		10.89	%		9.92	%		(1.18	)%		2.02	%		9.57	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$9,730			$8,778			$11			$11			$11
Average net assets (000)		$9,091			$4,552			$11			$11			$10
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.55	%		0.55	%		0.55	%		0.55	%		0.79	%
Expenses before waivers and/or expense reimbursement		1.17	%		1.42	%		121.08	%		1.53	%		1.28	%
Net investment income (loss)		2.93	%		3.39	%		3.12	%		3.10	%		2.80	%
Portfolio turnover rate(e)		50	%		71	%		70	%		90	%		165	%

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

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

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

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

(e) 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 Corporate Bond Fund 57

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Corporate Bond Fund and Board of Trustees

The Target Portfolio Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Corporate Bond Fund, a series of The Target Portfolio Trust (the Fund), including the schedule of investments, as of July 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or period indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2020, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

September 16, 2020

58

Fund Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Trust’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Fund’s Board of Trustees (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Fund’s Board.

At a meeting of the Board on March 3-5, 2020, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from the inception of the Fund’s LRMP on December 1, 2018 through December 31, 2019 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

PGIM Corporate Bond Fund 59

Federal Income Tax Information (unaudited)

For the tax year ended July 31, 2020, the Fund reports 83.18% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2021, you will be advised on IRS Form 1099-DIV or substitute Form 1099-DIV, as to the Federal tax status of the distributions received by you in calendar year 2020.

60

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 95	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Corporate Bond Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly, Telemat Ltd). (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006–June 2020); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 94	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014–2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 95	Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

Visit our website at pgim.com/investments

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 94	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Brian K. Reid 1961 Board Member Portfolios Overseen: 94	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Corporate Bond Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 94	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

Visit our website at pgim.com/investments

Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Vice President and Corporate Counsel (since January 2005) of Prudential; Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018

PGIM Corporate Bond Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Jonathan D. Shain 1958 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019

Visit our website at pgim.com/investments

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1973 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).	Since January 2017

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

PGIM Corporate Bond Fund

Approval of Advisory Agreements

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Corporate Bond Fund (the “Fund”)¹ consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. on behalf of its PGIM Fixed Income unit, and PGIM Limited (collectively referred to herein as “PGIM” or the “subadviser”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 27, 2020 and on June 9-11, 2020 and approved the renewal of the agreements through July 31, 2021, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

¹  PGIM Corporate Bond Fund is a series of The Target Portfolio Trust.

PGIM Corporate Bond Fund

Approval of Advisory Agreements (continued)

from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 27, 2020 and on June 9-11, 2020.

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

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

Nature, Quality, and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM. The Board noted that PGIM is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM, and also considered the qualifications, backgrounds and responsibilities of PGIM’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’ and PGIM’s organizational structure, senior management, investment operations, and other relevant

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information pertaining to both PGIM Investments and PGIM. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and PGIM.

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

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. The Board noted that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2019 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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

PGIM Corporate Bond Fund

Approval of Advisory Agreements (continued)

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

Other Benefits to PGIM Investments and PGIM

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM included those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2019.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended July 31, 2019. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

Net Performance	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	2nd Quartile	2nd Quartile	3rd Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

• The Board noted that the Fund outperformed its benchmark index over the one-year period and the five- year period, and underperformed its benchmark index over the three-year period and the ten-year period.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.80% for Class A shares, 1.55% for Class C shares, 0.55% for Class R6 shares, 1.05% for Class R shares, and 0.55% for Class Z shares through November 30, 2020.

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

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

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

*    *    *

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

PGIM Corporate Bond Fund

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

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-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 • Claudia DiGiacomo, 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 • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, 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
	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
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 at pgim.com/investments 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 to pgim.com/investments/resource/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 that Trustee at 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 for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees

and is available without charge, upon request, by calling (800) 225-1852.

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

MF229E

PGIM QMA SMALL-CAP VALUE FUND

ANNUAL REPORT

JULY 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 (pgim.com/investments), 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 pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

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

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

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.

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Letter from the President

Dear Shareholder:

We hope you find the annual report for the PGIM QMA Small-Cap Value Fund informative and useful. The report covers performance for the 12-month period that ended July 31, 2020.

During the first half of the period, the global economy remained healthy—particularly in the US—fueled by rising corporate profits and strong job growth. The outlook changed dramatically in March as the coronavirus outbreak quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth approximately $3 trillion that offered an economic lifeline to consumers and businesses.

While stocks climbed throughout the first half of the period, they fell significantly in March amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. As states reopened their economies in the spring and early summer, a strong equity market rally helped large-cap US and emerging market stocks post gains during the period, while US small caps and stocks in developed foreign markets declined.

The bond market overall—including US and global bonds as well as emerging market debt—rose during the period as investors sought safety in fixed income. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low. In March, the Fed took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 scale and investment expertise allow 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

September 15, 2020

PGIM QMA Small-Cap Value Fund 3

Your Fund’s Performance (unaudited)

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 at pgim.com/investments or by calling (800) 225-1852.

	Average Annual Total Returns as of 7/31/20
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A
(with sales charges)	–31.02		–3.80		N/A		–2.03 (2/14/14)
(without sales charges)	–27.01		–2.70		N/A		–1.17 (2/14/14)
Class C
(with sales charges)	–28.49		–3.52		N/A		–4.29 (6/19/15)
(without sales charges)	–27.80		–3.52		N/A		–4.29 (6/19/15)
Class R
(without sales charges)	–27.08		–2.89		4.78		—
Class Z
(without sales charges)	–26.66		–2.37		5.33		—
Class R2
(without sales charges)	–26.96		N/A		N/A		–15.51 (12/28/17)
Class R4
(without sales charges)	–26.80		N/A		N/A		–15.30 (12/28/17)
Class R6
(without sales charges)	–26.60		–2.30		N/A		–1.14 (9/25/14)
Russell 2000 Value Index
	–15.91		2.24		7.30		—
Russell 2000 Index
	–4.59		5.10		10.07		—
Average Annual Total Returns as of 7/31/20 Since Inception (%)
	Class A (2/14/14)	Class C (6/19/15)		Class R2, R4 (12/28/17)		Class R6 (9/25/14)
Russell 2000 Value Index
	2.67		1.64		–6.84		3.14
Russell 2000 Index
	5.69		4.78		–0.04		6.67

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Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Russell 2000 Value Index and the Russell 2000 Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2010) and the account values at the end of the current fiscal year (July 31, 2020), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier and in the following paragraphs, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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.

PGIM QMA Small-Cap Value Fund 5

Your Fund’s Performance (continued)

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

*Shareholder service fee reflects maximum allowable fees under a shareholder services plan.

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 low price-to-book and 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 that may be paid by an investor.

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Presentation of Fund Holdings as of 7/31/20

Ten Largest Holdings	Line of Business	% of Net Assets
Stifel Financial Corp.	Capital Markets	1.1%
Sabra Health Care REIT, Inc.	Equity Real Estate Investment Trusts (REITs)	1.0%
Radian Group, Inc.	Thrifts & Mortgage Finance	1.0%
Meritage Homes Corp.	Household Durables	1.0%
Taylor Morrison Home Corp.	Household Durables	1.0%
Altra Industrial Motion Corp.	Machinery	1.0%
American Equity Investment Life Holding Co.	Insurance	0.9%
KB Home	Household Durables	0.9%
TRI Pointe Group, Inc.	Household Durables	0.9%
Valley National Bancorp	Banks	0.9%

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

PGIM QMA Small-Cap Value Fund 7

Strategy and Performance Overview

How did the Fund perform?

The PGIM QMA Small-Cap Value Fund’s Class Z shares returned -26.66% in the 12-month reporting period that ended July 31, 2020, underperforming the -15.91% return of the Russell 2000 Value Index (the Index).

What were the market conditions?

• During the first half of the reporting period, US equities reached all-time highs despite ongoing trade disputes and signs of slowing global economic growth. After peaking on February 21, 2020, however, the markets suffered their worst weekly drop in a decade during the last week of February based on concerns surrounding the global spread of COVID-19. Amid increasing fears the COVID-19 pandemic could tip the world economy into recession, investors sold risky assets in March and pushed the stock market to its worst quarterly performance since the global financial crisis in 2008. Stocks rallied during the second quarter of 2020, fueled by massive monetary and fiscal stimulus measures, reports about potential COVID-19 vaccines and treatments, improving employment and retail sales data, and states reopening their economies. At the end of the quarter, however, investors’ optimism cooled as several states announced plans to scale back their reopening after a spike in COVID-19 cases. In spite of weak macroeconomic data and fears of a resurgence of COVID-19, US equities resumed their rally in July, aided by ongoing stimulus measures and strong corporate earnings results.

• US small-cap equities underperformed their large-cap and mid-cap counterparts during the reporting period. Small-cap stocks (as measured by the Russell 2000 Index) fell 4.59%, while mid-cap stocks (as measured by the Russell Midcap Index) rose 2.04%, and large-cap stocks (as measured by the Russell 1000 Index) gained 12.03%.

• Value stocks significantly underperformed growth stocks within each of the market-cap indices. In the small-cap space, the Russell 2000 Value Index lagged the Russell 2000 Growth Index by nearly 22% (-15.91% vs. 6%).

What worked?

• The Fund outperformed the Index in only two sectors: consumer staples and consumer discretionary.

• Relative gains in consumer staples came from an overweight among food & staples retailers, whose stocks rallied due to the high demand for their products brought on by the pandemic.

• Relative gains in consumer discretionary were mainly driven by overweight positions among homebuilders, whose shares were helped by historically low interest rates.

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What didn’t work?

• QMA uses a systematic process to select stocks that trade at a discount to their fundamental values but show positive business prospects. This deep-value focus favors stocks that exhibit the highest earnings yields, cash flow yields, and book yields within QMA’s investable universe.

• During the reporting period, this deep-value strategy drove the Fund’s underperformance, as cheaper stocks lagged their more expensive counterparts.

• The period was one of the most challenging ever for deep-value stocks, as growth significantly outperformed value and all of the fundamental measures QMA uses to evaluate stocks (e.g., book/price, cash flow/price, earnings/price, and business prospects) were out of favor.

• At the sector level, the Fund’s most significant relative detractors came from the financials, real estate, and information technology sectors.

• Within financials, underperformance was driven by overweight positions among inexpensive banks and mortgage real estate investment trusts (REITs), which were hit particularly hard by the negative impact of COVID-19 on economic growth.

• Within real estate, overweight positioning among inexpensive hotel & resort REITS detracted from relative performance. These companies were hurt by travel bans and stay-at-home orders that kept customers away.

• Within information technology, relative underperformance was driven by the Fund’s underweight positions in expensive semiconductors and communications equipment stocks, which performed well overall during the period.

Did the Fund hold derivatives?

The Fund did not hold any derivatives.

Current outlook

• The trend of cheaper stocks underperforming their more expensive counterparts within the Index that occurred throughout 2018-2019 accelerated in the first quarter of 2020, which was a major headwind for the Fund. In the second quarter of 2020, however, cheaper stocks within the Index rebounded, and the Fund responded positively to the improved environment for deep value.

• QMA believes there is a significant opportunity for further recovery in deep-value stocks. With a historically wide dispersion in valuations between cheap and expensive stocks, QMA’s model emphasizes companies with high book yields (book/price). QMA’s research shows that earnings yield (earnings/price) is the most effective measure of identifying value in typical economic environments. Book/price ratios are more useful

PGIM QMA Small-Cap Value Fund 9

Strategy and Performance Overview (continued)

when many companies have negative earnings, which QMA expects to occur in the coming quarters. Using book value in greater proportion better positions the Fund, in QMA’s view, toward companies that it expects to outperform should value recover and the dispersion in valuations reverts to its narrower norm. QMA was encouraged by the strong performance of book value and its beneficial contribution to the Fund’s return during the second-quarter rally.

• Exogenous events such as the COVID-19 pandemic create significant departures from fundamental valuations. These periods of heightened risk are historically followed by an eventual return to more fundamental drivers of returns. While the time frame for this remains uncertain, QMA fully expects the same outcome. QMA regards the combination of fundamental insights from its models, along with prudent risk controls, as the most effective approach to navigating the market environment in the months ahead.

10 Visit our website at pgim.com/investments

Fees and Expenses (unaudited)

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 July 31, 2020. The example is for illustrative purposes only; you should consult the Fund’s 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 11

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 QMA Small-Cap Value Fund		Beginning Account Value February 1, 2020		Ending Account Value July 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	740.10		1.22	%	$	5.28
	Hypothetical	$	1,000.00	$	1,018.80		1.22	%	$	6.12
Class C	Actual	$	1,000.00	$	736.30		2.26	%	$	9.76
	Hypothetical	$	1,000.00	$	1,013.63		2.26	%	$	11.31
Class R	Actual	$	1,000.00	$	740.30		1.31	%	$	5.67
	Hypothetical	$	1,000.00	$	1,018.35		1.31	%	$	6.57
Class Z	Actual	$	1,000.00	$	742.70		0.70	%	$	3.03
	Hypothetical	$	1,000.00	$	1,021.38		0.70	%	$	3.52
Class R2	Actual	$	1,000.00	$	740.90		1.14	%	$	4.93
	Hypothetical	$	1,000.00	$	1,019.19		1.14	%	$	5.72
Class R4	Actual	$	1,000.00	$	741.70		0.89	%	$	3.85
	Hypothetical	$	1,000.00	$	1,020.44		0.89	%	$	4.47
Class R6	Actual	$	1,000.00	$	742.80		0.69	%	$	2.99
	Hypothetical	$	1,000.00	$	1,021.43		0.69	%	$	3.47

*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 182 days in the six-month period ended July 31, 2020, and divided by the 366 days in the Fund’s fiscal year ended 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.

12 Visit our website at pgim.com/investments

Schedule of Investments

as of July 31, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    99.6%
COMMON STOCKS    99.4%
Air Freight & Logistics    0.9%
Atlas Air Worldwide Holdings, Inc.*		88,028	$	4,584,498
Airlines    2.2%
Hawaiian Holdings, Inc.(a)		226,200		2,689,518
JetBlue Airways Corp.*(a)		167,900		1,736,086
Mesa Air Group, Inc.*		149,900		464,690
SkyWest, Inc.		130,868		3,443,137
Spirit Airlines, Inc.*(a)		211,700		3,346,977
				11,680,408
Auto Components    4.2%
Adient PLC*		263,300		4,381,312
American Axle & Manufacturing Holdings, Inc.*(a)		519,100		3,664,846
Cooper Tire & Rubber Co.(a)		148,100		4,599,986
Cooper-Standard Holdings, Inc.*		75,000		803,250
Dana, Inc.		386,900		4,422,267
Modine Manufacturing Co.*		332,000		1,806,080
Tenneco, Inc. (Class A Stock)*(a)		390,700		2,895,087
				22,572,828
Banks    19.7%
Ameris Bancorp		120,600		2,782,845
Atlantic Union Bankshares Corp.		87,000		1,963,590
BancorpSouth Bank		52,200		1,092,546
Banner Corp.		39,300		1,392,399
Berkshire Hills Bancorp, Inc.		156,804		1,561,768
Boston Private Financial Holdings, Inc.		207,300		1,219,961
Byline Bancorp, Inc.(a)		32,200		417,312
Cadence BanCorp		330,800		2,583,548
Camden National Corp.		17,125		542,691
Cathay General Bancorp(a)		108,200		2,616,276
CNB Financial Corp.		34,399		561,736
Columbia Banking System, Inc.(a)		11,700		338,481
Community Trust Bancorp, Inc.		81,566		2,496,735
ConnectOne Bancorp, Inc.		118,600		1,635,494
Customers Bancorp, Inc.*(a)		190,030		2,251,856
Dime Community Bancshares, Inc.		18,583		218,257
Eagle Bancorp, Inc.		12,800		385,024
Enterprise Financial Services Corp.		2,800		81,368
Financial Institutions, Inc.		144,527		2,134,664
First BanCorp. (Puerto Rico)		78,500		427,040

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 13

Schedule of Investments (continued)

as of July 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
First Bancorp/Southern Pines NC		12,800	$	264,448
First Busey Corp.		41,100		702,810
First Business Financial Services, Inc.		18,800		279,556
First Commonwealth Financial Corp.		20,900		164,483
First Financial Bancorp		239,351		3,330,569
First Financial Corp.		80,359		2,686,401
First Merchants Corp.		62,400		1,524,432
First Midwest Bancorp, Inc.		258,400		3,135,684
Fulton Financial Corp.		309,300		3,000,210
Great Southern Bancorp, Inc.		28,063		1,012,232
Great Western Bancorp, Inc.		167,500		2,177,500
Hancock Whitney Corp.		155,300		2,960,018
Hanmi Financial Corp.		68,178		629,283
Heartland Financial USA, Inc.		96,904		3,027,281
Hilltop Holdings, Inc.		132,903		2,587,621
Home BancShares, Inc.(a)		103,700		1,693,421
Hope Bancorp, Inc.		384,116		3,238,098
Horizon Bancorp, Inc.		33,331		336,976
Independent Bank Group, Inc.(a)		73,100		3,211,283
International Bancshares Corp.		82,482		2,509,102
Investors Bancorp, Inc.		49,400		401,128
Lakeland Bancorp, Inc.		150,327		1,530,329
Midland States Bancorp, Inc.		30,100		424,109
MidWestOne Financial Group, Inc.		22,962		415,153
OceanFirst Financial Corp.		193,200		2,959,824
Old National Bancorp(a)		197,943		2,769,223
Pacific Premier Bancorp, Inc.		124,000		2,605,240
Peapack-Gladstone Financial Corp.		82,679		1,346,014
QCR Holdings, Inc.		23,600		705,168
Renasant Corp.(a)		138,100		3,208,063
S&T Bancorp, Inc.(a)		25,563		549,605
Sandy Spring Bancorp, Inc.		125,200		2,894,624
Simmons First National Corp. (Class A Stock)(a)		212,200		3,520,398
South State Corp.		84,485		4,026,555
Towne Bank		8,500		149,940
Trustmark Corp.		6,600		148,632
United Bankshares, Inc.(a)		107,800		2,837,296
United Community Banks, Inc.		9,200		164,956
Univest Financial Corp.		30,100		460,229
Valley National Bancorp(a)		658,100		4,916,007
Veritex Holdings, Inc.		76,600		1,280,752
WesBanco, Inc.		129,048		2,559,022
				105,047,266

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets    1.4%
Oppenheimer Holdings, Inc. (Class A Stock)		84,900	$	1,799,031
Stifel Financial Corp.		117,200		5,681,856
				7,480,887
Chemicals    1.0%
AdvanSix, Inc.*		36,300		451,935
Kraton Corp.*		178,100		2,342,015
Minerals Technologies, Inc.		37,600		1,762,688
Olin Corp.		72,500		814,900
				5,371,538
Commercial Services & Supplies    1.5%
ACCO Brands Corp.(a)		607,741		3,962,471
ADT, Inc.(a)		150,700		1,297,527
Matthews International Corp. (Class A Stock)		65,100		1,406,160
Quad/Graphics, Inc.(a)		213,771		664,828
Viad Corp.		11,000		159,060
VSE Corp.(a)		24,800		697,624
				8,187,670
Communications Equipment    0.3%
Applied Optoelectronics, Inc.*(a)		15,500		220,255
Comtech Telecommunications Corp.		43,600		715,912
NetScout Systems, Inc.*(a)		15,900		404,814
				1,340,981
Construction & Engineering    0.2%
Tutor Perini Corp.*(a)		107,900		1,269,983
Consumer Finance    2.1%
Encore Capital Group, Inc.*(a)		98,491		3,597,876
EZCORP, Inc. (Class A Stock)*		198,600		1,135,992
Navient Corp.		103,900		827,044
Nelnet, Inc. (Class A Stock)(a)		73,753		4,277,674
Regional Management Corp.*		78,500		1,192,415
				11,031,001
Diversified Consumer Services    0.7%
Laureate Education, Inc. (Class A Stock)*		308,600		3,913,048

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 15

Schedule of Investments (continued)

as of July 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Diversified Financial Services    0.1%
Banco Latinoamericano de Comercio Exterior SA (Panama) (Class E Stock)		22,500	$	262,575
Cannae Holdings, Inc.*		2,200		82,896
				345,471
Diversified Telecommunication Services    0.1%
Liberty Latin America Ltd. (Chile) (Class A Stock)*		7,900		81,212
Liberty Latin America Ltd. (Chile) (Class C Stock)*(a)		28,400		290,532
				371,744
Electric Utilities    0.1%
ALLETE, Inc.		2,300		136,390
Portland General Electric Co.		3,900		172,107
				308,497
Electronic Equipment, Instruments & Components    2.2%
Arrow Electronics, Inc.*		22,400		1,604,288
Avnet, Inc.		66,500		1,776,880
Benchmark Electronics, Inc.		23,100		470,316
Kimball Electronics, Inc.*		7,900		104,912
MTS Systems Corp.		28,600		530,530
Sanmina Corp.*		83,600		2,481,248
ScanSource, Inc.*		46,800		1,074,060
TTM Technologies, Inc.*(a)		304,200		3,744,702
				11,786,936
Energy Equipment & Services    0.9%
Archrock, Inc.(a)		184,900		1,231,434
Liberty Oilfield Services, Inc. (Class A Stock)(a)		81,900		462,735
National Energy Services Reunited Corp.*		17,300		115,737
ProPetro Holding Corp.*		325,200		1,746,324
Select Energy Services, Inc. (Class A Stock)*		261,500		1,161,060
				4,717,290
Entertainment    0.1%
Marcus Corp. (The)		19,000		262,390
Equity Real Estate Investment Trusts (REITs) 9.3%
Apple Hospitality REIT, Inc.		77,600		684,432
Chatham Lodging Trust		275,900		1,437,439

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
CoreCivic, Inc.		133,200	$	1,186,812
CorEnergy Infrastructure Trust, Inc.		6,700		58,692
CorePoint Lodging, Inc.		177,800		993,902
DiamondRock Hospitality Co.		432,200		1,996,764
Diversified Healthcare Trust		723,500		2,818,032
EPR Properties		31,600		904,708
Franklin Street Properties Corp.		599,500		3,147,375
Global Net Lease, Inc.		131,100		2,182,815
Hersha Hospitality Trust(a)		408,200		1,943,032
iStar, Inc.		26,800		311,148
Jernigan Capital, Inc.(a)		201,000		2,816,010
Kite Realty Group Trust		194,300		1,917,741
Macerich Co. (The)(a)		176,594		1,347,412
Office Properties Income Trust		157,618		3,964,093
Park Hotels & Resorts, Inc.		157,900		1,305,833
Pebblebrook Hotel Trust(a)		295,400		3,131,240
Preferred Apartment Communities, Inc. (Class A Stock)(a)		54,500		394,035
Retail Properties of America, Inc. (Class A Stock)		73,200		465,552
RLJ Lodging Trust(a)		453,200		3,630,132
RPT Realty		38,800		241,336
Sabra Health Care REIT, Inc.		375,100		5,528,974
Service Properties Trust		107,300		718,910
SITE Centers Corp.(a)		79,900		585,667
SL Green Realty Corp.		31,200		1,450,800
Summit Hotel Properties, Inc.		557,400		2,887,332
Sunstone Hotel Investors, Inc.		40,200		300,696
Xenia Hotels & Resorts, Inc.		173,400		1,380,264
				49,731,178
Food & Staples Retailing    2.7%
Andersons, Inc. (The)		97,000		1,379,340
Ingles Markets, Inc. (Class A Stock)(a)		93,505		3,763,576
SpartanNash Co.		178,590		3,754,855
United Natural Foods, Inc.*(a)		215,600		4,279,660
Weis Markets, Inc.(a)		22,300		1,110,986
				14,288,417
Food Products    0.2%
Darling Ingredients, Inc.*(a)		45,200		1,262,436
Seneca Foods Corp. (Class A Stock)*		1,700		66,606
				1,329,042

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 17

Schedule of Investments (continued)

as of July 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Gas Utilities    0.0%
Spire, Inc.		3,200	$	197,312
Health Care Providers & Services    1.0%
Acadia Healthcare Co., Inc.*(a)		7,500		223,575
Brookdale Senior Living, Inc.*		41,400		114,678
MEDNAX, Inc.*(a)		36,300		725,274
Owens & Minor, Inc.		253,310		4,073,225
Triple-S Management Corp. (Puerto Rico) (Class B Stock)*(a)		13,400		260,764
				5,397,516
Hotels, Restaurants & Leisure    0.8%
Biglari Holdings, Inc. (Class B Stock)*(a)		6,600		428,538
Del Taco Restaurants, Inc.*		94,900		725,985
Marriott Vacations Worldwide Corp.		24,600		2,082,636
RCI Hospitality Holdings, Inc.(a)		39,300		474,744
Red Robin Gourmet Burgers, Inc.*(a)		36,000		314,640
				4,026,543
Household Durables    4.3%
Beazer Homes USA, Inc.*(a)		41,900		468,861
Ethan Allen Interiors, Inc.		47,300		560,032
KB Home		149,600		5,032,544
M/I Homes, Inc.*		38,500		1,602,755
Meritage Homes Corp.*		53,400		5,296,212
Taylor Morrison Home Corp.*(a)		221,300		5,189,485
TRI Pointe Group, Inc.*		296,300		4,954,136
				23,104,025
Insurance    3.9%
American Equity Investment Life Holding Co.(a)		198,777		5,058,875
CNO Financial Group, Inc.		324,100		4,893,910
Employers Holdings, Inc.		88,998		2,894,215
Enstar Group Ltd. (Bermuda)*		5,300		890,135
FBL Financial Group, Inc. (Class A Stock)		42,068		1,463,125
Genworth Financial, Inc. (Class A Stock)*		387,600		790,704
National General Holdings Corp.		40,300		1,369,797
National Western Life Group, Inc. (Class A Stock)(a)		17,600		3,428,304
				20,789,065
Interactive Media & Services    0.6%
Cars.com, Inc.*(a)		414,000		3,361,680

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services    0.4%
Conduent, Inc.*		40,700	$	77,737
DXC Technology Co.		110,500		1,979,055
				2,056,792
Machinery    2.1%
Altra Industrial Motion Corp.(a)		148,200		5,072,886
EnPro Industries, Inc.(a)		9,100		434,343
Gates Industrial Corp. PLC*		96,900		1,021,326
Greenbrier Cos., Inc. (The)(a)		28,900		743,597
Lydall, Inc.*		124,500		2,016,900
Manitowoc Co., Inc. (The)*		38,500		410,410
NN, Inc.(a)		173,700		913,662
Park-Ohio Holdings Corp.(a)		8,000		115,360
Wabash National Corp.		23,500		267,665
				10,996,149
Marine    0.5%
Costamare, Inc. (Monaco)(a)		634,500		2,886,975
Media    1.1%
Emerald Holding, Inc.		262,700		714,544
Entercom Communications Corp. (Class A Stock)(a)		604,000		845,600
Gray Television, Inc.*(a)		206,000		2,954,040
iHeartMedia, Inc. (Class A Stock)*(a)		32,300		270,028
Saga Communications, Inc. (Class A Stock)		3,410		79,726
TEGNA, Inc.		84,400		994,232
				5,858,170
Metals & Mining    2.6%
Allegheny Technologies, Inc.*(a)		263,600		2,290,684
Carpenter Technology Corp.		89,800		2,007,928
Commercial Metals Co.(a)		81,400		1,683,352
Schnitzer Steel Industries, Inc. (Class A Stock)(a)		217,800		4,007,520
SunCoke Energy, Inc.		357,400		1,140,106
United States Steel Corp.(a)		123,300		821,178
Warrior Met Coal, Inc.		136,000		2,165,120
				14,115,888
Mortgage Real Estate Investment Trusts (REITs)    4.3%
Anworth Mortgage Asset Corp.		171,500		310,415
Apollo Commercial Real Estate Finance, Inc.(a)		298,883		2,779,612

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 19

Schedule of Investments (continued)

as of July 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Mortgage Real Estate Investment Trusts (REITs) (cont’d.)
Ares Commercial Real Estate Corp.		36,800	$	335,984
Arlington Asset Investment Corp. (Class A Stock)		238,296		648,165
ARMOUR Residential REIT, Inc.		189,700		1,771,798
Blackstone Mortgage Trust, Inc. (Class A Stock)		159,800		3,846,386
Capstead Mortgage Corp.		22,300		137,145
Cherry Hill Mortgage Investment Corp.		135,014		1,246,179
Chimera Investment Corp.(a)		174,900		1,572,351
Colony Credit Real Estate, Inc.(a)		21,700		136,710
Dynex Capital, Inc.		117,535		1,815,916
Ellington Financial, Inc.		43,200		508,032
Granite Point Mortgage Trust, Inc.(a)		151,500		1,028,685
Invesco Mortgage Capital, Inc.(a)		389,288		1,195,114
KKR Real Estate Finance Trust, Inc.		56,300		937,395
Ladder Capital Corp.		122,168		949,246
New York Mortgage Trust, Inc.		254,300		666,266
Ready Capital Corp.		64,213		514,988
TPG RE Finance Trust, Inc.		169,000		1,466,920
Two Harbors Investment Corp.(a)		112,000		608,160
Western Asset Mortgage Capital Corp.(a)		287,300		606,203
				23,081,670
Multiline Retail    1.2%
Big Lots, Inc.(a)		75,900		2,985,906
Dillard’s, Inc. (Class A Stock)(a)		77,200		1,818,060
Macy’s, Inc.		230,900		1,399,254
				6,203,220
Multi-Utilities    0.1%
Black Hills Corp.		4,700		271,942
Oil, Gas & Consumable Fuels    5.5%
Arch Resources, Inc.		31,100		964,722
Berry Corp.(a)		281,900		1,326,339
Bonanza Creek Energy, Inc.*		110,000		2,000,900
Cimarex Energy Co.		5,300		129,638
CNX Resources Corp.*(a)		315,600		3,045,540
CONSOL Energy, Inc.*(a)		138,200		812,616
Continental Resources, Inc.(a)		20,100		347,529
Delek US Holdings, Inc.(a)		11,900		208,012
DHT Holdings, Inc.		57,000		323,760
Diamond S Shipping, Inc.*		28,800		252,864
Diamondback Energy, Inc.		21,700		864,962
Dorian LPG Ltd.*(a)		42,600		363,804

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
EQT Corp.		72,500	$	1,052,700
Frontline Ltd. (Norway)(a)		36,200		289,600
Gulfport Energy Corp.*(a)		123,900		125,139
HollyFrontier Corp.		45,100		1,240,250
International Seaways, Inc.		20,200		348,854
Matador Resources Co.*(a)		272,200		2,362,696
Montage Resources Corp.*(a)		66,200		283,998
Ovintiv, Inc.(a)		240,300		2,328,507
Parsley Energy, Inc. (Class A Stock)		166,500		1,828,170
PBF Energy, Inc. (Class A Stock)(a)		122,900		1,066,772
PDC Energy, Inc.*(a)		18,600		265,236
Peabody Energy Corp.		373,200		1,164,384
Penn Virginia Corp.*(a)		109,400		1,084,154
Renewable Energy Group, Inc.*(a)		50,500		1,392,790
Southwestern Energy Co.*(a)		767,700		1,865,511
Talos Energy, Inc.*(a)		84,700		576,807
World Fuel Services Corp.		63,800		1,501,214
				29,417,468
Paper & Forest Products    1.4%
Clearwater Paper Corp.*		50,200		1,853,384
Domtar Corp.		97,100		2,038,129
Verso Corp. (Class A Stock)		271,428		3,314,136
				7,205,649
Personal Products    0.7%
Edgewell Personal Care Co.*		116,300		3,476,207
Pharmaceuticals    0.1%
Lannett Co., Inc.*(a)		126,200		750,890
Professional Services    0.8%
Kelly Services, Inc. (Class A Stock)		181,100		2,682,091
TrueBlue, Inc.*		105,900		1,634,037
				4,316,128
Real Estate Management & Development    0.9%
RE/MAX Holdings, Inc. (Class A Stock)		2,100		67,977
Realogy Holdings Corp.(a)		513,200		4,649,592
				4,717,569

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 21

Schedule of Investments (continued)

as of July 31, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Road & Rail    1.2%
ArcBest Corp.		135,700	$	4,123,923
Covenant Logistics Group, Inc. (Class A Stock)*		149,600		2,520,760
				6,644,683
Semiconductors & Semiconductor Equipment    0.1%
Amkor Technology, Inc.*		36,100		490,780
Photronics, Inc.*		14,600		173,448
				664,228
Specialty Retail    5.8%
Abercrombie & Fitch Co. (Class A Stock)(a)		333,700		3,213,531
Bed Bath & Beyond, Inc.(a)		431,700		4,670,994
Caleres, Inc.(a)		88,900		560,959
Cato Corp. (The) (Class A Stock)		164,100		1,179,879
Citi Trends, Inc.		28,100		483,882
Conn’s, Inc.*(a)		104,000		1,035,840
Container Store Group, Inc. (The)*(a)		52,300		180,435
Designer Brands, Inc. (Class A Stock)(a)		155,700		920,187
Genesco, Inc.*		140,200		2,180,110
Group 1 Automotive, Inc.		37,000		3,108,740
Guess?, Inc.(a)		23,900		247,126
Hibbett Sports, Inc.*(a)		157,200		3,645,468
MarineMax, Inc.*		120,300		3,337,122
ODP Corp. (The)(a)		89,780		1,981,445
Signet Jewelers Ltd.(a)		328,000		3,522,720
Sonic Automotive, Inc. (Class A Stock)(a)		16,100		613,732
				30,882,170
Technology Hardware, Storage & Peripherals    0.3%
Xerox Holdings Corp.		108,200		1,801,530
Textiles, Apparel & Luxury Goods    0.4%
Fossil Group, Inc.*(a)		39,900		132,069
G-III Apparel Group Ltd.*(a)		200,900		1,986,901
Movado Group, Inc.(a)		13,700		132,068
				2,251,038
Thrifts & Mortgage Finance    4.8%
Essent Group Ltd.		87,600		3,138,708
Federal Agricultural Mortgage Corp. (Class C Stock)		1,762		104,856
Flagstar Bancorp, Inc.		117,600		3,690,288

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Thrifts & Mortgage Finance (cont’d.)
Meta Financial Group, Inc.		31,200	$	582,192
Mr. Cooper Group, Inc.*		214,300		3,499,519
Northwest Bancshares, Inc.		37,400		368,390
PennyMac Financial Services, Inc.		24,415		1,178,268
Premier Financial Corp.		70,082		1,239,050
Provident Financial Services, Inc.		178,620		2,438,163
Radian Group, Inc.		368,966		5,504,973
Washington Federal, Inc.(a)		33,900		791,226
WSFS Financial Corp.		111,600		3,183,948
				25,719,581
Tobacco    0.4%
Universal Corp.		46,300		1,952,008
Trading Companies & Distributors    4.0%
Air Lease Corp.(a)		63,100		1,654,482
Beacon Roofing Supply, Inc.*		114,600		3,570,936
CAI International, Inc.*		217,806		3,748,441
GATX Corp.(a)		20,900		1,274,691
GMS, Inc.*		7,200		168,696
MRC Global, Inc.*		30,600		182,070
Rush Enterprises, Inc. (Class A Stock)		19,800		942,084
Textainer Group Holdings Ltd. (China)*		292,200		2,466,168
Triton International Ltd. (Bermuda)		142,300		4,478,181
WESCO International, Inc.*		76,300		2,965,781
				21,451,530
Wireless Telecommunication Services    0.2%
Telephone & Data Systems, Inc.		62,200		1,207,924
TOTAL COMMON STOCKS (cost $668,639,699)				530,426,623
EXCHANGE-TRADED FUND    0.2%
iShares Russell 2000 Value ETF(a) (cost $1,054,294)		11,000		1,094,500
TOTAL LONG-TERM INVESTMENTS (cost $669,693,993)				531,521,123

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 23

Schedule of Investments (continued)

as of July 31, 2020

Description	Shares		Value
SHORT-TERM INVESTMENTS    22.3%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		2,427,601	$	2,427,601
PGIM Institutional Money Market Fund (cost $116,297,280; includes $116,253,319 of cash collateral for securities on loan)(b)(w)		116,411,178		116,399,537
TOTAL SHORT-TERM INVESTMENTS (cost $118,724,881)				118,827,138
TOTAL INVESTMENTS    121.9%
(cost $788,418,874)				650,348,261
Liabilities in excess of other assets    (21.9)%				(116,695,831	)
NET ASSETS    100.0%			$	533,652,430

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

ETF—Exchange-Traded Fund

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 $111,790,355; cash collateral of $116,253,319 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(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.

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

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

See Notes to Financial Statements.

24

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

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Common Stocks
Air Freight & Logistics		$	4,584,498		$	—		$	—
Airlines			11,680,408			—			—
Auto Components			22,572,828			—			—
Banks			105,047,266			—			—
Capital Markets			7,480,887			—			—
Chemicals			5,371,538			—			—
Commercial Services & Supplies			8,187,670			—			—
Communications Equipment			1,340,981			—			—
Construction & Engineering			1,269,983			—			—
Consumer Finance			11,031,001			—			—
Diversified Consumer Services			3,913,048			—			—
Diversified Financial Services			345,471			—			—
Diversified Telecommunication Services			371,744			—			—
Electric Utilities			308,497			—			—
Electronic Equipment, Instruments & Components			11,786,936			—			—
Energy Equipment & Services			4,717,290			—			—
Entertainment			262,390			—			—
Equity Real Estate Investment Trusts (REITs)			49,731,178			—			—
Food & Staples Retailing			14,288,417			—			—
Food Products			1,329,042			—			—
Gas Utilities			197,312			—			—
Health Care Providers & Services			5,397,516			—			—
Hotels, Restaurants & Leisure			4,026,543			—			—
Household Durables			23,104,025			—			—
Insurance			20,789,065			—			—
Interactive Media & Services			3,361,680			—			—
IT Services			2,056,792			—			—
Machinery			10,996,149			—			—
Marine			2,886,975			—			—
Media			5,858,170			—			—
Metals & Mining			14,115,888			—			—
Mortgage Real Estate Investment Trusts (REITs)			23,081,670			—			—
Multiline Retail			6,203,220			—			—
Multi-Utilities			271,942			—			—
Oil, Gas & Consumable Fuels			29,417,468			—			—
Paper & Forest Products			7,205,649			—			—
Personal Products			3,476,207			—			—
Pharmaceuticals			750,890			—			—
Professional Services			4,316,128			—			—
Real Estate Management & Development			4,717,569			—			—
Road & Rail			6,644,683			—			—
Semiconductors & Semiconductor Equipment			664,228			—			—
Specialty Retail			30,882,170			—			—
Technology Hardware, Storage & Peripherals			1,801,530			—			—
Textiles, Apparel & Luxury Goods			2,251,038			—			—

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 25

Schedule of Investments (continued)

as of July 31, 2020

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Thrifts & Mortgage Finance		$	25,719,581		$	—		$	—
Tobacco			1,952,008			—			—
Trading Companies & Distributors			21,451,530			—			—
Wireless Telecommunication Services			1,207,924			—			—
Exchange-Traded Fund			1,094,500			—			—
Affiliated Mutual Funds			118,827,138			—			—
Total		$	650,348,261		$	—		$	—

Industry Classification:

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

Affiliated Mutual Funds (21.8% represents investments purchased with collateral from securities on loan)	22.3	%	Air Freight & Logistics	0.9	%
Banks	19.7		Professional Services	0.8
Equity Real Estate Investment Trusts (REITs)	9.3		Hotels, Restaurants & Leisure	0.8
Specialty Retail	5.8		Diversified Consumer Services	0.7
Oil, Gas & Consumable Fuels	5.5		Personal Products	0.7
Thrifts & Mortgage Finance	4.8		Interactive Media & Services	0.6
Household Durables	4.3		Marine	0.5
Mortgage Real Estate Investment Trusts (REITs)	4.3		Textiles, Apparel & Luxury Goods	0.4
Auto Components	4.2		IT Services	0.4
Trading Companies & Distributors	4.0		Tobacco	0.4
Insurance	3.9		Technology Hardware, Storage & Peripherals	0.3
Food & Staples Retailing	2.7		Communications Equipment	0.3
Metals & Mining	2.6		Food Products	0.2
Electronic Equipment, Instruments & Components	2.2		Construction & Engineering	0.2
Airlines	2.2		Wireless Telecommunication Services	0.2
Consumer Finance	2.1		Exchange-Traded Fund	0.2
Machinery	2.1		Pharmaceuticals	0.1
Commercial Services & Supplies	1.5		Semiconductors & Semiconductor Equipment	0.1
Capital Markets	1.4		Diversified Telecommunication Services	0.1
Paper & Forest Products	1.4		Diversified Financial Services	0.1
Road & Rail	1.2		Electric Utilities	0.1
Multiline Retail	1.2		Multi-Utilities	0.1
Media	1.1		Entertainment	0.1
Health Care Providers & Services	1.0
Chemicals	1.0
Real Estate Management & Development	0.9
Energy Equipment & Services	0.9

See Notes to Financial Statements.

26

Industry Classification (continued):
Gas Utilities	0.0	*%
	121.9
Liabilities in excess of other assets	(21.9	)
	100.0	%

* Less than +/- 0.05%

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized     Assets/(Liabilities)			Collateral Pledged/(Received)(1)				Net Amount
Securities on Loan		$	111,790,355		$	(111,790,355	)		$	—

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

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 27

Statement of Assets and Liabilities

as of July 31, 2020

Assets
Investments at value, including securities on loan of $111,790,355:
Unaffiliated investments (cost $669,693,993)	$	531,521,123
Affiliated investments (cost $118,724,881)		118,827,138
Dividends receivable		678,135
Receivable for Fund shares sold		629,073
Total Assets		651,655,469
Liabilities
Payable to broker for collateral for securities on loan		116,253,319
Payable for Fund shares reacquired		978,521
Accrued expenses and other liabilities		388,308
Management fee payable		266,334
Distribution fee payable		66,265
Affiliated transfer agent fee payable		48,865
Trustees’ fees payable		1,427
Total Liabilities		118,003,039
Net Assets	$	533,652,430
Net assets were comprised of:
Shares of beneficial interest, at par	$	46,955
Paid-in capital in excess of par		808,876,103
Total distributable earnings (loss)		(275,270,628	)
Net assets, July 31, 2020	$	533,652,430

See Notes to Financial Statements.

28

Class A
Net asset value, redemption price per share, ($71,927,808 ÷ 6,312,594 shares of beneficial interest issued and outstanding)	$	11.39
Maximum sales charge (5.50% of offering price)		0.66
Maximum offering price to public	$	12.05
Class C
Net asset value, offering price and redemption price per share, ($5,782,122 ÷ 507,566 shares of beneficial interest issued and outstanding)	$	11.39
Class R
Net asset value, offering price and redemption price per share, ($110,952,581 ÷ 9,881,922 shares of beneficial interest issued and outstanding)	$	11.23
Class Z
Net asset value, offering price and redemption price per share, ($150,272,371 ÷ 13,183,938 shares of beneficial interest issued and outstanding)	$	11.40
Class R2
Net asset value, offering price and redemption price per share, ($291,957 ÷ 25,656 shares of beneficial interest issued and outstanding)	$	11.38
Class R4
Net asset value, offering price and redemption price per share, ($926,782 ÷ 81,276 shares of beneficial interest issued and outstanding)	$	11.40
Class R6
Net asset value, offering price and redemption price per share, ($193,498,809 ÷ 16,962,086 shares of beneficial interest issued and outstanding)	$	11.41

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 29

Statement of Operations

Year Ended July 31, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $1,238 foreign withholding tax)	$	18,998,512
Income from securities lending, net (including affiliated income of $590,670)		985,884
Affiliated dividend income		21,459
Total income		20,005,855
Expenses
Management fee		4,711,925
Distribution fee(a)		1,235,401
Shareholder servicing fees(a)		1,216
Transfer agent’s fees and expenses (including affiliated expense of $322,438)(a)		649,512
Custodian and accounting fees		139,259
Registration fees(a)		119,914
Shareholders’ reports		106,693
Audit fee		31,975
Legal fees and expenses		24,190
Trustees’ fees		23,057
Miscellaneous		121,324
Total expenses		7,164,466
Less: Fee waiver and/or expense reimbursement(a)		(83,666	)
Distribution fee waiver(a)		(337,100	)
Net expenses		6,743,700
Net investment income (loss)		13,262,155
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $(176,063))		(128,850,845	)
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $82,147)		(94,827,211	)
Net gain (loss) on investment transactions		(223,678,056	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(210,415,901	)

(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		277,582			84,557			872,508			—			754			—			—
Shareholder servicing fees		—			—			—			—			302			914			—
Transfer agent’s fees and expenses		216,176			32,959			162,687			230,863			605			1,600			4,622
Registration fees		16,271			15,101			18,329			23,370			15,301			15,301			16,241
Fee waiver and/or expense reimbursement		(9,253	)		(846	)		(11,633	)		(30,756	)		(15,491	)		(15,687	)		—
Distribution fee waiver		(46,263	)		—			(290,837	)		—			—			—			—

See Notes to Financial Statements.

30

Statements of Changes in Net Assets

	Year Ended July 31,
	2020			2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	13,262,155		$	22,042,429
Net realized gain (loss) on investment transactions		(128,850,845	)		55,523,977
Net change in unrealized appreciation (depreciation) on investments		(94,827,211	)		(282,664,548	)
Net increase (decrease) in net assets resulting from operations		(210,415,901	)		(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		217,585,808			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		(710,576,365	)		(347,999,658	)
Net increase (decrease) in net assets from Fund share transactions		(443,820,725	)		(13,916,385	)
Total increase (decrease)		(706,748,589	)		(334,941,286	)
Net Assets:
Beginning of year		1,240,401,019			1,575,342,305
End of year	$	533,652,430		$	1,240,401,019

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 31

Notes to Financial Statements

1.   Organization

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

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

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

2.   Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following 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 reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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.

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 in open-end (other than exchange-traded mutual funds) 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 Rule 22e-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

PGIM QMA Small-Cap Value Fund 33

Notes to Financial Statements (continued)

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.

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 to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. 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

34

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.

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 the ex-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 QMA Small-Cap Value Fund 35

Notes to Financial Statements (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 the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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

3.   Agreements

The 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 (“QMA”). 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

36

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 year ended July 31, 2020.

The Manager has contractually agreed, through November 30, 2021, to waive and/or reimburse up to 0.01% of fees and expenses from the Fund to the extent that the Fund’s net operating expenses (exclusive of taxes, interest, distribution (12b-1 fees) and certain extraordinary expenses) exceed 0.68% of the Fund’s average daily assets on an annualized basis. Separately, the Manager has contractually agreed, through November 30, 2021, 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 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, 2021 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 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 up to

PGIM QMA Small-Cap Value Fund 37

Notes to Financial Statements (continued)

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, as applicable.

For the year ended July 31, 2020, PIMS received $65,234 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended July 31, 2020, PIMS received $243 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, PIMS, PMFS and QMA are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4.   Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core 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 Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-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 such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. For the year ended July 31, 2020, no 17a-7 transactions were entered into by the Fund.

38

5.   Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended July 31, 2020, were $416,800,194 and $894,929,448, respectively.

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

Value, Beginning of Year		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain     (Loss)		Realized Gain     (Loss)			Value, End of Year		Shares, End   of Year		Income
	PGIM Core Ultra Short Bond Fund*
$	4,553,616	$	154,056,333	$	156,182,348	$	—	$	—		$	2,427,601		2,427,601	$	21,459
	PGIM Institutional Money Market Fund*
	156,319,638		755,590,075		795,416,260		82,147		(176,063	)		116,399,537		116,411,178		590,670	**
$	160,873,254	$	909,646,408	$	951,598,608	$	82,147	$	(176,063	)	$	118,827,138			$	612,129

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

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

6.   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 the ex-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 were $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.

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

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
$803,869,169	$53,902,013	$(207,422,921)	$(153,520,908)

PGIM QMA Small-Cap Value Fund 39

Notes to Financial Statements (continued)

The difference between book basis and tax basis was primarily attributable to deferred losses on wash sales.

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 tax years up to the most recent tax year ended October 31, 2019 are subject to such review.

7.   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 maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a 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, below.

As of July 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		874		0.1	%
Class R		9,218,871		93.3	%
Class Z		486,582		3.7	%
Class R2		568		2.2	%
Class R4		570		0.7	%

40

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

Affiliated		Unaffiliated
Number of	Percentage of	Number of	Percentage of
Shareholders	Outstanding Shares	Shareholders	Outstanding Shares
1	20.3%	4	42.2%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended July 31, 2020:
Shares sold		519,299		$	6,794,850
Shares issued in reinvestment of dividends and distributions		356,043			5,860,476
Shares reacquired		(1,585,551	)		(22,188,415	)
Net increase (decrease) in shares outstanding before conversion		(710,209	)		(9,533,089	)
Shares issued upon conversion from other share class(es)		47,342			571,089
Shares reacquired upon conversion into other share class(es)		(75,514	)		(1,096,851	)
Net increase (decrease) in shares outstanding		(738,381	)	$	(10,058,851	)
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
Class C
Year ended July 31, 2020:
Shares sold		94,815		$	1,184,835
Shares issued in reinvestment of dividends and distributions		28,079			465,265
Shares reacquired		(268,417	)		(3,737,937	)
Net increase (decrease) in shares outstanding before conversion		(145,523	)		(2,087,837	)
Shares reacquired upon conversion into other share class(es)		(30,675	)		(390,781	)
Net increase (decrease) in shares outstanding		(176,198	)	$	(2,478,618	)
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	)

PGIM QMA Small-Cap Value Fund 41

Notes to Financial Statements (continued)

Class R	Shares			Amount
Year ended July 31, 2020:
Shares sold		3,788,298		$	33,178,840
Shares issued in reinvestment of dividends and distributions		405,219			6,576,700
Shares reacquired		(2,883,667	)		(38,455,582	)
Net increase (decrease) in shares outstanding		1,309,850		$	1,299,958
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
Year ended July 31, 2020:
Shares sold		6,055,480		$	74,306,981
Shares issued in reinvestment of dividends and distributions		1,243,687			20,421,344
Shares reacquired		(28,441,606	)		(411,146,356	)
Net increase (decrease) in shares outstanding before conversion		(21,142,439	)		(316,418,031	)
Shares issued upon conversion from other share class(es)		81,589			1,183,377
Shares reacquired upon conversion into other share class(es)		(3,555,202	)		(60,940,151	)
Net increase (decrease) in shares outstanding		(24,616,052	)	$	(376,174,805	)
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	)
Class R2
Year ended July 31, 2020:
Shares sold		8,198		$	94,892
Shares issued in reinvestment of dividends and distributions		1,117			18,357
Shares reacquired		(6,486	)		(89,962	)
Net increase (decrease) in shares outstanding		2,829		$	23,287
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

42

Class R4	Shares			Amount
Year ended July 31, 2020:
Shares sold		91,497		$	1,442,769
Shares issued in reinvestment of dividends and distributions		4,555			74,887
Shares reacquired		(15,316	)		(164,493	)
Net increase (decrease) in shares outstanding		80,736		$	1,353,163
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
Year ended July 31, 2020:
Shares sold		8,423,977		$	100,582,641
Shares issued in reinvestment of dividends and distributions		958,783			15,752,803
Shares reacquired		(17,282,074	)		(234,793,620	)
Net increase (decrease) in shares outstanding before conversion		(7,899,314	)		(118,458,176	)
Shares issued upon conversion from other share class(es)		3,528,413			60,673,317
Net increase (decrease) in shares outstanding		(4,370,901	)	$	(57,784,859	)
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

8.   Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “RICs”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$1,222,500,000*	$900,000,000
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) the one-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

PGIM QMA Small-Cap Value Fund 43

Notes to Financial Statements (continued)

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 RICs in the SCA equitably.

The Fund utilized the SCA during the year ended July 31, 2020. The average daily balance for the 130 days that the Fund had loans outstanding during the period was approximately $4,449,192, borrowed at a weighted average interest rate of 2.87%. The maximum loan outstanding amount during the period was $94,116,000. At July 31, 2020, the Fund did not have an outstanding loan amount.

9.   Risks of Investing in the Fund

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

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.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

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

44

guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

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 include so-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.

PGIM QMA Small-Cap Value Fund 45

Financial Highlights

Class A Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$16.46			$20.95			$21.32			$18.16			$25.21
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.23			0.26			0.26			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(4.35	)		(3.17	)		2.04			3.25			(0.07	)
Total from investment operations		(4.17	)		(2.94	)		2.30			3.51			0.25
Less Dividends and Distributions:
Dividends from net investment income		(0.48	)		(0.28	)		(0.31	)		(0.30	)		(0.55	)
Distributions from net realized gains		(0.42	)		(1.27	)		(2.36	)		(0.05	)		(6.75	)
Total dividends and distributions		(0.90	)		(1.55	)		(2.67	)		(0.35	)		(7.30	)
Net asset value, end of year		$11.39			$16.46			$20.95			$21.32			$18.16
Total Return(b):		(27.01	)%		(13.47	)%		11.31	%		19.29	%		3.98	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$71,928			$116,090			$136,533			$132,512			$116,997
Average net assets (000)		$92,527			$118,685			$133,270			$129,902			$121,788
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.15	%		1.07	%		1.02	%		0.96	%		0.98	%
Expenses before waivers and/or expense reimbursement		1.21	%		1.13	%		1.08	%		1.02	%		1.04	%
Net investment income (loss)		1.31	%		1.31	%		1.27	%		1.27	%		1.67	%
Portfolio turnover rate(e)		53	%		80	%		70	%		95	%		72	%

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

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

(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) 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 C Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$16.48			$20.95			$21.32			$18.18			$25.19
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.12			0.10			0.10			0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(4.40	)		(3.20	)		2.03			3.26			(0.06	)
Total from investment operations		(4.35	)		(3.08	)		2.13			3.36			0.11
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 year		$11.39			$16.48			$20.95			$21.32			$18.18
Total Return(b):		(27.80	)%		(14.22	)%		10.44	%		18.43	%		3.19	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$5,782			$11,269			$36,638			$40,476			$30,257
Average net assets (000)		$8,456			$24,635			$38,734			$41,745			$30,498
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.22	%		1.92	%		1.81	%		1.71	%		1.73	%
Expenses before waivers and/or expense reimbursement		2.23	%		1.93	%		1.82	%		1.72	%		1.74	%
Net investment income (loss)		0.35	%		0.66	%		0.49	%		0.49	%		0.92	%
Portfolio turnover rate(e)		53	%		80	%		70	%		95	%		72	%

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

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

(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) 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 QMA Small-Cap Value Fund 47

Financial Highlights (continued)

Class R Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$16.23			$20.66			$21.06			$17.95			$25.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.20			0.21			0.21			0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(4.24	)		(3.13	)		2.01			3.21			(0.07	)
Total from investment operations		(4.13	)		(2.93	)		2.22			3.42			0.19
Less Dividends and Distributions:
Dividends from net investment income		(0.45	)		(0.23	)		(0.26	)		(0.26	)		(0.49	)
Distributions from net realized gains		(0.42	)		(1.27	)		(2.36	)		(0.05	)		(6.75	)
Total dividends and distributions		(0.87	)		(1.50	)		(2.62	)		(0.31	)		(7.24	)
Net asset value, end of year		$11.23			$16.23			$20.66			$21.06			$17.95
Total Return(b):		(27.08	)%		(13.63	)%		11.05	%		19.00	%		3.70	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$110,953			$139,136			$162,502			$164,019			$152,186
Average net assets (000)		$116,334			$143,139			$165,270			$159,240			$145,703
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.31	%		1.27	%		1.26	%		1.21	%		1.23	%
Expenses before waivers and/or expense reimbursement		1.57	%		1.53	%		1.52	%		1.47	%		1.49	%
Net investment income (loss)		0.82	%		1.16	%		1.04	%		1.03	%		1.42	%
Portfolio turnover rate(e)		53	%		80	%		70	%		95	%		72	%

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

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

(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) 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.

48

Class Z Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$16.46			$20.95			$21.32			$18.14			$25.22
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.30			0.34			0.31			0.37
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(4.38	)		(3.18	)		2.02			3.27			(0.08	)
Total from investment operations		(4.09	)		(2.88	)		2.36			3.58			0.29
Less Dividends and Distributions:
Dividends from net investment income		(0.55	)		(0.34	)		(0.37	)		(0.35	)		(0.62	)
Distributions from net realized gains		(0.42	)		(1.27	)		(2.36	)		(0.05	)		(6.75	)
Total dividends and distributions		(0.97	)		(1.61	)		(2.73	)		(0.40	)		(7.37	)
Net asset value, end of year		$11.40			$16.46			$20.95			$21.32			$18.14
Total Return(b):		(26.66	)%		(13.11	)%		11.65	%		19.66	%		4.20	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$150,272			$622,093			$824,748			$981,061			$829,360
Average net assets (000)		$307,558			$698,954			$862,416			$940,720			$811,529
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.73	%		0.69	%		0.69	%		0.71	%		0.73	%
Expenses before waivers and/or expense reimbursement		0.74	%		0.70	%		0.70	%		0.72	%		0.74	%
Net investment income (loss)		2.05	%		1.72	%		1.62	%		1.51	%		1.93	%
Portfolio turnover rate(e)		53	%		80	%		70	%		95	%		72	%

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

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

(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) 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 QMA Small-Cap Value Fund 49

Financial Highlights (continued)

Class R2 Shares
							December 28, 2017(a) through July 31, 2018
	Year Ended July 31,
	2020			2019
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		(4.32	)		(3.18	)		0.38
Total from investment operations		(4.15	)		(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		$11.38			$16.43			$20.91
Total Return(c):		(26.96	)%		(13.54	)%		2.30	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$292			$375			$18
Average net assets (000)		$302			$184			$14
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.15	%		1.14	%		1.14	%(e)
Expenses before waivers and/or expense reimbursement		6.28	%		8.15	%		187.96	%(e)
Net investment income (loss)		1.26	%		1.35	%		0.72	%(e)
Portfolio turnover rate(f)		53	%		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.

50

Class R4 Shares
							December 28, 2017(a) through July 31, 2018
	Year Ended July 31,
	2020			2019
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		(4.28	)		(3.18	)		0.39
Total from investment operations		(4.12	)		(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		$11.40			$16.46			$20.94
Total Return(c):		(26.80	)%		(13.31	)%		2.45	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$927			$9			$10
Average net assets (000)		$918			$9			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.89	%		0.89	%		0.89	%(e)
Expenses before waivers and/or expense reimbursement		2.60	%		140.80	%		270.32	%(e)
Net investment income (loss)		1.16	%		1.51	%		0.95	%(e)
Portfolio turnover rate(f)		53	%		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 QMA Small-Cap Value Fund 51

Financial Highlights (continued)

Class R6 Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$16.47			$20.97			$21.34			$18.15			$25.23
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.31			0.34			0.32			0.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(4.33	)		(3.19	)		2.04			3.28			(0.05	)
Total from investment operations		(4.08	)		(2.88	)		2.38			3.60			0.31
Less Dividends and Distributions:
Dividends from net investment income		(0.56	)		(0.35	)		(0.39	)		(0.36	)		(0.64	)
Distributions from net realized gains		(0.42	)		(1.27	)		(2.36	)		(0.05	)		(6.75	)
Total dividends and distributions		(0.98	)		(1.62	)		(2.75	)		(0.41	)		(7.39	)
Net asset value, end of year		$11.41			$16.47			$20.97			$21.34			$18.15
Total Return(b):		(26.60	)%		(13.09	)%		11.72	%		19.77	%		4.29	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$193,499			$351,429			$414,892			$268,695			$231,801
Average net assets (000)		$259,226			$372,557			$361,244			$263,763			$187,644
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.67	%		0.63	%		0.63	%		0.64	%		0.66	%
Expenses before waivers and/or expense reimbursement		0.67	%		0.63	%		0.63	%		0.64	%		0.66	%
Net investment income (loss)		1.83	%		1.78	%		1.64	%		1.58	%		1.96	%
Portfolio turnover rate(e)		53	%		80	%		70	%		95	%		72	%

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

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

(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) 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.

52

Report of Independent Registered Public

Accounting Firm

To the Shareholders of PGIM QMA Small-Cap Value Fund and Board of Trustees

The Target Portfolio Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM QMA Small-Cap Value Fund, a series of The Target Portfolio Trust (the Fund), including the schedule of investments, as of July 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2020, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

September 16, 2020

PGIM QMA Small-Cap Value Fund 53

Fund Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Trust’s Board of Trustees (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Fund’s Board.

At a meeting of the Board on March 3-5, 2020, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from the inception of the Fund’s LRMP on December 1, 2018 through December 31, 2019 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

54

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS  (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 95	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM QMA Small-Cap Value Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly, Telemat Ltd). (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006–June 2020); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 94	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014–2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 95	Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 94	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Brian K. Reid 1961 Board Member Portfolios Overseen: 94	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM QMA Small-Cap Value Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 94	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

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Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Vice President and Corporate Counsel (since January 2005) of Prudential; Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018

PGIM QMA Small-Cap Value Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Jonathan D. Shain 1958 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1973 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).	Since January 2017

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

PGIM QMA Small-Cap Value Fund

Approval of Advisory Agreements

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM QMA Small-Cap Value Fund (the “Fund”)^{1 consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.}

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with QMA LLC (“QMA”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 27, 2020 and on June 9-11, 2020 and approved the renewal of the agreements through July 31, 2021, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

¹  PGIM QMA Small-Cap Value Fund is a series of The Target Portfolio Trust.

PGIM QMA Small-Cap Value Fund

Approval of Advisory Agreements (continued)

well as information furnished at or in advance of the meetings on May 27, 2020 and on June 9-11, 2020.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and QMA, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and QMA. The Board noted that QMA is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program . With respect to PGIM Investments’ oversight of the subadviser, the Board noted that PGIM Investments ’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by QMA, including investment research and security selection as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

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

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

Costs of Services and Profits Realized by PGIM Investments

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

Economies of Scale

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

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

PGIM QMA Small-Cap Value Fund

Approval of Advisory Agreements (continued)

Other Benefits to PGIM Investments and QMA

The Board considered potential ancillary benefits that might be received by PGIM Investments, QMA and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by QMA included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and QMA we re consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2019.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended July 31, 2019. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Net Performance	1 Year	3 Years	5 Years	10 Years
	4th Quartile	4th Quartile	3rd Quartile	3rd  Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

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

• The Board considered PGIM Investments’ assertions that the Fund’s underperformance was attributable to its deep value investment style and its overweight to deep value stocks relative to the benchmark index and Peer Universe, at a time when the market environment heavily favored growth stocks.

• The Board also considered that longer-term performance was competitive prior to 2018, as the Fund’s three-year rolling annualized return outperformed its benchmark more than 80% of the time since inception. The Board noted that the Fund’s underperformance during the periods identified above was largely the result of underperformance during one year, 2019. In that regard, the Board noted that when it considered the performance of the Fund one year before, the Fund ranked in the second quartile of its Peer Group over the three- and five-year periods and outperformed its benchmark index over the ten-year period ended December 31, 2018.

• The Board further considered PGIM Investments’ assertion that while the current market environment has been extremely challenging to the Fund’s investment style, it is encouraged by QMA’s track record before the current market environment and during periods where the Fund’s value style factor exposure has delivered outsized gains. The Board noted that PGIM Investments views the recent performance challenges as temporary and agreed to continue to monitor the performance of the Fund.

• The Board and PGIM Investments agreed to retain the Fund’s existing contractual waiver of up to 0.01% to the extent that the Fund’s annual operating expenses and acquired fund fees and expenses (exclusive of certain fees and expenses) exceed 0.68% through November 30, 2020.

• The Board and PGIM Investments also agreed to continue the Fund’s existing expense cap, which (exclusive of certain fees and expenses) caps transfer agency, shareholder servicing, sub-transfer agency and blue sky fees to the extent that such fees cause the total annual fund operating expenses to exceed 1.14% for Class R2 shares and 0.89% for Class R4 shares through November 30, 2020.

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

PGIM QMA Small-Cap Value Fund

Approval of Advisory Agreements (continued)

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

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

*    *    *

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

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

PROXY VOTING

The Board of Trustees of the Fund 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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-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 • Claudia DiGiacomo, 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 • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, 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 at pgim.com/investments 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 to pgim.com/investments/resource/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 that Trustee at 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 for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

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

MF232E

PGIM CORE BOND FUND

ANNUAL REPORT

JULY 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 (pgim.com/investments), 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 pgim.com/investments/resource/edelivery

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Growth of a $10,000 Investment	5
Strategy and Performance Overview	8
Fees and Expenses	11
Holdings and Financial Statements	13
Approval of Advisory Agreements

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

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

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 annual report for the PGIM Core Bond Fund informative and useful. The report covers performance for the 12-month period that ended July 31, 2020.

During the first half of the period, the global economy remained healthy—particularly in the US—fueled by rising corporate profits and strong job growth. The outlook changed dramatically in March as the coronavirus outbreak quickly and substantially shut down economic activity worldwide, leading to significant job losses and a steep decline in global growth and earnings. Responding to this disruption, the Federal Reserve (the Fed) cut the federal funds rate target to near zero and flooded capital markets with liquidity; and Congress passed stimulus bills worth approximately $3 trillion that offered an economic lifeline to consumers and businesses.

While stocks climbed throughout the first half of the period, they fell significantly in March amid a spike in volatility, ending the 11-year-long equity bull market. With stores and factories closing and consumers staying at home to limit the spread of the virus, investors sold stocks on fears that corporate earnings would take a serious hit. As states reopened their economies in the spring and early summer, a strong equity market rally helped large-cap US and emerging market stocks post gains during the period, while US small caps and stocks in developed foreign markets declined.

The bond market overall—including US and global bonds as well as emerging market debt—rose during the period as investors sought safety in fixed income. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low. In March, the Fed took several aggressive actions to keep the bond markets running smoothly, restarting many of the relief programs that proved to be successful in helping end the global financial crisis in 2008-09.

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 scale and investment expertise allow 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

September 15, 2020

PGIM Core Bond Fund 3

Your Fund’s Performance (unaudited)

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 at pgim.com/investments or by calling (800) 225-1852.

	Average Annual Total Returns as of 7/31/20
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A
(with sales charges)	5.94	3.63	N/A	3.32 (2/17/15)
(without sales charges)	9.50	4.32	N/A	3.94 (2/17/15)
Class C
(with sales charges)	7.68	3.54	N/A	3.18 (2/17/15)
(without sales charges)	8.68	3.54	N/A	3.18 (2/17/15)
Class R
(without sales charges)	9.23	4.07	N/A	3.69 (2/17/15)
Class Z
(without sales charges)	9.98	4.63	3.57	—
Class R6
(without sales charges)	10.00	4.66	N/A	4.28 (2/17/15)
Bloomberg Barclays US Aggregate Bond Index
	10.12	4.47	3.87	4.01

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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Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Bloomberg Barclays US Aggregate Bond Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2010) and the account values at the end of the current fiscal year (July 31, 2020), as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted; and (b) all dividends and distributions were reinvested. The line graph provides information for Class Z shares only. As indicated in the tables provided earlier, performance for Class A, Class C, Class R, and Class R6 shares will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

PGIM Core Bond Fund 5

Your Fund’s Performance (continued)

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.

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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 7/31/20
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.26	1.21	1.15
Class C	0.18	0.57	0.00
Class R	0.23	1.02	–113.55
Class Z	0.29	1.67	1.41
Class R6	0.29	1.68	1.61

*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 7/31/20 (%)
AAA	61.3
AA	6.5
A	14.3
BBB	14.1
BB	0.6
Not Rated	1.5
Cash Equivalents	1.7
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.

PGIM Core Bond Fund 7

Strategy and Performance Overview

How did the Fund perform?

The PGIM Core Bond Fund’s Class Z shares returned 9.98% in the 12-month reporting period that ended July 31, 2020, underperforming the 10.12% return of the Bloomberg Barclays US Aggregate Bond Index (the Index).

What were the market conditions?

• Following several stable months, the last part of the reporting period was dominated by the global outbreak of COVID-19, its economic impact, and the resulting decline in risk sentiment around the globe. After generating sizable returns throughout the latter part of 2019, credit spreads widened sharply during the first quarter of 2020 as the coronavirus and an oil price shock led to acute declines across most spread sectors. (Credit spreads are yield differentials between corporate bonds and US Treasuries of comparable maturity.) In response to unprecedented monetary and fiscal stimulus programs aimed at stabilizing the economy and financial markets, spreads subsequently tightened sharply but remained wider than their pre-COVID-19 levels.

• Through the first part of the reporting period, spread sectors benefited from accommodative central banks, low and range-bound interest rates, and an extended (albeit slow) economic expansion. The signing of a phase-one US-China trade deal further boosted sentiment toward the end of 2019 and through most of January 2020. However, this optimism proved short-lived, as markets came under heavy pressure in February and March when growing concerns around the coronavirus and a decline in oil prices sparked a sharp sell-off across most asset classes.

• US investment-grade bond spreads rose to a high of approximately 375 basis points (bps) in mid-March before narrowing into quarter-end following aggressive actions by the Federal Reserve (the Fed). (One basis point equals 0.01%). Collateralized loan obligation (CLO) spreads widened across the board, with AAA-rated tranches widening 117 bps during the first quarter to 250 bps. Commercial mortgage-backed securities (CMBS) spreads also widened across the capital stack, with those of high-quality tranches of conduit CMBS widening by 98 bps during the quarter.

• Following a difficult March, spread markets rebounded sharply, as the Fed’s aggressive stimulus actions—including a near-zero federal funds rate, purchases of mortgage-backed securities (MBS) and CMBS, primary and secondary corporate credit facilities, and a term asset-backed loan facility (TALF)—significantly improved market liquidity. Risk-on sentiment saw spreads decline sharply over the last four months of the reporting period.

• US Treasury yields fell sharply across the curve during the period, with the yield on the 2-year Treasury note declining from 1.89% to 0.11%. The yield on the 10-year Treasury note declined from 2.02% at the beginning of the period to 0.55% at the end of July.

• One of the more notable developments within the US Treasuries complex during the second quarter of 2020 was a sharp steepening of the yield curve on some initial signs of

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a solid economic rebound. The 2- to 10-year segment of the curve began the quarter at 43 bps and subsequently bear-steepened to 69 bps following a stronger-than-expected May payrolls report. (Bear-steepening is a change in the yield curve wherein longer-term yields rise faster than short-term yields.) This set the stage for subsequent curve flattening amid renewed expectations for a gradual economic recovery and years of broad monetary accommodation.

What worked?

• Security selection was a strong contributor to the Fund’s relative performance, highlighted by positioning in corporate bonds, CMBS, and Treasuries.

• Although overall sector allocation hurt performance, an overweight to corporate bonds and underweight positioning to MBS added to returns.

• Within credit, positioning in the healthcare & pharmaceuticals, banking, and electric utilities industries contributed to results.

• In individual security selection, the Fund benefited from an underweight to Occidental Petroleum Corp. and overweights to Broadcom Inc. and AbbVie Inc.

• The Fund’s duration positioning added modestly to performance during the period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

What didn’t work?

• Overall sector allocation was negative, with overweights to CMBS and CLOs limiting the Fund’s relative results.

• Security selection in ABS and emerging markets debt hurt performance for the reporting period.

• The Fund’s positioning in the midstream energy, aerospace & defense, and telecom sectors detracted from performance.

• The Fund’s yield curve positioning detracted slightly from performance during the period.

• In individual security selection, the Fund’s overweight positioning in ONEOK Inc., Avis Rental Cars, and Continental Resources Inc. detracted from performance.

Did the Fund use derivatives?

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used interest rate futures, options, and

PGIM Core Bond Fund 9

Strategy and Performance Overview (continued)

swaps to help manage duration positioning and yield curve exposure. In aggregate, these positions added to performance.

Current outlook

• The Fund’s active duration positioning ranged from -0.30 years short to +0.20 years long, as PGIM Fixed Income tactically traded duration during the reporting period. The Fund’s duration positioning at the end of the period was +0.03 years long.

• Although spread sectors rebounded significantly in the second quarter of 2020, spreads remained wider than their pre-COVID-19 levels. PGIM Fixed Income continues to find value within investment-grade corporate bonds and asset-backed securities (ABS), which represent attractive value in relation to Treasuries and agency mortgage-backed securities.

• When the period ended, the Fund was overweight in structured products (CMBS, ABS, and CLOs), investment-grade corporate bonds, and municipal bonds. The Fund was underweight US Treasury securities and agency mortgage-backed securities.

• Within structured products, PGIM Fixed Income maintains the Fund’s bias toward the top of the capital structure based on the belief that these securities may revisit their post-crisis tights. PGIM Fixed Income generally holds a negative view on lower-quality structured products that are subordinate in the capital structure.

• Within investment-grade corporate bonds, PGIM Fixed Income favors shorter-term maturities that should benefit from the Fed’s bond buying program. PGIM Fixed Income is looking to take advantage of spread compression in select higher-yielding BBB-rated bonds, distressed survivors, cyclical sectors such as autos and chemicals, and “off-the-run” bonds (i.e., older issues). In addition, PGIM Fixed Income still favors electric utilities and money center banks.

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Fees and Expenses (unaudited)

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 July 31, 2020. The example is for illustrative purposes only; you should consult the Fund’s 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 11

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 February 1,  2020		Ending Account Value July 31, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,049.60		0.71	%	$	3.62
	Hypothetical	$	1,000.00	$	1,021.33		0.71	%	$	3.57
Class C	Actual	$	1,000.00	$	1,046.70		1.45	%	$	7.38
	Hypothetical	$	1,000.00	$	1,017.65		1.45	%	$	7.27
Class R	Actual	$	1,000.00	$	1,049.30		0.95	%	$	4.84
	Hypothetical	$	1,000.00	$	1,020.14		0.95	%	$	4.77
Class Z	Actual	$	1,000.00	$	1,052.50		0.33	%	$	1.68
	Hypothetical	$	1,000.00	$	1,023.22		0.33	%	$	1.66
Class R6	Actual	$	1,000.00	$	1,052.60		0.32	%	$	1.63
	Hypothetical	$	1,000.00	$	1,023.27		0.32	%	$	1.61

*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 182 days in the six-month period ended July 31, 2020, and divided by the 366 days in the Fund’s fiscal year ended 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

as of July 31, 2020

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
LONG-TERM INVESTMENTS    96.2%
ASSET-BACKED SECURITIES    15.2%
Automobiles    4.0%
AmeriCredit Automobile Receivables Trust,
Series 2018-01, Class C		3.500	%		01/18/24		500	$	521,331
Series 2019-01, Class B		3.130			02/18/25		300		311,597
Series 2019-01, Class C		3.360			02/18/25		400		421,760
Series 2019-02, Class C		2.740			04/18/25		700		721,632
Series 2019-03, Class C		2.320			07/18/25		1,700		1,741,050
Series 2020-01, Class B		1.480			01/21/25		1,400		1,408,254
Series 2020-02, Class C		1.480			02/18/26		400		401,109
Avis Budget Rental Car Funding AESOP LLC,
Series 2016-01A, Class A, 144A		2.990			06/20/22		900		900,797
Series 2018-01A, Class A, 144A		3.700			09/20/24		1,100		1,116,413
Series 2018-02A, Class A, 144A		4.000			03/20/25		500		510,099
Series 2019-02A, Class A, 144A		3.350			09/22/25		1,100		1,126,722
Series 2019-03A, Class A, 144A		2.360			03/20/26		1,700		1,702,589
Series 2020-01A, Class A, 144A		2.330			08/20/26		1,200		1,165,871
Drive Auto Receivables Trust,
Series 2019-03, Class B		2.650			02/15/24		500		508,989
Series 2020-02, Class B		1.420			03/17/25		600		607,741
Ford Credit Auto Owner Trust,
Series 2017-02, Class A, 144A		2.360			03/15/29		1,600		1,656,177
Series 2018-01, Class A, 144A		3.190			07/15/31		2,000		2,141,045
Series 2018-02, Class A, 144A		3.470			01/15/30		1,100		1,173,077
Series 2019-01, Class A, 144A		3.520			07/15/30		4,000		4,321,712
Series 2020-01, Class A, 144A		2.040			08/15/31		3,300		3,415,505
Ford Credit Floorplan Master Owner Trust,
Series 2017-03, Class A		2.480			09/15/24		500		517,534
Series 2018-02, Class A		3.170			03/15/25		4,000		4,215,836
Series 2019-02, Class A		3.060			04/15/26		500		533,488
Series 2019-03, Class A1		2.230			09/15/24		1,300		1,335,997
GM Financial Consumer Automobile Receivables Trust,
Series 2018-04, Class C		3.620			06/17/24		200		211,349
GMF Floorplan Owner Revolving Trust,
Series 2019-02, Class A, 144A		2.900			04/15/26		2,000		2,145,490
OneMain Direct Auto Receivables Trust,
Series 2017-02A, Class B, 144A		2.550			11/14/23		148		148,217
Series 2018-01A, Class A, 144A		3.430			12/16/24		1,800		1,821,464
Series 2019-01A, Class A, 144A		3.630			09/14/27		1,900		2,047,176
Santander Drive Auto Receivables Trust,
Series 2019-02, Class C		2.900			10/15/24		1,300		1,328,279
Series 2019-03, Class B		2.280			09/15/23		1,900		1,924,964
Series 2019-03, Class C		2.490			10/15/25		800		814,931

See Notes to Financial Statements.

PGIM Core Bond Fund 13

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Automobiles (cont’d.)
Santander Drive Auto Receivables Trust, (cont’d.)
Series 2020-02, Class C		1.460	%		09/15/25		600	$	603,311
Toyota Auto Loan Extended Note Trust,
Series 2019-01A, Class A, 144A		2.560			11/25/31		800		854,567
Series 2020-01A, Class A, 144A		1.350			05/25/33		1,600		1,642,217
World Omni Select Auto Trust,
Series 2019-A, Class B		2.170			12/15/25		1,675		1,719,912
Series 2019-A, Class C		2.380			12/15/25		300		307,980
									48,046,182
Collateralized Loan Obligations    7.0%
AIG CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)		1.605	(c)		10/25/32		2,000		1,964,900
Allegro CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)		1.662	(c)		01/19/33		5,000		4,951,635
Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2015-06A, Class AR, 144A, 3 Month LIBOR + 1.270% (Cap N/A, Floor 0.000%)		1.545	(c)		07/15/30		750		741,170
Series 2019-11A, Class A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)		1.648	(c)		07/22/32		1,500		1,467,023
ArrowMark Colorado Holdings (Cayman Islands),
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		1.555	(c)		07/15/29		250		246,384
Atlas Senior Loan Fund Ltd. (Cayman Islands),
Series 2014-01A, Class AR2, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)		1.531	(c)		07/16/29		742		731,735
Series 2017-08A, Class A, 144A, 3 Month LIBOR + 1.300% (Cap N/A, Floor 0.000%)		1.571	(c)		01/16/30		250		244,398
Ballyrock CLO Ltd. (Cayman Islands),
Series 2016-01A, Class AR, 144A, 3 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)		1.625	(c)		10/15/28		1,500		1,492,966
Series 2019-02A, Class A1A, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		1.627	(c)		11/20/30		1,000		981,336
Battalion CLO Ltd. (Cayman Islands),
Series 2014-07A, Class A1RR, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%)		1.313	(c)		07/17/28		1,250		1,232,512
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		1.525	(c)		10/15/30		500		491,506

See Notes to Financial Statements.

14

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), (cont’d.)
Series 2019-18A, Class A, 144A, 3 Month LIBOR + 1.340% (Cap N/A, Floor 1.340%)		1.615	%(c)		10/15/32		1,250	$	1,227,885
Canyon Capital CLO Ltd. (Cayman Islands),
Series 2015-01A, Class AS, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		1.525	(c)		04/15/29		750		739,092
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),
Series 2015-05A, Class A1R, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		1.592	(c)		01/20/32		1,500		1,467,288
Carlyle US CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1B, 144A, 3 Month LIBOR + 1.230% (Cap N/A, Floor 0.000%)		1.502	(c)		04/20/31		746		725,536
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 0.000%)		1.292	(c)		04/20/31		1,000		976,451
CBAM Ltd. (Cayman Islands),
Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)		1.632	(c)		10/20/32		4,000		3,958,532
CIFC Funding Ltd. (Cayman Islands),
Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		1.473	(c)		10/17/31		1,000		978,803
Elevation CLO Ltd. (Cayman Islands),
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)		1.495	(c)		07/15/30		750		735,918
Greywolf CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		1.275	(c)		04/26/31		1,000		971,643
Highbridge Loan Management Ltd. (Cayman Islands),
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)		1.541	(c)		02/05/31		248		242,683
HPS Loan Management Ltd. (Cayman Islands),
Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		1.578	(c)		07/22/32		1,250		1,226,923
ICG US CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		1.536	(c)		10/23/29		500		491,507
KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)		1.455	(c)		01/15/31		500		489,394
Limerock CLO LLC (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 0.000%)		1.472	(c)		10/20/26		141		140,494

See Notes to Financial Statements.

PGIM Core Bond Fund 15

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)		1.391	%(c)		04/21/31		995	$	966,531
Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)		1.392	(c)		07/19/28		3,000		2,961,166
Series 2018-08A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		1.527	(c)		02/20/31		1,500		1,466,911
Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150 %)		1.422	(c)		07/20/31		1,250		1,225,125
Mountain View CLO LLC (Cayman Islands),
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		1.481	(c)		01/16/31		1,250		1,221,515
Mountain View CLO Ltd. (Cayman Islands),
Series 2013-01A, Class AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		1.516	(c)		10/12/30		474		463,086
Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)		1.395	(c)		07/15/31		2,000		1,944,351
Northwoods Capital Ltd. (Cayman Islands),
Series 2019-20A, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		1.565	(c)		01/25/30		2,500		2,445,911
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)		1.535	(c)		07/15/30		250		247,580
Series 2019-17A, Class A1, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)		1.602	(c)		07/20/32		2,500		2,469,771
Octagon Investment Partners 45 Ltd. (Cayman Islands),
Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)		1.605	(c)		10/15/32		2,000		1,977,396
OZLM Funding Ltd. (Cayman Islands),
Series 2013-04A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		1.508	(c)		10/22/30		987		964,428
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		1.518	(c)		10/30/30		495		486,592
Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)		1.662	(c)		07/20/32		1,250		1,223,752
Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)		1.403	(c)		01/17/31		1,000		981,554
Pikes Peak CLO (Cayman Islands),
Series 2019-04A, Class A, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 1.370%)		1.645	(c)		07/15/32		4,000		3,939,249

See Notes to Financial Statements.

16

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Romark CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%)		1.420	%(c)		07/25/31		250	$	244,209
Romark WM-R Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		1.302	(c)		04/20/31		991		965,120
Sound Point CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		1.315	(c)		01/26/31		1,000		968,020
Series 2016-02A, Class AR, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 1.290%)		1.562	(c)		10/20/28		250		248,073
Series 2016-03A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		1.406	(c)		01/23/29		3,000		2,956,442
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		1.406	(c)		01/23/29		2,750		2,701,971
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		1.525	(c)		07/25/30		500		494,105
Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 1.370%)		1.642	(c)		01/20/32		3,250		3,198,529
Telos CLO Ltd. (Cayman Islands),
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)		1.513	(c)		01/17/30		992		974,045
TICP CLO Ltd. (Cayman Islands),
Series 2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%)		1.412	(c)		01/20/31		1,000		982,528
Trimaran Cavu Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)		1.732	(c)		07/20/32		1,250		1,241,247
Trinitas CLO Ltd. (Cayman Islands),
Series 2017-06A, Class AR, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)		1.415	(c)		07/25/29		5,000		4,903,063
Vibrant CLO Ltd. (Cayman Islands),
Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		1.522	(c)		01/20/29		3,000		2,952,866
Voya CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		1.485	(c)		10/15/30		747		730,901
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)		1.172	(c)		01/18/29		1,000		983,714
Series 2016-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		1.342	(c)		01/20/31		1,000		979,996

See Notes to Financial Statements.

PGIM Core Bond Fund 17

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Wellfleet CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		1.373	%(c)		07/17/31		2,500	$	2,445,019
York CLO Ltd. (Cayman Islands),
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		1.408	(c)		01/22/31		500		492,387
Zais CLO Ltd. (Cayman Islands),
Series 2017-01A, Class A1, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 0.000%)		1.645	(c)		07/15/29		245		241,324
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%)		1.565	(c)		04/15/30		246		238,962
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)		1.225	(c)		04/15/29		734		707,512
									83,552,665
Consumer Loans    0.4%
OneMain Financial Issuance Trust,
Series 2017-01A, Class A2, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)		0.975	(c)		09/14/32		370		368,525
Series 2018-01A, Class A, 144A		3.300			03/14/29		260		263,573
Oportun Funding X LLC,
Series 2018-C, Class A, 144A		4.100			10/08/24		500		503,491
Oportun Funding XII LLC,
Series 2018-D, Class A, 144A		4.150			12/09/24		400		401,029
SoFi Consumer Loan Program Trust,
Series 2020-01, Class A, 144A		2.020			01/25/29		1,933		1,950,452
Springleaf Funding Trust,
Series 2017-AA, Class A, 144A		2.680			07/15/30		677		676,867
									4,163,937
Credit Cards    0.2%
Citibank Credit Card Issuance Trust,
Series 2018-A07, Class A7		3.960			10/13/30		2,100		2,550,353
Equipment    0.3%
MMAF Equipment Finance LLC,
Series 2017-AA, Class A4, 144A		2.410			08/16/24		600		610,611
Series 2017-B, Class A5, 144A		2.720			06/15/40		800		841,671
Series 2018-A, Class A5, 144A		3.610			03/10/42		200		215,255

See Notes to Financial Statements.

18

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Equipment (cont’d.)
MMAF Equipment Finance LLC, (cont’d.)
Series 2019-A, Class A5, 144A		3.080	%		11/12/41		800	$	865,056
Series 2019-B, Class A5, 144A		2.290			11/12/41		1,200		1,258,502
									3,791,095
Home Equity Loans    0.1%
Option One Mortgage Loan Trust,
Series 2005-03, Class M2, 1 Month LIBOR + 0.735% (Cap N/A, Floor 0.490%)		0.907	(c)		08/25/35		1,010		996,611
Manufactured Housing    0.1%
Towd Point Mortgage Trust,
Series 2019-MH01, Class A1, 144A		3.000	(cc)		11/25/58		1,070		1,090,266
Other    0.2%
Sierra Timeshare Receivables Funding LLC,
Series 2019-02A, Class A, 144A		2.590			05/20/36		719		730,510
Series 2019-03A, Class A, 144A		2.340			08/20/36		955		970,602
									1,701,112
Residential Mortgage-Backed Securities    0.5%
Credit Suisse Mortgage Trust,
Series 2018-RPL08, Class A1, 144A		4.125	(cc)		07/25/58		305		305,759
Legacy Mortgage Asset Trust,
Series 2019-GS01, Class A1, 144A		4.000			01/25/59		149		151,934
Series 2019-GS02, Class A1, 144A		3.750			01/25/59		328		331,635
Series 2019-GS04, Class A1, 144A		3.438			05/25/59		527		526,302
Series 2019-SL01, Class A, 144A		4.000	(cc)		12/28/54		177		178,049
Mill City Mortgage Loan Trust,
Series 2017-03, Class A1, 144A		2.750	(cc)		01/25/61		386		395,896
Series 2018-01, Class A1, 144A		3.250	(cc)		05/25/62		527		547,387
RAAC Series Trust,
Series 2007-SP03, Class A1, 1 Month LIBOR + 1.200% (Cap 14.000%, Floor 1.200%)		1.372	(c)		09/25/47		121		121,130
Towd Point Mortgage Trust,
Series 2017-04, Class A1, 144A		2.750	(cc)		06/25/57		891		922,589
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)		0.772	(c)		02/25/57		566		560,495
Series 2017-06, Class A1, 144A		2.750	(cc)		10/25/57		663		689,804
Series 2018-01, Class A1, 144A		3.000	(cc)		01/25/58		755		782,119

See Notes to Financial Statements.

PGIM Core Bond Fund 19

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Towd Point Mortgage Trust, (cont’d.)
Series 2018-02, Class A1, 144A		3.250	%(cc)		03/25/58		339	$	358,752
Series 2019-HY03, Class A1A, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)		1.172	(c)		10/25/59		410		408,362
									6,280,213
Student Loans    2.4%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A		2.680			09/25/42		450		458,583
Series 2018-AGS, Class A1, 144A		3.210			02/25/44		366		376,702
Series 2020-AGS, Class A, 144A		1.980			08/25/50		1,900		1,922,710
ELFI Graduate Loan Program LLC,
Series 2020-A, Class A, 144A		1.730			08/25/45		2,900		2,914,295
Laurel Road Prime Student Loan Trust,
Series 2017-C, Class A2B, 144A		2.810			11/25/42		343		351,008
Series 2018-B, Class A2FX, 144A		3.540			05/26/43		609		618,250
Series 2019-A, Class A2FX, 144A		2.730			10/25/48		481		496,159
Navient Private Education Refi Loan Trust,
Series 2018-A, Class A2, 144A		3.190			02/18/42		1,210		1,235,903
Series 2018-CA, Class A2, 144A		3.520			06/16/42		600		618,384
Series 2019-CA, Class A2, 144A		3.130			02/15/68		800		830,214
Series 2019-EA, Class A2A, 144A		2.640			05/15/68		800		830,959
Series 2019-FA, Class A2, 144A		2.600			08/15/68		1,600		1,656,530
Series 2019-GA, Class A, 144A		2.400			10/15/68		2,648		2,709,320
Series 2020-BA, Class A2, 144A		2.120			01/15/69		1,100		1,119,063
Series 2020-DA, Class A, 144A		1.690			05/15/69		2,600		2,618,246
Series 2020-FA, Class A, 144A		1.220			07/15/69		1,600		1,603,248
SoFi Professional Loan Program LLC,
Series 2017-F, Class A2FX, 144A		2.840			01/25/41		1,373		1,404,126
Series 2019-A, Class A2FX, 144A		3.690			06/15/48		1,300		1,368,986
Series 2019-C, Class A2FX, 144A		2.370			11/16/48		1,100		1,134,741
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A		3.340			08/25/47		1,000		1,035,512
Series 2020-A, Class A2FX, 144A		2.540			05/15/46		1,500		1,566,847
Series 2020-C, Class AFX, 144A		1.950			02/15/46		1,456		1,487,972
									28,357,758
TOTAL ASSET-BACKED SECURITIES
(cost $178,739,392)									180,530,192

See Notes to Financial Statements.

20

Description	Interest Rate		Maturity Date		Principal         Amount          (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES    20.0%
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF01, Class A4, 144A		2.495%		05/15/53		5,500	$	5,913,260
Assurant Commercial Mortgage Trust,
Series 2016-01A, Class AS, 144A		3.172		05/15/49		300		313,881
BANK,
Series 2019-BN20, Class A2		2.758		09/15/62		6,800		7,476,732
Series 2019-BN23, Class A2		2.669		12/15/52		2,200		2,410,617
Series 2020-BN25, Class A4		2.399		01/15/63		3,800		4,092,482
Series 2020-BN26, Class A3		2.155		03/15/63		5,000		5,280,660
Series 2020-BN27, Class A4		1.901		04/15/63		4,700		4,853,696
Barclays Commercial Mortgage Securities Trust,
Series 2016-ETC, Class A, 144A		2.937		08/14/36		500		483,079
Series 2018-TALL, Class A, 144A, 1 Month LIBOR +
0.722% (Cap N/A, Floor 0.722%)		0.897(c)		03/15/37		6,000		5,818,109
Series 2020-C07, Class A4		1.819		04/15/53		5,700		5,870,042
Benchmark Mortgage Trust,
Series 2018-B01, Class A4		3.402		01/15/51		1,070		1,209,622
Series 2018-B03, Class A4		3.761		04/10/51		1,500		1,738,172
Series 2019-B10, Class A3		3.455		03/15/62		2,500		2,850,694
Series 2020-B17, Class A4		2.042		03/15/53		1,800		1,881,531
Series 2020-IG03, Class A2, 144A		2.475		09/15/48		5,500		5,836,585
BX Commercial Mortgage Trust,
Series 2020-BXLP, Class A, 144A, 1 Month LIBOR +
0.800% (Cap N/A, Floor 0.800%)		0.975(c)		12/15/36		2,797		2,780,884
Cantor Commercial Real Estate Lending,
Series 2019-CF03, Class A3		2.752		01/15/53		2,900		3,175,990
CD Mortgage Trust,
Series 2016-CD01, Class A3		2.459		08/10/49		500		526,210
Series 2019-CD08, Class A3		2.657		08/15/57		2,700		2,931,151
CF Mortgage Trust,
Series 2020-P01, Class A1, 144A		2.840(cc)		04/15/25		2,896		3,048,107
CFCRE Commercial Mortgage Trust,
Series 2016-C07, Class A2		3.585		12/10/54		2,000		2,184,026
Citigroup Commercial Mortgage Trust,
Series 2015-GC27, Class A4		2.878		02/10/48		1,100		1,152,322
Series 2016-C03, Class A3		2.896		11/15/49		900		956,022
Series 2017-P08, Class A3		3.203		09/15/50		1,700		1,853,309
Series 2019-C07, Class A3		2.860		12/15/72		4,400		4,879,007
Series 2019-GC41, Class A4		2.620		08/10/56		3,000		3,262,863
Commercial Mortgage Trust,
Series 2015-DC01, Class A5		3.350		02/10/48		1,510		1,632,664
Series 2015-PC01, Class A4		3.620		07/10/50		3,200		3,436,914
Series 2016-COR01, Class A3		2.826		10/10/49		800		857,903

See Notes to Financial Statements.

    PGIM Core Bond Fund 21

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date		Principal         Amount          (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
CSAIL Commercial Mortgage Trust,
Series 2017-C08, Class A3		3.127%		06/15/50		1,200	$	1,305,565
DBJPM Mortgage Trust,
Series 2016-C03, Class A4		2.632		08/10/49		650		694,738
Fannie Mae-Aces,
Series 2016-M11, Class A2		2.369(cc)		07/25/26		1,200		1,295,993
Series 2016-M13, Class A2		2.483(cc)		09/25/26		1,900		2,063,182
Series 2017-M01, Class A2		2.416(cc)		10/25/26		500		541,191
Series 2017-M04, Class A2		2.584(cc)		12/25/26		2,500		2,739,224
Series 2017-M08, Class A2		3.061(cc)		05/25/27		1,900		2,132,032
Series 2018-M04, Class A2		3.045(cc)		03/25/28		1,325		1,506,304
Series 2018-M10, Class A1		3.370(cc)		07/25/28		441		486,917
Series 2018-M10, Class A2		3.370(cc)		07/25/28		2,650		3,064,894
Series 2019-M21, Class 3A1		2.100		06/25/34		7,074		7,381,734
Series 2019-M22, Class A1		2.104		08/25/29		3,683		3,886,357
Series 2019-M25, Class A1		2.142		11/25/29		4,353		4,647,586
FHLMC Multifamily Structured Pass-Through Certificates,
Series K057, Class AM		2.624		08/25/26		1,650		1,807,411
Series K058, Class A2		2.653		08/25/26		1,100		1,213,835
Series K068, Class AM		3.315		08/25/27		1,500		1,729,023
Series K069, Class AM		3.248(cc)		09/25/27		300		343,087
Series K070, Class A2		3.303(cc)		11/25/27		2,125		2,461,898
Series K070, Class AM		3.364		12/25/27		425		493,224
Series K074, Class A2		3.600		01/25/28		3,600		4,245,966
Series K075, Class AM		3.650(cc)		02/25/28		1,075		1,267,212
Series K076, Class A2		3.900		04/25/28		2,800		3,375,163
Series K076, Class AM		3.900		04/25/28		800		960,137
Series K077, Class A2		3.850(cc)		05/25/28		1,670		2,010,178
Series K077, Class AM		3.850(cc)		05/25/28		340		409,075
Series K078, Class AM		3.920		06/25/28		1,025		1,233,515
Series K079, Class A2		3.926		06/25/28		1,000		1,207,519
Series K079, Class AM		3.930		06/25/28		1,350		1,622,264
Series K080, Class A2		3.926(cc)		07/25/28		3,100		3,751,423
Series K080, Class AM		3.986(cc)		07/25/28		7,860		9,484,858
Series K081, Class AM		3.900(cc)		08/25/28		1,100		1,322,069
Series K086, Class A2		3.859(cc)		11/25/28		1,200		1,454,580
Series K086, Class AM		3.919(cc)		12/25/28		350		424,427
Series K087, Class AM		3.832(cc)		12/25/28		450		541,759
Series K089, Class AM		3.633(cc)		01/25/29		11,315		13,500,258
Series K091, Class AM		3.566		03/25/29		2,000		2,389,362
Series K157, Class A2		3.990(cc)		05/25/33		800		997,425
Series K730, Class AM		3.590(cc)		01/25/25		4,100		4,550,248
Series KC03, Class A2		3.499		01/25/26		1,350		1,479,578
Series KW08, Class A2		3.600		01/25/29		4,500		5,336,995

See Notes to Financial Statements.

22

Description	Interest Rate		Maturity Date		Principal         Amount         (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Multifamily Structured Pass-Through Certificates, (cont’d.)
Series W5FX, Class AFX		3.214%(cc)		04/25/28		2,375	$	2,711,791
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3		3.119		05/10/50		986		1,049,751
Series 2015-GC34, Class A3		3.244		10/10/48		4,400		4,768,758
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C27, Class A3A1		2.920		02/15/48		1,065		1,137,281
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C05, Class A4		3.414		03/15/50		1,400		1,546,186
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3		2.559		08/15/49		1,000		1,061,349
Series 2016-JP03, Class A4		2.627		08/15/49		700		748,511
Series 2017-JP05, Class A4		3.457		03/15/50		560		628,258
Series 2017-JP07, Class ASB		3.241		09/15/50		575		623,617
LCCM,
Series 2017-LC26, Class A3, 144A		3.289		07/12/50		1,600		1,739,422
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C20, Class A2		2.790		02/15/48		516		515,492
Morgan Stanley Capital I Trust,
Series 2016-BNK02, Class A3		2.791		11/15/49		900		961,169
Series 2016-UB11, Class A3		2.531		08/15/49		1,200		1,272,071
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB		3.264		08/15/50		800		867,256
Series 2017-C03, Class ASB		3.215		08/15/50		900		972,588
Series 2017-C05, Class A4		3.212		11/15/50		1,800		1,973,660
Series 2018-C09, Class A3		3.854		03/15/51		750		849,871
Series 2018-C14, Class A3		4.180		12/15/51		1,400		1,627,476
Series 2019-C18, Class A3		2.782		12/15/52		4,400		4,806,336
UBS-Barclays Commercial Mortgage Trust,
Series 2013-C06, Class A4		3.244		04/10/46		101		105,099
Wells Fargo Commercial Mortgage Trust,
Series 2016-BNK01, Class A2		2.399		08/15/49		1,200		1,250,992
Series 2016-C35, Class A3		2.674		07/15/48		1,900		2,030,678
Series 2016-NXS06, Class A3		2.642		11/15/49		1,500		1,589,871
Series 2017-C38, Class A4		3.190		07/15/50		1,000		1,105,384
Series 2017-RB01, Class A4		3.374		03/15/50		1,400		1,562,402
Series 2018-C46, Class A3		3.888		08/15/51		2,000		2,318,389
Series 2019-C49, Class A3		3.749		03/15/52		3,000		3,341,342
Series 2019-C50, Class A4		3.466		05/15/52		2,500		2,789,416
Series 2019-C52, Class A3		2.631		08/15/52		2,000		2,139,429
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $220,246,454)								238,158,585

See Notes to Financial Statements.

PGIM Core Bond Fund     23

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date		Principal         Amount         (000)#		Value
CORPORATE BONDS    30.2%
Aerospace & Defense    0.2%
BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A		3.400%		04/15/30		335	$	378,379
Boeing Co. (The),
Sr. Unsec’d. Notes		3.750		02/01/50		830		752,247
Embraer Netherlands Finance BV (Brazil),
Gtd. Notes		5.050		06/15/25		281		261,593
Embraer Overseas Ltd. (Brazil),
Gtd. Notes, 144A		5.696		09/16/23(a)		375		376,179
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes		3.832		04/27/25		30		33,813
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes		4.125		11/16/28		450		540,284
								2,342,495
Agriculture    0.3%
Altria Group, Inc.,
Gtd. Notes		2.850		08/09/22		100		104,460
Gtd. Notes		3.400		05/06/30(a)		630		705,889
BAT Capital Corp. (United Kingdom),
Gtd. Notes		2.789		09/06/24		1,890		2,016,048
Gtd. Notes		3.222		08/15/24(a)		890		960,922
								3,787,319
Airlines    0.3%
American Airlines 2013-2 Class A Pass-Through Trust, Pass-Through Certificates		4.950		07/15/24		130		105,174
American Airlines 2015-1 Class A Pass-Through Trust, Pass-Through Certificates		3.375		11/01/28		79		66,070
Delta Air Lines 2020-1 Class AA Pass Through Trust, Pass-Through Certificates		2.000		12/10/29		690		658,072
Delta Air Lines, Inc.,
Sr. Unsec’d. Notes		3.400		04/19/21(a)		665		662,853
Southwest Airlines Co.,
Sr. Unsec’d. Notes		5.250		05/04/25(a)		874		935,857
United Airlines 2016-2 Class AA Pass-Through Trust, Pass-Through Certificates		2.875		04/07/30		347		325,867
United Airlines 2019-2 Class AA Pass-Through Trust, Pass-Through Certificates		2.700		11/01/33		450		409,062
								3,162,955

See Notes to Financial Statements.

24

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Auto Manufacturers    0.8%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.410%		0.676%(c)		04/12/21			60	$	59,868
Gtd. Notes, 144A		2.250		09/15/23			645		674,538
Gtd. Notes, 144A		3.100		04/12/21			80		81,466
Daimler Finance North America LLC (Germany),
Gtd. Notes, 144A		3.350		05/04/21			495		504,334
Ford Motor Co.,
Sr. Unsec’d. Notes		5.291		12/08/46			285		271,202
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		3.087		01/09/23	(a)		1,125		1,121,071
Sr. Unsec’d. Notes		3.336		03/18/21			515		516,767
Sr. Unsec’d. Notes		3.350		11/01/22			1,390		1,400,588
General Motors Financial Co., Inc.,
Gtd. Notes, 3 Month LIBOR + 0.850%		1.118(c)		04/09/21			130		129,745
Gtd. Notes		3.450		04/10/22			180		184,994
Gtd. Notes		3.550		04/09/21			95		96,420
Gtd. Notes		3.850		01/05/28			490		517,393
Gtd. Notes		4.350		01/17/27			180		196,918
Gtd. Notes		5.250		03/01/26			375		424,473
Sr. Unsec’d. Notes		3.600		06/21/30	(a)		2,655		2,753,514
									8,933,291
Banks    7.6%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes		3.848		04/12/23			200		214,769
Bank of America Corp.,
Sr. Unsec’d. Notes, GMTN		3.593(ff)		07/21/28			1,595		1,814,818
Sr. Unsec’d. Notes, MTN		2.496(ff)		02/13/31	(a)		2,705		2,874,790
Sr. Unsec’d. Notes, MTN		3.824(ff)		01/20/28			1,720		1,967,902
Sr. Unsec’d. Notes, MTN		3.974(ff)		02/07/30			400		469,831
Sr. Unsec’d. Notes, MTN		4.125		01/22/24			200		223,058
Sr. Unsec’d. Notes, MTN		4.271(ff)		07/23/29			320		380,877
Sr. Unsec’d. Notes, MTN		4.330(ff)		03/15/50			1,555		2,112,207
Sub. Notes, MTN		4.000		01/22/25			800		893,434
Sub. Notes, MTN		4.450		03/03/26			1,500		1,731,733
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN		2.950		01/29/23			450		477,345
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		3.684		01/10/23			480		498,468
Sr. Unsec’d. Notes		3.932(ff)		05/07/25			1,300		1,419,798
Sr. Unsec’d. Notes		4.375		01/12/26			200		228,122

See Notes to Financial Statements.

PGIM Core Bond Fund 25

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Barclays PLC (United Kingdom), (cont’d.)
Sr. Unsec’d. Notes, MTN		4.972%(ff)		05/16/29			400	$	478,536
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A		2.219(ff)		06/09/26			655		680,459
Sr. Unsec’d. Notes, 144A, MTN		2.950		05/23/22			435		451,645
Sr. Unsec’d. Notes, 144A, MTN		3.052(ff)		01/13/31			1,080		1,177,635
Sub. Notes, 144A, MTN		4.375		09/28/25			710		793,785
BPCE SA (France),
Sr. Unsec’d. Notes, 144A		2.375		01/14/25			2,650		2,776,008
Sr. Unsec’d. Notes, 144A, MTN		3.250		01/11/28			625		694,328
Citigroup, Inc.,
Sr. Unsec’d. Notes		2.666(ff)		01/29/31			1,400		1,496,932
Sr. Unsec’d. Notes		3.200		10/21/26			290		322,740
Sr. Unsec’d. Notes		3.400		05/01/26			350		391,869
Sr. Unsec’d. Notes		3.520(ff)		10/27/28			180		202,831
Sr. Unsec’d. Notes		3.668(ff)		07/24/28			490		556,648
Sr. Unsec’d. Notes		3.887(ff)		01/10/28			670		765,070
Sub. Notes		4.400		06/10/25	(a)		4,000		4,549,945
Sub. Notes		4.450		09/29/27			840		976,263
Sub. Notes		4.600		03/09/26			945		1,096,596
Sub. Notes		4.750		05/18/46			460		614,701
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A		2.193(ff)		06/05/26			555		572,016
Sr. Unsec’d. Notes, 144A		2.593(ff)		09/11/25			1,730		1,810,362
Sr. Unsec’d. Notes, 144A		3.869(ff)		01/12/29			870		978,669
Sr. Unsec’d. Notes, 144A		4.282		01/09/28			350		398,604
Discover Bank,
Sr. Unsec’d. Notes		4.200		08/08/23			250		275,229
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		3.272(ff)		09/29/25			1,160		1,260,575
Sr. Unsec’d. Notes		3.500		01/23/25			75		82,522
Sr. Unsec’d. Notes		3.500		04/01/25	(a)		1,230		1,363,111
Sr. Unsec’d. Notes		3.691(ff)		06/05/28			1,750		1,993,138
Sr. Unsec’d. Notes		3.850		01/26/27			475		540,421
Sr. Unsec’d. Notes		4.223(ff)		05/01/29			155		182,907
Sub. Notes		4.250		10/21/25			250		284,721
Sub. Notes		5.150		05/22/45			335		464,748
ING Groep NV (Netherlands),
Sr. Unsec’d. Notes		3.550		04/09/24			200		218,976
Intesa Sanpaolo SpA (Italy),
Sr. Unsec’d. Notes, Series XR, 144A		4.000		09/23/29	(a)		1,790		1,945,064

See Notes to Financial Statements.

26

Description	Interest Rate		Maturity Date		Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series II		4.000%(ff)		–(rr)		3,920	$	3,633,258
Sr. Unsec’d. Notes		2.550		03/01/21		100		101,127
Sr. Unsec’d. Notes		2.950		10/01/26		410		454,871
Sr. Unsec’d. Notes		3.200		01/25/23		100		106,692
Sr. Unsec’d. Notes		3.200		06/15/26		230		258,310
Sr. Unsec’d. Notes		3.300		04/01/26		4,000		4,503,373
Sr. Unsec’d. Notes		3.509(ff)		01/23/29		210		238,958
Sr. Unsec’d. Notes		3.625		05/13/24(a)		875		969,960
Sr. Unsec’d. Notes		3.964(ff)		11/15/48		355		460,004
Sr. Unsec’d. Notes		4.005(ff)		04/23/29		3,585		4,216,252
Sub. Notes		2.956(ff)		05/13/31		1,855		2,017,291
Sub. Notes		3.875		09/10/24		375		419,157
Sub. Notes		4.250		10/01/27		375		440,941
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes		2.623		07/18/22		2,400		2,495,775
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN		3.750		02/25/23		315		340,316
Sr. Unsec’d. Notes, GMTN		3.772(ff)		01/24/29		760		881,362
Sr. Unsec’d. Notes, GMTN		3.875		01/27/26(a)		470		539,781
Sr. Unsec’d. Notes, GMTN		4.000		07/23/25		455		522,267
Sr. Unsec’d. Notes, GMTN		4.431(ff)		01/23/30		1,200		1,456,299
Sr. Unsec’d. Notes, MTN		2.720(ff)		07/22/25		1,500		1,603,023
Sr. Unsec’d. Notes, MTN		3.591(ff)		07/22/28		310		354,314
Sr. Unsec’d. Notes, Series F, MTN		3.875		04/29/24		365		406,709
Sub. Notes, GMTN		4.350		09/08/26		3,800		4,443,334
Natwest Group PLC (United Kingdom),
Sr. Unsec’d. Notes		3.875		09/12/23		220		238,923
Sr. Unsec’d. Notes		4.445(ff)		05/08/30(a)		720		855,570
Santander UK Group Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes		3.571		01/10/23		430		446,178
State Bank of India (India),
Sr. Unsec’d. Notes, 144A		4.375		01/24/24		630		674,495
Sumitomo Mitsui Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes		2.348		01/15/25		2,520		2,680,966
Sr. Unsec’d. Notes		2.442		10/19/21		235		240,632
Svenska Handelsbanken AB (Sweden),
Gtd. Notes, MTN		1.875		09/07/21		465		472,702
Truist Bank,
Sub. Notes		2.250		03/11/30		2,840		2,991,721
Truist Financial Corp.,
Sr. Unsec’d. Notes		2.700		01/27/22		350		361,292

See Notes to Financial Statements.

PGIM Core Bond Fund 27

Schedule of Investments (continued)

as of July 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		2.859	%(ff)		08/15/23			570	$	592,945
Sr. Unsec’d. Notes, 144A		3.000			04/15/21			345		351,268
Sr. Unsec’d. Notes, 144A		3.126	(ff)		08/13/30	(a)		1,180		1,308,262
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN		2.572	(ff)		02/11/31			2,740		2,908,431
										90,690,965
Beverages    0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc. (Belgium),
Gtd. Notes		4.700			02/01/36			180		221,142
Gtd. Notes		4.900			02/01/46			650		833,394
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		5.450			01/23/39			975		1,277,280
Gtd. Notes		5.550			01/23/49			900		1,259,928
Constellation Brands, Inc.,
Gtd. Notes		4.650			11/15/28			450		546,576
Diageo Capital PLC (United Kingdom),
Gtd. Notes		2.125			04/29/32	(a)		1,665		1,789,799
Keurig Dr. Pepper, Inc.,
Gtd. Notes		3.551			05/25/21			370		379,287
										6,307,406
Biotechnology    0.2%
Amgen, Inc.,
Sr. Unsec’d. Notes		2.200			02/21/27			2,000		2,138,798
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes		2.500			09/01/23			220		233,419
										2,372,217
Building Materials    0.3%
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes		4.250			12/15/47			395		461,982
Sr. Unsec’d. Notes, Series CB		2.500			03/15/30			885		928,812

See Notes to Financial Statements.

28

Description	Interest Rate			Maturity Date		Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Building Materials (cont’d.)
Owens Corning,
Sr. Unsec’d. Notes		4.400%			01/30/48		825	$	915,268
Vulcan Materials Co.,
Sr. Unsec’d. Notes		4.700			03/01/48		750		926,929
									3,232,991
Chemicals    0.4%
Braskem Netherlands Finance BV (Brazil),
Gtd. Notes, 144A		5.875			01/31/50(a)		270		244,102
CNAC HK Finbridge Co. Ltd. (China),
Gtd. Notes		3.500			07/19/22		1,375		1,421,392
LYB International Finance BV,
Gtd. Notes		4.000			07/15/23		250		272,925
LYB International Finance III LLC,
Gtd. Notes		4.200			05/01/50(a)		1,070		1,230,308
LyondellBasell Industries NV,
Sr. Unsec’d. Notes		5.750			04/15/24		310		360,443
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.125			03/15/35		40		46,360
Sr. Unsec’d. Notes		5.250			01/15/45		340		445,635
Sasol Financing USA LLC (South Africa),
Gtd. Notes		5.875			03/27/24		200		187,558
Gtd. Notes		6.500			09/27/28		400		361,901
									4,570,624
Commercial Services    1.0%
Cintas Corp. No. 2,
Gtd. Notes		2.900			04/01/22		385		399,325
ERAC USA Finance LLC,
Gtd. Notes, 144A		2.700			11/01/23		580		603,916
Gtd. Notes, 144A		3.300			10/15/22		750		783,303
Gtd. Notes, 144A		4.500			02/15/45		75		81,362
Experian Finance PLC (United Kingdom),
Gtd. Notes, 144A		2.750			03/08/30		1,735		1,902,837
Global Payments, Inc.,
Sr. Unsec’d. Notes		2.650			02/15/25		575		616,398
Massachusetts Institute of Technology,
Unsec’d. Notes		3.885			07/01/2116		700		949,581
Northwestern University,			��
Unsec’d. Notes		2.640			12/01/50		860		935,550

See Notes to Financial Statements.

PGIM Core Bond Fund 29

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date		Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
PayPal Holdings, Inc.,
Sr. Unsec’d. Notes		2.850%		10/01/29		1,790		$2,024,169
President & Fellows of Harvard College,
Unsec’d. Notes		3.300		07/15/56		160		206,402
Trustees of Boston College,
Unsec’d. Notes		3.129		07/01/52		637		750,861
University of Notre Dame du Lac,
Unsec’d. Notes		3.394		02/15/48		365		461,451
University of Southern California,
Unsec’d. Notes		3.028		10/01/39		310		348,268
Verisk Analytics, Inc.,
Sr. Unsec’d. Notes		4.125		03/15/29(a)		1,185		1,429,330
								11,492,753
Computers    0.9%
Apple, Inc.,
Sr. Unsec’d. Notes		2.650		05/11/50(a)		2,095		2,320,801
Sr. Unsec’d. Notes		3.850		08/04/46		525		682,914
Hewlett Packard Enterprise Co.,
Sr. Unsec’d. Notes, 3 Month LIBOR + 0.680%		0.998(c)		03/12/21		3,330		3,328,315
HP, Inc.,
Sr. Unsec’d. Notes		2.200		06/17/25		2,530		2,656,615
NetApp, Inc.,
Sr. Unsec’d. Notes		1.875		06/22/25		1,470		1,525,096
								10,513,741
Diversified Financial Services    0.1%
Capital One Financial Corp.,
Sr. Unsec’d. Notes		3.450		04/30/21		370		377,340
Jefferies Group LLC,
Sr. Unsec’d. Notes		6.450		06/08/27		150		178,183
Private Export Funding Corp.,
Sr. Unsec’d. Notes, 144A		2.650		02/16/21		630		638,181
								1,193,704
Electric 3.6%
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes		4.250		09/15/48		830		1,111,119
Alabama Power Co.,
Sr. Unsec’d. Notes		2.800		04/01/25		75		81,001

See Notes to Financial Statements.

30

Description	Interest Rate		Maturity Date		Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Ameren Illinois Co.,
First Mortgage		3.700%		12/01/47		625	$	792,587
Arizona Public Service Co.,
Sr. Unsec’d. Notes		3.350		05/15/50		1,810		2,111,999
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes		2.900		06/15/50		100		111,472
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series Z		2.400		09/01/26		190		204,003
CenterPoint Energy, Inc.,
Sr. Unsec’d. Notes		3.700		09/01/49		495		579,968
Cleco Corporate Holdings LLC,
Sr. Unsec’d. Notes		3.375		09/15/29		305		312,580
Commonwealth Edison Co.,
First Mortgage		3.700		03/01/45		40		49,666
First Mortgage		4.000		03/01/48		115		152,431
First Mortgage, Series 123		3.750		08/15/47		775		989,899
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series C		4.300		12/01/56		40		54,066
Sr. Unsec’d. Notes, Series E		4.650		12/01/48		720		1,008,310
Consumers Energy Co.,
First Mortgage		3.250		08/15/46		155		186,531
Delmarva Power & Light Co.,
First Mortgage		4.150		05/15/45		60		77,032
Dominion Energy, Inc.,
Sr. Unsec’d. Notes, Series D		2.850		08/15/26		55		60,571
DTE Electric Co.,
General Ref. Mortgage, Series A		4.050		05/15/48		370		494,777
DTE Energy Co.,
Sr. Unsec’d. Notes		2.850		10/01/26		350		380,530
Duke Energy Corp.,
Sr. Unsec’d. Notes		2.650		09/01/26		145		159,859
Sr. Unsec’d. Notes		3.950		08/15/47		185		236,530
Duke Energy Florida LLC,
First Mortgage		3.200		01/15/27		600		687,642
First Mortgage		3.400		10/01/46		185		225,546
First Mortgage		4.200		07/15/48		205		280,896
Duke Energy Progress LLC,
First Mortgage		3.700		10/15/46		75		95,025
Emera US Finance LP (Canada),
Gtd. Notes		3.550		06/15/26		75		84,764
Enel Finance International NV (Italy),
Gtd. Notes, 144A		2.650		09/10/24		655		688,423

See Notes to Financial Statements.

PGIM Core Bond Fund 31

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date		Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Enel Finance International NV (Italy), (cont’d.)
Gtd. Notes, 144A		3.500%		04/06/28		475	$	526,871
Gtd. Notes, 144A		3.625		05/25/27		230		257,022
Gtd. Notes, 144A		4.625		09/14/25		240		277,323
Engie Energia Chile SA (Chile),
Sr. Unsec’d. Notes, 144A		3.400		01/28/30		200		213,418
Entergy Corp.,
Sr. Unsec’d. Notes		4.000		07/15/22		260		276,110
Entergy Louisiana LLC,
Sec’d. Notes		4.000		03/15/33		170		216,156
Entergy Texas, Inc.,
First Mortgage		4.500		03/30/39		1,000		1,248,687
Evergy, Inc.,
Sr. Unsec’d. Notes		2.450		09/15/24		2,135		2,281,280
Eversource Energy,
Sr. Unsec’d. Notes, Series M		3.300		01/15/28		335		376,105
Florida Power & Light Co.,
First Mortgage		3.150		10/01/49		1,420		1,744,618
Fortis, Inc. (Canada),
Sr. Unsec’d. Notes		3.055		10/04/26		217		237,649
Georgia Power Co.,
Sr. Unsec’d. Notes, Series B		2.650		09/15/29		1,005		1,094,092
IPALCO Enterprises, Inc.,
Sr. Sec’d. Notes, 144A		4.250		05/01/30		240		267,346
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN		4.250		08/14/28		235		267,716
MidAmerican Energy Co.,
First Mortgage		3.950		08/01/47		225		299,298
Monongahela Power Co.,
First Mortgage, 144A		4.100		04/15/24		851		943,111
Narragansett Electric Co. (The),
Sr. Unsec’d. Notes, 144A		3.395		04/09/30		915		1,067,400
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes		2.403		09/01/21		2,100		2,146,571
Ohio Power Co.,
Sr. Unsec’d. Notes		4.150		04/01/48		250		332,767
Oncor Electric Delivery Co. LLC,
Sr. Sec’d. Notes		2.950		04/01/25		60		65,563
PacifiCorp,
First Mortgage		2.700		09/15/30		890		1,007,212
First Mortgage		3.300		03/15/51		375		455,856

See Notes to Financial Statements.

32

Description	Interest Rate		Maturity Date		Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
PECO Energy Co.,
First Mortgage		3.000%		09/15/49		180	$	209,871
First Ref. Mortgage		4.800		10/15/43		120		167,385
Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A		3.600		06/01/29		1,435		1,607,797
PPL Capital Funding, Inc.,
Gtd. Notes		4.000		09/15/47		330		385,097
Gtd. Notes		5.000		03/15/44		170		221,663
PPL Electric Utilities Corp.,
First Mortgage		3.000		10/01/49		235		270,433
Public Service Co. of Colorado,
First Mortgage		3.200		03/01/50		720		869,048
First Mortgage		4.100		06/15/48		235		319,515
Public Service Electric & Gas Co.,
First Mortgage, MTN		2.250		09/15/26		370		399,853
First Mortgage, MTN		3.200		05/15/29		1,265		1,461,768
First Mortgage, MTN		3.600		12/01/47		95		120,322
First Mortgage, MTN		3.700		05/01/28		590		696,786
Public Service Electric and Gas Co.,
First Mortgage, MTN		2.700		05/01/50		390		437,367
Puget Sound Energy, Inc.,
Sr. Sec’d. Notes		3.250		09/15/49		535		637,769
San Diego Gas & Electric Co.,
First Mortgage		4.150		05/15/48		420		553,054
Southern California Edison Co.,
First Mortgage		3.650		02/01/50		290		331,479
Southwestern Electric Power Co.,
Sr. Unsec’d. Notes, Series K		2.750		10/01/26		675		727,339
Southwestern Public Service Co.,
First Mortgage		3.700		08/15/47		355		434,728
SP PowerAssets Ltd. (Singapore),
Sr. Unsec’d. Notes, 144A, MTN		3.000		09/26/27		465		515,275
Tucson Electric Power Co.,
Sr. Unsec’d. Notes		4.000		06/15/50		1,315		1,666,321
Union Electric Co.,
Sr. Sec’d. Notes		3.650		04/15/45		50		62,108
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes		4.600		12/01/48		460		664,126
Sr. Unsec’d. Notes, Series A		3.500		03/15/27		535		616,022
Sr. Unsec’d. Notes, Series C		4.000		11/15/46		175		231,995
Vistra Operations Co. LLC,
Sr. Sec’d. Notes, 144A		3.550		07/15/24		1,515		1,587,395

See Notes to Financial Statements.

PGIM Core Bond Fund 33

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date		Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Wisconsin Power & Light Co.,
Sr. Unsec’d. Notes		3.050%		10/15/27		535	$	598,451
Xcel Energy, Inc.,
Sr. Unsec’d. Notes		3.350		12/01/26		510		582,890
								43,195,255
Electronics    0.1%
FLIR Systems, Inc.,
Sr. Unsec’d. Notes		3.125		06/15/21		275		280,545
Trimble, Inc.,
Sr. Unsec’d. Notes		4.150		06/15/23		770		828,648
								1,109,193
Engineering & Construction    0.1%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A		3.875		04/30/28		200		175,910
Sr. Sec’d. Notes, 144A		4.250		10/31/26		200		181,107
Sr. Sec’d. Notes, 144A		5.500		07/31/47		600		504,346
								861,363
Foods    0.6%
Ahold Finance USA LLC (Netherlands),
Gtd. Notes		6.875		05/01/29		280		398,621
Campbell Soup Co.,
Sr. Unsec’d. Notes		2.375		04/24/30		2,175		2,314,370
J.M. Smucker Co. (The),
Sr. Unsec’d. Notes		3.000		03/15/22		115		119,353
Kraft Heinz Foods Co.,
Gtd. Notes		3.000		06/01/26		110		116,274
Gtd. Notes, 144A		4.875		10/01/49		900		990,107
Kroger Co. (The),
Sr. Unsec’d. Notes		3.300		01/15/21		285		288,051
Sr. Unsec’d. Notes		3.875		10/15/46		65		77,691
Mars, Inc.,
Gtd. Notes, 144A		3.950		04/01/49		580		766,253
Mondelez International Holdings Netherlands BV,
Gtd. Notes, 144A		2.000		10/28/21		500		508,764

See Notes to Financial Statements.

34

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Foods (cont’d.)
Tyson Foods, Inc.,
Sr. Unsec’d. Notes		2.250%		08/23/21			985	$	1,000,968
Sr. Unsec’d. Notes		5.100		09/28/48	(a)		710		991,783
									7,572,235
Forest Products & Paper    0.0%
Georgia-Pacific LLC,
Sr. Unsec’d. Notes, 144A		3.600		03/01/25	(a)		220		245,587
Gas    0.3%
Atmos Energy Corp.,
Sr. Unsec’d. Notes		3.375		09/15/49			1,200		1,453,365
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes		4.100		09/01/47			305		370,983
NiSource, Inc.,
Sr. Unsec’d. Notes		3.600		05/01/30			395		465,224
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes		3.500		06/01/29			440		513,713
Southern Co. Gas Capital Corp.,
Gtd. Notes		2.450		10/01/23			555		583,733
									3,387,018
Healthcare-Products    0.0%
Medtronic, Inc.,
Gtd. Notes		4.375		03/15/35			235		319,042
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes		2.950		09/19/26			105		117,534
									436,576
Healthcare-Services    1.0%
Aetna, Inc.,
Sr. Unsec’d. Notes		3.500		11/15/24			100		110,390
Sr. Unsec’d. Notes		4.500		05/15/42			1,000		1,235,175
Sr. Unsec’d. Notes		6.750		12/15/37			170		247,707
AHS Hospital Corp.,
Unsec’d. Notes		5.024		07/01/45			200		273,227
Allina Health System,
Unsec’d. Notes, Series 2019		3.887		04/15/49			250		307,613
Ascension Health,
Sr. Unsec’d. Notes, Series B		3.106		11/15/39			265		298,044

See Notes to Financial Statements.

PGIM Core Bond Fund 35

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Ascension Health, (cont’d.)
Unsec’d. Notes		4.847%		11/15/53			500	$	771,456
Humana, Inc.,
Sr. Unsec’d. Notes		2.500		12/15/20			620		624,656
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes		2.950		12/01/29			1,595		1,762,968
Memorial Sloan-Kettering Cancer Center,
Sr. Unsec’d. Notes		4.200		07/01/55			75		104,694
Mount Sinai Hospitals Group, Inc.,
Sec’d. Notes, Series 2019		3.737		07/01/49			1,795		2,034,690
New York & Presbyterian Hospital (The),
Unsec’d. Notes		4.024		08/01/45			40		52,076
OhioHealth Corp.,
Unsec’d. Notes		3.042		11/15/50			795		896,511
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A		2.532		10/01/29			420		453,807
Unsec’d. Notes, Series H		2.746		10/01/26			40		43,707
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes		2.950		06/30/30			1,910		2,114,707
Sr. Unsec’d. Notes		3.500		03/30/25			190		211,729
RWJ Barnabas Health, Inc.,
Sr. Unsec’d. Notes		3.949		07/01/46			175		202,528
Stanford Health Care,
Unsec’d. Notes, Series 2018		3.795		11/15/48			450		564,943
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.750		07/15/25			90		103,427
									12,414,055
Housewares 0.0%
Newell Brands, Inc.,
Sr. Unsec’d. Notes		4.700		04/01/26			35		37,929
Insurance 0.8%
American International Group, Inc.,
Sr. Unsec’d. Notes		3.750		07/10/25			410		462,162
Sr. Unsec’d. Notes		4.500		07/16/44	(a)		410		506,018
Arch Capital Finance LLC,
Gtd. Notes		5.031		12/15/46			95		127,989
Arch Capital Group US, Inc.,
Gtd. Notes		5.144		11/01/43			100		133,318

See Notes to Financial Statements.

36

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.950%		05/15/24			1,170	$	1,289,640
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		3.950		05/15/60			185		213,687
Gtd. Notes, 144A		3.951		10/15/50			450		522,315
Lincoln National Corp.,
Sr. Unsec’d. Notes		6.300		10/09/37			115		155,338
Markel Corp.,
Sr. Unsec’d. Notes		3.350		09/17/29			1,625		1,783,006
Sr. Unsec’d. Notes		3.625		03/30/23			400		426,429
Sr. Unsec’d. Notes		4.150		09/17/50			1,310		1,595,696
Sr. Unsec’d. Notes		5.000		04/05/46			350		461,180
Principal Financial Group, Inc.,
Gtd. Notes		3.100		11/15/26			105		116,381
Gtd. Notes		4.300		11/15/46			140		177,447
Gtd. Notes		4.350		05/15/43			85		106,354
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A		3.300		05/15/50	��		930		1,030,958
Sub. Notes, 144A		4.900		09/15/44			120		162,602
W.R. Berkley Corp.,
Sr. Unsec’d. Notes		4.000		05/12/50	(a)		545		653,712
									9,924,232
Iron/Steel 0.2%
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes		3.450		04/15/30			1,950		2,180,828
Lodging 0.1%
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes		3.500		08/18/26			1,230		1,233,443
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series R		3.125		06/15/26			250		247,292
									1,480,735
Machinery-Construction & Mining 0.1%
Caterpillar, Inc.,
Sr. Unsec’d. Notes		2.600		04/09/30			735		821,747

See Notes to Financial Statements.

PGIM Core Bond Fund 37

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Machinery-Diversified 0.2%
CNH Industrial Capital LLC,
Gtd. Notes		1.950%		07/02/23			1,375	$	1,386,824
Deere & Co.,
Sr. Unsec’d. Notes		2.875		09/07/49			620		708,684
Rockwell Automation, Inc.,
Sr. Unsec’d. Notes		2.875		03/01/25			115		124,453
Xylem, Inc.,
Sr. Unsec’d. Notes		3.250		11/01/26			70		78,660
									2,298,621
Media 1.4%
Charter Communications Operating LLC/Charter
Communications Operating Capital,
Sr. Sec’d. Notes		2.800		04/01/31	(a)		3,225		3,387,426
Sr. Sec’d. Notes		4.800		03/01/50			335		404,714
Sr. Sec’d. Notes		5.375		05/01/47			530		669,813
Sr. Sec’d. Notes		6.384		10/23/35			2,480		3,397,951
Sr. Sec’d. Notes		6.484		10/23/45			400		564,358
Comcast Corp.,
Gtd. Notes		4.150		10/15/28			805		983,605
Gtd. Notes		4.250		10/15/30			275		346,011
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A		3.150		08/15/24			800		869,830
Sr. Unsec’d. Notes, 144A		3.500		08/15/27			2,000		2,261,249
Sr. Unsec’d. Notes, 144A		4.600		08/15/47			500		668,804
Discovery Communications LLC,
Gtd. Notes		5.200		09/20/47			177		224,196
Time Warner Cable LLC,
Sr. Sec’d. Notes		5.500		09/01/41			150		188,066
ViacomCBS, Inc.,
Sr. Unsec’d. Notes		4.375		03/15/43	(a)		1,500		1,662,077
Walt Disney Co. (The),
Gtd. Notes		6.400		12/15/35			512		785,639
									16,413,739
Mining 0.2%
Barrick North America Finance LLC (Canada),
Gtd. Notes		5.750		05/01/43			190		284,072
Newmont Corp.,
Gtd. Notes		2.250		10/01/30			845		891,152
Gtd. Notes		2.800		10/01/29	(a)		1,270		1,400,729

See Notes to Financial Statements.

38

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Mining (cont’d.)
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes		6.750%		04/16/40			100	$	146,866
									2,722,819
Multi-National 0.1%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes		2.125		09/27/21			300		302,283
Sr. Unsec’d. Notes		2.750		01/06/23			185		191,912
Sr. Unsec’d. Notes		3.250		02/11/22			95		97,584
									591,779
Office/Business Equipment 0.0%
Xerox Corp.,
Sr. Unsec’d. Notes		2.750		09/01/20			137		137,026
Oil & Gas 2.0%
Apache Corp.,
Sr. Unsec’d. Notes		3.250		04/15/22			202		203,135
BP Capital Markets America, Inc.,
Gtd. Notes		3.790		02/06/24			855		939,586
BP Capital Markets PLC (United Kingdom),
Gtd. Notes		4.375(ff)		–(rr)			2,420		2,526,505
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes		2.950		01/15/23	(a)		1,310		1,362,087
Sr. Unsec’d. Notes		6.250		03/15/38			175		220,851
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		5.400		06/15/47			384		345,598
Sr. Unsec’d. Notes		6.750		11/15/39			350		364,427
CNOOC Finance 2013 Ltd. (China),
Gtd. Notes		2.875		09/30/29			1,085		1,174,581
Concho Resources, Inc.,
Gtd. Notes		3.750		10/01/27	(a)		2,000		2,188,799
Gtd. Notes		4.300		08/15/28			1,110		1,257,890
Gtd. Notes		4.875		10/01/47			55		66,115
Continental Resources, Inc.,
Gtd. Notes		3.800		06/01/24	(a)		2,300		2,226,460
Gtd. Notes		4.500		04/15/23	(a)		725		725,072
Equinor ASA (Norway),
Gtd. Notes		2.375		05/22/30			1,110		1,192,169

See Notes to Financial Statements.

PGIM Core Bond Fund 39

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes		4.650%		03/15/25			1,190	$	1,295,027
Husky Energy, Inc. (Canada),
Sr. Unsec’d. Notes		4.000		04/15/24			150		157,383
Sr. Unsec’d. Notes		6.800		09/15/37			200		253,076
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A		4.750		04/24/25			200		220,773
Marathon Petroleum Corp.,
Sr. Unsec’d. Notes		3.800		04/01/28			380		417,624
Noble Energy, Inc.,
Sr. Unsec’d. Notes		3.900		11/15/24			425		472,846
Sr. Unsec’d. Notes		5.050		11/15/44			435		580,504
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		2.600		08/13/21	(a)		223		221,260
Sr. Unsec’d. Notes		7.500		05/01/31			100		106,500
Sr. Unsec’d. Notes		7.875		09/15/31			250		267,352
Ovintiv, Inc.,
Gtd. Notes		6.500		08/15/34			200		186,029
Petroleos Mexicanos (Mexico),
Gtd. Notes		5.500		01/21/21			70		70,715
Gtd. Notes		6.350		02/12/48			154		121,385
Gtd. Notes		6.500		03/13/27			1,020		973,180
Gtd. Notes, 144A		6.490		01/23/27			1,048		1,000,840
Gtd. Notes, 144A		7.690		01/23/50			398		349,053
Gtd. Notes, MTN		6.750		09/21/47			1,305		1,062,584
Gtd. Notes, MTN		6.875		08/04/26			870		865,279
Sinopec Group Overseas Development 2018 Ltd.
(China),
Gtd. Notes, 144A		3.680		08/08/49			585		704,099
Valero Energy Corp.,
Sr. Unsec’d. Notes		3.400		09/15/26			220		242,566
									24,361,350
Oil & Gas Services 0.0%
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A		3.900		05/17/28	(a)		487		537,013
Sr. Unsec’d. Notes, 144A		4.000		12/21/25			33		36,642
									573,655

See Notes to Financial Statements.

40

Description	Interest Rate			Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Packaging & Containers 0.1%
WRKCo, Inc.,
Gtd. Notes		4.650%			03/15/26			560	$	659,001
Pharmaceuticals 1.9%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.600			05/14/25			105		117,468
Sr. Unsec’d. Notes		4.500			05/14/35			550		687,360
Sr. Unsec’d. Notes		4.700			05/14/45			1,330		1,746,110
Sr. Unsec’d. Notes, 144A		4.250			11/21/49			2,295		2,934,909
Sr. Unsec’d. Notes, 144A		4.550			03/15/35			360		458,653
Sr. Unsec’d. Notes, 144A		4.750			03/15/45			1,008		1,321,912
AmerisourceBergen Corp.,
Sr. Unsec’d. Notes		3.250			03/01/25			55		60,717
Bayer US Finance II LLC (Germany),
Gtd. Notes, 144A, 3 Month LIBOR + 0.630%		0.927	(c)		06/25/21			335		335,658
Gtd. Notes, 144A		3.500			06/25/21			200		204,607
Bayer US Finance LLC (Germany),
Gtd. Notes, 144A		3.000			10/08/21			150		153,792
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		3.250			08/15/22			125		132,223
Sr. Unsec’d. Notes		4.125			06/15/39			115		153,707
Sr. Unsec’d. Notes		4.250			10/26/49			395		563,043
Sr. Unsec’d. Notes		4.350			11/15/47			475		671,793
Sr. Unsec’d. Notes		5.000			08/15/45			230		346,225
Cigna Corp.,
Gtd. Notes		3.250			04/15/25			270		297,584
Gtd. Notes		3.400			03/01/27			325		366,580
Gtd. Notes		4.375			10/15/28			1,950		2,354,524
Gtd. Notes		4.500			02/25/26			700		825,691
Sr. Unsec’d. Notes		2.400			03/15/30	(a)		780		831,574
CVS Health Corp.,
Sr. Unsec’d. Notes		4.300			03/25/28	(a)		2,025		2,399,395
Sr. Unsec’d. Notes		4.780			03/25/38			85		109,205
Sr. Unsec’d. Notes		5.125			07/20/45	(a)		465		631,901
Sr. Unsec’d. Notes		5.300			12/05/43			155		212,841
Mylan, Inc.,
Gtd. Notes		5.200			04/15/48	(a)		1,250		1,644,176
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes		2.875			09/23/23			225		239,578
Gtd. Notes		3.200			09/23/26			1,220		1,370,908

See Notes to Financial Statements.

PGIM Core Bond Fund 41

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Upjohn, Inc.,
Gtd. Notes, 144A		3.850%		06/22/40	(a)		1,065	$	1,217,360
									22,389,494
Pipelines 1.5%
Colonial Enterprises, Inc.,
Gtd. Notes, 144A		3.250		05/15/30	(a)		1,730		1,912,288
Colorado Interstate Gas Co. LLC/Colorado Interstate
Issuing Corp.,
Gtd. Notes, 144A		4.150		08/15/26			555		623,367
DCP Midstream Operating LP,
Gtd. Notes, 144A		4.750		09/30/21			50		50,824
Energy Transfer Operating LP,
Gtd. Notes		4.950		06/15/28			430		459,809
Gtd. Notes		5.000		05/15/50			565		560,294
Gtd. Notes		6.250		04/15/49			910		980,267
Enterprise Products Operating LLC,
Gtd. Notes		3.700		01/31/51	(a)		445		482,352
Gtd. Notes		3.950		01/31/60			485		530,276
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes		3.250		06/01/30			1,300		1,414,723
Sr. Unsec’d. Notes		4.200		03/15/45			275		285,884
MPLX LP,
Sr. Unsec’d. Notes		4.000		02/15/25			130		141,257
Sr. Unsec’d. Notes		4.500		04/15/38			270		287,579
Sr. Unsec’d. Notes		4.875		06/01/25			200		225,979
Sr. Unsec’d. Notes		5.200		03/01/47			5		5,660
Sr. Unsec’d. Notes		5.500		02/15/49			210		250,731
ONEOK Partners LP,
Gtd. Notes		6.125		02/01/41			300		332,789
ONEOK, Inc.,
Gtd. Notes		3.100		03/15/30			2,415		2,278,815
Gtd. Notes		4.450		09/01/49			1,000		903,152
Gtd. Notes		4.500		03/15/50			195		177,546
Gtd. Notes		4.950		07/13/47			85		82,806
Phillips 66 Partners LP,
Sr. Unsec’d. Notes		3.550		10/01/26			310		335,710
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		3.550		12/15/29			350		344,820
Sr. Unsec’d. Notes		4.650		10/15/25			1,000		1,080,998
Sr. Unsec’d. Notes		4.700		06/15/44			170		158,804

See Notes to Financial Statements.

42

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Plains All American Pipeline LP/PAA Finance Corp., (cont’d.)
Sr. Unsec’d. Notes		5.150%		06/01/42			105	$	104,237
Spectra Energy Partners LP,
Gtd. Notes		3.375		10/15/26			140		154,197
Texas Eastern Transmission LP,
Sr. Unsec’d. Notes, 144A		3.500		01/15/28			300		328,021
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes		4.600		03/15/48			500		622,583
Sr. Unsec’d. Notes, 144A		3.950		05/15/50			625		710,183
Western Midstream Operating LP,
Sr. Unsec’d. Notes		4.000		07/01/22			665		686,766
Sr. Unsec’d. Notes		5.300		03/01/48			320		287,448
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		4.000		09/15/25			350		391,418
Sr. Unsec’d. Notes		4.300		03/04/24			325		355,935
Sr. Unsec’d. Notes		4.850		03/01/48			55		65,397
Sr. Unsec’d. Notes		5.400		03/04/44			400		474,768
									18,087,683
Real Estate Investment Trusts (REITs) 0.6%
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes		3.250		07/15/26	(a)		1,000		1,113,646
Realty Income Corp.,
Sr. Unsec’d. Notes		3.250		01/15/31			985		1,104,871
Simon Property Group LP,
Sr. Unsec’d. Notes		2.000		09/13/24			2,300		2,377,182
Welltower, Inc.,
Sr. Unsec’d. Notes		2.700		02/15/27			775		822,718
Sr. Unsec’d. Notes		3.625		03/15/24			1,500		1,626,765
Weyerhaeuser Co.,
Sr. Unsec’d. Notes		4.625		09/15/23			425		472,877
									7,518,059
Retail 0.3%
Alimentation Couche-Tard, Inc. (Canada),
Gtd. Notes, 144A		3.550		07/26/27			940		1,037,004

See Notes to Financial Statements.

PGIM Core Bond Fund 43

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Dollar General Corp.,
Sr. Unsec’d. Notes		4.125%		04/03/50			1,515	$	1,923,093
Dollar Tree, Inc.,
Sr. Unsec’d. Notes		4.200		05/15/28			850		1,011,701
									3,971,798
Semiconductors 0.5%
Broadcom, Inc.,
Gtd. Notes, 144A		3.150		11/15/25			2,395		2,583,306
Gtd. Notes, 144A		3.459		09/15/26			884		968,164
Gtd. Notes, 144A		5.000		04/15/30			2,040		2,422,976
									5,974,446
Software 0.2%
Electronic Arts, Inc.,
Sr. Unsec’d. Notes		3.700		03/01/21			200		203,345
Microsoft Corp.,
Sr. Unsec’d. Notes		2.525		06/01/50			191		211,317
Sr. Unsec’d. Notes		2.675		06/01/60			1,000		1,108,040
Sr. Unsec’d. Notes		3.950		08/08/56			335		469,164
									1,991,866
Telecommunications 1.2%
AT&T, Inc.,
Sr. Unsec’d. Notes		3.400		06/15/22			850		896,649
Sr. Unsec’d. Notes		3.400		05/15/25			275		305,288
Sr. Unsec’d. Notes		3.600		07/15/25			50		55,953
Sr. Unsec’d. Notes		3.800		02/15/27			200		228,622
Sr. Unsec’d. Notes		4.300		02/15/30			170		203,227
Sr. Unsec’d. Notes		4.500		05/15/35			60		71,974
Sr. Unsec’d. Notes		4.500		03/09/48	(a)		1,125		1,374,658
Sr. Unsec’d. Notes		4.550		03/09/49			575		704,683
Sr. Unsec’d. Notes		4.850		03/01/39			2,100		2,620,361
Sr. Unsec’d. Notes		4.900		08/15/37	(a)		550		688,620
Sr. Unsec’d. Notes		5.250		03/01/37			445		572,804
Sr. Unsec’d. Notes		5.450		03/01/47			685		923,731
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A		3.400		03/01/27			2,000		2,155,385
T-Mobile USA, Inc.,
Sr. Sec’d. Notes, 144A		4.375		04/15/40			380		465,724

See Notes to Financial Statements.

44

Description	Interest Rate		Maturity Date			Principal         Amount         (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
T-Mobile USA, Inc., (cont’d.)
Sr. Sec’d. Notes, 144A		4.500%		04/15/50	(a)		505	$	630,223
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		4.500		08/10/33			290		379,528
Sr. Unsec’d. Notes		4.862		08/21/46			1,025		1,465,577
									13,743,007
Transportation 0.2%
CSX Corp.,
Sr. Unsec’d. Notes		2.600		11/01/26			420		464,093
Kansas City Southern,
Gtd. Notes		3.500		05/01/50	(a)		1,585		1,855,794
									2,319,887
Water 0.3%
American Water Capital Corp.,
Sr. Unsec’d. Notes		2.800		05/01/30			1,580		1,778,456
Sr. Unsec’d. Notes		3.750		09/01/47			25		31,527
Sr. Unsec’d. Notes		4.000		12/01/46			145		189,018
Essential Utilities, Inc.,
Sr. Unsec’d. Notes		2.704		04/15/30			1,380		1,508,636
									3,507,637
TOTAL CORPORATE BONDS
(cost $326,569,172)									359,529,081
MUNICIPAL BONDS 0.8%
Alabama 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B		4.263		09/15/32			40		47,939
California 0.2%
Bay Area Toll Authority,
Taxable, Revenue Bonds		2.574		04/01/31			1,405		1,524,073
City of Los Angeles Department of Airports,
Taxable, Revenue Bonds, BABs		6.582		05/15/39			300		410,715

See Notes to Financial Statements.

PGIM Core Bond Fund 45

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
MUNICIPAL BONDS (Continued)
California (cont’d.)
University of California,
Taxable, Revenue Bonds, Series AP		3.931	%		05/15/45		30	$	37,556
Taxable, Revenue Bonds, Series J		4.131			05/15/45		30		37,105
									2,009,449
Illinois 0.1%
State of Illinois,
General Obligation Unlimited, Series A		5.000			10/01/22		110		116,209
General Obligation Unlimited, Series D		5.000			11/01/22		895		947,393
General Obligation Unlimited, Taxable		5.100			06/01/33		450		472,455
									1,536,057
New Jersey 0.0%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series A		7.102			01/01/41		250		429,240
North Carolina 0.1%
North Carolina State Education Assistance Authority,
Taxable, Revenue Bonds, Series 2011-002, Class A3, 3 Month LIBOR + 0.800%		1.045	(c)		07/25/36		700		676,074
Pennsylvania 0.1%
Pennsylvania State University (The),
Taxable, Revenue Bonds, Series D		2.840			09/01/50		745		822,808
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs		6.105			12/01/39		70		106,573
Revenue Bonds, BABs, Series B		5.511			12/01/45		150		229,227
									1,158,608
Texas 0.3%
City of San Antonio TX Electric & Gas Systems Revenue,
Revenue Bonds, BABs	��	5.985			02/01/39		775		1,159,857
Grand Parkway Transportation Corp.,
Taxable, Revenue Bonds, Series E		5.184			10/01/42		775		1,136,189
Permanent University Fund - University of Texas System,
Taxable, Revenue Bonds, Series A		3.376			07/01/47		555		697,224
Texas Private Activity Bond Surface Transportation Corp.,
Taxable, Revenue Bonds, Series B		3.922			12/31/49		340		375,041
									3,368,311

See Notes to Financial Statements.

46

Description	Interest Rate			Maturity Date		Principal         Amount         (000)#		Value
MUNICIPAL BONDS (Continued)
Virginia 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C		4.179	%		09/01/2117		130	$	187,053
TOTAL MUNICIPAL BONDS
(cost $8,521,421)									9,412,731
RESIDENTIAL MORTGAGE-BACKED SECURITIES    2.5%
Alternative Loan Trust,
Series 2003-J03, Class 2A1		6.250			12/25/33		3		3,423
Banc of America Funding Trust,
Series 2015-R04, Class 4A1, 144A		3.500	(cc)		01/27/30		18		17,447
BCAP LLC Trust,
Series 2011-RR04, Class 7A1, 144A		5.250			04/26/37		186		153,351
Bellemeade Re Ltd. (Bermuda),
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		1.772	(c)		04/25/28		149		147,873
Series 2019-03A, Class M1A, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		1.272	(c)		07/25/29		168		167,623
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)		1.772	(c)		07/25/29		450		436,388
Series 2020-01A, Class M1A, 144A, 1 Month LIBOR + 2.650% (Cap N/A, Floor 0.000%)		2.822	(c)		06/25/30		710		712,140
Series 2020-01A, Class M1B, 144A, 1 Month LIBOR + 3.400% (Cap N/A, Floor 0.000%)		3.572	(c)		06/25/30		180		181,441
CIM Trust,
Series 2017-03, Class A1, 144A, 1 Month LIBOR + 2.000% (Cap N/A, Floor 0.000%)		2.171	(c)		01/25/57		543		543,231
Series 2017-05, Class A3, 144A		4.000	(cc)		05/25/57		1,600		1,590,045
Series 2017-06, Class A1, 144A		3.015	(cc)		06/25/57		798		803,198
Series 2017-08, Class A1, 144A		3.000	(cc)		12/25/65		603		601,020
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2003-08, Class 5A1		6.500			04/25/33		3		3,476
Credit Suisse Mortgage Trust,
Series 2019-11R, Class 1A1, 144A, 1 Month LIBOR + 1.350% (Cap N/A, Floor 1.350%)		1.529	(c)		09/25/45		1,223		1,212,793
Series 2020-WL01, Class A, 144A, 1 Month LIBOR +
1.400% (Cap N/A, Floor 0.000%)^		1.572	(c)		12/25/59		2,461		2,436,209
Eagle Re Ltd. (Bermuda),
Series 2019-01, Class M1B, 144A, 1 Month LIBOR +
1.800% (Cap N/A, Floor 0.000%)		1.972	(c)		04/25/29		90		89,515
Fannie Mae REMICS,
Series 2011-141, Class MZ		4.500			01/25/42		706		791,989
Series 2014-11, Class VB		4.500			04/25/42		500		588,287

See Notes to Financial Statements.

PGIM Core Bond Fund 47

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate			Maturity Date			Principal         Amount          (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
FHLMC Structured Pass-Through Certificates,
Series T-59, Class 1A2		7.000	%		10/25/43			95	$	120,064
Freddie Mac REMICS,
Series 4249, Class GW		3.500			10/15/41			1,720		1,914,099
Series 4661, Class BV		3.500			12/15/36			1,000		1,062,761
Series 4717, Class PA		3.000			04/15/45			918		960,102
Freddie Mac Structured Agency Credit Risk Debt Notes,
Series 2016-HQA04, Class M2, 1 Month LIBOR + 1.300% (Cap N/A, Floor 0.000%)		1.472	(c)		04/25/29			1		1,208
Series 2017-DNA03, Class M1, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)		0.922	(c)		03/25/30			228		227,500
Freddie Mac Structured Agency Credit Risk Trust,
Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.000%)		0.922	(c)		09/25/48			1		1,156
GCAT LLC,
Series 2019-04, Class A1, 144A		3.228			11/26/49			2,685		2,643,427
Government National Mortgage Assoc.,
Series 2013-99, Class AX		3.000			07/20/43			1,323		1,413,735
Series 2016-46, Class JE		2.500			11/20/45			456		476,959
Series 2017-101, Class AB		2.500			07/20/47			1,000		1,048,586
Series 2018-07, Class GA		3.000			02/20/47			813		839,136
GSR Mortgage Loan Trust,
Series 2005-AR06, Class 2A1		3.987	(cc)		09/25/35			29		28,916
Home Re Ltd. (Bermuda),
Series 2019-01, Class M1, 144A, 1 Month LIBOR + 1.650% (Cap N/A, Floor 0.000%)		1.822	(c)		05/25/29			61		59,872
Legacy Mortgage Asset Trust,
Series 2019-GS06, Class A1, 144A		3.000			06/25/59			278		277,623
Series 2019-PR01, Class A1, 144A		3.858			09/25/59			1,589		1,581,338
Series 2020-GS01, Class A1, 144A		2.882			10/25/59			1,063		1,056,543
LSTAR Securities Investment Trust,
Series 2019-02, Class A1, 144A, 1 Month LIBOR +						��
1.500% (Cap N/A, Floor 0.000%)		1.671	(c)		04/01/24			195		193,374
Mortgage Repurchase Agreement Financing Trust,
Series 2020-03, Class A1, 144A, 1 Month LIBOR + 1.250% (Cap N/A, Floor 1.250%)		1.426	(c)		01/23/23			445		445,000
Series 2020-04, Class A1, 144A^		—	(p)		04/23/23			425		425,000
Series 2020-04, Class A2, 144A^		—	(p)		04/23/23			825		825,000
New Residential Mortgage Loan Trust,
Series 2018-01A, Class A1A, 144A		4.000	(cc)		12/25/57			422		451,075
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR + 0.750% (Cap N/A, Floor 0.750%)		0.922	(c)		01/25/48			162		159,835

See Notes to Financial Statements.

48

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Oaktown Re III Ltd. (Bermuda),
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 1.400%)		1.572	%(c)		07/25/29		19	$	18,632
Oaktown Re IV Ltd. (Bermuda),
Series 2020-01A, Class M1A, 144A, 1 Month LIBOR + 3.200% (Cap N/A, Floor 3.200%)		3.378	(c)		07/25/30		400		399,840
OBX Trust,
Series 2018-01, Class A2, 144A, 1 Month LIBOR + 0.650% (Cap N/A, Floor 0.000%)		0.822	(c)		06/25/57		347		342,632
Radnor Re Ltd. (Bermuda),
Series 2018-01, Class M1, 144A, 1 Month LIBOR + 1.400% (Cap N/A, Floor 0.000%)		1.572	(c)		03/25/28		17		17,241
Series 2020-01, Class M1A, 144A, 1 Month LIBOR + 0.950% (Cap N/A, Floor 0.950%)		1.122	(c)		02/25/30		200		197,869
Seasoned Credit Risk Transfer Trust,
Series 2019-02, Class MA		3.500			08/25/58		1,233		1,351,019
Sequoia Mortgage Trust 10,
Series 10, Class 2A1, 1 Month LIBOR + 0.760% (Cap 11.750%, Floor 0.380%)		0.947	(c)		10/20/27		26		24,509
Structured Asset Mortgage Investments II Trust,
Series 2005-AR05, Class A1, 1 Month LIBOR + 0.250% (Cap 11.000%, Floor 0.250%)		0.437	(c)		07/19/35		31		28,666
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%)		2.722	(c)		06/25/42		58		53,667
Series 2002-AR09, Class 1A, Federal Reserve US 12
Month Cumulative Avg 1 Year CMT + 1.400% (Cap
N/A, Floor 1.400%)		2.722	(c)		08/25/42		3		3,227
Series 2005-AR13, Class A1A1, 1 Month LIBOR + 0.290% (Cap 10.500%, Floor 0.290%)		0.462	(c)		10/25/45		400		389,308
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $29,166,656)									29,518,368
SOVEREIGN BONDS 0.8%
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A		3.125			10/11/27		840		941,468
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes		4.375			07/12/21		200		206,005
Sr. Unsec’d. Notes		5.000			06/15/45		370		457,474
Sr. Unsec’d. Notes		7.375			09/18/37		175		255,354
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A		3.875			02/01/28		290		305,368

See Notes to Financial Statements.

PGIM Core Bond Fund 49

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
SOVEREIGN BONDS (Continued)
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		4.450	%		02/11/24		200	$	221,036
Sr. Unsec’d. Notes, EMTN		3.750			04/25/22		200		208,503
Sr. Unsec’d. Notes, EMTN		4.750			01/08/26		200		231,267
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN		1.750			09/05/24		200		209,017
Sr. Unsec’d. Notes, 144A, MTN		2.125			10/25/23		200		209,962
Sr. Unsec’d. Notes, 144A, MTN		2.625			04/20/22		400		414,490
Sr. Unsec’d. Notes, 144A, MTN		3.000			03/12/24		400		433,885
Lithuania Government International Bond (Lithuania),
Sr. Unsec’d. Notes, 144A		6.125			03/09/21		260		268,823
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes		4.500			04/16/50		200		266,021
Province of Alberta (Canada),
Sr. Unsec’d. Notes		3.300			03/15/28		335		392,165
Province of Manitoba (Canada),
Sr. Unsec’d. Notes		2.125			06/22/26		100		108,013
Sr. Unsec’d. Notes, Series GX		2.600			04/16/24		140		150,758
Province of Quebec (Canada),
Unsec’d. Notes, MTN		7.140			02/27/26		100		133,446
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A		3.875			04/23/23		335		361,825
Sr. Unsec’d. Notes, 144A		5.103			04/23/48		370		544,511
Republic of Poland Government International Bond
(Poland),
Sr. Unsec’d. Notes		3.000			03/17/23		100		106,373
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN		2.375			10/26/21		435		443,194
Sr. Unsec’d. Notes, 144A, MTN		2.875			03/04/23		460		482,101
Sr. Unsec’d. Notes, 144A, MTN		4.000			04/17/25		320		358,099
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes, 144A		2.500			06/08/22		400		414,208
Sr. Unsec’d. Notes, 144A		3.250			06/01/23		200		214,845
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes		4.975			04/20/55		540		750,552
Sr. Unsec’d. Notes		5.100			06/18/50		60		83,924
TOTAL SOVEREIGN BONDS
(cost $8,245,953)									9,172,687
U.S. GOVERNMENT AGENCY OBLIGATIONS 18.8%
Federal Home Loan Mortgage Corp.		2.000			01/01/32		691		721,840
Federal Home Loan Mortgage Corp.		2.500			01/01/29		450		473,442
Federal Home Loan Mortgage Corp.		2.500			07/01/31		628		668,300
Federal Home Loan Mortgage Corp.		2.500			01/01/32		320		340,555

See Notes to Financial Statements.

50

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.		2.500	%		10/01/32		824	$	876,725
Federal Home Loan Mortgage Corp.		2.500			12/01/32		1,577		1,658,966
Federal Home Loan Mortgage Corp.		2.500			09/01/46		424		451,870
Federal Home Loan Mortgage Corp.		2.500			11/01/49		1,220		1,299,606
Federal Home Loan Mortgage Corp.		3.000			02/01/32		1,360		1,447,831
Federal Home Loan Mortgage Corp.		3.000			01/01/37		351		373,410
Federal Home Loan Mortgage Corp.		3.000			12/01/37		166		175,701
Federal Home Loan Mortgage Corp.		3.000			07/01/43		536		576,942
Federal Home Loan Mortgage Corp.		3.000			06/01/46		1,182		1,257,285
Federal Home Loan Mortgage Corp.		3.000			12/01/46		1,006		1,067,228
Federal Home Loan Mortgage Corp.		3.000			01/01/47		1,100		1,166,707
Federal Home Loan Mortgage Corp.		3.000			06/01/50		1,218		1,289,820
Federal Home Loan Mortgage Corp.		3.500			11/01/28		466		497,369
Federal Home Loan Mortgage Corp.		3.500			11/01/37		345		366,957
Federal Home Loan Mortgage Corp.		3.500			06/01/42		457		494,723
Federal Home Loan Mortgage Corp.		3.500			06/01/42		494		534,876
Federal Home Loan Mortgage Corp.		3.500			07/01/42		499		540,140
Federal Home Loan Mortgage Corp.		3.500			09/01/42		576		624,349
Federal Home Loan Mortgage Corp.		3.500			10/01/42		654		709,094
Federal Home Loan Mortgage Corp.		3.500			06/01/43		326		353,923
Federal Home Loan Mortgage Corp.		3.500			05/01/45		450		481,985
Federal Home Loan Mortgage Corp.		3.500			01/01/47		331		352,229
Federal Home Loan Mortgage Corp.		3.500			02/01/47		808		860,186
Federal Home Loan Mortgage Corp.		3.500			11/01/47		642		679,710
Federal Home Loan Mortgage Corp.		3.500			08/01/48		329		346,863
Federal Home Loan Mortgage Corp.		3.500			10/01/48		1,277		1,344,358
Federal Home Loan Mortgage Corp.		4.000			12/01/40		151		165,008
Federal Home Loan Mortgage Corp.		4.000			01/01/41		324		354,588
Federal Home Loan Mortgage Corp.		4.000			04/01/42		452		490,455
Federal Home Loan Mortgage Corp.		4.000			10/01/45		244		264,140
Federal Home Loan Mortgage Corp.		4.000			02/01/46		3,854		4,234,024
Federal Home Loan Mortgage Corp.		4.000			05/01/46		277		299,011
Federal Home Loan Mortgage Corp.		4.000			08/01/46		331		359,799
Federal Home Loan Mortgage Corp.		4.000			11/01/47		324		345,949
Federal Home Loan Mortgage Corp.		4.000			04/01/48		561		597,596
Federal Home Loan Mortgage Corp.		4.000			05/01/48		580		616,582
Federal Home Loan Mortgage Corp.		4.000			07/01/48		826		879,765
Federal Home Loan Mortgage Corp.		4.500			06/01/42		152		168,549
Federal Home Loan Mortgage Corp.		4.500			09/01/44		195		215,665
Federal Home Loan Mortgage Corp.		4.500			07/01/45		481		534,697
Federal Home Loan Mortgage Corp.		4.500			04/01/47		2,710		2,931,450
Federal Home Loan Mortgage Corp.		4.500			07/01/47		273		293,933
Federal Home Loan Mortgage Corp.		4.500			07/01/47		577		623,684
Federal Home Loan Mortgage Corp.		4.500			11/01/47		1,148		1,239,984
Federal Home Loan Mortgage Corp.		4.500			02/01/48		346		373,423

See Notes to Financial Statements.

PGIM Core Bond Fund 51

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate			Maturity Date			Principal         Amount          (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.		4.500	%		07/01/48			878	$	944,210
Federal Home Loan Mortgage Corp.		5.000			08/01/40			272		311,136
Federal Home Loan Mortgage Corp.		5.000			12/01/47			474		519,890
Federal Home Loan Mortgage Corp.		5.000			02/01/48			625		684,648
Federal National Mortgage Assoc.		1.625			01/07/25			1,545		1,629,542
Federal National Mortgage Assoc.		2.000			TBA			500		519,375
Federal National Mortgage Assoc.		2.000			TBA			12,500		12,926,275
Federal National Mortgage Assoc.		2.000			10/01/34			1,042		1,084,327
Federal National Mortgage Assoc.		2.375			01/19/23			280		295,072
Federal National Mortgage Assoc.		2.500			TBA			3,500		3,671,173
Federal National Mortgage Assoc.		2.500			02/05/24	(k)		645		695,127
Federal National Mortgage Assoc.		2.500			05/01/30			429		456,014
Federal National Mortgage Assoc.		2.500			04/01/31			1,260		1,342,010
Federal National Mortgage Assoc.		2.500			11/01/31			313		333,389
Federal National Mortgage Assoc.		2.500			02/01/43			126		134,586
Federal National Mortgage Assoc.		2.500			09/01/46			374		396,082
Federal National Mortgage Assoc.		2.500			10/01/46			271		289,037
Federal National Mortgage Assoc.		2.500			10/01/46			366		390,855
Federal National Mortgage Assoc.		2.500			09/01/49			610		640,450
Federal National Mortgage Assoc.		2.500			10/01/49			452		474,873
Federal National Mortgage Assoc.		2.500			11/01/49			2,254		2,366,380
Federal National Mortgage Assoc., Cost of Funds for the
11th District of San Francisco + 2.000% (Cap
9.375%, Floor 2.000%)		2.875	(c)		08/01/24			6		5,834
Federal National Mortgage Assoc.		3.000			TBA			11,000		11,611,472
Federal National Mortgage Assoc.		3.000			06/01/30			253		268,637
Federal National Mortgage Assoc.		3.000			05/01/31			118		124,167
Federal National Mortgage Assoc.		3.000			12/01/31			333		350,609
Federal National Mortgage Assoc.		3.000			05/01/32			331		347,376
Federal National Mortgage Assoc.		3.000			09/01/32			154		161,939
Federal National Mortgage Assoc.		3.000			11/01/36			294		311,565
Federal National Mortgage Assoc.		3.000			10/01/42			312		335,702
Federal National Mortgage Assoc.		3.000			10/01/42			510		548,412
Federal National Mortgage Assoc.		3.000			02/01/43			314		341,592
Federal National Mortgage Assoc.		3.000			04/01/43			541		582,372
Federal National Mortgage Assoc.		3.000			06/01/43			678		729,528
Federal National Mortgage Assoc.		3.000			12/01/45			860		935,162
Federal National Mortgage Assoc.		3.000			05/01/46			1,582		1,681,776
Federal National Mortgage Assoc.		3.000			10/01/46			4,754		5,055,913
Federal National Mortgage Assoc.		3.000			11/01/46			1,688		1,790,294
Federal National Mortgage Assoc.		3.000			03/01/47			1,057		1,122,536
Federal National Mortgage Assoc.		3.000			04/01/47			2,497		2,651,951
Federal National Mortgage Assoc.		3.000			06/01/50			1,756		1,859,778
Federal National Mortgage Assoc.		3.500			12/01/29			170		179,395
Federal National Mortgage Assoc.		3.500			12/01/30			155		163,962

See Notes to Financial Statements.

52

Description	Interest Rate			Maturity Date		Principal      ��  Amount          (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		3.500	%		07/01/31		827	$	881,428
Federal National Mortgage Assoc.		3.500			08/01/31		544		574,530
Federal National Mortgage Assoc.		3.500			02/01/33		313		329,654
Federal National Mortgage Assoc.		3.500			05/01/33		158		166,629
Federal National Mortgage Assoc.		3.500			10/01/41		190		205,413
Federal National Mortgage Assoc.		3.500			04/01/42		404		437,657
Federal National Mortgage Assoc.		3.500			05/01/42		416		451,404
Federal National Mortgage Assoc.		3.500			05/01/42		2,088		2,275,582
Federal National Mortgage Assoc.		3.500			06/01/42		1,009		1,099,527
Federal National Mortgage Assoc.		3.500			10/01/42		521		567,316
Federal National Mortgage Assoc.		3.500			10/01/42		663		718,500
Federal National Mortgage Assoc.		3.500			10/01/42		1,079		1,170,246
Federal National Mortgage Assoc.		3.500			06/01/43		323		350,524
Federal National Mortgage Assoc.		3.500			06/01/45		434		464,246
Federal National Mortgage Assoc.		3.500			06/01/45		835		889,217
Federal National Mortgage Assoc.		3.500			09/01/45		558		597,116
Federal National Mortgage Assoc.		3.500			10/01/45		749		801,633
Federal National Mortgage Assoc.		3.500			01/01/46		246		261,905
Federal National Mortgage Assoc.		3.500			01/01/46		588		628,611
Federal National Mortgage Assoc.		3.500			04/01/46		7,650		8,149,212
Federal National Mortgage Assoc.		3.500			11/01/46		305		324,883
Federal National Mortgage Assoc.		3.500			06/01/47		1,319		1,395,784
Federal National Mortgage Assoc.		3.500			07/01/47		783		828,917
Federal National Mortgage Assoc.		3.500			08/01/47		438		465,072
Federal National Mortgage Assoc.		3.500			09/01/47		994		1,050,417
Federal National Mortgage Assoc.		3.500			10/01/47		3,188		3,379,857
Federal National Mortgage Assoc.		3.500			11/01/47		3,153		3,335,275
Federal National Mortgage Assoc.		3.500			01/01/48		541		572,225
Federal National Mortgage Assoc.		3.500			01/01/48		682		729,808
Federal National Mortgage Assoc.		3.500			04/01/48		1,662		1,756,836
Federal National Mortgage Assoc.		3.500			08/01/48		1,510		1,590,800
Federal National Mortgage Assoc.		3.500			10/01/48		1,034		1,091,810
Federal National Mortgage Assoc.		3.500			11/01/48		624		659,675
Federal National Mortgage Assoc.		4.000			09/01/40		313		344,308
Federal National Mortgage Assoc.		4.000			11/01/40		1,518		1,661,529
Federal National Mortgage Assoc.		4.000			02/01/41		547		601,745
Federal National Mortgage Assoc.		4.000			02/01/41		788		866,619
Federal National Mortgage Assoc.		4.000			12/01/41		454		498,842
Federal National Mortgage Assoc.		4.000			10/01/43		456		501,659
Federal National Mortgage Assoc.		4.000			09/01/44		281		305,645
Federal National Mortgage Assoc.		4.000			10/01/44		653		709,598
Federal National Mortgage Assoc.		4.000			12/01/45		236		255,570
Federal National Mortgage Assoc.		4.000			04/01/46		269		288,302
Federal National Mortgage Assoc.		4.000			08/01/46		420		450,662
Federal National Mortgage Assoc.		4.000			09/01/46		2,580		2,790,471

See Notes to Financial Statements.

PGIM Core Bond Fund    53

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate			Maturity Date			Principal         Amount          (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		4.000	%		02/01/47			1,677	$	1,785,696
Federal National Mortgage Assoc.		4.000			03/01/47			1,218		1,331,083
Federal National Mortgage Assoc.		4.000			06/01/47			1,002		1,070,698
Federal National Mortgage Assoc.		4.000			10/01/47			300		319,897
Federal National Mortgage Assoc.		4.000			11/01/47			610		652,590
Federal National Mortgage Assoc.		4.000			12/01/47			621		662,635
Federal National Mortgage Assoc.		4.000			02/01/48			602		640,226
Federal National Mortgage Assoc.		4.000			10/01/48			615		681,101
Federal National Mortgage Assoc.		4.500			08/01/40			140		155,310
Federal National Mortgage Assoc.		4.500			04/01/41			160		178,400
Federal National Mortgage Assoc.		4.500			06/01/41			371		411,304
Federal National Mortgage Assoc.		4.500			08/01/41			218		241,690
Federal National Mortgage Assoc.		4.500			08/01/41			536		596,330
Federal National Mortgage Assoc.		4.500			08/01/44			445		495,008
Federal National Mortgage Assoc.		4.500			01/01/45			256		284,957
Federal National Mortgage Assoc.		4.500			11/01/47			392		423,704
Federal National Mortgage Assoc.		4.500			06/01/48			707		761,945
Federal National Mortgage Assoc.		4.500			12/01/48			644		691,516
Federal National Mortgage Assoc.		4.500			02/01/49			217		232,469
Federal National Mortgage Assoc.		5.000			09/01/30			33		37,191
Federal National Mortgage Assoc.		5.000			03/01/42			474		543,266
Federal National Mortgage Assoc.		5.000			10/01/47			634		694,737
Federal National Mortgage Assoc.		5.000			01/01/48			107		117,480
Federal National Mortgage Assoc.		5.500			01/01/40			166		186,645
Federal National Mortgage Assoc., Cost of Funds for the
11th District of San Francisco + 1.250% (Cap
12.727%, Floor 5.700%)		5.699	(c)		12/01/30			1		608
Federal National Mortgage Assoc.		6.000			10/01/36			110		129,387
Federal National Mortgage Assoc.		6.000			07/01/41			112		131,953
Federal National Mortgage Assoc.		6.625			11/15/30	(k)		485		754,082
Federal National Mortgage Assoc.		7.125			01/15/30	(k)		80		125,194
Government National Mortgage Assoc.		2.500			TBA			2,000		2,107,656
Government National Mortgage Assoc.		2.500			TBA	(tt)		3,000		3,168,516
Government National Mortgage Assoc.		2.500			12/20/46			666		709,346
Government National Mortgage Assoc.		3.000			TBA			1,000		1,055,330
Government National Mortgage Assoc.		3.000			07/20/42			824		879,330
Government National Mortgage Assoc.		3.000			03/20/43			561		599,146
Government National Mortgage Assoc.		3.000			08/20/43			107		114,327
Government National Mortgage Assoc.		3.000			09/20/43			208		221,883
Government National Mortgage Assoc.		3.000			01/20/44			180		191,344
Government National Mortgage Assoc.		3.000			05/20/45			266		283,734
Government National Mortgage Assoc.		3.000			08/15/45			288		303,853
Government National Mortgage Assoc.		3.000			05/20/46			1,730		1,835,748
Government National Mortgage Assoc.		3.000			07/20/46			2,777		2,949,156
Government National Mortgage Assoc.		3.000			08/20/46			152		161,591

See Notes to Financial Statements.

54

Description	Interest Rate			Maturity Date		Principal         Amount          (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		3.000	%		10/20/46		852	$	905,238
Government National Mortgage Assoc.		3.000			03/20/47		1,623		1,719,090
Government National Mortgage Assoc.		3.000			01/20/48		245		259,251
Government National Mortgage Assoc.		3.000			08/20/48		3,194		3,385,329
Government National Mortgage Assoc.		3.500			TBA		500		525,996
Government National Mortgage Assoc.		3.500			01/15/42		133		145,046
Government National Mortgage Assoc.		3.500			12/20/42		388		420,740
Government National Mortgage Assoc.		3.500			01/20/43		573		621,400
Government National Mortgage Assoc.		3.500			02/20/43		258		279,107
Government National Mortgage Assoc.		3.500			08/20/43		996		1,076,125
Government National Mortgage Assoc.		3.500			10/20/43		1,303		1,405,008
Government National Mortgage Assoc.		3.500			03/20/45		168		179,265
Government National Mortgage Assoc.		3.500			04/20/45		978		1,043,945
Government National Mortgage Assoc.		3.500			04/20/46		1,891		2,020,906
Government National Mortgage Assoc.		3.500			07/20/46		1,230		1,311,747
Government National Mortgage Assoc.		3.500			10/20/46		2,275		2,429,355
Government National Mortgage Assoc.		3.500			12/20/46		2,126		2,257,368
Government National Mortgage Assoc.		3.500			01/20/47		681		722,204
Government National Mortgage Assoc.		3.500			05/20/47		1,452		1,547,249
Government National Mortgage Assoc.		3.500			11/20/47		1,083		1,148,930
Government National Mortgage Assoc.		3.500			01/20/48		771		818,814
Government National Mortgage Assoc.		3.500			10/20/48		481		508,376
Government National Mortgage Assoc.		3.500			11/20/48		880		926,844
Government National Mortgage Assoc.		3.500			12/20/48		325		341,509
Government National Mortgage Assoc.		3.500			02/20/49		794		841,417
Government National Mortgage Assoc.		3.500			05/20/49		1,487		1,562,814
Government National Mortgage Assoc.		4.000			12/20/40		326		359,477
Government National Mortgage Assoc.		4.000			06/20/41		127		139,962
Government National Mortgage Assoc.		4.000			11/15/41		173		186,628
Government National Mortgage Assoc.		4.000			12/20/42		283		312,441
Government National Mortgage Assoc.		4.000			04/20/43		213		234,883
Government National Mortgage Assoc.		4.000			10/20/43		202		221,290
Government National Mortgage Assoc.		4.000			12/20/43		433		474,236
Government National Mortgage Assoc.		4.000			09/20/44		249		271,353
Government National Mortgage Assoc.		4.000			08/20/45		487		527,238
Government National Mortgage Assoc.		4.000			10/20/45		227		246,196
Government National Mortgage Assoc.		4.000			03/20/46		431		466,163
Government National Mortgage Assoc.		4.000			11/20/46		333		359,313
Government National Mortgage Assoc.		4.000			03/20/47		361		388,788
Government National Mortgage Assoc.		4.000			05/20/47		581		625,736
Government National Mortgage Assoc.		4.000			07/20/47		2,384		2,569,239
Government National Mortgage Assoc.		4.000			11/20/47		1,579		1,699,214
Government National Mortgage Assoc.		4.000			12/20/47		368		394,933
Government National Mortgage Assoc.		4.000			07/20/48		819		872,402
Government National Mortgage Assoc.		4.000			08/20/48		280		299,575

See Notes to Financial Statements.

PGIM Core Bond Fund 55

Schedule of Investments (continued)

as of July 31, 2020

Description	Interest Rate			Maturity Date			Principal         Amount          (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		4.000	%		09/20/48			702	$	750,244
Government National Mortgage Assoc.		4.000			11/20/48			294		313,705
Government National Mortgage Assoc.		4.000			01/20/49			376		399,541
Government National Mortgage Assoc.		4.000			02/20/49			804		854,966
Government National Mortgage Assoc.		4.000			03/20/49			499		529,883
Government National Mortgage Assoc.		4.500			12/20/41			625		704,139
Government National Mortgage Assoc.		4.500			10/20/43			102		112,766
Government National Mortgage Assoc.		4.500			01/20/44			127		139,721
Government National Mortgage Assoc.		4.500			04/20/44			442		487,450
Government National Mortgage Assoc.		4.500			03/20/45			112		123,225
Government National Mortgage Assoc.		4.500			07/20/46			261		287,909
Government National Mortgage Assoc.		4.500			08/20/46			218		240,791
Government National Mortgage Assoc.		4.500			11/20/46			201		221,070
Government National Mortgage Assoc.		4.500			01/20/47			1,302		1,425,862
Government National Mortgage Assoc.		4.500			01/20/48			225		243,219
Government National Mortgage Assoc.		4.500			02/20/48			1,546		1,669,910
Government National Mortgage Assoc.		4.500			03/20/48			161		173,825
Government National Mortgage Assoc.		4.500			07/20/48			302		326,733
Government National Mortgage Assoc.		4.500			08/20/48			110		118,464
Government National Mortgage Assoc.		4.500			12/20/48			576		618,633
Government National Mortgage Assoc.		5.000			10/20/37			8		9,048
Government National Mortgage Assoc.		5.000			09/20/40			119		135,484
Government National Mortgage Assoc.		5.000			04/20/45			61		70,065
Government National Mortgage Assoc.		5.000			08/20/45			262		294,711
Government National Mortgage Assoc.		6.000			12/15/39			158		188,076
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $216,746,719)										224,172,016
U.S. TREASURY OBLIGATIONS     7.9%
U.S. Treasury Bonds		2.875			05/15/43			540		733,219
U.S. Treasury Bonds		3.000			11/15/44			7,600		10,594,875
U.S. Treasury Bonds		3.125			02/15/43			3,585		5,046,448
U.S. Treasury Bonds		3.125			08/15/44	(k)		21,080		29,910,546
U.S. Treasury Bonds		3.375			05/15/44			10,660		15,671,865
U.S. Treasury Bonds		3.625			08/15/43			2,650		4,015,164
U.S. Treasury Bonds		3.625			02/15/44			3,250		4,940,508
U.S. Treasury Bonds		3.750			11/15/43			1,845		2,848,219
U.S. Treasury Notes		1.625			09/30/26			540		582,567
U.S. Treasury Strips Coupon		1.750	(s)		08/15/42			415		318,448
U.S. Treasury Strips Coupon		2.014	(s)		11/15/41			1,195		931,446
U.S. Treasury Strips Coupon		2.222	(s)		02/15/41			1,590		1,254,796
U.S. Treasury Strips Coupon		2.226	(s)		05/15/39			990		807,469
U.S. Treasury Strips Coupon		2.324	(s)		05/15/42			6,220		4,791,344
U.S. Treasury Strips Coupon		2.340	(s)		02/15/43			3,590		2,725,455

See Notes to Financial Statements.

56

Description	Interest Rate			Maturity Date			Principal         Amount          (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Strips Coupon		2.346	%(s)		11/15/40			760	$	603,814
U.S. Treasury Strips Coupon		2.380	(s)		05/15/41			1,590		1,251,690
U.S. Treasury Strips Coupon		2.394	(s)		11/15/43			2,087		1,556,364
U.S. Treasury Strips Coupon		2.434	(s)		11/15/45			575		412,944
U.S. Treasury Strips Coupon		2.436	(s)		02/15/46			415		296,466
U.S. Treasury Strips Coupon		2.524	(s)		11/15/39	(k)		2,980		2,408,794
U.S. Treasury Strips Coupon		2.570	(s)		02/15/31	(k)		2,110		1,952,327
TOTAL U.S. TREASURY OBLIGATIONS (cost $88,661,729)										93,654,768
TOTAL LONG-TERM INVESTMENTS (cost $1,076,897,496)										1,144,148,428
							Shares
SHORT-TERM INVESTMENTS    8.0%
AFFILIATED MUTUAL FUNDS    8.0%
PGIM Core Ultra Short Bond Fund(w)								55,054,897		55,054,897
PGIM Institutional Money Market Fund
(cost $39,984,172; includes $39,974,953 of cash collateral for securities on loan)(b)(w)								40,001,531		39,997,531
TOTAL AFFILIATED MUTUAL FUNDS (cost $95,039,069)										95,052,428
OPTIONS PURCHASED*~    0.0% (cost $6,721)										341,587
TOTAL SHORT-TERM INVESTMENTS (cost $95,045,790)										95,394,015
TOTAL INVESTMENTS    104.2% (cost $1,171,943,286)										1,239,542,443
Liabilities in excess of other assets(z)    (4.2)%										(50,413,202	)
NET ASSETS    100.0%									$	1,189,129,241

Below is a list of the abbreviation(s) used in the annual 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.

A—Annual payment frequency for swaps

Aces—Alternative Credit Enhancements Securities

BABs—Build America Bonds

CLO—Collateralized Loan Obligation

See Notes to Financial Statements.

PGIM Core Bond Fund 57

Schedule of Investments (continued)

as of July 31, 2020

CMBX—Commercial Mortgage-Backed Index

CMS—Constant Maturity Swap

CMT—Constant Maturity Treasury

EMTN—Euro Medium Term Note

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MTN—Medium Term Note

OTC—Over-the-counter

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMICS—Real Estate Mortgage Investment Conduit Security

S—Semiannual payment frequency for swaps

Strips—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

USOIS—United States Overnight Index Swap

* Non-income producing security.

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

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $3,662,146 and 0.3% of net assets.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $39,230,868; cash collateral of $39,974,953 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of July 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 July 31, 2020.

(rr) Perpetual security with no stated maturity date.

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

(tt) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 3,000,000 is 0.3% of net assets.

(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:

See Notes to Financial Statements.

58

Forward Commitment Contracts

U.S. Government Agency Obligations	Interest Rate			Maturity Date		Settlement Date		Principal Amount (000)#			Value
Federal National Mortgage Assoc. (proceeds receivable $1,578,750)		3.500	%		TBA		08/13/20		(1,500	)		$	(1,581,680	)

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	$	23,463
2- Year 10 CMS Curve CAP		Call		Barclays Bank PLC		07/13/21		0.11%		—		1,144		22,682
2- Year 10 CMS Curve CAP		Call		Bank of America, N.A.		08/16/21		0.15%		—		2,860		54,293
2- Year 10 CMS Curve CAP		Call		Bank of America, N.A.		08/20/21		0.15%		—		5,678		107,521
2- Year 10 CMS Curve CAP		Call		Bank of America, N.A.		09/13/21		0.14%		—		5,760		113,457
2- Year 10 CMS Curve CAP		Call		Barclays Bank PLC		11/09/21		0.21%		—		1,144		20,171
Total Options Purchased (cost $6,721)													$	341,587

Futures contracts outstanding at July 31, 2020:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
621	2 Year U.S.Treasury Notes		Sep. 2020	$	137,231,297	$	111,545
550	5 Year U.S.Treasury Notes		Sep. 2020		69,368,750		342,726
91	30 Year U.S. Ultra Treasury Bonds		Sep. 2020		20,719,563		393,402
							847,673
Short Positions:
554	10 Year U.S. Treasury Notes		Sep. 2020		77,603,284		(614,208	)
178	10 Year U.S. Ultra Treasury Notes		Sep. 2020		28,346,500		(453,512	)
106	20 Year U.S. Treasury Bonds		Sep. 2020		19,321,813		(500,616	)
							(1,568,336	)
						$	(720,663	)

See Notes to Financial Statements.

PGIM Core Bond Fund 59

Schedule of Investments (continued)

as of July 31, 2020

Credit default swap agreement outstanding at July 31, 2020:

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at July 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)

4,873

*

$

(24,063)

$

—

$

(24,063)

Citigroup Global Markets, Inc.

Reference Entity/ Obligation	Termination Date	Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at July 31, 2020(4)			Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Sell Protection(2):
Boeing Co.	12/20/21		1.000	%(Q)		3,100		2.725	%	$	(69,154)	$	23,374	$	(92,528)	Bank of America, N.A.

Reference Entity/ Obligation	Termination Date	Fixed Rate			Notional Amount (000)#(3)		Implied Credit Spread at July 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		*	$	(11,735	)	$	(23,836	)	$	12,101	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.

(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

See Notes to Financial Statements.

60

amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

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

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

Interest rate swap agreements outstanding at July 31, 2020:

Notional Amount   (000)#	Termination Date	Fixed Rate		Floating Rate		Value at Trade Date			Value at July 31, 2020			Unrealized Appreciation (Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
376	11/15/45		0.508%(A)		1 Day USOIS(1)(A)	$	(2,239	)	$	3,886		$	6,125
568	11/15/45		1.253%(A)		1 Day USOIS(1)(A)		(8,408	)		(96,998	)		(88,590	)
2,200	08/09/49		1.508%(A)		1 Day USOIS(1)(A)		(180,857	)		(581,367	)		(400,510	)
1,807	03/30/50		0.855%(S)		3 Month LIBOR(1)(Q)		—			(42,321	)		(42,321	)
						$	(191,504	)	$	(716,800	)	$	(525,296	)

(1)     The Fund pays the fixed rate and receives the floating 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	$	23,374	$(23,836)	$12,101	$(116,591)

See Notes to Financial Statements.

PGIM Core Bond Fund 61

Schedule of Investments (continued)

as of July 31, 2020

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.		$	621,000		$	1,935,165

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

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

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Asset-Backed Securities
Automobiles		$	—		$	48,046,182		$	—
Collateralized Loan Obligations			—			83,552,665			—
Consumer Loans			—			4,163,937			—
Credit Cards			—			2,550,353			—
Equipment			—			3,791,095			—
Home Equity Loans			—			996,611			—
Manufactured Housing			—			1,090,266			—
Other			—			1,701,112			—
Residential Mortgage-Backed Securities			—			6,280,213			—
Student Loans			—			28,357,758			—
Commercial Mortgage-Backed Securities			—			238,158,585			—
Corporate Bonds			—			359,529,081			—
Municipal Bonds			—			9,412,731			—
Residential Mortgage-Backed Securities			—			25,832,159			3,686,209
Sovereign Bonds			—			9,172,687			—
U.S. Government Agency Obligations			—			224,172,016			—
U.S. Treasury Obligations			—			93,654,768			—
Affiliated Mutual Funds			95,052,428			—			—
Options Purchased			—			341,587			—
Total		$	95,052,428		$	1,140,803,806		$	3,686,209

See Notes to Financial Statements.

62

	Level 1			Level 2			Level 3
Other Financial Instruments*
Assets
Futures Contracts	$	847,673		$	—		$	—
Centrally Cleared Interest Rate Swap Agreement		—			6,125			—
Total	$	847,673		$	6,125		$	—
Liabilities
Forward Commitment Contract	$	—		$	(1,581,680	)	$	—
Futures Contracts		(1,568,336	)		—			—
OTC Credit Default Swap Agreements		—			(80,889	)		(24,063	)
Centrally Cleared Interest Rate Swap Agreements		—			(531,421	)		—
Total	$	(1,568,336	)	$	(2,193,990	)	$	(24,063	)

* 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 July 31, 2020 were as follows (unaudited):

Commercial Mortgage-Backed Securities	20.0	%	Sovereign Bonds	0.8	%
U.S. Government Agency Obligations	18.8		Auto Manufacturers	0.8
Affiliated Mutual Funds (3.4% represents			Foods	0.6
investments purchased with collateral from			Real Estate Investment Trusts (REITs)	0.6
securities on loan)	8.0		Beverages	0.5
U.S. Treasury Obligations	7.9		Semiconductors	0.5
Banks	7.6		Chemicals	0.4
Collateralized Loan Obligations	7.0		Consumer Loans	0.4
Automobiles	4.0		Retail	0.3
Electric	3.6		Equipment	0.3
Residential Mortgage-Backed Securities	3.0		Agriculture	0.3
Student Loans	2.4		Water	0.3
Oil & Gas	2.0		Gas	0.3
Pharmaceuticals	1.9		Building Materials	0.3
Pipelines	1.5		Airlines	0.3
Media	1.4		Mining	0.2
Telecommunications	1.2		Credit Cards	0.2
Healthcare-Services	1.0		Biotechnology	0.2
Commercial Services	1.0		Aerospace & Defense	0.2
Computers	0.9		Transportation	0.2
Insurance	0.8		Machinery-Diversified	0.2
Municipal Bonds	0.8		Iron/Steel	0.2

See Notes to Financial Statements.

PGIM Core Bond Fund 63

Schedule of Investments (continued)

as of July 31, 2020

Industry Classification (continued):
Software	0.2	%	Options Purchased	0.0	*%
Other	0.2		Forest Products & Paper	0.0	*
Lodging	0.1		Office/Business Equipment	0.0	*
Diversified Financial Services	0.1		Housewares	0.0	*
Electronics	0.1			104.2
Manufactured Housing	0.1		Liabilities in excess of other assets	(4.2	)
Home Equity Loans	0.1
Engineering & Construction	0.1			100.0	%
Machinery-Construction & Mining	0.1
Packaging & Containers	0.1		* Less than + /- 0.05%
Multi-National	0.1
Oil & Gas Services	0.0	*
Healthcare-Products	0.0	*

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 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 July 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 paid for OTC swap agreements	$	23,374			Premiums received for OTC swap agreements	$	23,836
Credit contracts		Unrealized appreciation on OTC swap agreements		12,101			Unrealized depreciation on OTC swap agreements		116,591
Interest rate contracts		Due from/to broker- variation margin futures		847,673	*		Due from/to broker-variation margin futures		1,568,336	*
Interest rate contracts		Due from/to broker-variation margin swaps		6,125	*		Due from/to broker- variation margin swaps		531,421	*
Interest rate contracts		Unaffiliated investments		341,587			—		—
			$	1,230,860				$	2,240,184

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

See Notes to Financial Statements.

64

The effects of derivative instruments on the Statement of Operations for the year ended July 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		$	—			$	—		$	—		$	—			$	53,041
Interest rate contracts			(520,099	)			234,321			21,456,968			(153,633	)			(8,947,924	)
Total		$	(520,099	)		$	234,321		$	21,456,968		$	(153,633	)		$	(8,894,883	)

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

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Options Purchased(2)			Options Written				Futures				Forward Rate Agreements			Swaps
Credit contracts		$	—		$	—			$	—			$	—		$	(171,509	)
Interest rate contracts			204,695			(38,994	)			(2,760,408	)			16,647			2,382,983
Total		$	204,695		$	(38,994	)		$	(2,760,408	)		$	16,647		$	2,211,474

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

For the year ended July 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)
$69,046	$263,800	$199,586,364	$91,833,244

Forward Rate Agreements(2)	Interest Rate Swap Agreements(2)
$12,320,000	$82,414,560

Credit Default
Swap Agreements—
Sell Protection(2)

$6,481,291

(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

See Notes to Financial Statements.

PGIM Core Bond Fund 65

Schedule of Investments (continued)

as of July 31, 2020

agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives and financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value  of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)			Net Amount
Securities on Loan	$	39,230,868	$	(39,230,868	)	$	—

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.	$	298,645	$	(92,528	)	$	206,117		$	(206,117	)	$	—
Barclays Bank PLC		66,316		—			66,316			—			66,316
Citigroup Global Markets, Inc.		—		(24,063	)		(24,063)			—			(24,063)
Morgan Stanley & Co. International PLC		12,101		(23,836	)		(11,735	)		—			(11,735	)
	$	377,062	$	(140,427	)	$	236,635		$	(206,117	)	$	30,518

(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.

66

Statement of Assets and Liabilities

as of July 31, 2020

Assets
Investments at value, including securities on loan of $39,230,868:
Unaffiliated investments (cost $1,076,904,217)	$	1,144,490,015
Affiliated investments (cost $95,039,069)		95,052,428
Receivable for investments sold		77,019,554
Receivable for Fund shares sold		22,604,350
Dividends and interest receivable		5,268,726
Deposit with broker for centrally cleared/exchange-traded derivatives		621,000
Due from broker—variation margin futures		37,364
Premiums paid for OTC swap agreements		23,374
Unrealized appreciation on OTC swap agreements		12,101
Total Assets		1,345,128,912
Liabilities
Payable for investments purchased		110,792,086
Payable to broker for collateral for securities on loan		39,974,953
Payable for Fund shares reacquired		2,731,742
Forward commitment contracts, at value (proceeds receivable $1,578,750)		1,581,680
Accrued expenses and other liabilities		366,558
Management fee payable		191,053
Dividends payable		167,783
Unrealized depreciation on OTC swap agreements		116,591
Distribution fee payable		40,550
Premiums received for OTC swap agreements		23,836
Due to broker—variation margin swaps		7,547
Affiliated transfer agent fee payable		3,358
Trustees’ fees payable		1,934
Total Liabilities		155,999,671
Net Assets	$	1,189,129,241
Net assets were comprised of:
Shares of beneficial interest, at par	$	110,256
Paid-in capital in excess of par		1,118,543,107
Total distributable earnings (loss)		70,475,878
Net assets, July 31, 2020	$	1,189,129,241

See Notes to Financial Statements.

PGIM Core Bond Fund 67

Statement of Assets and Liabilities

as of July 31, 2020

Class A
Net asset value and redemption price per share,
($181,510,258 ÷ 16,833,024 shares of beneficial interest issued and outstanding)	$	10.78
Maximum sales charge (3.25% of offering price)		0.36
Maximum offering price to public	$	11.14
Class C
Net asset value, offering price and redemption price per share,
($8,595,645 ÷ 796,595 shares of beneficial interest issued and outstanding)	$	10.79
Class R
Net asset value, offering price and redemption price per share,
($17,932 ÷ 1,663 shares of beneficial interest issued and outstanding)	$	10.78
Class Z
Net asset value, offering price and redemption price per share,
($282,255,852 ÷ 26,171,555 shares of beneficial interest issued and outstanding)	$	10.78
Class R6
Net asset value, offering price and redemption price per share,
($716,749,554 ÷ 66,452,999 shares of beneficial interest issued and outstanding)	$	10.79

See Notes to Financial Statements.

68

Statement of Operations

Year Ended July 31, 2020

Net Investment Income (Loss)
Income
Interest income	$	25,139,589
Affiliated dividend income		462,093
Affiliated income from securities lending, net		39,923
Total income		25,641,605
Expenses
Management fee		3,099,877
Distribution fee(a)		360,778
Transfer agent’s fees and expenses (including affiliated expense of $18,477)(a)		345,968
Custodian and accounting fees		166,261
Registration fees(a)		144,166
Shareholders’ reports		90,998
Audit fee		63,262
SEC registration fees		52,588
Legal fees and expenses		27,881
Trustees’ fees		25,243
Miscellaneous		23,949
Total expenses		4,400,971
Less: Fee waiver and/or expense reimbursement(a)		(724,965	)
Distribution fee waiver(a)		(42	)
Net expenses		3,675,964
Net investment income (loss)		21,965,641
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(10,977))		2,752,899
Futures transactions		21,456,968
Forward rate agreement transactions		(153,633	)
Options written transactions		234,321
Swap agreement transactions		(8,894,883	)
Foreign currency transactions		(8	)
		15,395,664
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $12,947)		52,763,624
Futures		(2,760,408	)
Forward rate agreements		16,647
Options written		(38,994	)
Swap agreements		2,211,474
Foreign currencies		(2	)
		52,192,341
Net gain (loss) on investment and foreign currency transactions		67,588,005
Net Increase (Decrease) In Net Assets Resulting From Operations	$	89,553,646

See Notes to Financial Statements.

PGIM Core Bond Fund 69

Statement of Operations

Year Ended July 31, 2020

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

	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		298,215			62,436			127			—			—
Transfer agent’s fees and expenses		108,432			7,621			75			226,548			3,292
Registration fees		34,771			17,752			17,047			24,597			49,999
Fee waiver and/or expense reimbursement		(54,805	)		(20,781	)		(17,106)			(307,566	)		(324,707)
Distribution fee waiver		—			—			(42	)		—			—

See Notes to Financial Statements.

70

Statements of Changes in Net Assets

	Year Ended July 31,
	2020				2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	21,965,641			$	14,196,960
Net realized gain (loss) on investment and foreign currency transactions			15,395,664				4,453,559
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			52,192,341				21,176,914
Net increase (decrease) in net assets resulting from operations			89,553,646				39,827,433
Dividends and Distributions
Distributions from distributable earnings
Class A			(2,925,571	)			(1,755,631	)
Class C			(105,633	)			(79,023	)
Class R			(374	)			(415	)
Class Z			(6,205,888	)			(3,701,526	)
Class R6			(16,854,435	)			(10,042,604	)
			(26,091,901	)			(15,579,199	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			729,705,122				232,754,660
Net asset value of shares issued in reinvestment of dividends and distributions			25,779,534				15,560,437
Cost of shares reacquired			(240,586,128	)			(111,205,574	)
Net increase (decrease) in net assets from Fund share transactions			514,898,528				137,109,523
Total increase (decrease)			578,360,273				161,357,757
Net Assets:
Beginning of year			610,768,968				449,411,211
End of year		$	1,189,129,241			$	610,768,968

See Notes to Financial Statements.

PGIM Core Bond Fund 71

Notes to Financial Statements

1.     Organization

The Target Portfolio Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified open-end management investment company. The Trust currently consists of three series: PGIM Corporate Bond Fund, PGIM Core Bond Fund and PGIM QMA Small-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.

2.     Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following 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 reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

72

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 in open-end (other than exchange-traded mutual funds) 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

PGIM Core Bond Fund 73

Notes to Financial Statements (continued)

cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on 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 Rule 22e-4 under the 1940 Act, the Trust 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 Trust’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under

74

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 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 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,

PGIM Core Bond Fund 75

Notes to Financial Statements (continued)

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. 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.

76

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. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

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

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an

PGIM Core Bond Fund 77

Notes to Financial Statements (continued)

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 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.

78

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 to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. 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 or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to

PGIM Core Bond Fund 79

Notes to Financial Statements (continued)

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 July 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 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.

80

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 the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. 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 which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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.

PGIM Core Bond Fund 81

Notes to Financial Statements (continued)

3.     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 each 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 subadvisory agreements with PGIM Limited and PGIM, Inc., which provides subadvisory services to the Fund through its PGIM Fixed Income unit (each a “subadviser” and collectively the “subadvisers”). The subadvisory agreements provide that subadvisers will furnish investment advisory services in connection with the management of the Fund. In connection therewith, the subadvisers are obligated to keep certain books and records of the Fund. The Manager pays for the services of the subadvisers, 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 0.33% for the year ended July 31, 2020.

Effective December 1, 2019, the Manager has contractually agreed, through November 30, 2021, 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

82

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, 2021 to limit such fees to 0.50% of the average daily net assets of the Class R shares.

For the year ended July 31, 2020, PIMS received $685,944 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended July 31, 2020, PIMS received $9,805 and $1,176 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., PGIM Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4.     Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent. Transfer

PGIM Core Bond Fund 83

Notes to Financial Statements (continued)

agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM Core 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 Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule 17a-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 such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. For the year ended July 31, 2020, no 17a-7 transactions were entered into by the Fund.

5.     Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended July 31, 2020, were $1,026,356,828 and $518,989,296, respectively.

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

Value, Beginning of Year	Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Year			Shares, End of Year		Income
PGIM Core Ultra Short Bond Fund*
$38,407,250		$	532,520,664		$	515,873,017		$	—		$	—		$	55,054,897		55,054,897		$	462,093

84

Value, Beginning of Year	Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain (Loss)			Realized Gain (Loss)				Value, End of Year			Shares, End of Year		Income
PGIM Institutional Money Market Fund*
$1,631,425		$	169,949,124		$	131,584,988		$	12,947		$	(10,977	)		$	39,997,531		40,001,531		$	39,923	**
$40,038,675		$	702,469,788		$	647,458,005		$	12,947		$	(10,977	)		$	95,052,428				$	502,016

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

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

6.    Distributions and Tax Information

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 the ex-date.

For the year ended July 31, 2020, the tax character of dividends paid by the Fund were $25,902,500 of ordinary income and $189,401 of long-term capital gains. For the year ended July 31, 2019, the tax character of dividends paid by the Fund was $15,579,199 of ordinary income.

As of July 31, 2020, the accumulated undistributed earnings on a tax basis were $2,755,052 of ordinary income and $4,498,057 of long-term capital gains.

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

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$1,173,014,719	$72,777,707	$(9,182,574)	$63,595,133

The difference between book basis and tax basis was primarily attributable to deferred losses on wash sales, differences in the treatment of premium amortization for book and tax purposes, and mark-to-market of futures contracts.

The Fund utilized approximately $3,444,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended July 31, 2020.

The Fund elected to treat late year losses of approximately $205,000 as having been incurred in the following fiscal year (July 31, 2021).

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

PGIM Core Bond Fund 85

Notes to Financial Statements (continued)

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, 2020 are subject to such review.

7.    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 maximum front-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 a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately 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, below.

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

As of July 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	1,130	67.9%

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
—	—%	3	81.9%

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Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended July 31, 2020:
Shares sold		11,997,070			$	124,717,956
Shares issued in reinvestment of dividends and distributions		278,920				2,898,472
Shares reacquired		(2,963,749	)			(30,547,949	)
Net increase (decrease) in shares outstanding before conversion		9,312,241				97,068,479
Shares issued upon conversion from other share class(es)		81,423				836,957
Shares reacquired upon conversion into other share class(es)		(83,334	)			(863,063	)
Net increase (decrease) in shares outstanding		9,310,330			$	97,042,373
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
Year ended July 31, 2020:
Shares sold		582,398			$	6,004,983
Shares issued in reinvestment of dividends and distributions		10,089				104,950
Shares reacquired		(151,341	)			(1,568,722	)
Net increase (decrease) in shares outstanding before conversion		441,146				4,541,211
Shares reacquired upon conversion into other share class(es)		(44,776	)			(464,613	)
Net increase (decrease) in shares outstanding		396,370			$	4,076,598
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
Year ended July 31, 2020:
Shares sold		32			$	334
Shares issued in reinvestment of dividends and distributions		36				373
Shares reacquired		(1	)			(13	)
Net increase (decrease) in shares outstanding		67			$	694
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 87

Notes to Financial Statements (continued)

Class Z	Shares			Amount
Year ended July 31, 2020:
Shares sold		16,016,445			$	165,403,199
Shares issued in reinvestment of dividends and distributions		579,634				6,021,326
Shares reacquired		(6,603,959	)			(67,986,748	)
Net increase (decrease) in shares outstanding before conversion		9,992,120				103,437,777
Shares issued upon conversion from other share class(es)		113,709				1,185,032
Shares reacquired upon conversion into other share class(es)		(62,585	)			(644,821	)
Net increase (decrease) in shares outstanding		10,043,244			$	103,977,988
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
Year ended July 31, 2020:
Shares sold		41,967,800			$	433,578,650
Shares issued in reinvestment of dividends and distributions		1,612,758				16,754,413
Shares reacquired		(13,571,928	)			(140,482,696	)
Net increase (decrease) in shares outstanding before conversion		30,008,630				309,850,367
Shares issued upon conversion from other share class(es)		64,105				666,909
Shares reacquired upon conversion into other share class(es)		(68,514	)			(716,401	)
Net increase (decrease) in shares outstanding		30,004,221			$	309,800,875
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

8.    Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “RICs”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/3/2019 – 10/1/2020	10/4/2018 –  10/2/2019
Total Commitment	$ 1,222,500,000*	$ 900,000,000

88

	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) the one-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent
* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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 RICs in the SCA equitably.

The Fund did not utilize the SCA during the year ended July 31, 2020.

9.    Risks of Investing in the Fund

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

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 each 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 89

Notes to Financial Statements (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 subadvisers.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. On July 27, 2017, the Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. As such, the potential impact of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invest cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s performance and/or net asset value. Furthermore, the risks

90

associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

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.

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally.

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.

PGIM Core Bond Fund 91

Financial Highlights

Class A Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.09			$9.63			$9.99			$10.22			$9.88
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.26			0.22			0.18			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.74			0.49			(0.33	)		(0.20	)		0.39
Total from investment operations		0.95			0.75			(0.11	)		(0.02	)		0.57
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.29	)		(0.25	)		(0.21	)		(0.20	)
Tax return of capital distributions		-			-			-			-			(0.03	)
Distributions from net realized gains		-	(b)		-			-			-			-
Total dividends and distributions		(0.26	)		(0.29	)		(0.25	)		(0.21	)		(0.23	)
Net asset value, end of year		$10.78			$10.09			$9.63			$9.99			$10.22
Total Return(c):		9.50	%		7.90	%		(1.14	)%		(0.13	)%		5.91	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$181,510			$75,923			$53,967			$43,489			$17,437
Average net assets (000)		$119,286			$59,735			$48,790			$38,131			$3,049
Ratios to average net assets(d)(e)(f):
Expenses after waivers and/or expense reimbursement		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Expenses before waivers and/or expense reimbursement		0.75	%		0.82	%		0.84	%		0.89	%		0.90	%
Net investment income (loss)		2.01	%		2.66	%		2.23	%		1.77	%		1.74	%
Portfolio turnover rate(g)(h)		90	%		69	%		172	%		314	%		224	%

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

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

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

(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 investment companies in which the Fund invests.

(f) 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% contractual 12b-1 fee waiver was terminated.

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

(h) 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 C Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.10			$9.64			$9.99			$10.23			$9.89
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.19			0.14			0.10			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.74			0.48			(0.32	)		(0.20	)		0.39
Total from investment operations		0.87			0.67			(0.18	)		(0.10	)		0.50
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		(0.21	)		(0.17	)		(0.14	)		(0.14	)
Tax return of capital distributions		-			-			-			-			(0.02	)
Distributions from net realized gains		-	(b)		-			-			-			-
Total dividends and distributions		(0.18	)		(0.21	)		(0.17	)		(0.14	)		(0.16	)
Net asset value, end of year		$10.79			$10.10			$9.64			$9.99			$10.23
Total Return(c):		8.68	%		7.09	%		(1.78	)%		(0.98	)%		5.13	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$8,596			$4,042			$3,530			$3,486			$2,226
Average net assets (000)		$6,244			$3,593			$3,635			$3,009			$880
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Expenses before waivers and/or expense reimbursement		1.78	%		1.95	%		1.99	%		1.64	%		1.69	%
Net investment income (loss)		1.25	%		1.91	%		1.47	%		0.98	%		1.08	%
Portfolio turnover rate(f)(g)		90	%		69	%		172	%		314	%		224	%

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

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

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

(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 investment companies in which the Fund invests.

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

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments 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

Financial Highlights (continued)

Class R Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year	$	10.09		$	9.63		$	9.99		$	10.23		$	9.88
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.23			0.20			0.15			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.73			0.49			(0.34	)		(0.20	)		0.41
Total from investment operations		0.92			0.72			(0.14	)		(0.05	)		0.57
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.26	)		(0.22	)		(0.19	)		(0.19	)
Tax return of capital distributions		-			-			-			-			(0.03	)
Distributions from net realized gains		-	(b)		-			-			-			-
Total dividends and distributions		(0.23	)		(0.26	)		(0.22	)		(0.19	)		(0.22	)
Net asset value, end of year	$	10.78		$	10.09		$	9.63		$	9.99		$	10.23
Total Return(c):		9.23	%		7.63	%		(1.39	)%		(0.48	)%		5.81	%
Ratios/Supplemental Data:
Net assets, end of year (000)	$	18		$	16		$	15		$	11		$	11
Average net assets (000)	$	17		$	15		$	13		$	10		$	10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Expenses before waivers and/or expense reimbursement		102.99	%		89.73	%		113.11	%		1.40	%		1.52	%
Net investment income (loss)		1.80	%		2.41	%		1.99	%		1.46	%		1.66	%
Portfolio turnover rate(f)(g)		90	%		69	%		172	%		314	%		224	%

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

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

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

(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 investment companies in which the Fund invests.

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

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

See Notes to Financial Statements.

94

Class Z Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year	$	10.09		$	9.63		$	9.99		$	10.23		$	9.88
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.28			0.24			0.19			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.73			0.49			(0.33	)		(0.19	)		0.40
Total from investment operations		0.98			0.77			(0.09	)		-			0.61
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.31	)		(0.27	)		(0.24	)		(0.23	)
Tax return of capital distributions		-			-			-			-			(0.03	)
Distributions from net realized gains		-	(b)		-			-			-			-
Total dividends and distributions		(0.29	)		(0.31	)		(0.27	)		(0.24	)		(0.26	)
Net asset value, end of year	$	10.78		$	10.09		$	9.63		$	9.99		$	10.23
Total Return(c):		9.98	%		8.17	%		(0.90	)%		0.02	%		6.32	%
Ratios/Supplemental Data:
Net assets, end of year (000)	$	282,256		$	162,803		$	101,369		$	82,297		$	96,978
Average net assets (000)	$	220,426		$	115,704		$	84,455		$	113,324		$	93,861
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.35	%		0.44	%		0.45	%		0.45	%		0.45	%
Expenses before waivers and/or expense reimbursement		0.49	%		0.53	%		0.52	%		0.61	%		0.75	%
Net investment income (loss)		2.38	%		2.92	%		2.48	%		1.89	%		2.15	%
Portfolio turnover rate(f)(g)		90	%		69	%		172	%		314	%		224	%

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

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

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

(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 investment companies in which the Fund invests.

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

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments 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     95

Financial Highlights (continued)

Class R6 Shares
	Year Ended July 31,
	2020			2019			2018			2017			2016
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year	$	10.10		$	9.64		$	9.99		$	10.23		$	9.88
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.29			0.25			0.22			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.73			0.49			(0.32	)		(0.22	)		0.40
Total from investment operations		0.98			0.78			(0.07	)		-			0.61
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.32	)		(0.28	)		(0.24	)		(0.23	)
Tax return of capital distributions		-			-			-			-			(0.03	)
Distributions from net realized gains		-	(b)		-			-			-			-
Total dividends and distributions		(0.29	)		(0.32	)		(0.28	)		(0.24	)		(0.26	)
Net asset value, end of year	$	10.79		$	10.10		$	9.64		$	9.99		$	10.23
Total Return(c):		10.00	%		8.12	%		(0.74	)%		0.07	%		6.32	%
Ratios/Supplemental Data:
Net assets, end of year (000)	$	716,750		$	367,985		$	290,530		$	201,345		$	11
Average net assets (000)	$	595,755		$	309,110		$	254,525		$	83,714		$	10
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.33	%		0.39	%		0.40	%		0.40	%		0.45	%
Expenses before waivers and/or expense reimbursement		0.38	%		0.44	%		0.45	%		0.53	%		0.67	%
Net investment income (loss)		2.39	%		2.97	%		2.54	%		2.22	%		2.15	%
Portfolio turnover rate(f)(g)		90	%		69	%		172	%		314	%		224	%

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

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

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

(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 investment companies in which the Fund invests.

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

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

See Notes to Financial Statements.

96

Report of Independent Registered Public Accounting Firm

To the Shareholders of PGIM Core Bond Fund and Board of Trustees

The Target Portfolio Trust:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of PGIM Core Bond Fund, a series of The Target Portfolio Trust (the Fund), including the schedule of investments, as of July 31, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of July 31, 2020, by correspondence with the custodian, transfer agent, and brokers, or by other appropriate auditing procedures when replies were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more PGIM and/or Prudential Retail investment companies since 2003.

New York, New York

September 18, 2020

PGIM Core Bond Fund 97

Fund Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Trust’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Fund’s Board of Trustees (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Fund’s Board.

At a meeting of the Board on March 3-5, 2020, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from the inception of the Fund’s LRMP on December 1, 2018 through December 31, 2019 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

98

Income Tax Information (unaudited)

For the tax year ended July 31, 2020, the Fund reports 85.67% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2021, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the Federal tax status of the distributions received by you in calendar year 2020.

We are required by Massachusetts, Missouri and Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders provided the Fund meets certain requirements mandated by the respective state’s taxing authorities. We are pleased to report that 3.98% of the dividends paid by the Fund qualify for such deduction.

For more detailed information regarding your state and local taxes, you should contact your tax adviser or the state/local taxing authorities.

PGIM Core Bond Fund 99

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Ellen S. Alberding 1958 Board Member Portfolios Overseen: 95	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013
Kevin J. Bannon 1952 Board Member Portfolios Overseen: 95	Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Core Bond Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Linda W. Bynoe 1952 Board Member Portfolios Overseen: 95	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly, Telemat Ltd). (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Director of Anixter International, Inc. (communication products distributor) (since January 2006–June 2020); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 94	Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014–2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S.	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017
Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 95	Executive Committee of the IDC Board of Governors (since October 2019); Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 94	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Michael S. Hyland, CFA 1945 Board Member Portfolios Overseen: 95	Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.	Since July 2008
Brian K. Reid 1961 Board Member Portfolios Overseen: 94	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Core Bond Fund

Independent Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Grace C. Torres 1959 Board Member Portfolios Overseen: 94	Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc.	Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank.	Since November 2014

Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Stuart S. Parker 1962 Board Member & President Portfolios Overseen: 96	President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011).	None.	Since January 2012

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Interested Board Members
Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service
Scott E. Benjamin 1973 Board Member & Vice President Portfolios Overseen: 96	Executive Vice President (since June 2009) of PGIM Investments LLC; Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006).	None.	Since March 2010

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Claudia DiGiacomo 1974 Chief Legal Officer	Vice President and Corporate Counsel (since January 2005) of Prudential; Chief Legal Officer of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC.	Since March 2018

PGIM Core Bond Fund

Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Andrew R. French 1962 Secretary	Vice President (since December 2018 - present) of PGIM Investments LLC; Formerly, Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006
Jonathan D. Shain 1958 Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since May 2005
Diana N. Huffman 1982 Assistant Secretary	Vice President and Corporate Counsel (since September 2015) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015).	Since March 2019
Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020
Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; and Corporate Counsel (2012 – 2017) of IIL, Inc.	Since June 2020
Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010).	Since March 2015
Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019
Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014
Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration.	Since October 2019

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Fund Officers(a)
Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since October 2019
Charles H. Smith 1973 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General’s Office, Division of Public Advocacy. (August 1998-January 2007).	Since January 2017

^(a) Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎ Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎ Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎ There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

∎ “Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎ “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

∎ As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

PGIM Core Bond Fund

Approval of Advisory Agreements

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Core Bond Fund (the “Fund”)¹ consists of eleven individuals, nine of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established four standing committees: the Audit Committee, the Nominating and Governance Committee, and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”), the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit, and PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all the Independent Trustees, met on May 27, 2020 and on June 9-11, 2020 and approved the renewal of the agreements through July 31, 2021, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

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

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

¹  PGIM Core Bond Fund is a series of The Target Portfolio Trust.

PGIM Core Bond Fund

Approval of Advisory Agreements (continued)

the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on May 27, 2020 and on June 9-11, 2020.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and each of PGIML and PGIM (through its PGIM Fixed Income unit) which serve as the Fund’s subadvisers pursuant to the terms of a subadvisory agreement with PGIM Investment, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

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

Nature, Quality, and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIM Fixed Income, and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of fund recordkeeping, compliance and other services to the Fund, and PGIM Investments’ role as administrator for the Fund’s liquidity risk management program. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Fixed Income and PGIML, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund, PGIM Fixed Income, and PGIML, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the

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day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, PGIM Fixed Income’s, and PGIML’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Fixed Income, and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income, and PGIML.

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

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. The Board noted that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2019 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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

PGIM Core Bond Fund

Approval of Advisory Agreements (continued)

considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

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

Other Benefits to PGIM Investments, PGIM Fixed Income, and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income, PGIML and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Fixed Income and PGIML included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Fixed Income, and PGIML were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2019.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended July 31, 2019. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe, which was used to consider performance, and the Peer Group, which was used to consider fees and expenses, were objectively

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

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

Net Performance	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	2nd Quartile	2nd Quartile	3rd Quartile
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund outperformed its benchmark index over the one-, three- and five-year periods, though it underperformed over the ten-year period.

• The Board and PGIM Investments agreed to enhance the Fund’s existing contractual expense cap, such that, effective December 1, 2019, the expense cap (exclusive of certain fees and expenses) is 0.70% for Class A shares, 1.45% for Class C shares and 0.95% for Class R shares, 0.33% for Class Z shares, and 0.32% for Class R6 shares through November 30, 2020.

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

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

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

*    *    *

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

PGIM Core Bond Fund

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

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 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-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 • Claudia DiGiacomo, 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 • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick McGuinness, 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
	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
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 at pgim.com/investments 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 to pgim.com/investments/resource/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 that Trustee at 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 for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

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

MF226 E

Item 2 – Code of Ethics — See Exhibit (a)

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

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

Item 3 – Audit Committee Financial Expert –

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

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended July 31, 2020 and July 31, 2019, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $131,665 and $131,665 respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal year ended July 31, 2020, fees of $4,254 were billed to the Registrant for services rendered by KPMG in connection with an accounting system conversion and were paid by The Bank of New York Mellon. For the fiscal year ended July 31, 2019, there are no fees to report.

(c) Tax Fees

For the fiscal years ended July 31, 2020 and July 31, 2019: none.

(d) All Other Fees

For the fiscal years ended July 31, 2020 and July 31, 2019: none.

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

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent

Accountants

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

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

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

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

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

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed

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

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

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

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

• SEC and regulatory filings and consents

Audit-related Services

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

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

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

pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

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

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

•  Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

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

Other Non-Audit Services

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

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

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

• Financial information systems design and implementation

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

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

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

• Legal services and expert services unrelated to the audit

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

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds.

Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

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

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

For the fiscal year ended July 31, 2020, 100% of the services referred to in Item 4(b) was approved by the audit committee. For the fiscal year ended July 31, 2019: none.

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

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

(g) Non-Audit Fees

The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2020 and July 31, 2019 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

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

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

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 for Closed-End Management Investment Companies – Not applicable.

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

Item 9 – Purchases of Equity Securities by Closed-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 for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)   (1) Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.

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

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(b)  Certifications pursuant to Section  906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-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:	September 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:	September 18, 2020
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	September 18, 2020